Document:

GraniteShares Gold Trust S-1

 

Exhibit 4.1

 

DEPOSITARY
TRUST AGREEMENT

 

Between

 

GRANITESHARES
LLC,

 

as
Sponsor and

 

THE
BANK OF NEW YORK MELLON,

 

as
Trustee

 

 

GraniteShares
Gold Trust

 

 

 

Dated
as of _________________, 2017

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION	 	1
	 	 	 
	Section 1.1	Definitions	 	1
	Section 1.2	Rules of Construction	 	6
	 	 	 	 
	ARTICLE II CREATION AND DECLARATION OF TRUST; FORM OF CERTIFICATES; DEPOSIT OF GOLD; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES	 	7
	 	 	 
	Section 2.1	Creation and Declaration of Trust; Business of the Trust	 	7
	Section 2.2	Form of Certificates; Book-Entry System; Transferability of Shares	 	7
	Section 2.3	Deposit of Gold	 	9
	Section 2.4	Delivery of Shares; Liability for Taxes and Other Charges Connected with the Issuance of Shares	 	10
	Section 2.5	Registration of Shares and Transfers Thereof; Combination and Split-Up of Certificates	 	10
	Section 2.6	Surrender of Shares by Authorized Participants	 	11
	Section 2.7	Limitations on Delivery, Registration of Transfer and Surrender of Shares	 	12
	Section 2.8	Lost Certificates, etc.	 	13
	Section 2.9	Cancellation and Destruction of Surrendered Certificates	 	13
	Section 2.10	Splits and Reverse Splits of Shares	 	13
	 	 	 	 
	ARTICLE III CERTAIN OBLIGATIONS OF AUTHORIZED PARTICIPANTS	 	14
	 	 	 
	Section 3.1	Liability of Authorized Participants for Taxes and Other Governmental Charges	 	14
	Section 3.2	Warranties on Deposit of Gold	 	14
	 	 	 	 
	ARTICLE IV ADMINISTRATION OF THE TRUST	 	15
	 	 	 
	Section 4.1	Evaluation of Gold	 	15
	Section 4.2	Responsibility of the Trustee for Evaluations	 	15
	Section 4.3	Trust Evaluation	 	15
	Section 4.4	Cash Distributions	 	16
	Section 4.5	Other Distributions	 	16
	Section 4.6	Fixing of Record Date	 	17
	Section 4.7	Payment of Expenses; Gold Sales	 	17
	Section 4.8	Statements and Reports; Fiscal Year	 	18
	Section 4.9	Further Provisions for Gold Sales	 	18
	Section 4.10	Counsel	 	19
	Section 4.11	Grantor Trust	 	19
	Section 4.12	Reserve Account	 	19
	 	 	 	 
	ARTICLE V THE TRUSTEE AND THE SPONSOR	 	19
	 	 	 
	Section 5.1	Maintenance of Office and Transfer Books by the Trustee	 	19

 

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	Section 5.2	Prevention or Delay in Performance by the Sponsor or the Trustee	 	20
	Section 5.3	Obligations of the Sponsor and the Trustee	 	20
	Section 5.4	Resignation or Removal of the Trustee; Appointment of Successor Trustee	 	26
	Section 5.5	The Custodian	 	27
	Section 5.6	Indemnification	 	28
	Section 5.7	Fees, Charges and Expenses of the Trustee	 	29
	Section 5.8	Charges of the Sponsor	 	30
	Section 5.9	Retention of Trust Documents	 	31
	Section 5.10	Federal Securities Law Filings	 	31
	Section 5.11	Prospectus Delivery	 	32
	Section 5.12	Discretionary Actions by the Trustee; Consultation	 	32
	Section 5.13	Dissolution of the Sponsor Not to Terminate Trust	 	32
	 	 	 	 
	ARTICLE VI AMENDMENT AND TERMINATION	 	32
	 	 	 
	Section 6.1	Amendment	 	32
	Section 6.2	Termination	 	33
	 	 	 	 
	ARTICLE VII MISCELLANEOUS	 	35
	 	 	 
	Section 7.1	Counterparts	 	35
	Section 7.2	Third-Party Beneficiaries	 	35
	Section 7.3	Severability	 	35
	Section 7.4	Certain Matters Relating to Beneficial Owners	 	35
	Section 7.5	Notices	 	36
	Section 7.6	Submission to Jurisdiction; Agent for Service	 	38
	Section 7.7	Governing Law	 	38

 

EXHIBITS

 

	Exhibit A	Form of Certificate
	Exhibit B	Form of Trust Allocated Account Agreement
	Exhibit C	Form of Trust Unallocated Account Agreement

 

    - ii - 

     

    

 

DEPOSITARY
TRUST AGREEMENT

 

This
DEPOSITARY TRUST AGREEMENT dated as of ______________, 2017, between GRANITESHARES LLC, a Delaware limited liability company,
as sponsor, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee.

 

W
I T N E S S E T H:

 

WHEREAS,
the Sponsor desires to establish a trust, to be known as the “GraniteShares Gold Trust,” pursuant to the laws of the
State of New York; and

 

WHEREAS,
the Sponsor desires to establish the terms on which gold may be deposited in the trust; provide for the creation of shares representing
fractional undivided beneficial interests in the net assets of the trust; and the execution and delivery of certificates evidencing
such shares; and

 

WHEREAS,
the Sponsor desires to provide for other terms and conditions on which the trust shall be established and administered, as hereinafter
provided.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the Sponsor and the Trustee hereby
agree as follows:

 

Article
I

DEFINITIONS AND RULES OF CONSTRUCTION

 

Section
1.1            Definitions.

 

Except
as otherwise specified in this Agreement or as the context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Agreement.

 

“Agreement”
means this Depositary Trust Agreement, as amended or supplemented in accordance with its terms.

 

“Authorized
Participant” means a Person that, at the time of submitting a Purchase Order or a Redemption Order, (i) is a registered
broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion
from registration, would be required to register as a broker-dealer to engage in securities transactions, (ii) is a DTC Participant,
(iii) has in effect a valid Authorized Participant Agreement, and (iv) has established an unallocated account with the Custodian
or another LBMA-approved gold-clearing bank.

 

“Authorized
Participant Agreement” means an agreement among the Trustee, the Sponsor and an Authorized Participant that authorizes
the Authorized Participant to submit Purchase Orders and Redemption Orders under this Agreement. The Trustee has no duty or liability
to any Person on account of the selection of any Authorized Participant.

