Document:

Exhibit 10.2

  

   

  

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

    DATED NOVEMBER __, 2020

    
      
        

      

      

    

    

    

    JPMORGAN CHASE BANK, N.A.

    AND

    WILSHIRE wSHARES ENHANCED GOLD TRUST

    
      

      

      
        

    

    

    

    UNALLOCATED PRECIOUS METALS ACCOUNTS

      AGREEMENT

    
      
        

    

    

    

    This agreement is based upon the UNALLOCATED BULLION ACCOUNTS AGREEMENT as published by the London Precious Metals Clearing Limited with such modifications as are required by JP Morgan, including to
      allow the use of its eBTS Website.

    
      
        

    

    CONTENTS

     

    	 Clause	 	 Page
	 	 	 
	
            1.

          	
            INTERPRETATION

          	
            3

          
	
            2.

          	
            UNALLOCATED ACCOUNTS

          	
            5

          
	
            3.

          	
            DEPOSITS

          	
            6

          
	
            4.

          	
            WITHDRAWALS

          	
            7

          
	
            5.

          	
            INSTRUCTIONS

          	
            9

          
	
            6.

          	
            CONFIDENTIALITY

          	
            9

          
	
            7.

          	
            REPRESENTATIONS

          	
            10

          
	
            8.

          	
            SANCTIONS

          	
            11

          
	
            9.

          	
            FEES AND EXPENSES

          	
            12

          
	
            10.

          	
            SCOPE OF RESPONSIBILITY

          	
            12

          
	
            11.

          	
            TERMINATION

          	
            13

          
	
            12.

          	
            VALUE ADDED TAX

          	
            14

          
	
            13.

          	
            NOTICES

          	
            14

          
	
            14.

          	
            GENERAL

          	
            15

          
	
            15.

          	
            GOVERNING LAW AND JURISDICTION

          	
            16

          

    

    

    

    

    
      
        

    

    
    This Agreement is based upon the UNALLOCATED PRECIOUS METALS ACCOUNTS AGREEMENT as published by London Precious Metals Clearing Limited, with such modifications as are appropriate to the services
      to be provided.

    THIS AGREEMENT is made on November __, 2020

    BETWEEN

    	(1)	
            JPMorgan Chase Bank , N.A., a company incorporated with limited liability as a National Banking Association, whose principal London Office  is at 25 Bank Street, Canary Wharf, E14 5JP, London, United
              Kingdom (“we” or “us”); and

          

    	(2)	
            Wilshire wShares Enhanced Gold Trust, a Delaware statutory trust organized under the laws of the State of Delaware, whose principal office is at 2 Park Avenue, 20th Floor, New York, New York 10016,
              United States of America (“you” or the “Trust”).

          

    Each a “Party” and together the “Parties.”

    INTRODUCTION

    We, as a member of London Precious Metal Clearing Limited (“LPMCL”), have agreed to open and maintain for you Unallocated Accounts (as defined below) and to
      provide other services to you in connection with such Unallocated Accounts. This Agreement sets out the terms under which we will provide those services to you and the arrangements which will apply in connection with those services.

    IT IS AGREED AS FOLLOWS

    	1.	
            INTERPRETATION

          

    	1.1	
            Definitions: In this Agreement:

          

    “Account Balance” means, in relation to an Unallocated Account, a positive balance in the amount of Precious Metals owed
      to you by us, or a negative balance in the amount of Precious Metals owed by you to us, in each case as from time to time recorded on that Unallocated Account.

    “Allocated Account” means, in relation to a Precious Metal, the account(s) maintained by us in your name, either pursuant
      to an agreement that we have entered into with you regarding the terms on which we hold allocated Precious Metals for your account of even date herewith (the “Allocated Precious Metals Account Agreement”), or
      on whatever other basis we have agreed with you for operating such account(s), in either case recording the amount of, and identifying, the Precious Metals received and held by us for you on an allocated basis.

    “AURUM” means the electronic matching and settlement system operated by LPMCL.

    “Availability Date” means the Business Day on which you wish to transfer or deliver Precious Metal to us for credit to an
      Unallocated Account.

    “Business Day” means a day (excluding Saturdays, Sundays and public holidays) on which commercial banks generally are
      open for business in London and on which the London Precious Metals Markets relevant to the Precious Metals held pursuant to this Agreement are open for business.

    
      3

      
        

    

    

    

    “Dispute” means for the purpose of Clause 15 any disagreement between you and us which we have been unable to resolve
      amicably within a period of fourteen Business Days after we have received from you, or as the case may be you have received from us, written notification of the disagreement.

    “eBTS” means the electronic Bullion Transfer System website developed by us.

    “Gold” means gold in physical form complying with the Rules held by us under this Agreement.

    “Investor” shall mean the individual or entity in whose name a Share is recorded in the books and records of the Trust’s
      transfer agent.

    “LBMA” means The London Bullion Market Association or its successors.

    “London Precious Metals Markets” means the London Bullion market, the LPPM, and such other markets for Precious Metals
      operating in London as may be agreed between us from time to time.

    “LPMCL” means London Precious Metals Clearing Limited or its successors.

    “LPPM” means the London Platinum and Palladium Market or its successors.

    “Ounce” means a troy ounce of Gold.

    “Precious Metal” means any and all of gold, silver and any other metal(s) as may be agreed between us or otherwise
      specified in the Schedule.

    “Reasonable and Prudent Custodian” means a person acting in good faith and performing its contractual obligations
      exercising a degree of skill, diligence, prudence and foresight that would reasonably and ordinarily be expected from a skilled and experienced custodian of Precious Metals complying with the Rules, engaged in the same type of undertaking, under the
      same or similar circumstances and conditions.

    “Registration Statement” means the registration statement (including a prospectus) for the offering of securities of the
      Trust under the Securities Act of 1933, as amended, filed with the U.S. Securities and Exchange Commission.

    “Rules” means the rules, regulations, practices and customs of the LBMA, LPMCL, LPPM, the Financial Conduct Authority,
      the Prudential Regulation Authority, the Bank of England and such other regulatory authority or other body, applicable to the Parties to this Agreement and/or to the activities contemplated by this Agreement.

    “Sanctioning Body” means any of the following:

    	

          	(i)	
            the United Nations Security Council;

          

    	

          	(ii)	
            the European Union;

          

    	

          	(iii)	
            Her Majesty’s Treasury and the Office of Financial Sanctions Implementation of the United Kingdom; and

          

    	

          	(iv)	
            The Office of Foreign Assets Control of the Department of Treasury of the United States of America.

          

    
      4

      
        

    

    

    

    “Sanctions” means economic or financial sanctions, boycotts, trade embargoes and restrictions relating to terrorism
      imposed, administered or enforced by a Sanctioning Body from time to time.

    “Sanctions List” means any list of specifically designated nationals or blocked or sanctioned persons or entities (or
      similar) imposed, administered or enforced by a Sanctioning Body in connection with Sanctions from time to time.

    “Shares” shall mean the units of fractional undivided beneficial interest in the Trust.

    “Sponsor” means Wilshire Phoenix Funds LLC, a limited liability company organized under the laws of the State of Delaware
      whose principal office is at 2 Park Avenue, 20th Floor, New York, New York 10016, United States of America, or any successors or assigns as provided in Section 14.4, and the sponsor for the Wilshire wShares Enhanced Gold Trust, and any entity
      authorized to act on the Sponsor’s behalf.

    “Spot Rate” in respect of a Precious Metal and the particular currency in which the relevant Tax is denominated has the
      meaning set out in the Schedule.

    “Trust Agreement” shall mean the Trust’s Amended and Restated Declaration of Trust and Trust Agreement between the
      Sponsor and Delaware Trust Company, as trustee, as the same may be amended, modified or supplemented from time to time.

    “Unallocated Account” means, in relation to a Precious Metal, the account(s) maintained by us in your name recording the
      amount of that Precious Metal which we have a contractual obligation to transfer to you (or, in the case of a negative balance, if so permitted by us, which you have a contractual obligation to transfer to us).

    “VAT” means value added tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to time)
      and legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal nature.

    “Website” has the meaning set out in the Schedule.

    “Withdrawal Date” means the Business Day on which you wish to withdraw Precious Metal from an Unallocated Account.

    	1.2	
            Headings: The headings in this Agreement do not affect its interpretation.

          

    	1.3	
            Singular and plural: References to the singular include the plural and vice versa.

          

    	2.	
            UNALLOCATED ACCOUNTS

          

    	2.1	
            Opening Unallocated Accounts: We shall open and maintain one or more Unallocated Accounts in respect of a quantity of Precious Metal which cannot be allocated in a whole number of physical bars that
              are held under the Allocated Precious Metals Accounts Agreement, to hold Precious Metal to facilitate settlement of purchases and sales and any other Precious Metal which you ask us, and we agree, to hold for you on an unallocated basis on
              the terms of this Agreement.

          

    	2.2	
            Denomination of Unallocated Accounts: The Precious Metals recorded in Unallocated Accounts shall be denominated: in the case of Gold, in fine troy ounces of Gold (to three decimal places); in the
              case of silver, in troy ounces of silver (to at least one decimal place); and, in the case of any other metal, in such denomination as is provided for in the Rules or if there is no such provision, such denomination as may be agreed between
              us.

          

    
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    	2.3	
            Reports: We will provide reports to you relating to deposits into and withdrawals from the Unallocated Accounts and the Account Balance on each Unallocated Account in such form and with such
              frequency as required (but not less than annually), and containing such information, as may be agreed between us, or as otherwise specified in the Schedule. Such reports will also be available to you daily by means of eBTS, however, the paper
              record will prevail.

          

    	2.4	
            Discrepancies: If a material error or discrepancy is noted by you on any report provided pursuant to Clause 2.3 above in relation to any activity or balances, you will promptly notify us in writing
              so that we may investigate and resolve any such material error or discrepancy as soon as practicable. For the purposes of this Clause 2.4 only, in the absence of evidence to the contrary, a report shall be deemed received by you on the day
              which is 2 Business Days after the date on which such report was sent by us to you in accordance with the terms of this Agreement.

          

    	2.5	
            Reversal of entries: We at all times reserve the right, without prior notice to you, to reverse any provisional or erroneous entries to an Unallocated Account with effect back- valued to the date
              upon which the final or correct entry (or no entry) should have been made (including, without limitation, where we have credited a deposit made pursuant to Clause 3.1(b) and on receipt by us of the Precious Metal we determine that it does not
              comply with the Rules or that it is not the weight required by the Rules for the amount of the relevant Precious Metal which you notified to us for deposit), but shall notify you in writing as soon as reasonably practicable of any such
              reversals.

          

    	2.6	
            Records: We will maintain adequate records identifying the Precious Metals as being credited to the Unallocated Account. Such records shall include, with respect to the Unallocated Account(s),
              journals or other records of original entry containing an itemised daily record in detail of all receipts and deliveries of Precious Metal.

          

    	3.	
            DEPOSITS

          

    	3.1	
            Procedure: Deposits to the Unallocated Account shall be made to the extent necessary, in connection with instructions from authorised persons with respect to deposits to the Allocated Account, to the
              extent that such Precious Metal cannot be held by us under the Allocated Precious Metals Accounts Agreement and to hold Precious Metal to facilitate settlement of purchases and sales.  A deposit may be made (in the manner and accompanied by
              such documentation as we may require) by:

          

    	

          	(a)	
            procuring a book-entry transfer: (i) to us by arranging that our account with a third party (as notified by us to you) in which we hold Precious Metal of the type which we have agreed to hold for you (and which has the same denomination as
              the Precious Metal to which your Unallocated Account relates) is credited with an amount of Precious Metal equal to the amount of Precious Metal to be recorded in your Unallocated Account; or (ii) to your Unallocated Account by you arranging
              that a third party for whom we maintain an account holding Precious Metal of the type which we have agreed to hold for you (and which has the same denomination as the Precious Metal to which your Unallocated Account relates) instructs us to
              debit from its account with us an amount of Precious Metal and to credit such amount to your Unallocated Account; or

          

    	

          	(b)	
            the delivery of Precious Metal to us at our nominated vault premises detailed in the Schedule attached hereto, at your expense and risk. Any Precious Metal delivered to us (or to a third party holding to our order) must be in the form of
              bars which comply with the Rules (including the Rules relating to good delivery and fineness) or in such other form as may be agreed between us.

          

    
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    	3.2	
            Notice requirements: Any notice relating to a deposit of Precious Metal must:

          

    	

          	(a)	
            be in writing and be received by us no later than the time specified in the Schedule attached hereto (and if not received on a Business Day or received later will be deemed to be received on the next Business Day) unless otherwise agreed;

          

    	

          	(b)	
            in the case of a deposit pursuant to Clause 3.1(a), specify the details of the account from which the Precious Metal will be transferred;

          

    	

          	(c)	
            in the case of a deposit pursuant to Clause 3.1(b), specify the name of the person or carrier that will deliver the Precious Metal to us at the vault premises specified in the Schedule attached hereto and the manner in which the Precious
              Metal will be packed; and

          

    	

          	(d)	
            in any case specify the amount (in the appropriate denomination) of the Precious Metal to be credited to the Unallocated Account, the Availability Date and any other information which we may from time to time require.

          

    	3.3	
            Timing: A deposit of Precious Metal will not be credited to an Unallocated Account until:

          

    	

          	(a)	
            in the case of a deposit pursuant to Clause 3.1(a), an account of ours with any bank, broker or other firm has been credited with an amount equal to the amount of such deposit; and

          

    	

          	(b)	
            in the case of a deposit pursuant to Clause 3.1(b), we have received the Precious Metal in accordance with Clauses 3.1 and 3.2, verified its compliance with the Rules and weighed it in accordance with LBMA practice to confirm that it is
              the weight required by the Rules for the amount of the relevant Precious Metal which you notified to us for deposit.

          

    	3.4	
            Right to refuse Precious Metal or amend procedure: We may refuse to accept Precious Metal, and amend the procedure in relation to the deposit of Precious Metal or impose such additional procedures in
              relation to the deposit of Precious Metal as we may from time to time consider appropriate to comply with the Rules. Any such amendment or additional procedures will be notified to you in accordance with Clause 13 of this Agreement, within a
              commercially reasonable amount of time before we amend our procedures, and in so doing we shall consider your needs to communicate any such change to Investors and others.  Any such refusal will be promptly notified to you in accordance with
              Clause 13 of this Agreement and will (unless otherwise specified) take effect immediately upon your receipt of such notification.

          

    	3.5	
            Allocation of Gold: We may, if applicable, at our option convert your entitlement in respect of an Unallocated Account into rights in respect of Precious Metals in an Allocated Account, and
              vice-versa, on the terms in the Schedule attached hereto. Unless otherwise notified by the Trustee in writing, the Custodian shall, at the end of each London Business Day, transfer any Gold then standing to the credit of the Unallocated
              Account to the Allocated Account. This may not result in a negative balance of the unallocated account unless for any rounded quantity of Precious Metal that may be debited to your Unallocated Account in connection with rounding up your
              Allocated Account balance to record the nearest whole number of bars under the Allocated Account agreement.

          

    	4.	
            WITHDRAWALS

          

    	4.1	
            Release of Precious Metal: Withdrawals from the Unallocated Account and transfers to the Allocated Account shall be made to the extent necessary, in connection with instructions from Authorised
              Persons, to the extent that such Gold amounts to a whole number of physical bars and can be held by us under the Allocated Precious Metals Accounts Agreement, provided that such bars are not needed to facilitate settlement of Gold sales.  We
              will seek to minimise the amount of Gold held in the Unallocated Account by allocating, on each Business Day, bars of Gold to the Allocated Account in substitution for holdings of an equivalent denomination in the Unallocated Account such
              that no Gold is held in the Unallocated Account at the close of such Business Day.

          

    
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    	4.2	
            Procedure: You may at any time notify us in writing of your intention to withdraw Precious Metal standing to the credit of an Unallocated Account. A withdrawal may be made (in the manner and
              accompanied by such documentation as we may require) by:

          

    	

          	(a)	
            book-entry transfer by a debit by us of an amount of Precious Metals from your Unallocated Account and credit of such amount to an account maintained by us for another client, or instructing credit of such amount to the account specified
              by you and maintained by a third party; or

          

    	

          	(b)	
            the collection of such Precious Metal from the vaults specified in the Schedule attached hereto at your expense and risk. Any Precious Metal made available to you will be in the form of bars which comply with the Rules (including the Rules
              relating to good delivery and fineness) or in such other form as may be agreed between us. We are entitled to select which bars are to be made available to you.

          

    	4.3	
            Notice requirements: Any notice relating to a withdrawal of Precious Metal must:

          

    	

          	(a)	
            if it relates to a withdrawal pursuant to clause 4.2(a), be received by us no later than the time specified in the Schedule attached hereto (and if received later will be processed on the next Business Day) and specify the details of the
              account to which the Precious Metal is to be transferred;

          

    	

          	(b)	
            if it relates to a withdrawal pursuant to clause 4.2(b), be received by us no later than the time specified in the Schedule attached hereto and specify the name of the person or carrier that will collect the Precious Metal from us; and

          

    	

          	(c)	
            specify the amount (in the appropriate denomination) of the Precious Metal to be debited to the Unallocated Account, the Withdrawal Date and any other information which we may from time to time require.

          

    	4.4	
            Right to amend procedure: We may amend the procedure for the withdrawal of Precious Metal from an Unallocated Account or impose such additional procedures as we may from time to time consider
              appropriate to comply with the Rules. Any such amendments or additional procedures will be promptly notified to you, in accordance with Clause 13 of this Agreement, within a commercially reasonable amount of time before we amend our
              procedures, and in so doing we shall consider your needs to communicate any such change to Investors and others.

          

    	4.5	
            Collection or Delivery of Precious Metals: You accept liability for all costs of transportation and insurance (if any) in relation to the delivery of Precious Metal upon withdrawal once your
              designated carrier has taken physical delivery of the relevant Precious Metal.

          

    	

          	(a)	
            Unless specifically agreed that sub-clause (b) below applies to a withdrawal, you must collect, or arrange for the collection of, Precious Metals being withdrawn from us at your expense and risk. We will advise you of the location from
              which the Precious Metals may be collected no later than 3 Business Days prior to the Withdrawal Date.

          

    	

          	(b)	
            Where we have agreed with you that this sub-clause (b) applies, we shall arrange delivery of the Precious Metal to you, and shall arrange such delivery, including transportation, in accordance with our usual practices. Where specific
              requests are made by you regarding the method of delivery, we may (but shall have no obligation to) make reasonable efforts to comply with such requests. We shall in no circumstances have any obligation to effect any requested delivery, if in
              our reasonable opinion (i) such delivery would cause us or any of our agents to be in breach of the Rules or any applicable law, court order or regulation, or (ii) the costs incurred by us or our agents in making such delivery would be
              excessive, and we have not had satisfactory confirmation that you will reimburse us for such costs, or (iii) delivery is not reasonably practicable for any reason.

          

    
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    	5.	
            INSTRUCTIONS

          

    	5.1	
            Your representatives: We may assume that instructions have been properly authorised by you if they are given or purport to be given by a person who is, or purports to be, and is reasonably believed
              by us to be, a director, employee or other authorised person acting for you.

          

    	5.2	
            Instructions: All transfers into and out of the Unallocated Account(s) shall be made upon receipt of, and in accordance with, instructions given (or appearing to be given) by you to us. Such
              instructions may be given either: (i) through eBTS, accessible through the Website by you pursuant to the terms of the Website agreement, or (ii) by SWIFT transmission, by any method of transmission set forth in Clause 13.2 or by such other
              means (if any) as are specified in the Schedule or as we may agree from time to time. Unless otherwise agreed, any such instruction or communication shall be effective if given by written means. We may assume that any electronic instructions
              have been validly given on your behalf. We reserve the right to obtain further validation of any instructions.