 

    - 1 - 

     

    

 

“Authorized
Participant Procedures” means the procedures for Purchase Orders and Redemption Orders attached to an Authorized Participant
Agreement, as modified by the Sponsor and the Trustee from time to time.

 

“Basket”
means 10,000 Shares, except that the Sponsor, upon prior written notice to the Trustee, may from time to time increase or decrease
the number of Shares comprising a Basket.

 

“Basket
Gold Amount” means the amount of Unallocated Gold that must be deposited for issuance of one Basket or that is deliverable
on Surrender of one Basket, determined as provided in Section 2.3(b).

 

“Benchmark
Price” means, as of any day, (i) such day’s LBMA Gold Price PM or such day’s LBMA Gold Price AM if such
day’s LBMA Gold Price PM is not available; or (ii) such other publicly available price which is reasonably available to
the Trustee and which the Sponsor may determine fairly represents the commercial value of gold held by the Trust and instructs
the Trustee to use as the Benchmark Price.

 

“Beneficial
Owner” means any Person owning a beneficial interest in any Shares.

 

“Book-Entry
System” has the meaning ascribed to such term in Section 5.3(f)(ii).

 

“Business
Day” means any day other than a day: (1) when the Exchange is closed for regular trading; or (2), if the order or other
transaction requires the receipt or delivery, or the confirmation of receipt or delivery, of gold in the United Kingdom or in
some other jurisdiction on a particular day, (A) when banks are authorized to close in the United Kingdom or in such other jurisdiction
or when the London gold market is closed or (B) when banks in the United Kingdom or in such other jurisdiction are, or the London
gold market is, not open for a full business day and the order or other transaction requires the execution or completion of procedures
which cannot be executed or completed by the close of the business day.

 

“Certificate”
means a certificate that is executed and delivered by the Trustee under this Agreement evidencing Shares.

 

“CFTC”
means the U.S. Commodity Futures Trading Commission or any successor governmental agency in the United States.

 

“Clearing
Agency” has the meaning ascribed to such term in Section 5.3(f)(ii).

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Commission”
means the U.S. Securities and Exchange Commission or any successor governmental agency in the United States.

 

“Corporate
Trust Office” means the office of the Trustee at which its corporate trust business that relates to this Agreement is
administered, which, at the date of this Agreement, is located at 2 Hanson Street, Brooklyn, New York 11217.

 

    - 2 - 

     

    

 

“Custodian”
means the Initial Custodian and any substitute or additional custodian of the Trust’s assets appointed by the Trustee at
the direction of or as approved by the Sponsor as provided in Section 5.5 and, where the context permits, any sub-custodians
employed by the Initial Custodian or any such substitute or additional custodian.

 

“Custody
Agreements” means each of the Trust Unallocated Account Agreement and the Trust Allocated Account Agreement and any
custody agreement entered into pursuant to Section 5.5(a) with a substitute or additional Custodian.

 

“Delivery”
means (i) when used with respect to Unallocated Gold, obtaining an acknowledgement from the Custodian of a credit of gold on an
Unallocated Basis to the account of the Person entitled to that delivery, and (ii) when used with respect to Shares, one or more
book-entry transfers of those Shares to an account or accounts at the Depository designated by the Person entitled to instruct
such delivery, and, as applicable, for further credit as specified by that Person.

 

“Depository”
means DTC and any other successor depository of Shares selected by the Sponsor as provided herein.

 

“DTC”
means The Depository Trust Company, its nominees and their respective successors.

 

“DTC
Participant” means a Person that, pursuant to DTC’s governing documents, is entitled to deposit securities with
DTC in its capacity as a “participant.”

 

“Exchange”
means the exchange or other securities market on which the Shares are principally traded, as specified from time to time by the
Sponsor.

 

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

 

“Gold”
or “gold” means (i) gold bullion that meets the London Good Delivery Standards and (ii) credit to an account
on an Unallocated Basis representing the right to receive gold bullion that meets the requirements of part (i) of this definition.

 

“Indirect
Participant” means a Person that, by clearing securities through, or maintaining a custodial relationship with, a DTC
Participant, either directly or indirectly, has access to the DTC clearing system.

 

“Initial
Custodian” means ICBC Standard Bank Plc, as custodian under the Custody Agreements.

 

“Internal
Control Over Financial Reporting” has the meaning ascribed to such term in Rules 13a-15(f) and 15(d)-15(f) adopted by
the Commission under the Exchange Act.

 

“LBMA”
means the London Bullion Market Association or its successor.

 

“LBMA
Gold Price AM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about
10:30 a.m. London, England time.

 

    - 3 - 

     

    

 

“LBMA
Gold Price PM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about
3:00 p.m. London, England time.

 

“London
Good Delivery Standards” means the specifications for “good delivery” gold bars, including the specifications
for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars, set forth in “The Good Delivery
Rules for Gold and Silver Bars” published by the LBMA.

 

“Net
Asset Value” has the meaning ascribed to such term in Section 4.3(a).

 

“Net
Asset Value per Share” has the meaning ascribed to such term in Section 4.3(a).

 

“Order
Cutoff Time” means, with respect to any Business Day, (i) 4:00 p.m. (New York time) on such Business Day or (ii) another
time agreed to by the Sponsor and the Trustee and of which Registered Owners and all existing Authorized Participants have been
notified by the Trustee.

 

“Order
Date” means, with respect to a Purchase Order, the date specified in Section 2.3(a) and, with respect to a Redemption
Order, the date specified in Section 2.6(a).

 

“Ounce”
means one fine troy ounce of gold, equal to 31.103 grams (1.0971428 ounces avoirdupois) multiplied by the fineness of the gold
(which shall be no less than 995.0 parts per 1,000 gold).

 

“Person”
means any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company,
trust, unincorporated organization or other entity or government or any agency or political subdivision thereof.

 

“Purchase
Order” has the meaning ascribed to such term in Section 2.3(a).

 

“Qualified
Bank” means a bank, trust company, corporation or national banking association organized and doing business under the
laws of the United States or any State of the United States that is authorized under those laws to exercise corporate trust powers
and that (i) is a DTC Participant or a participant in such other Depository as is then acting with respect to the Shares, (ii)
is a “bank” as defined in Section 408(n) of the Code (unless counsel to the Sponsor, the appointment of which is acceptable
to the Trustee, determines that complying with such definition is not necessary for the exception under Section 408(m)(3) of the
Code to apply), and (iii) had, as of the date of its most recent annual financial statements, an aggregate capital, surplus and
undivided profits of at least $150,000,000.

 

“Redemption
Order” has the meaning ascribed to such term in Section 2.6(a).

 

    - 4 - 

     

    

 

“Registered
Owner” means the Person in whose name Shares are registered on the books of the Trustee maintained for that purpose.

 

“Registrar”
means any bank or trust company that is appointed to register Shares and transfers of Shares as herein provided.

 

“Reserve
Account” means the account described in Section 4.12.

 

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

 

“Share”
means a unit of beneficial interest in the Trust created under this Agreement, having no par value and representing a fractional
undivided beneficial interest in the net assets of the Trust which undivided interest shall equal a fraction, the numerator of
which is one and the denominator of which is the total number of Shares outstanding. The initial name of the Shares shall be “GraniteShares
Gold Shares.”

 

“Sponsor”
means “GraniteShares LLC”, a Delaware limited liability company, or its successor.

 

“Sponsor’s
Fee” has the meaning ascribed to such term in Section 5.8(a).

 

“Sponsor
Indemnified Party” has the meaning ascribed to such term in Section 5.6(b).

 

“Surrender”
means a book-entry transfer of Shares to the Trustee’s account with the Depository. A “Surrendering” Authorized
Participant and “Surrendered” Shares, Baskets or Certificates mean, respectively, an Authorized Participant, Shares,
Baskets or Certificates involved in a Surrender.

 

“Trust”
means the GraniteShares Gold Trust, the trust entity created by this Agreement.

 

“Trust
Allocated Account” means the loco London account maintained for the Trust by the Initial Custodian pursuant to the Trust
Allocated Account Agreement, or another account maintained for the Trust by a successor Custodian on an allocated basis, as the
case may be.

 

“Trust
Allocated Account Agreement” means the Allocated Gold Account Agreement of even date herewith between the Custodian
and the Trustee, the form of which is attached as Exhibit B.

 

“Trust
Property” means the gold that the Custodian credits to the Trust Allocated Account and the Trust Unallocated Account
in accordance with the Custody Agreements, all other property held by the Custodian for the account of the Trust and any cash
or other property that is received by the Trustee in respect thereof or that is otherwise being held by or for the Trust under
this Agreement.

 

“Trust
Unallocated Account” means the loco London account maintained for the Trust by the Initial Custodian pursuant to the
Trust Unallocated Account Agreement, or another account maintained for the Trust by a successor Custodian on an Unallocated Basis,
as the case may be.

 

    - 5 - 

     

    

 

“Trust
Unallocated Account Agreement” means the Unallocated Gold Account Agreement of even date herewith between the Custodian
and the Trustee, the form of which is attached as Exhibit C.

 

“Trustee”
means The Bank of New York Mellon, a New York banking corporation, in its capacity as trustee under this Agreement, or any successor
trustee under this Agreement.

 

“Trustee
Indemnified Party” has the meaning ascribed to such term in Section 5.6(a).

 

“Unallocated
Basis” means, with respect to the holding of gold, that the holder is entitled to receive delivery of physical gold
in the amount standing to the credit of the holder’s account, but the holder has no ownership interest in any particular
gold that the custodian maintaining that account owns or holds.

 

“Unallocated
Gold” means gold held on an Unallocated Basis.

 

Section
1.2            Rules
of Construction.

 

Unless
the context otherwise requires:

 

(a)         
a term has the meaning assigned to it;

 

(b)          an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles consistently applied in the United States;

 

(c)         
“or” is not exclusive;

 

(d)          the words “herein,” “hereof,” “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision
thereof;

 

(e)         
“including” means including without limitation;

 

(f)         
words in the singular include the plural and words in the
plural include the singular; and

 

(g)          a term defined in any part of speech shall have the corresponding
meaning when capitalized and used herein in another part of speech.

 

    - 6 - 

     

    

 

Article
II

CREATION AND DECLARATION OF TRUST; FORM OF CERTIFICATES;

DEPOSIT OF GOLD; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES

 

Section
2.1            Creation
and Declaration of Trust; Business of the Trust.

 

(a)        
The Trustee acknowledges that it has received confirmation
from the Custodian that the Custodian has received an initial deposit of gold from _______________________________, the initial
purchaser of the first Basket, and has credited such deposit to the Trust Allocated Account and Trust Unallocated Account, with
the Trust Unallocated Account holding no more than 430 Ounces of Unallocated Gold. The Trustee declares that the initial deposit
and all other Trust Property shall be owned by the Trust and the Trustee as trustee thereof for the benefit of the Beneficial
Owners for the purposes of, and subject to and limited by the terms and conditions set forth in, this Agreement. The trust created
by this Agreement shall be known as the GraniteShares Gold Trust. The Trustee hereby confirms that, in exchange for the initial
deposit of gold, the Trustee has issued a global Certificate to DTC and that, upon the initial registration statement for the
sale of the Shares being declared effective, the Trustee will direct DTC to credit the initial depositor of gold with the number
of Baskets represented by such initial deposit of gold.

 

(b)          The Trust shall not engage in any business or activities
other than those authorized by this Agreement or incidental and necessary to carry out the duties and responsibilities set forth
in this Agreement. Other than issuance of the Shares, the Trust shall not issue or sell any certificates or other obligations
or, except as provided in this Agreement, otherwise incur, assume or guarantee any indebtedness for money borrowed.

 

Section
2.2            Form
of Certificates; Book-Entry System; Transferability of Shares.

 

(a)         
The Certificates evidencing Shares shall be substantially
in the form set forth in Exhibit A attached to this Agreement, with appropriate insertions, modifications and omissions,
as hereinafter provided. No Shares shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose
unless a Certificate evidencing those Shares has been executed by the Trustee by the manual or facsimile signature of a duly authorized
signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned
by the manual signature of a duly authorized officer of the Registrar. The Trustee shall maintain books on which the registered
ownership of each Share and transfers, if any, of such registered ownership shall be recorded. Certificates evidencing Shares
bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual signature of a duly authorized
officer of the Registrar, if applicable, who was, at the time such Certificates were executed, a proper signatory of the Trustee
or Registrar, if applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior
to the delivery of such Certificates.

 

    - 7 - 

     

    

 

(b)          The Certificates may be endorsed with or have incorporated
in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Agreement as may be
required by the Trustee or required to comply with any applicable law or regulations thereunder or with the rules and regulations
of any securities exchange, including the Exchange, on which Shares may be listed or to conform with any usage with respect thereto,
or to indicate any special limitations or restrictions to which the Shares evidenced by a particular Certificate are subject.