          

    	5.3	
            AURUM: You acknowledge that instructions relating to a counterparty for whom we do not already provide settlement services will be forwarded by us to AURUM on your behalf. You acknowledge that AURUM
              is operated by a third party and that we cannot be responsible for any errors, omissions or malfunctions in the systems operated by AURUM. To the extent that AURUM is not available or suffering a malfunction, you agree that our obligations
              under this Agreement shall be postponed during such unavailability or such malfunction and until a reasonable period thereafter.

          

    	5.4	
            Amendments: Once given, instructions continue in full force and effect until they are cancelled or amended. Any such instructions shall be valid and binding only after actual receipt by us in
              accordance with Clause 13 of this Agreement.

          

    	5.5	
            Unclear or ambiguous instructions: If, in our opinion, any instructions are unclear or ambiguous, we will use reasonable endeavours (taking into account any relevant time constraints) to obtain
              clarification of those instructions from you but, failing that, we may in our absolute discretion and without any liability on our part, act upon what we believe in good faith such instructions to be or refuse to take any action or execute
              such instructions until any ambiguity or conflict has been resolved to our satisfaction.

          

    	5.6	
            Refusal to execute: We reserve the right to refuse to execute instructions if in our opinion they are or may be, or require action which is or may be, contrary to the Rules or any applicable law.

          

    	6.	
            CONFIDENTIALITY

          

    	6.1	
            Disclosure to others: Subject to Clauses 6.2, 6.3 and 6.4, each Party shall respect the confidentiality of information acquired under this Agreement and neither will, without the consent of the
              other, disclose to any other person any information acquired under this Agreement.

          

    	6.2	
            Permitted disclosures: Each Party accepts that from time to time the other Party may be required by law, or a court order or similar process, or requested by a government department or agency, fiscal
              body or regulatory authority, to disclose information acquired under this Agreement. In addition, the disclosure of such information may be required by a Party's auditors, by its legal or other advisors or by a company which is in the same
              group of companies as a Party (e.g. a subsidiary, or holding company of a Party). In any such case, and to the extent permitted by applicable law, the disclosing Party will notify the person to whom the disclosure is made that the information
              disclosed is confidential and should not be disclosed to any third party.  Each Party irrevocably authorises the other to make such disclosures without further reference to such Party.

          

    
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    	6.3	
            You acknowledge that, as a member of the London Precious Metal Clearing Limited, and that from time to time in carrying out our duties and obligations under this Agreement, it may be necessary for us to disclose to LPMCL and/or other
              clearing members, your account details and certain other information in order to act in accordance with your notices hereunder for the purposes of facilitating settlement. You acknowledge and accept that such disclosures may be made by us for
              the purposes set out in this Clause 6.3.

          

    	6.4	
            Notwithstanding Sections 6.1 and 6.2, we acknowledge and agree that (i) you may reference us and summarize the material terms of this Agreement in the Registration Statement and any other offering memorandum, prospectus or marketing
              documents related to an offering of the Shares by you to potential investors and (ii) you may disseminate information to Investors that is required to be provided to Investors pursuant to the terms of the Trust Agreement or the Registration
              Statement.

          

    	7.	
            REPRESENTATIONS

          

    	7.1	
            Each Party represents and warrants to the other, on a continuing basis that:

          

    	

          	(a)	
            it is duly constituted and validly existing under the laws of its jurisdiction of constitution;

          

    	

          	(b)	
            it has all necessary authority, powers, consents, licences and authorisations and has taken all necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;

          

    	

          	(c)	
            the persons entering into this Agreement on its behalf have been duly authorised to do so; and

          

    	

          	(d)	
            this Agreement and the obligations created under it constitute its legal and valid obligations which are binding upon it and enforceable against it in accordance with the terms of this Agreement (subject to applicable principles of equity)
              and do not and will not violate the terms of the Rules, any applicable laws, or any order, charge or agreement by which it is bound.

          

    	7.2	
            In addition to (and without limitation of) the representations and warranties given by you in Clause 7.1, you represent and warrant to us, on a continuing basis, that:

          

    	

          	(a)	
            you are the beneficial owner of the Precious Metal held by us hereunder, free and clear from any and all contingent or existing charges, pledges, mortgages, security interests, encumbrances, liens or other right or claim whatsoever
              permitted or created by you or any third party;

          

    	

          	(b)	
            if you are holding any Precious Metal on behalf of a third party, you have full power and authority from your client to enter into and implement this Agreement in respect of such Precious Metal, and we are entitled to deal only with you as
              if you were the ultimate beneficial owner; and

          

    	

          	(c)	
            neither the signing, delivery or performance of this Agreement, nor any instruction given hereunder, will contravene, constitute a default under, or cause to be exceeded, any of the following, namely:

          

    	

          	(i)	
            any Rules, or any other law or agreement by which you, us or any relevant client for whom you hold Precious Metal are bound or affected; or

          

    	

          	(ii)	
            rights of any third parties in relation to you or the Precious Metal held hereunder.

          

    
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    	8.	
            SANCTIONS

          

    	8.1	
            In addition to (and without limitation of) the representations and warranties given by you in Clause 7.1 and Clause 7.2 above, you represent, warrant and undertake, on a continuing basis, that:

          

    	

          	(a)	
            you are not a person or entity that is named on any Sanctions List or directly or indirectly targeted under any Sanctions;

          

    	

          	(b)	
            you are not acting in violation of any applicable Sanctions;

          

    	

          	(c)	
            you shall comply with all applicable laws, regulations, codes and sanctions relating to your operations, wherever conducted, and in particular relating to human rights, bribery, corruption, money-laundering, accounting and financial
              controls and anti-terrorism, including but not limited to the UK Bribery Act 2010;

          

    	

          	(d)	
            you have adequate risk management and compliance procedures in place and have taken necessary measures (including screening clients for sanctions, money laundering and anti-bribery and corruption) to ensure continued compliance with the
              Rules and with the ongoing requirements of any Sanctioning Body;

          

    	

          	(e)	
            you have conducted adequate due diligence on any person that you direct we transfer Precious Metals to or from under the terms of this Agreement; and

          

    	

          	(f)	
            you will not cause us to hold any Precious Metals that originate from financial crime or are being or have been used to facilitate the violation of any Sanctions.

          

    	8.2	
            You agree that neither any Precious Metals nor the proceeds of any Precious Metals will be used by you in any way to fund the activities or business of any person or entity in any country or territory subject to Sanctions or included in
              any Sanctions List. You further agree that we shall be under no obligation to comply with a notice of withdrawal delivered pursuant to Clause 4.1 where we have reasonable grounds to suspect that any such withdrawal may in any way be used to
              fund the activities or business of any person or entity in any country or territory subject to Sanctions or included in any Sanctions List.

          

    	8.3	
            If at any time you become aware of any breach by you of Clauses 8.1 or 8.2 above after the date of this Agreement and before the later of (i) termination of this Agreement and (ii) the date that all obligations under this Agreement are
              fully and finally discharged, you shall promptly notify us in writing with full details of such breach together with, promptly following any request from us to do so, any other information we may reasonably request in connection with such
              breach.

          

    	8.4	
            In the event that you breach any of Clauses 8.1 to 8.3 above, or if we have reasonable grounds to believe that you have breached any of Clauses 8.1 to 8.3 above, we shall have the right to terminate this Agreement forthwith upon written
              notice. In the event of termination of this Agreement pursuant to this Clause 8.4, you agree to indemnify us and hold us harmless against any and all losses, costs and liabilities incurred as a direct consequence of such termination

          

    	8.5	
            Nothing in this Agreement shall require a Party to take any action or to refrain from taking any action which may cause that Party any liability to or imposed by a Sanctioning Body.

          

    
      11

      
        

    

    

    

    	9.	
            FEES AND EXPENSES

          

    	9.1	
            Fees: You will pay us such fees as we from time to time agree with you as set out in the Schedule attached hereto. We reserve the right to amend the fee structure from time to time with your prior
              written consent. Details of changes to the charges (including transfer, clearing and storage charges) will be advised to you by us in writing no less than 30 days before becoming effective.

          

    	9.2	
            Expenses: You must pay us on demand all reasonable costs, charges and expenses (including any relevant taxes, duties and legal fees) incurred by us in connection with the performance of our duties
              and obligations under this Agreement or otherwise in connection with any Unallocated Account (including without limitation any delivery, collection or storage costs). You shall be liable for all taxes, assessments, duties and other
              governmental charges, including any interest or penalty with respect thereto (“Taxes”), with respect to any Unallocated Account maintained by us pursuant to this Agreement or any deposits or withdrawals
              related thereto. You shall indemnify us for the amount of any Tax that we are required under applicable laws (whether by assessment or otherwise) to pay in respect of each Unallocated Account or any deposits or withdrawals related thereto
              (including any payment of Tax required by reason of an earlier failure to withhold); [REDACTED]. In the event that we are required under applicable law to pay any Tax on your behalf, we are hereby
              authorised, without prior notice to you, to debit from the credit balance of any or all of the Unallocated Accounts an amount equal to the quotient of (x) the principal amount of the relevant Tax payable by us, divided by (y) the Spot Rate.
              If the aggregate credit balance of the Unallocated Accounts is not sufficient to pay such Tax, we will notify you of an additional amount of cash required and you shall directly deposit such additional amount of cash (in the appropriate
              currency) to an account specified by us promptly following the date on which our notice to you that such amount is required becomes effective in accordance with this Agreement.

          

    	9.3	
            Credit balances: No interest or other amount will be paid by us on any credit balance on an Unallocated Account unless otherwise agreed between us.

          

    	9.4	
            Debit balances: You are not entitled to overdraw an Unallocated Account except to the extent that we otherwise agree in writing. In the absence of our written agreement to an overdraft, we shall not
              be obliged to carry out any instruction from you where to do so would in our opinion cause any Unallocated Account to have a negative balance. Unless otherwise agreed, if for any reason an Unallocated Account is overdrawn, you will be
              required to pay us interest on the debit balance at the rate agreed between us or, if no such agreement exists, at such rate as we determine to be appropriate. The amount of the overdraft and any accrued interest will be repayable by you on
              our demand. Your obligation to pay interest to us will continue until the overdraft is repaid by you in full. This clause 9.4 does not apply in relation to any rounded quantity of Precious Metal that may be debited to your Unallocated Account
              in connection with rounding up your Allocated Account balance to record the nearest whole number of bars under the Allocated Account agreement.

          

    	9.5	
            Default interest: If you fail to pay us any amount when it is due, we reserve the right to charge [REDACTED] on any such unpaid amount. Interest will accrue on
              a daily basis, on a compound basis with monthly resets, and will be due and payable by you as a separate debt.

          

    	10.	
            SCOPE OF RESPONSIBILITY

          

    	10.1	
            Exclusion of liability: We will adhere to the standards of a Reasonable and Prudent Custodian at all times in the performance of our duties under this Agreement, and we will only be responsible for
              any loss or damage suffered by you as a direct result of any negligence, fraud or wilful default on our part in the performance of our duties, and in which case our liability will not exceed the aggregate market value of the Account Balance
              at the time of such negligence, fraud or wilful default (calculating the value using the next available prices for Precious Metals of the same type and amount on the relevant London Precious Metals Markets following the occurrence of such
              negligence, fraud or wilful default). We shall not in any event be liable for any consequential loss, or loss of profit or goodwill whether or not resulting from any negligence, fraud or wilful default on our part.

          

    
      12

      
        

    

    

    

    	10.2	
            No duty or obligation: We are under no duty or obligation to make or take any special arrangements or precautions beyond those required by the Rules.

          

    	10.3	
            Force majeure: We shall not be liable to you for any delay in performance, or for the non-performance of, any of our obligations under this Agreement by reason of any cause beyond our reasonable
              control. This includes any breakdown, malfunction or failure of, or in connection with, any communication, computer, transmission, clearing or settlement facilities, industrial action, acts and regulations of any governmental or supra
              national bodies or authorities, or the rules of any relevant regulatory or self-regulatory organisation.

          

    	10.4	
            Indemnity: You shall indemnify and keep us indemnified (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses which we may suffer or incur, directly or
              indirectly in connection with this Agreement except to the extent that such sums are due directly to our negligence, wilful default or fraud.

          

    	11.	
            TERMINATION

          

    	11.1	
            Method:

          

    	

          	(a)	
            You may terminate this Agreement (i) by giving not less than forty-five (45) Business Days written notice to us, or (ii) immediately by written notice to us in the event of (1) the presentation of a winding up order, bankruptcy or
              analogous event in relation to us, or (2) the occurrence of an event specified in Clause 8.4 of this Agreement.

          

    	

          	(b)	
            We may terminate this Agreement (i) by giving not less than sixty (60) Business Days written notice to you, or (ii) immediately by written notice in the event of the presentation of a winding up order, bankruptcy or analogous event in
              relation to you.

          

    	11.2	
            Any notice given by you under Clause 11.1 must specify:

          

    	

          	(a)	
            the date on which the termination will take effect (the “Termination Date”);

          

    	

          	(b)	
            the person to whom each Account Balance is to be delivered;

          

    	

          	(c)	
            whether the Precious Metal standing to the credit of each Unallocated Account is to be withdrawn pursuant to Clause 4.2(a) or Clause 4.2(b); and

          

    	

          	(d)	
            all other necessary arrangements for the delivery of the Account Balance.

          

    	11.3	
            Redelivery arrangements: If you do not make arrangements acceptable to us for the transfer or repayment, as the case may be, of an amount of Precious Metal equal to the Account Balance, we may
              continue to maintain that Unallocated Account, in which case we will continue to charge the fees and expenses payable under Clause 9. If you have not made arrangements acceptable to us for the transfer or repayment of Precious Metal equal to
              each  Account Balance within 6 months of the Termination Date, we will be entitled to close each Unallocated Account and in place of delivery of Precious Metals, account to you for the value of the Account Balance on each such Unallocated
              Account (as at the date which is 6 months after the Termination Date, calculating the value using the next available prices for that date for Precious Metals of the same type and amount of the relevant London Precious Metals Markets), after
              deducting any amounts due to us under this Agreement.

          

    
      13

      
        

    

    

    

    	11.4	
            Existing rights: Termination shall not affect rights and obligations then outstanding under this Agreement which shall continue to be governed by this Agreement until all obligations have been fully
              performed. [REDACTED]

          

    	11.5	
            eBTS: Effective the Termination Date the use of the Website will automatically be terminated and no further access to the Website will be permitted.

          

    	12.	
            VALUE ADDED TAX

          

    	12.1	
            VAT exclusive: All sums payable under this Agreement by you to us shall be deemed to be exclusive of VAT.

          

    	12.2	
            Supplies: Where pursuant to or in connection with this Agreement, we make a supply to you for VAT purposes and VAT is or becomes chargeable on such supply, you shall on demand pay to us (in addition
              to any other consideration for such supply) a sum equal to the amount of such VAT and we shall on receipt of such payment provide you with an invoice or receipt in such form and within such period as may be prescribed by applicable law.

          

    	12.3	
            Deemed supplies: Where, pursuant to or in connection with this Agreement, we are deemed or treated by applicable law or the practice from time to time of the relevant fiscal authority to make a
              supply for VAT purposes to any person by virtue of our or any custodian for us relinquishing physical control of any Precious Metal, and VAT is or becomes chargeable on such supply, you shall on demand pay to us a sum equal to the amount of
              such VAT and we shall on receipt of such payment provide an invoice or receipt in such form and within such period as may be prescribed by applicable law to the person to which we are deemed or treated to make such supply.

          

    	12.4	
            Reimbursement: References to any fee, cost, expense, charge or other liability incurred by us and in respect of which we are to be reimbursed or indemnified by you under the terms of this Agreement
              shall include such part of such fee, cost, expense, charge or other liability as represents any VAT. We shall not seek reimbursement of any chargeable VAT incurred by you from the relevant tax authority. If the relevant tax authority does
              provide reimbursement to us for VAT incurred by you, we shall notify you within a reasonable time period after we become aware of such reimbursement.

          

    	13.	
            NOTICES

          

    	13.1	
            Form: Any notice or other communication under or in connection with this Agreement may be given in writing or as otherwise specified in the Schedule.  References to writing includes an electronic
              transmission in a form permitted by Clause 13.2.

          

    	13.2	
            Method of transmission: Any notice or other communication shall be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas), authenticated electronic
              transmission (including fax, email and SWIFT) or such other electronic transmission as the Parties may from time to time agree, to the Party due to receive the notice or communication, at its address, number or destination set out below, or
              to such other address, number or destination specified by that Party by written notice to the other:

          

    
      14

      
        

    

    

    

    If to us:

    JPMorgan Chase Bank, N.A., London branch

      25 Bank Street, Canary Wharf

      E14 5JP, London

      United Kingdom

      Attention: Mark Amlin, Vivien Zillner, Jonatan Sherman

      Email: mark.c.amlin@jpmchase.com; vivien.x.zillner@jpmchase.com; jonatan.h.sherman@jpmchase.com; bullion.etf@jpmorgan.com; metalics.bo.processing@jpmorgan.com

    If to you:

    Wilshire wShares Enhanced Gold Trust

      c/o Wilshire Phoenix Funds LLC

      2 Park Avenue, 20th Floor

      New York, New York 10016

      Attention: William Cai

      Email: funds@wilshirephoenix.com

    	13.3	
            Deemed receipt of notice: A notice or other communication under or in connection with this Agreement will be deemed received only if actually received or delivered.

          

    	13.4	
            Recording of calls: We may record telephone conversations without use of a warning tone. Such recordings will be our sole property and accepted by you as evidence of the orders or instructions given.
              In the event of inconsistency between the written notice and oral orders or instructions, the terms of the written notice shall prevail.

          

    	14.	
            GENERAL

          

    	14.1	
            No advice: Our duties and obligations under this Agreement do not include providing you with investment advice. In asking us to open and maintain the Unallocated Accounts, you do so in reliance upon
              your own judgement and we shall not owe to you any duty to exercise any judgement on your behalf as to the merits or suitability of any deposits into, or withdrawals from, an Unallocated Account.

          

    	14.2	
            Rights and remedies: Our rights under this Agreement are in addition to, and independent of, any other rights which we may have at any time in relation to the Unallocated Accounts and any lien or
              other rights we may have to set-off, combine or consolidate any of your accounts.

          

    	14.3	
            Business Day: If an obligation of a Party would otherwise be due to be performed on a day which is not a Business Day in respect of the relevant Unallocated Account, such obligation shall be due to
              be performed on the next succeeding Business Day in respect of that Unallocated Account.

          

    	14.4	
            Assignment: This Agreement is for the benefit of and binding upon us both and our respective successors and assigns. You may not assign other than to a successor entity or to any entity under common
              control, which we have provided prior written consent of such assignment (not to be unreasonably withheld) and which has completed all required know-your-customer and other onboarding, transfer or encumber, or purport to assign, transfer or
              encumber, your right, title or interest in relation to any Unallocated Account or any right or obligation under this Agreement without our prior agreement in writing.

          

    
      15

      
        

    

    

    

    	14.5	
            Amendments: Unless otherwise specified in this Agreement, any amendment to this Agreement must be agreed in writing and be signed by us both. Unless otherwise agreed, an amendment will not affect any
              legal rights or obligations which may already have arisen.

          

    	14.6	
            Partial invalidity: If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or
              part of a clause) will not in any way be affected or impaired.

          

    	14.7	
            Liability: Nothing in this Agreement shall exclude or limit any liability which cannot lawfully be excluded or limited (e.g. liability for personal injury or death caused by negligence).

          

    	14.8	
            Entire Agreement: This document represents the entire agreement, and supersedes any previous agreements between us relating to the subject matter of this Agreement.

          

    	14.9	
            Counterparts: This Agreement may be executed in any number of counterparts each of which when executed and delivered is an original, but all the counterparts together constitute the same agreement.