 

(c)         
The Sponsor and the Trustee will apply to DTC for acceptance
of the Shares in its book-entry settlement system. The Sponsor and the Trustee, as the case may be, shall enter into such customary
agreements as may be required by DTC in connection therewith. Shares deposited with DTC shall be evidenced by one or more global
Certificates that shall be registered in the name of Cede & Co., as nominee for DTC, and shall bear the following legend:

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

(d)          So long as the Shares are eligible for book-entry settlement
with DTC and such settlement is available, unless otherwise required by law, notwithstanding the provisions of Sections 2.2(a)
and (b), all Shares shall be evidenced by one or more global Certificates the Registered Owner of which is DTC or a
nominee of DTC and (i) no Beneficial Owner of Shares will be entitled to receive a separate Certificate evidencing those Shares,
(ii) the interest of a Beneficial Owner in Shares represented by a global Certificate will be shown only on, and transfer of that
interest will be effected only through, records maintained by DTC or a DTC Participant or Indirect Participant through which the
Beneficial Owner holds that interest and (iii) the rights of a Beneficial Owner with respect to Shares represented by a global
Certificate will be exercised only to the extent allowed by, and in compliance with, the arrangements in effect between such Beneficial
Owner and DTC or the DTC Participant or Indirect Participant through which that Beneficial Owner holds an interest in Shares.
So long as DTC or another authorized Depository selected by the Sponsor is the Registered Owner, the Trustee and the Sponsor may
treat DTC or such other Depository as the absolute owner of the Shares for all purposes whatsoever, including with respect to
the payment of distributions and the giving of notices of redemption, tender and other matters with respect to the Shares.

 

(e)         
If, at any time when Shares are evidenced by a global Certificate,
DTC ceases to make its book-entry settlement system available for such Shares, the Trustee shall execute and deliver separate
Certificates evidencing Shares to a successor authorized Depository identified by the Sponsor and available to act, or, if no
successor Depository is identified and able to act, the Trustee shall terminate the Trust in accordance with Section 6.2.

 

    - 8 - 

     

    

 

(f)         
Title to a Certificate evidencing Shares (and to the Shares
evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery
with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that the Trustee,
notwithstanding any notice to the contrary, may treat the Registered Owner of Shares as the absolute owner thereof for the purpose
of determining the Person entitled to any distribution or to any notice provided for in this Agreement and for all other purposes.

 

Section
2.3            Deposit
of Gold.

 

(a)         
After the initial deposit of gold in the Trust, the issuance
and Delivery of Shares will take place only in integral numbers of Baskets, and in compliance with the provisions of this Agreement,
as supplemented by the Authorized Participant Procedures (to the extent they are not inconsistent with this Agreement). Authorized
Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with the Trustee (a “Purchase
Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. The Order Date for Purchase Orders received
by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced shall be that Business
Day. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which
the Benchmark Price is not announced, will not be accepted. As consideration for each Basket acquired, Authorized Participants
must deposit with the Custodian, from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly
permitted by the Authorized Participant Procedures, another LBMA-member custodian identified by the Authorized Participant to
the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase
Order. Gold may only be Delivered to the Custodian by credit to the Trust Unallocated Account. The Authorized Participant shall
bear all risk of any loss until the gold is credited to the Trust Unallocated Account, and neither the Trustee nor the Trust shall
have any liability for any such loss.

 

(b)         
The Trustee shall determine the Basket Gold Amount for
each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition
of the Basket Gold Amount shall be final and binding on all Persons interested in the Trust. The initial Basket Gold Amount is
1,000 Ounces. After the initial deposit of gold into the Trust, the Basket Gold Amount for each Business Day shall be an amount
of gold equal to (i) the excess of (a) the total number of Ounces held in the Trust as of the opening of business on such
Business Day over (b) the number of such Ounces equal in value to the Trust’s unpaid expense accrual as of such opening
divided by (ii) the quotient of (c) the number of Shares outstanding as of such opening divided by (d) 10,000 (or
other number of Shares in a Basket for such Business Day). Fractions of an Ounce included in the Basket Gold Amount smaller than
0.001 Ounces shall be disregarded. The Sponsor shall publish, or shall designate other Persons to publish, for each Business Day,
the Basket Gold Amount.

 

    - 9 - 

     

    

 

(c)         
If the Trust Property (other than the Reserve Account)
includes money or any property other than gold, no deposits of gold will be accepted until after a record date for distribution
of that money or property, or proceeds of that property, has passed.

 

(d)         
All deposited gold shall be owned by the Trust and held
for the Trust by the Custodian. Cash and any assets of the Trust other than gold shall be held by the Trustee at such place and
in such manner as the Trustee shall determine.

 

(e)         
Pursuant to the Trust Unallocated Account Agreement, the
Custodian agrees to use reasonable efforts to minimize the amount of gold held for the Trust on an Unallocated Basis at all times
and the Custodian must allocate ownership of physical gold to the Trust such that no more than 430 Ounces of Unallocated Gold
are held for the Trust at the end of each Business Day.

 

Section
2.4            Delivery
of Shares; Liability for Taxes and Other Charges Connected with the Issuance of Shares.

 

Upon
receipt by the Trustee of a Purchase Order from an Authorized Participant and the other documents required as above specified,
if any, and a confirmation from the Custodian that the Basket Gold Amount has been Delivered to the Custodian for each Basket
requested in such Purchase Order, that the Custodian has allocated the Basket Gold Amount to the Trust Allocated Account (other
than up to 430 Ounces of Unallocated Gold pursuant to Section 2.3(e)) and that the Custodian is holding that gold for the
account of the Trust, the Trustee, subject to the terms and conditions of this Agreement, as supplemented by the Authorized Participant
Procedures (to the extent they are not inconsistent with this Agreement) and the practices of the Depository, shall Deliver to
the Authorized Participant the number of Baskets issuable in respect of such deposit as requested in the corresponding Purchase
Order, but only upon payment to the Trustee of the applicable transaction fees and expenses, including the Trustee’s fee,
and payment of all taxes, governmental charges and fees payable in connection with such deposit, the transfer of gold and the
issuance and Delivery of Shares. An Authorized Participant is responsible for any transfer tax, sales or use tax, recording tax,
value added tax or similar tax or other governmental charge applicable to the transfer of gold and the issuance and Delivery of
Shares pursuant to its Purchase Order, regardless of whether such tax or charge is imposed directly on the Authorized Participant;
and by placing a Purchase Order an Authorized Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of
them is required by law to pay any such tax or charge, together with any applicable penalties, additions to tax and interest thereon.