          

    	14.10	
            Liability of Sponsor. It is expressly understood and agreed by the Parties that:

          

    	

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

          

    	

          	(b)	
            the representations, covenants, undertakings and agreements herein made by you 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 you;

          

    	

          	(c)	
            nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of yours 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 your 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.

          

    	15.	
            GOVERNING LAW AND JURISDICTION

          

    	15.1	
            Governing law: This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

          

    	15.2	
            Jurisdiction: The English courts are to have non-exclusive jurisdiction to settle any disputes or claims (each a “Dispute”) which may arise out of or in
              connection with this Agreement, including any question regarding its existence, validity or termination, and accordingly any legal action or proceedings arising out of or in connection with this Agreement (“Proceedings”)
              may be brought in such courts. Each of the Parties hereto irrevocably submits to the non-exclusive jurisdiction of such courts and waives any objection to Proceedings in such courts whether on the grounds of venue or on the grounds that the
              Proceedings have been brought in an inconvenient forum.

          

    
      16

      
        

    

    

    

    	15.3	
            Arbitration: Unless otherwise specified in the Schedule, Disputes may be referred to arbitration in accordance with the terms set out in the Schedule attached hereto.

          

    	15.4	
            Waiver of immunity: To the extent that you may in any jurisdiction claim for yourself or your assets any immunity from suit, judgement, enforcement or otherwise howsoever, you agree not to claim and
              irrevocably waive any such immunity to which you would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction.

          

    	15.5	
            Third Party Rights: A person who is not a party to this Agreement has no right to enforce any term of this Agreement under the Contracts (Rights of Third Parties) Act 1999.

          

    	15.6	
            Service of process: If you are situated outside England and Wales, process by which any proceedings in England are begun may be served on you by being delivered to the address specified below. This
              does not affect our right to serve process in another manner permitted by law.

          

    Address for service of process:

    Worldwide Corporate Advisors

      150 Minories

      London, EC3N 1LS

      United Kingdom

    [Signature page to follow]

    
      17

      
        

    

    

    

    EXECUTED by the Parties

    Signed on behalf of

      JPMorgan Chase Bank, N.A.

    by:

    	
            Signature

          	 	 
	
            Name

          	 	 
	
            Title

          	 	 

    

    

    Signed on behalf of

      Wilshire wShares Enhanced Gold Trust

      by: Wilshire Phoenix Funds LLC, not in its individual capacity

      but solely as Sponsor

    	
            Signature

          	 	 
	
            Name

          	 	 
	
            Title

          	 	 

    

    

    
      18

      
        

    

    

    

    SCHEDULE

    To Unallocated Precious Metals Accounts Agreement dated  November     2020

    [REDACTED]

  

  19Exhibit 10.4

  

  

  

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

    

    

    

    

    AGREEMENT ON

      INDEX CALCULATION

      (the "Agreement")

    dated 7 October 2020

    

    

    by and between

    Solactive AG

      Platz der Einheit 1

      60327 Frankfurt am Main

      Germany

    

    

    - hereinafter referred to as "Solactive" -

    and

    Wilshire wShares Enhanced Gold Trust

      2 Park Avenue, 20th Floor

      New York, New York 10016

      United States of America

    

    

    - hereinafter referred to as "Trust" –

    

    

    jointly referred to hereinafter as "Parties" -

    
      
        

    

    
    Content

    	
            Preamble

          	
            3

          
	
            § 1 Index Calculation

          	
            4

          
	
            §2 Dissemination of Index

          	
            5

          
	
            § 3 Rights in Index and Index Prices

          	
            6

          
	
            § 4 Utilisation Right

          	
            6

          
	
            § 5 Obligations of Parties regarding calculated Index

          	
            7

          
	
            § 6 Issuer’s Statement

          	
            8

          
	
            § 7 Trademark Rights

          	
            8

          
	
            § 8 Liability of the Parties

          	
            9

          
	
            § 9 Limitation of Liability

          	
            10

          
	
            § 10 Remuneration

          	
            10

          
	
            § 11 Taxes

          	
            12

          
	
            § 12 Term of Agreement

          	
            12

          
	
            § 13 Termination of Agreement

          	
            12

          
	
            § 14 Transfer of Solactive’s Rights and Obligations to a Third Party

          	
            13

          
	
            § 15 Transfer of Duties to Third Parties

          	
            14

          
	
            § 16 Confidentiality

          	
            14

          
	
            § 17 Contact

          	
            15

          
	
            § 18 Final Provisions

          	
            15

          
	
            Addendum 1 Order Schedule

          	
            19

          
	
            Addendum 2 CUSIP

          	
            20

          
	
            Addendum 3 SEDOL

          	
            22

          
	
            Addendum 5 Borsa Istanbul

          	
            24

          
	
            Addendum 6 WM Rates

          	
            25

          

    

    

    
      2

      
        

    

    

  

  Preamble

  Solactive shall calculate, maintain and disseminate the Wilshire Gold Index (hereinafter, the "Index") from time to
    time during the term of this Agreement and as agreed between the Parties by the execution of an Order Schedule in respect of such Index in substantially the form set out in Addendum 1. In so doing Solactive may be supported by third parties. The Index
    shall consist in particular of the index levels and the calculation parameters (like weightings, capping factors and other similar data) of the Index (hereinafter the "Index Data") and
    the respective method of compilation and calculation (the "Index Methodology"). The Parties agree that Solactive shall calculate, maintain and disseminate the Index;
    however, all special rights (including but not limited to intellectual property rights and the Index Methodology) in the Index shall remain with the Trust. The Index Data, excluding any third-party data, shall also be the property of the Trust, and
    should this Agreement be terminated at any time after the date of this Agreement, Solactive shall provide the Trust with records of all Index Data, and the Trust shall be entitled to use the Index Data after the termination of this Agreement.

  Therefore, the Parties enter into the following Agreement:

  
    3

    
      

  

  

  

  § 1 Index Calculation

  	

        	1.	
          Subject to the provisions of this Agreement Solactive will continually calculate the Index set out in the relevant Order Schedule and will continually maintain and disseminate them from (and including), in each case, the relevant Index
            Calculation Start Date (as set out in the applicable Order Schedule).

        

  	

        	2.	
          Solactive shall use its best efforts to ensure that the Index is calculated and maintained correctly.

        

  	

        	3.	
          Details including but not limited to calculation and maintenance of the Index shall be stipulated in the respective Index guidelines or methodology agreed upon between the Parties, as it may be amended in the future (the "Index
            Methodology"). For this purpose the Trust shall provide the necessary Index specification pursuant to the relevant Order Schedule.

        

  	

        	4.	
          The scope of the services provided by Solactive includes continuous calculation and maintenance of the Index in accordance with the Index Methodology. This includes, among other things, establishing the parameters, exchange rates,
            calculation days, calculation term, etc. in connection with the Index. Maintaining the Index includes but is not limited to necessary adjustment of the Index according to capital measures such as split of shares or capital increase, or after
            dividend payments related to shares, which are elements of the Index, and adjustments to the Index in the framework of extraordinary or ordinary adjustments. For adjustments to the Index in the framework of maintenance, if agreed to by both
            Parties, Solactive shall provide one indication and one final adjustment. The indication consists of a hypothetical calculation of the composition of the Index taking account of the adjustment which will only be made in the future; the final
            adjustment involves converting the Index calculation taking account of the adjustment to be made.

        

  	

        	5.	
          If agreed to by the Trust in writing, on each business day Solactive shall post the current Index composition (Index name, elements and weighting) of the Index on a website maintained by Solactive. In connection with the foregoing, as of the
            date of this Agreement, Trust does not desire to have the Index posted on a website maintained by Solactive unless otherwise notified to Solactive in writing by Trust.

        

  	

        	6.	
          Solactive shall use the criteria for compiling and calculating the Index, and the weighting and the calculation formula set out in the respective Index Methodology on behalf of the Trust. Solactive shall maintain the Index in accordance with
            the Index Methodology.

        

  	

        	7.	
          If there should be unforeseeable circumstances which necessitate an extraordinary adjustment to an Index, Solactive shall prepare the adjustment taking account the stipulations of the Index Methodology, notify the Trust of such circumstances
            as soon as it becomes aware of them and coordinate further procedures with the Trust. If it is not possible to contact the Trust and such circumstance requires an immediate extraordinary adjustment, Solactive may make the extraordinary
            adjustment (in accordance with the Index Methodology), in the best interest of the Trust; provided, however, that the notice related to such extraordinary adjustment provided by Solactive to Trust contains details of how such adjustment will be
            treated and Trust has the ability to make subsequent modifications so long as these are administratively feasible for Solactive.

        

  
    4

    
      

  

  

  

  §2 Dissemination of Index

  	

        	1.	
          Solactive is entitled to include and distribute the Index in a market data dissemination to all major vendors and re-vendors. Solactive shall stipulate the technical format of the dissemination and may modify this as reasonably required at
            its own discretion without prior coordination with the Trust. In addition, Solactive shall disseminate the Index composition (elements and weighting) and the Index Prices (as defined below) to the Trust and the Administrator (as defined below)
            at or around 5:30 pm (New York time) on each Business Day. Dissemination of the Index comprises the prices of the Index (hereinafter "Index Prices") and an ISIN code in a technical format satisfactory to Solactive and the Trust. Solactive shall
            calculate and disseminate the intraday indicative value of the Index, using gold prices sourced from the Intercontinental Exchange, at least every 15 seconds during the New York Stock Exchange’s Core Trading Session (9:30 a.m. Eastern Time
            —4:00 p.m. Eastern Time on Business Days).

        

  "Administrator" means an administrator of the Trust as notified by Trust to Solactive.

  	

        	2.	
          To the extent that the Index and the Index Prices of the Trust which have been disseminated via a market data dissemination are used by any vendor, re-vendor or third party in breach of the provisions of the market data usage agreements,
            this shall not give rise to any claims of the Trust related to such use against Solactive. If Solactive becomes aware of any abuse it will however use its best efforts to prohibit and terminate or procure to terminate this abuse as soon as
            possible.