 

Section
2.5            Registration
of Shares and Transfers Thereof; Combination and Split-Up of Certificates.

 

(a)         
The Trustee shall keep or cause to be kept a register of
Registered Owners of Shares and shall provide for the registration of Shares and of transfers of Shares.

 

(b)         
The Trustee, subject to the terms and conditions of this
Agreement, shall register transfers of Shares on its transfer books from time to time on the surrender of a Certificate evidencing
such Shares by the Registered Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer and duly stamped as may be required by the laws of the State of New York and of the United States. Thereupon, the
Trustee shall execute a new Certificate or Certificates evidencing such Shares and shall deliver the same to or upon the order
of the Person entitled thereto.

 

    - 10 - 

     

    

 

(c)         
The Trustee, subject to the terms and conditions of this
Agreement, shall, upon surrender of a Certificate or Certificates evidencing Shares for the purposes of effecting a split-up or
combination of that Certificate or Certificates, execute and deliver one or more new Certificates evidencing those Shares.

 

(d)         
The Trustee may, with the written approval of the Sponsor
(which approval shall not be unreasonably withheld), appoint one or more co-transfer agents for the purpose of effecting registration
of transfers of Shares and combinations and split-ups of Certificates at designated transfer offices on behalf of the Trustee.
In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other
requirements by Registered Owners or Persons entitled to Shares and will be entitled to protection and indemnity to the same extent
as the Trustee. Likewise, such co-transfer agent will be held to the same standards of care to which the Trustee is held under
this Agreement, including the same standards of care that govern the eligibility of the Trustee to be indemnified under this Agreement.

 

(e)         
The previous paragraphs of this Section 2.5 notwithstanding,
so long as the Shares are eligible for deposit with a Depository, the sole Registered Owner shall be such Depository or its nominee
and transfer of Shares shall be effected solely by the Depository in accordance with its customary practices in effect from time
to time.

 

Section
2.6            Surrender
of Shares by Authorized Participants.

 

(a)         
Upon Surrender by an Authorized Participant of any integral
number of Baskets for the purpose of withdrawing the amount of Trust Property represented thereby and payment to the Trustee of
the applicable transaction fees and expenses, including the Trustee’s fee, and payment of all taxes, governmental charges
and fees payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of
this Agreement, as supplemented by the Authorized Participant Procedures (to the extent they are not inconsistent with this Agreement)
and the practices of the Depository, an Authorized Participant acting for its own account or on authority of the Beneficial Owner
of those Shares will be entitled to Delivery of the amount of Trust Property at the time represented by such Baskets, including
the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). An Authorized
Participant wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”)
no later than 3:59:59 p.m. (New York time) on any Business Day. The Order Date for Redemption Orders received by the Trustee prior
to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced shall be that Business Day. Redemption Orders
received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which the Benchmark Price
is not announced, will not be accepted. Upon a Surrender of an integral number of Baskets and satisfaction of all the conditions
for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver to or to the order of the Surrendering Authorized
Participant the amount of gold represented by the Surrendered Shares on the Order Date, and the Trustee shall pay or deliver to
or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered
Baskets. Gold will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained on an Unallocated
Basis by the Custodian or, if otherwise expressly permitted by the Authorized Participant Procedures, another LBMA-member custodian
identified by the Authorized Participant to the Custodian and the Trustee. The Authorized Participant shall bear all risk of any
loss from the time the gold is transferred from the Trust Unallocated Account to any such account of the Authorized Participant,
and none of the Trustee, the Sponsor or the Trust shall have any liability for any such loss. Any Delivery of gold to an Authorized
Participant other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis
will be at the expense and risk of the Authorized Participant.

 

    - 11 - 

     

    

 

(b)         
The Trustee may require that a Certificate evidencing Shares
Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank.

 

(c)         
The Sponsor and the Trustee may, but shall have no obligation
to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of gold that may be smaller or larger
than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants.

 

Section
2.7            Limitations
on Delivery, Registration of Transfer and Surrender of Shares.

 

(a)         
As a condition precedent to the issuance, Delivery, registration
of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i)
may require payment from the applicable Authorized Participant or Registered Owner of a sum sufficient to reimburse it for any
tax or other governmental charges and any stock transfer or registration fee with respect thereto (including any such tax or charge
and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require
the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance
with any regulations the Trustee may establish consistent with the provisions of this Agreement. The applicable Authorized Participant
or Registered Owner agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such
tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon.

 

(b)         
The acceptance of Purchase Orders, the Delivery of Shares
against deposits of gold or the registration of transfer of Shares may, and upon direction of the Sponsor shall, be suspended
generally, or refused with respect to a particular Purchase Order, Delivery of Shares or registration, by the Trustee (i) during
any period when the transfer books of the Trustee are closed, (ii) if the Custodian has informed the Trustee and the Sponsor that
it is unable to allocate gold to the Trust Allocated Account either in connection with a particular Purchase Order (in which case,
unless otherwise instructed by the Sponsor, the Trustee will reject all other Purchase Orders having the same Order Date) or generally,
or (iii) if any such action is deemed necessary or advisable by the Sponsor for any reason in its sole discretion at any time
or from time to time. The Trustee shall reject any Purchase Order that is not in proper form. Neither the Trustee nor the Sponsor
shall be liable to any Person by reason of any suspension, refusal or rejection provided for in this Section 2.7(b).

 

    - 12 - 

     

    

 

(c)         
The Trustee may, in its sole discretion and will, when
so directed by the Sponsor, suspend the right to Surrender Shares, or postpone the date of Delivery of gold, generally or with
respect to a particular Redemption Order (i) during any period in which regular trading on the Exchange is suspended or restricted
or the Exchange is closed (other than scheduled holiday or weekend closings) or (ii) during an emergency as a result of which
Delivery, disposal or evaluation of gold is not reasonably practicable (and the Sponsor shall promptly notify the Exchange of
any such emergency). The Trustee shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal
under applicable laws and regulations. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee
nor the Sponsor shall be liable to any Person by reason of any suspension, postponement or rejection provided for under this Section
2.7(c).

 

Section
2.8            Lost
Certificates, etc.

 

The
Trustee shall execute and deliver a new Certificate of like tenor in exchange and substitution for a mutilated Certificate upon
cancellation thereof, or in lieu of and in substitution for a destroyed, lost or stolen Certificate, if the Registered Owner of
the Shares evidenced thereby has (a) filed with the Trustee (i) a request for such execution and delivery before the Trustee has
notice that the Shares evidenced by the Certificate have been acquired by a protected purchaser and (ii) a sufficient indemnity
bond, and (b) satisfied any other reasonable requirements imposed by the Trustee.

 

Section
2.9            Cancellation
and Destruction of Surrendered Certificates.

 

All
Certificates Surrendered to the Trustee shall be canceled by the Trustee. The Trustee is authorized to destroy Certificates so
canceled.

 

Section
2.10          Splits
and Reverse Splits of Shares.

 

(a)         
If requested in writing by the Sponsor, the Trustee shall
effect a split or reverse split of the Shares as of a record date set by the Trustee in accordance with procedures determined
by the Trustee and the Depository.

 

(b)         
If so directed by the Sponsor, the Trustee shall not distribute
any fraction of a Share in connection with a split or reverse split of the Shares. The Trustee may sell the aggregated fractions
of Shares that would otherwise be distributed in a split or reverse split of the Shares or the amount of Trust Property that would
be represented by those Shares and distribute the net proceeds of those Shares or that Trust Property to the Registered Owners
entitled to them.

 

(c)         
The amount of Trust Property represented by each Share
and the Basket Gold Amount shall be adjusted as appropriate as of the open of business on the Business Day following the record
date for a split or reverse split of the Shares.

 

    - 13 - 

     

    

 

Article
III

CERTAIN OBLIGATIONS OF AUTHORIZED PARTICIPANTS

 

Section
3.1            Liability
of Authorized Participants for Taxes and Other Governmental Charges.

 

An
Authorized Participant is responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or
other governmental charge applicable to the redemption of Shares or the transfer of Shares or gold in connection therewith, regardless
of whether such tax or charge is imposed directly on the Authorized Participant. If any such tax or other governmental charge
shall become payable by the Trustee with respect to any redemption of Shares or the transfer of Shares or gold in connection therewith,
(a) such tax or other governmental charge shall be payable by the Authorized Participant redeeming Shares to the Trustee, (b)
the Trustee (i) shall refuse to effect any registration of transfer of such Shares or any withdrawal of Trust Property represented
by such Shares, as the case may be, until such payment is made, (ii) may withhold any distributions or sell for the account of
such Authorized Participant such Trust Property or Shares, and (iii) may apply such distributions or the proceeds of any such
sale in payment of such tax or other governmental charge, and (c) the Authorized Participant redeeming such Shares shall remain
liable for any deficiency; and by placing a Redemption Order or requesting a transfer of Shares, an Authorized Participant agrees
to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax or other governmental
charge, together with any applicable penalties, additions to tax and interest thereon. The Trustee shall distribute any net proceeds
of a sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Authorized
Participant entitled thereto as in the case of a distribution in cash through the procedures of the Depository.

 

Section
3.2            Warranties
on Deposit of Gold.

 

Every
Authorized Participant depositing gold under this Agreement shall be deemed thereby to represent and warrant that (a) the deposited
gold represents the right to receive gold that meets the London Good Delivery Standards, (b) the Authorized Participant making
such deposit is duly authorized to do so and (c) at the time of Delivery, the gold is free and clear of any lien, pledge, encumbrance,
right, charge or claim (other than the rights created by this Agreement). All representations and warranties deemed made under
this Section 3.2 shall survive the deposit of gold, Delivery or Surrender of Shares and termination of this Agreement.

 

    - 14 - 

     

    

 

Article
IV

ADMINISTRATION OF THE TRUST

 

Section
4.1            Evaluation
of Gold.

 

(a)         
As promptly as practicable after 4:00 p.m. (New York time),
on each Business Day, the Trustee shall determine the value of the gold held or receivable by the Trust (i) on the basis of the
Benchmark Price for that day or (ii) if no Benchmark Price is announced for that day, on the basis of the most recently announced
Benchmark Price prior to the evaluation time. However, if the Sponsor determines that the Benchmark Price specified in the preceding
sentence is inappropriate as a basis for evaluation, it shall identify an alternative basis for evaluation to be employed by the
Trustee. Gold deliverable under a Purchase Order shall be included in the evaluation beginning on the first Business Day following
the Order Date therefor. Gold deliverable under a Redemption Order shall not be included in the evaluation on and after the first
Business Day following the Order Date therefor. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination
that the most recently announced Benchmark Price is not appropriate as a basis for evaluation of the gold held or receivable by
the Trust or for any determination as to the alternative basis for evaluation, provided that such determination is made in good
faith.

 

(b)         
If the Sponsor determines that the Benchmark Price should
have the meaning set forth in part (ii) of the definition of that term set forth in Section 1.1, the Trustee shall give
notice thereof to the Registered Owners identifying the price determined by the Sponsor to be used for the purpose of the evaluation
of gold, and the Trustee shall apply the new meaning to the evaluation of gold beginning 60 days after the date of that notice.

 

Section
4.2            Responsibility
of the Trustee for Evaluations.

 

The
Sponsor, Authorized Participants, Registered Owners and Beneficial Owners may rely on any evaluation or determination of any amount
made by the Trustee, and, except for any determination made pursuant to Section 4.1(b), the Sponsor shall have no responsibility
for the accuracy thereof. The determinations made by the Trustee under this Agreement shall be made in good faith upon the basis
of, and the Trustee shall not be liable for any errors contained in, information reasonably available to it. The Trustee shall
be under no liability to the Sponsor, or to Authorized Participants, Registered Owners or Beneficial Owners, for errors in judgment;
provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject
by reason of gross negligence or bad faith in the performance of its duties.

 

Section
4.3            Trust
Evaluation.

 

(a)         
As promptly as practicable after completion of the evaluation
required under Section 4.1(a) on each Business Day, the Trustee shall subtract all accrued but unpaid fees, expenses and
other liabilities of the Trust (other than any liability to the extent it is reflected in an addition to the Reserve Account)
from the total value of the gold determined by the Trustee pursuant to Section 4.1(a) and all other assets of the Trust
(other than any amount credited to the Reserve Account) and cash, if any; the resulting figure is the “Net Asset Value”
of the Trust. The Trustee shall also divide the Net Asset Value of the Trust by the number of Shares outstanding as of the close
of business on the date of the evaluation then being made, which figure is the “Net Asset Value per Share.”
All fees, expenses and other liabilities of the Trust that are or will be incurred or accrued through the close of business on
a Business Day shall be included in the calculations required by this Section 4.3 for that Business Day. For purposes of
this Section 4.3: (i) Shares deliverable under a Purchase Order shall be considered to be outstanding beginning on the
first Business Day following the Order Date therefor; (ii) Shares deliverable under a Redemption Order shall not be considered
to be outstanding on and after the first Business Day following the Order Date therefor. Fractions smaller than $0.01 shall be
disregarded in such evaluations.