        

  	

        	3.	
          Any revenue obtained from the market data dissemination of the Index and the Index Prices shall inure solely to Solactive. Notwithstanding the foregoing, and for the avoidance of doubt, this does not include any revenue in connection with
            the Index.

        

  	

        	4.	
          Solactive is not obliged to ensure that any vendor or re-vendor displays the Index Prices of the Trust. Any additional fee (the "Vendor Fee") payable to any vendor or re-vendor for displaying the Index Data will be paid by the Trust. The
            Vendor Fee will only be payable after the prior written consent of the Trust has been obtained. If the Trust does not agree to pay the Vendor Fee, Trust acknowledges that the Index Data might not be displayed by a vendor or re-vendor.

        

  	

        	5.	
          Without limitation to Section 3(1), the Trust acknowledges that vendors and re-vendors may display "Source: Solactive AG" to indicate merely the source of the Index Price, not the ownership of the Index or the Index Prices.

        

  

  

  § 3 Rights in Index and Index Prices

  	

        	1.	
          The Trust owns any and all rights in the Index and the Index Prices — in as far as such rights do not belong to third parties. However, Solactive may use the Index and the Index Prices free of charge solely to the extent necessary to fulfil
            its obligations and reasonably exercise its rights under this Agreement.

        

  	

        	2.	
          The Trust may disseminate the Index and Index Prices itself or disseminate public information provided to it by Solactive internally or externally or grant third parties access to such information. The Trust is entitled to name the Index and
            present Index Prices in any of its materials and on its own website, or in any other location or by any other reasonable method. The Trust shall not disseminate the information referred to in this subparagraph to any third party, in case the
            Trust is aware of any such third party being a vendor or re-vendor to which Solactive disseminates such information at the time of dissemination.

        

  
    5

    
      

  

  

  

  	

        	3.	
          At the request of Solactive the Trust shall confirm that the afore-mentioned obligations have been fulfilled.

        

  	

        	4.	
          Solactive shall not sell, assign, sublicense or license the Index to any other party, without the prior written consent of the Trust.

        

  

  

  § 4 Utilisation Right

  	

        	1.	
          The Trust hereby grants Solactive for the term of this Agreement the non-exclusive and non-transferable right, unrestricted in content, to publish the Index listed in the relevant Order Schedule. Solactive may use the Index for its own
            advertising purposes to the extent consented to by the Trust in writing and with any disclaimers, legends or disclosures believed by the Trust to be reasonable.

        

  	

        	2.	
          Upon obtaining the prior written consent of the Trust, Solactive may use the Index Data for the dissemination and publication to third parties that are active in the analysis of ETFs and the respective underlying assets.

        

  

  

  § 5 Obligations of Parties regarding the calculated Index

  	

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

        

  	

        	2.	
          The calculations of the Index are generated automatically and only monitored by an employee of Solactive during the trading hours of the Stuttgart Stock Exchange (Baden-Wurttembergische Wertpapierborse), however
            at most between 09:00 a.m. to 8:00 p.m. CET. At all other times the calculations are generated automatically without being monitored by a Solactive employee. Solactive will provide the Trust with emergency contact details, so that the Trust can
            contact Solactive outside of the hours stated herein.

        

  	

        	3.	
          If Solactive has knowledge of any error in calculating the Index, it shall notify the Trust without undue delay by email detailing the error and any necessary corrections.

        

  	

        	4.	
          If agreed by the Parties, the Trust shall provide the criteria and data (the "Data") reasonably required by Solactive for compiling and calculating the Index
            pursuant to the relevant Order Schedule on an ongoing basis. In relation to the Data, the Trust shall be responsible for the completeness, correctness and sufficiency of the Data to effectively allow Solactive to perform the obligations created
            under this Agreement.

        

  	

        	5.	
          Solactive, in fulfilling its obligations under this Agreement, may, from time to time, rely on certain non-personal data from third parties and in some cases, provide such data to Trust (the "Third Party Data").

        

  	

        	6.	
          The use of Third Party Data by Trust may, in some cases: (a) be subject to the prior consent of a third party data provider (each a "Third Party Data Provider"); (b) require Solactive to disclose the identity of Trust to a Third Party Data
            Provider; (c) require Trust to obtain a separate license with a Third Party Data Provider; and/or (d) any other action as may be required by a Third

        

  
    6

    
      

  

  

  

  Party Data Provider ((a), (b), (c) and (d) collectively, the "Third Party Data Requirements"). In each case, Solactive shall inform Trust of the Third Party Data
    Requirements (the "Third Party Data Communication"). In the event Trust does not wish to comply and/or declares its unwillingness to comply with such Third Party Data Requirements, Solactive shall not be obligated to fulfil its obligations under this
    Agreement and may terminate the relevant service granted under this Agreement as well as the entire Agreement by providing Trust thirty (30) calendar days written notice from the date of Solactive’s Third Party Data Communication. Solactive will use
    its best efforts communicate to Trust the Third Party Data Requirements related to the Third Party Data that Solactive expects will be required for the Index prior to the execution of an Order Schedule in respect of the Index.

  	

        	7.	
          Where a Third Party Data Provider requires Trust to enter into an agreement directly with the Third Party Data Provider in respect of the Third Party Data, Trust shall, upon request of Solactive, supply a copy of such agreement to Solactive
            (the "Third Party Data Agreement Request"). If Trust fails to provide the applicable agreement or confirmation by the date specified in the Third Party Data Agreement Request, Solactive shall not be obligated to fulfil its obligations under
            this Agreement.

        

  	

        	8.	
          During the term of the Agreement the Trust may change the criteria for compiling and calculating the Index or including additional index specifications. Solactive shall, to the extent feasible, implement such changes. In case of the
            implementation of such changes, Section 2 of the Order Schedule of the Index will be updated. If the changes have an effect on the calculation, maintenance or dissemination of the Index and if this materially increases the work required by
            Solactive, Solactive may increase the remuneration, upon first providing written and convincing evidence of such increased work to the Trust. If Solactive proposes to increase the remuneration it shall notify the Trust in writing with 30
            calendar days’ prior notice. The remuneration shall not be increased without the prior written consent of the Trust.

        

  

  

  § 6 Issuer’s Statement

  The Trust shall indicate clearly that the financial instruments issued by the Trust are not issued by Solactive. It shall therefore include the following text or substantially equivalent text in any
    securities prospectus, including new editions or updates thereof, including updates, vis-a-vis third parties regarding financial instruments:

  "Wilshire wShares Enhanced Gold Trust (the "Trust") is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or
    implicit guarantee or assurance either with regard to the results of using the Index and/or Index trademark or the current price of the Index at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses
    its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Trust, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or
    financial intermediaries of the Trust or its shares of beneficial interest. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trademark for the purpose of use in connection with the Trust constitutes a
    recommendation by Solactive AG to invest capital in the Trust nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in the Trust".

  
    7

    
      

  

  

  

  § 7 Trademark Rights

  	

        	1.	
          The Trust warrants that it is the owner of the trademarks specified in the relevant Order Schedule or that is granted sufficient rights of use in such trademarks to implement this Agreement including the right to grant rights to Solactive as
            provided for in this Agreement.

        

  	

        	2.	
          The Trust hereby grants Solactive for the term of the Agreement the non-exclusive and non-transferable right, unrestricted in content, to use the trademarks listed in the relevant Order Schedule subject to the provisions of this Agreement
            and to the extent necessary to fulfil its obligations under this Agreement.

        

  	

        	3.	
          Solactive agrees only to use the trademarks listed in the relevant Order Schedule in their registered form.

        

  	

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

        

  	

        	5.	
          The Trust shall indemnify Solactive for any claims that may be filed against Solactive by third parties with regard to the use of the trademarks listed in the Order Schedule in as far as these are used by Solactive in accordance with the
            provisions of this Agreement and to the extent necessary to fulfill its obligations under this Agreement.

        

  	

        	6.	
          Where the Trust does not include any trademark or deviating trademarks in relation to the index name in the relevant Order Schedule, Trust hereby represents and warrants that the Index name and its use by Solactive does and will not infringe
            or otherwise breach any registered third party trademarks. The Trust will indemnify Solactive from any direct claims asserted against Solactive alleging that Solactive’s use of the Index name infringes or otherwise breaches any registered third
            party trademarks.

        

  

  

  § 8 Liability of the Parties

  	

        	1.	
          Solactive shall be obliged to fulfill its contractual obligations assumed hereunder, in particular the calculation of the Index, with the care of a prudent businessman. Solactive shall be liable to the Trust for direct losses particularly
            those arising from incorrect calculation of the Index incurred as a result of the negligence, fraud, willful misconduct or breach of any of the representations or warranties in this Agreement, and any changes to the Index not specifically
            authorized by the Trust, in each case subject to the limitations provided for under § 9.

        

  	

        	2.	
          The Trust shall be obliged to ensure and hereby represents and warrants that (i) the acceptance, utilisation and processing of the Data (as defined in § 5(4) herein) provided by the Trust to Solactive in accordance with this Agreement and
            that (ii) the publication of the processed Data and Index based on the processed Data does and will not infringe or otherwise breach third party rights of any kind. The Trust shall indemnify Solactive from any losses incurred by Solactive as a
            result of the foregoing, provided that such losses did not result from the gross negligence, fraud or willful misconduct of Solactive.

        

  
    8

    
      

  

  

  

  § 9 Limitation of Liability

  	

        	1.	
          Solactive has unlimited liability for injury to life, body or health; and losses incurred by the Trust caused by intent or gross negligence.

        

  	

        	2.	
          Nothing in this Agreement excludes or limits Solactive’s liability to the extent that any applicable law precludes or prohibits any exclusion or limitation of liability. Neither party shall be liable to the other for any indirect or
            consequential damages, including, but not limited to, lost time, lost money, lost profits or good-will, whether in contract, tort, strict liability or otherwise, and whether or not such damages are foreseen or unforeseen.

        

  	

        	3.	
          Solactive shall not be liable for losses incurred owing to force majeure, war and natural occurrences or other events for which it is not responsible (e.g. strikes, lock-outs, disruption to transport, orders issued by domestic and foreign
            authorities not caused by culpable conduct) or disruptions to technical installations such as the IT system which have not been caused by culpable conduct. Force majeure shall also include computer viruses or attacks on IT systems by hackers
            provided that suitable precautionary measures have been taken and Solactive did not act in a grossly negligent manner in making the virus or hacker attack possible. Solactive shall take commercially reasonable actions to remedy such force
            majeure events as promptly as practicable.

        

  	

        	4.	
          Upon obtaining actual knowledge of any such losses or damages, the Trust shall take reasonable steps to mitigate any losses or damages it incurs in relation to any claim or action which it brings against Solactive, so long as it can in good
            faith do so without unreasonable inconvenience or cost. A breach of this duty may lead to a reduction of the claim for damages of Trust against Solactive.

        

  	

        	5.	
          Solactive shall not be liable for losses of any type whatsoever caused to the Trust or third parties in connection with the issuance, marketing, quoting, trading or advertising of the financial instruments issued by the Trust. The Trust
            indemnifies Solactive for any losses incurred by Solactive in connection with the issuance, marketing, quoting, trading or advertising of the financial instruments issued by the Trust provided that such losses did not result from the gross
            negligence, fraud or willful misconduct by Solactive.

        

  

  

  § 10 Remuneration

  	

        	1.	
          The Trust shall pay remuneration in return for calculation, maintenance and dissemination of the Index from (and including) the Index Calculation Start Date in accordance with the remuneration schedule set out in § 10 in conjunction with the
            applicable Order Schedule plus value added tax at the applicable statutory rate as provided for in § 11 below.

        

  	

        	2.	
          In case of inflation in Europe, the fixed remuneration may be adjusted annually depending on the 12 months average performance of the Harmonized Index of Consumer Prices (HICP) – All items of the Euro area, published by Eurostat on a monthly
            basis on their website: http://epp.eurostatec.europa.eu/portal/page/portal/hicp/data/main_tables; provided, however, that in no event shall any increase be in excess of 2% for any 12 month period. The relevant month will be November which is
            published by Eurostat in December of each year.

        

  	

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

        

  
    9

    
      

  

  

  

  The issues shall be reported quarterly by the seventh trading day (according to the trading calendar of the Stuttgart Stock Exchange) of the month following a
    quarter’s end ("Reporting Deadline").

  If the remuneration for an index is calculated on the basis of the average assets under management, the average assets under management must be reported as well
    as the frame data of the financial instruments which refer to the corresponding Index.

  	

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

        

  	

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

        

  	

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

        

  	

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

        

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

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

  If the regular Reporting Deadline has expired and the Trust has not submitted the outstanding report to Solactive by the end of the next Reporting Deadline
    following the expired Reporting Deadline despite having been sent a reminder, Solactive may make a provisional estimate of the remuneration due at its due discretion using suitable criteria (such as data reported for the previous months) and charge
    this to the Trust as an advance on the actual amount due. This shall have no effect on the right to terminate without notice. Such estimate shall be adjusted to reflect the actual amount due upon Solactive’s receipt of the outstanding report.

  	

        	6.	
          Solactive shall issue an invoice annually in advance for fixed remunerations due and quarterly in retrospect for variable remunerations due. All undisputed invoices shall be due within 45 calendar days of receipt by the Trust of such
            invoice. If the Trust has not rendered payment of an undisputed invoice within 45 calendar days of receiving the invoice, default interest of five percentage points per annum above the respective base interest rate as announced by the Deutsche
            Bundesbank in the Federal Gazette shall be due calculated as of delivery of the invoice; provided, however, that the interest payment described in the foregoing sentence shall not apply to any amounts subject to a good faith dispute by the
            Trust.

        

  	

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

        

   

  

  § 11 Taxes

  	

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

        

  
    10

    
      

  

  

  

  	

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

        

  	

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

        

  

  

  § 12 Term of Agreement

  	

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

        

  	

        	2.	
          This Agreement is concluded for an indefinite term.

        

   

  

  § 13 Termination of Agreement

  	

        	1.	
          This Agreement may be terminated by Solactive upon at least 90 calendar days’ prior written notice to Trust, and this Agreement may be terminated by Trust upon at least 60 calendar days’ prior written notice to Solactive. However, no such
            termination shall be permitted prior to a date that is two years after the date of this Agreement.

        

  	

        	2.	
          Each party may also terminate this Agreement immediately for good cause subject to the provision of prior written notice. Good cause shall be deemed present if the other party to the Agreement is in breach of material contractual obligations
            and if such party does not cure the breach within 10 days after written notice detailing such breach. Inter alia there is a breach of material contractual obligations if a third party successfully asserts a right with regard to a trademark
            which falls under the subject of the Agreement.

        

  	

        	3.	
          Solactive has a special termination right allowing it to terminate this Agreement in whole or in part with a notice period of 90 calendar days if the costs in one calendar quarter to Solactive for necessary use of the data of the stock
            exchanges in connection with calculation of an Index increase to such an extent that they exceed the remuneration received by Solactive pursuant to § 10 in the same period for this Index. Solactive shall only be entitled to termination of this
            Agreement in accordance with this subparagraph, in case Solactive has provided the Trust with sufficient proof of such increased costs and the Trust has been offered the option to increase the remuneration, taking into account such increased
            costs. Should the Trust offer to increase the remuneration in accordance with this subparagraph, Solactive shall not be entitled to use this special termination right.

        

  	

        	4.	
          Any termination declarations associated with this Agreement shall be made in writing.

        

  	

        	5.	
          Following any termination of this Agreement in accordance with this § 13, Solactive shall cease the calculation of the Index so terminated and corresponding Index Prices and dissemination immediately. Upon request from the Trust, Solactive
            shall transfer all Index Data and the Index Methodology and all rights relating thereto to the Trust (whether such rights be intellectual property rights or otherwise).

        

  
    11

    
      

  

  

  

  § 14 Transfer of Solactive’s Rights and Obligations to a Third Party

  	

        	1.	
          Solactive may request the Trust to consent to this Agreement being transferred to a third party, in which case Trust may provide such consent in its sole discretion. Solactive will be entitled to, without consent and upon written notice to
            Trust, assign this Agreement or any rights or obligations hereunder in whole or in part: (i) to an affiliate; (ii) as part of a corporate reorganization, amalgamation, consolidation or merger; or (iii) pursuant to a request of a regulatory
            authority in the manner and (if applicable) to the person requested by such regulatory authority.

        

  

  

  § 15 Transfer of Duties to Third Parties

  Solactive may use third parties as vicarious agents. This includes in particular companies which take decisions jointly with Solactive on the composition and amendments to the composition of the
    Index. Solactive shall provide the Trust with written notice of any such vicarious agents appointed by Solactive, to the extent that such vicarious agent has been appointed to provide a material service for the Trust, within a reasonable amount of time
    after such appointment. Notwithstanding the foregoing, Solactive shall remain responsible and liable for the performance of all obligations under this agreement, including without limitation, for the performance of such obligations by any applicable
    vicarious agents.

  

  

  § 16 Confidentiality

  	

        	1.	
          The Parties shall use all matters, facts and information concerning the Parties in connection with this Agreement (hereinafter "Confidential Information") solely for the purposes described in this Agreement and shall treat such Confidential
            Information confidentially unless they are required to disclose it by any applicable statute, law, regulation or written and legally enforceable policy or by legal process or an order or requirement of a court of competent jurisdiction or
            government department or agency. This applies in particular to the amount of remuneration due under this Agreement and to the content of this Agreement. The Parties shall impose this confidentiality obligation on any vicarious agents, members
            of corporate bodies, employees or advisers who are given access to the Confidential Information. In so doing, the Parties shall ensure, to the extent admissible under employment law, that the confidentiality obligation imposed on the employees
            shall continue to apply in the event that employees leave the services of a Party under obligation during the term of this confidentiality obligation. If Confidential Information is disclosed to third parties the other party shall be informed
            in writing without undue delay. Notwithstanding the foregoing, the Trust shall be entitled to use Solactive’s name for inclusion in any offering documents and marketing materials related to the financial instruments to be issued by the Trust.

        

  	

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

        

  	

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

        

  	

        	a)	
          known to the recipient prior to communication,

        

  	

        	b)	
          publicly known at the time of communication,

        

  	

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

        

  
    12

    
      

  

  

  

  	

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

        

  	

        	e)	
          developed by the recipient independently prior to communication, or

        

  	

        	f)	
          with the consent of the disclosing party.

        

  	

        	4.	
          This Section 16 shall supersede prior confidentiality agreements between Solactive and Trust (or an affiliate) with respect to Confidential Information relating to this Agreement.

        

  

  

  § 17 Contact

  Unless otherwise agreed in writing all communications or other notifications under this Agreement shall be addressed as follows:

  Solactive:

  Solactive AG

  Platz der Einheit 1

  60327 Frankfurt am Main

  Germany

  

  

  Attn.: Legal Department

  Telephone: +49 69 719 160 393

  Fax: +49 69 719 160 25

  E-Mail: legal@solactive.com

  

  

  Trust:

  Wilshire wShares Enhanced Gold Trust

  c/o Wilshire Phoenix Funds LLC

  2 Park Avenue, Suite 2017

  New York, New York 10016

  Email: funds@wishirephoenix.com

  Attn.

  Will Cai

  Telephone: 212.485.8920

  E-Mail: will@wilshirephoenix.com

  

  

  § 18 Final Provisions

  	

        	1.	
          [REDACTED]

        

  	

        	2.	
          The place of performance and fulfilment is the registered office of Solactive.

        

  	

        	3.	
          This Agreement shall be subject to the laws of the Federal Republic of Germany. The sole place of jurisdiction shall be Frankfurt am Main.

        

  

  

  
    13

    
      

  

  

  

  	

        	4.	
          If Trust receives CUSIPs or CGS ISINs as part of this Agreement, Addendum 2 applies. These terms are mandated by CUSIP Global Services and may not be altered by Trust.