 

    - 15 - 

     

    

 

(b)         
Net Asset Value and Net Asset Value per Share shall be
computed in accordance with generally accepted accounting principles consistently applied in the United States. Any estimate of
the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of the computations required by this Section
4.3 made by the Trustee in good faith shall be conclusive upon all Persons interested in the Trust, and no revision or correction
in any computation made under this Agreement will be required by reason of any difference in amounts estimated from those actually
paid.

 

Section
4.4            Cash
Distributions.

 

Whenever
the Trustee distributes any cash, the Trustee shall distribute the amount available for the distribution to the Registered Owners
entitled thereto, in proportion to the number of Shares held by them respectively; provided, however, that, if the Trustee is
required to withhold and does withhold from such cash an amount on account of taxes, the amount distributed to the Registered
Owners shall be reduced accordingly. The Trustee shall distribute only such amount, however, as can be distributed without attributing
to any Registered Owner a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent.

 

Section
4.5            Other
Distributions.

 

Whenever
the Trustee receives any property in respect of Trust Property other than cash proceeds of a sale of Trust Property (including
any claim that accrues in favor of the Trust on account of any loss of deposited gold or other Trust Property), the Trustee shall
cause the securities or other property received by it to be distributed to the Registered Owners entitled thereto, in proportion
to the number of Shares held by them respectively, after deduction or upon payment of the expenses of the Trustee, in such manner
as the Sponsor may deem lawful, equitable and feasible for accomplishing such distribution; provided, however, that if in the
opinion of the Sponsor such distribution cannot be made proportionately among the Registered Owners entitled thereto, or if for
any other reason (including any requirement that the Trustee withhold an amount on account of taxes or other governmental charges
or that securities must be registered under the Securities Act in order to be distributed to Registered Owners) the Sponsor deems
such distribution not to be lawful and feasible, the Trustee shall adopt such method as the Sponsor deems lawful, equitable and
feasible for the purpose of effecting such distribution, after deduction or upon payment of the expenses of the Trustee, including
the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such
sale shall be distributed by the Trustee to the Registered Owners entitled thereto as in the case of a distribution received in
cash. The Trustee shall not be liable for any loss or depreciation resulting from any sale or other disposition of property made
by the Trustee pursuant to the Sponsor’s instruction or otherwise made by the Trustee in good faith.

 

    - 16 - 

     

    

 

Section
4.6            Fixing
of Record Date.

 

Whenever
any distribution will be made, or whenever the Trustee receives notice of any solicitation of proxies or consents from Registered
Owners, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the
Trustee shall find it necessary or convenient in respect of any matter, the Trustee, in consultation with the Sponsor, shall fix
a record date for the determination of the Registered Owners who shall be entitled to (i) receive such distribution, (ii)
give such proxies or consents in respect of any such solicitation, (iii) receive Shares as a result of any such split, reverse
split or other change or (iv) act in respect of any other matter for which the record date was set.

 

Section
4.7           Payment
of Expenses; Gold Sales.

 

(a)         
The following charges shall or may be accrued and paid
by the Trust:

 

(i)          
the Sponsor’s Fee payable to the Sponsor as set forth
in Section 5.8;

 

(ii)         
expenses of the Trust not assumed by the Sponsor pursuant
to Section 5.3(g) and the Trustee’s expenses not reimbursed by the Sponsor pursuant to Section 5.7(b);

 

(iii)         taxes and other governmental charges;

 

(iv)         expenses and costs of any extraordinary services performed
by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the
interests of Registered Owners or Beneficial Owners, including expenses, costs and disbursements the Sponsor incurs pursuant to
the last sentence of Section 5.6(b) and expenses, costs and disbursements the Trustee incurs pursuant to Sections 5.7(c)
and 5.12(a);

 

(v)         
indemnification of the Trustee as provided in Section
5.6(a); and

 

(vi)         indemnification of the Sponsor as provided in Section
5.6(b).

 

(b)         
The Trustee shall, when directed by the Sponsor, and, in
the absence of such direction, may, in its sole discretion, sell gold to permit payment of expenses under this Agreement, including
amounts payable by the Sponsor to the Trustee if not paid when due, as provided in Section 5.7(a). The Trustee shall endeavor
to sell gold at such times and in the smallest amounts required to permit payment of expenses as they come due, it being the intention
to avoid or minimize the Trust’s holdings of assets other than gold. Neither the Trustee nor the Sponsor shall be liable
or responsible in any way for loss or depreciation resulting or incurred by reason of any sale made pursuant to this Section
4.7.

 

(c)         
If at any time and from time to time, the Trustee and the
Sponsor determine that the amount of cash included in the Trust Property exceeds the anticipated expenses of the Trust for the
following month, the Trustee shall distribute the excess to the Registered Owners under Section 4.4.

 

    - 17 - 

     

    

 

Section
4.8            Statements
and Reports; Fiscal Year.

 

(a)         
After the end of each fiscal year and within the time period
required by applicable laws, rules and regulations, the Trustee shall send to the Registered Owners, at the Sponsor’s expense,
an annual report of the Trust for such fiscal year containing financial statements prepared by the Sponsor from information furnished
by the Trustee concerning the operations of the Trust and audited by independent accountants designated by the Sponsor and such
other information as may be required by such laws, rules and regulations or otherwise, or that the Sponsor determines shall be
included. The Trustee may distribute the annual report by any permitted means to the Registered Owners.

 

(b)         
The Trustee shall provide the Sponsor with such certifications,
supporting documents and other evidence regarding the Internal Control Over Financial Reporting established and maintained by
the Trust, and used by the Trustee in connection with its furnishing of information to the Sponsor for the Sponsor’s preparation
of the financial statements of the Trust, as may be reasonably necessary in order to enable the Sponsor to prepare and file or
furnish to the Commission any certifications regarding such matters that may be required to be included with the Trust’s
periodic reports under the Exchange Act.

 

(c)          
The Trustee shall make such elections, file such tax returns,
and prepare, disseminate and file such tax reports, as it is advised by its counsel or accountants are from time to time required
by any statute, rule or regulation of the United States, any State or political subdivision thereof, or other jurisdiction having
taxing authority in respect of the Trust or its administration. The expense of accountants employed to prepare such tax returns
and tax reports shall be an expense of the Trust.