        

  	

        	5.	
          If Trust receives SEDOL codes as part of this Agreement, Addendum 3 applies. These terms are mandated by London Stock Exchange and may not be altered by Trust.

        

  	

        	6.	
          If the Index is comprised of data owned by BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros ("BM&FBOVESPA"), Addendum 4 applies. These terms are mandated by BM&FBOVESPA and may not be altered by Trust.

        

  	

        	7.	
          If the Index is comprised of data owned by Borsa Istanbul, Addendum 5 applies. These terms are mandated by Borsa Istanbul and may not be altered by Trust.

        

  	

        	8.	
          If the Index is comprised of Rates provided by the World Markets Company PLC, Addendum 6 applies. These terms are mandated by the World Markets Company PLC and may not be altered by Trust.

        

  	

        	9.	
          The terms set out in Addendum 2, Addendum 3, Addendum 4, Addendum 5 and Addendum 6 are collectively referred to as "Third-Party Passthrough Language". Trust shall indemnify and hold harmless Solactive from and against any and all judgments,
            damages, expenses, settlements, liabilities, and other out-of-pocket costs (including reasonable attorneys’ and experts’ fees and disbursements) resulting from or arising out of a third-party claim resulting from or in connection with: (i) the
            Trust’s non-compliance with the Third-Party Passthrough Language; and/or (ii) consents and/or licenses set out in § 5(6) of this Agreement.

        

  	

        	10.	
          Amendments to the Agreement and collateral agreements require the consent of both Parties and must be in writing to be valid. This also applies to any agreement waiving or restricting the written form requirement pursuant to sentence 1. No
            oral agreements have been made.

        

  	

        	11.	
          If an individual provision of this Agreement should be or become invalid this shall not affect the validity of the other provisions. The invalid provision shall be replaced by a valid provision which as far as possible shall reflect the
            economic intent of the invalid provision. The same shall apply if this Agreement contains a lacuna. This shall be remedied by a clause which reflects the original intention of the Parties or what they would have intended had they been aware of
            the lacuna.

        

  	

        	12.	
          This Agreement shall be read and construed, in respect of the Index, in conjunction with the relevant Order Schedule. In the case of any discrepancy between an Order Schedule and this Agreement, the terms of the Order Schedule will prevail.

        

  	

        	13.	
          The Addenda named in this Agreement constitute an integral part of it.

        

  1

  
    14

    
      

  

  

  

  Addendum 1: Order Schedule

  Addendum 2: CUSIP

  Addendum 3: SEDOL

  Addendum 4: BM&FBOVESPA

  Addendum 5: Borsa Istanbul

  Addendum 6: WM Rates

  
    15

    
      

  

  

  

  	
          Sign for and on behalf of Solactive AG

        	 	
          Sign for and on behalf of

            Wilshire wShares Enhanced Gold Trust

            

            

            By: Wilshire Phoenix Funds LLC, its Sponsor

        
	 	 	 
	
          Frankfurt am Main,

        	 	
          New York, New York,

        
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
          /s/ Pfeiffer, CMO

        	 	
          /s/ William Cai

        
	 	 	
          William Cai

        
	
          /s/ Vollmuth, CRO

        	 	 
	 	 	 

  

  

  
    16

    
      

  

  

  

  Addendum 1 Order Schedule

  [TEMPLATE]

  ORDER SCHEDULE

    dated as of [•]

  relating to the Agreement on Index Calculation dated as of [•]

    entered into between Solactive AG and [•]

  ("Agreement on Index Calculation")

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

  1. List of Indices covered by this Order Schedule and the respective Index Calculation Start Date

  	
          No.:

        	
          Name of Index

        	
          Index Calculation Start Date

        
	 	 	 

  

  

  2. Index Specifications

  As specified in the respective Index Methodology.

  3. Trademarks
      of Trust

  	
          No.:

        	
          Trademarks

        	
          Trade Mark owner

        	
          Trade Mark registered in

        
	 	 	 	 

  

  

  4. Table of Remuneration

  	
          No.:

        	
          Name of Index

        	
          Fixed

            remuneration per annum

        	
          Variable

            remuneration

            per annum in

            basis points

        	
          Bloomberg

            Cost / Vendor

            Fee per

            annum

        
	 	 	 	 	 

  

  

  	
          Sign for and on behalf of Solactive AG

        	 	
          Sign for and on behalf of

            Wilshire wShares Enhanced Gold Trust

            

            

            By: Wilshire Phoenix Funds LLC, its Sponsor

        
	 	 	 
	
          Frankfurt am Main,

        	 	
          , ____________________________

        
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

  

  
    17

    
      

  

  

  

  Addendum 2 CUSIP

  If Trust receives CUSIPs or CGS ISINs as part of this Agreement, the following terms apply:

  	

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

        

  	

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

        

  	

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

        

  Trust agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.

  Trust acknowledges that the CUSIP Database is proprietary to CGS and the ABA ("CGS Data") and Solactive has an obligation toward CGS to disclose to it the identities of its customers that receive CGS
    Data. As such, Trust authorizes Solactive to disclose to CGS the identity of Trust as a customer of Solactive that receives CGS Data. Once Solactive discloses the identity of Trust to CGS, CGS may require that Trust obtains an appropriate license
    directly with CGS in order to receive CGS Data via Solactive.

  
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  Addendum 3 SEDOL

  Trust agrees that for the duration of this Agreement and any service provided hereunder, it shall comply with the following terms:

  The services provided by Solactive under this Agreement contain SEDOL Masterfile® data sourced from the London Stock Exchange®. It is the obligation of Trust to ensure they have the appropriate
    license in place with the London Stock Exchange to receive this data. Solactive is required to provide Trust’s contact information to the London Stock Exchange to allow verification of the license status. Solactive is required to exclude SEDOL
    Masterfile® data from the services provided under this Agreement until such time as the London Stock Exchange confirms that permission has been granted to do so. The London Stock Exchange may require Solactive to cease the provision of the SEDOL
    Masterfile® data if requested to do so by the London Stock Exchange where Trust is in breach of its license with the London Stock Exchange.

  SEDOL Masterfile® is a registered trademark of the London Stock Exchange plc.

  
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  Addendum 4 BM&FBOVESPA

  Trust agrees that for the duration of this Agreement and any service provided hereunder, it shall comply with the following terms:

  In order for Solactive to calculate any index that will be commercially used outside the company organization of the Trust, Trust acknowledges that it must have signed a Usage Rights License
    Agreement with BM&FBOVESPA. Trust shall pay directly to BM&FBOVESPA the applicable fees.

  Trust acknowledges that BM&FBOVESPA is the lawful owner and holder of all Intellectual Property Rights related to the Quotations, including the Quotations, that will be used to develop, compile,
    calculate, publish and/or exploit the Index.

  Trust shall grant BM&FBOVESPA a right of first negotiation to license the use of the Index for the development of exchange-traded and exchange-listed futures and options that are based on, or
    seek to track or match the performance of such Index ("Exchange Products").

  The right of first negotiation shall only apply to indices that are composed of greater than 50 percent (>50%) Quotations measured by weighting of the Quotations in the such indices (hereinafter
    an "Eligible Equity Index"). Eligible Equity Indices include all Equity Indices where Trust owns the index, the methodology, and all Intellectual Property Rights therein.

  Trust shall notify BM&FBOVESPA of its intention to license an Eligible Equity Index. For a period of six (6) months from the date of notice from Trust, BM&FBOVESPA may exercise the right to
    license such Eligible Equity Index, during which period Trust shall not engage in negotiations with any other parties for the same purpose. BM&FBOVESPA may also notify Trust of its intention not to license such Eligible Equity Index during such six
    (6) month period. If BM&FBOVESPA does not enter into a license agreement with Trust during the term aforementioned, then Trust will be free to license the Eligible Equity Index to a third party.

  In the event that BM&FBOVESPA enters into a license agreement with Trust to create and list Exchange Product(s) based upon Eligible Equity Index(es), such license will be exclusive and
    coterminous with this Agreement, provided, however, BM&FBOVESPA will have 6 (six) months from the date of such license agreement to list such Exchange Product(s). In the event that BM&FBOVESPA does not (i) list an Exchange Product based upon
    such Eligible Equity Index during such period or (ii) reach a minimum of average daily trading volume (ADTV) to be mutually agreed to by the parties on a case by case basis within a 5 (five) year period from the effective date of such license
    agreement, Trust will have the option to license the relevant Eligible Equity Indices to another Trust. All other terms and conditions of the license agreement between BM&FBOVESPA and Trust related to BM&FBOVESPA’s use of an Eligible Equity
    Index to create Exchange Products will be on terms and conditions to be negotiated between the Parties, including fees.

  
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  Addendum 5 Borsa Istanbul

  Trust agrees that for the duration of this Agreement and any service provided hereunder, it shall comply with the following terms:

  Borsa Istanbul does not sponsor, guarantee or bail the index or its use, nor does it guarantee the sequence, accuracy and/or integrity of the index or any data included therein, nor can it be held
    responsible for any loss or damage to Trust arising from any faults, failures, delays, omissions, inaccuracy in data transmission or stopping of data dissemination due to any reasons, for any errors, omissions, delays and/or negligence in the
    calculation and/or dissemination of the indices, or for the application of the indices on financial products.

  Written consent of Borsa Istanbul must be sought by Trust in order to issue futures, options and contracts for difference (CFD’s) on other exchanges and/or organized markets based on indices using
    solely Borsa Istanbul data.

  
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  Addendum 6 WM Rates

  Trust agrees that for the duration of this Agreement and any service provided hereunder, it shall comply with the following terms:

  To the extent that Solactive hereunder provides any (a) foreign exchange rates calculated and distributed by the World Markets Company PLC ("WM") (the "Rates") or (b) data resulting from manipulation
    of, or calculation based upon the Rates (including any averaging calculations) or the combination of the Rates with other data ("Derived Data"), Trust acknowledges that the Rates or parts thereof are exclusively being provided for internal use as part
    of and in connection with the licenses granted hereunder and for no other independent purpose; in particular, Trust is not permitted to distribute, redistribute or license the Rates or parts thereof.

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