 

(d)         
The fiscal year of the Trust shall initially be the period
ending December 31 of each year. The Sponsor shall have the continuing right to select an alternate fiscal year permitted by the
Code and other applicable law.

 

Section
4.9            Further
Provisions for Gold Sales.

 

In
addition to selling gold in accordance with Section 4.7, the Trustee shall sell gold or other Trust Property whenever any
one or more of the following conditions exists:

 

(a)         
the Sponsor has notified the Trustee, or counsel to the
Trustee has advised, that such sale is required by applicable law or regulation; or

 

(b)         
this Agreement has been terminated and the Trust Property
is to be liquidated in accordance with Section 6.2.

 

When
selling gold, the Trustee shall endeavor to place orders with dealers (which may include the Custodian) as directed by the Sponsor
or, in the absence of such direction, with the Custodian or, if the Custodian is unable or unwilling to execute such orders, with
dealers through which the Trustee may reasonably expect to obtain a favorable price and good execution of orders. The Custodian
may be the purchaser of the gold to be sold, provided that, (i) if the Trustee’s instruction to sell gold is received by
the Custodian by 2:00 p.m. (London, England time) on a Business Day, the purchase price for such gold shall be such Business Day’s
Benchmark Price and (ii), if the Trustee’s instruction to sell gold is received by the Custodian after 2:00 p.m. (London,
England time) on a Business Day, the purchase price for such gold shall be the next Benchmark Price available after such Business
Day. Neither the Trustee nor the Sponsor shall be liable or responsible in any way for depreciation or loss resulting or incurred
by reason of any sale made pursuant to this Section 4.9.

 

    - 18 - 

     

    

 

Section
4.10        Counsel.

 

The
Sponsor may from time to time employ counsel to act on behalf of the Trust and perform any legal services in connection with the
gold and the Trust, including any legal matters relating to the possible disposition or acquisition of any gold.

 

Section
4.11        Grantor
Trust.

 

Nothing
in this Agreement, any Custody Agreement, or otherwise shall be construed to give the Trustee the power to vary the investment
of the Beneficial Owners (within the meaning of Treasury Regulation Section 301.7701-4(c) under the Code or any similar or successor
provision of the regulations under the Code), nor shall the Sponsor give the Trustee any direction that would vary the investment
of the Beneficial Owners. Neither the Trustee nor the Sponsor shall be liable to any Person for any failure of the Trust to qualify
as a “grantor trust” under the Code or any comparable provision of the laws of any State or other jurisdiction where
that treatment is sought, except that this sentence shall not limit the Trustee’s or the Sponsor’s responsibility
for the administration of the Trust in accordance with this Agreement.

 

Section
4.12        Reserve
Account.

 

The
Trustee shall open and maintain a separate non-interest bearing account with the Trustee or such other banking institution specified
by the Sponsor, or if the Sponsor fails so to specify, as selected by the Trustee, in the name, and for the benefit, of the Trust,
subject only to draft or order by the Trustee acting pursuant to the terms of this Agreement, and shall hold in such account all
cash that it has credited to such account to reflect the reserves for taxes or other governmental charges and other contingent
liabilities payable out of the Trust that the Trustee has determined from time to time to be required by generally accepted accounting
principles. Such account shall be known as the “Reserve Account.” The Trustee shall not be required to distribute
to the Registered Owners any of the amounts held in such account; provided, however, that if the Trustee, in its sole discretion,
determines that such amounts are no longer necessary for payment of any applicable taxes or other governmental charges or other
contingent liabilities, then it shall promptly cause such amounts to be distributed to the Registered Owners.

 

Article
V

THE TRUSTEE AND THE SPONSOR

 

Section
5.1            Maintenance
of Office and Transfer Books by the Trustee.

 

(a)         
Until termination of this Agreement in accordance with
its terms, the Trustee shall maintain facilities for the execution and Delivery, registration, registration of transfers and Surrender
of Shares in accordance with the provisions of this Agreement.

 

    - 19 - 

     

    

 

(b)         
The Trustee shall keep a copy of this Agreement and books
for the registration of Shares and transfers of Shares at its Corporate Trust Office or such other office as it may designate
by notice to the Sponsor and the Registered Owners. Such items shall be open for inspection during normal business hours upon
reasonable advance notice by any Person establishing to the Trustee’s reasonable satisfaction that such Person is a Beneficial
Owner.

 

(c)         
The Trustee may, and at the reasonable written request
of the Sponsor shall, close the transfer books at any time or from time to time if such action is deemed necessary or advisable
in the reasonable judgment of the Trustee or the Sponsor.

 

(d)         
If any Shares are listed on one or more stock exchanges
in the United States, the Trustee shall act as Registrar or, with the written approval of the Sponsor (which approval shall not
be unreasonably withheld), appoint a Registrar or one or more co- Registrars for registry of such Shares in accordance with any
requirements of such exchange or exchanges.

 

Section
5.2            Prevention
or Delay in Performance by the Sponsor or the Trustee.

 

Neither
the Sponsor nor the Trustee nor any of their respective directors, officers, managers, members, employees, agents or affiliates
shall incur any liability to any Registered Owner, Beneficial Owner or Authorized Participant if, by reason of any provision of
any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority
or stock exchange, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Sponsor or
the Trustee is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed
in, doing or performing any act or thing that by the terms of this Agreement it is provided shall be done or performed and, accordingly,
the Sponsor or the Trustee does not do that thing or does that thing at a later time than would otherwise be required. Neither
the Sponsor nor the Trustee shall incur any liability to any Registered Owner, Beneficial Owner or Authorized Participant by reason
of any exercise of, or failure to exercise, any discretion provided for in this Agreement.

 

Section
5.3            Obligations
of the Sponsor and the Trustee.

 

(a)         
Neither the Sponsor nor the Trustee assumes any obligation
nor shall either of them be subject to any liability under this Agreement to any Registered Owner, Beneficial Owner, Authorized
Participant or other Person (including liability with respect to the worth of the Trust Property), except that each of them agrees
to perform its obligations specifically set forth in this Agreement without gross negligence, willful misconduct or bad faith.

 

(b)         
Neither the Sponsor nor the Trustee shall be under any
obligation to prosecute any action, suit or other proceeding in respect of any Trust Property or in respect of the Shares on behalf
of a Registered Owner, Beneficial Owner, Authorized Participant or other Person.

 

(c)         
Neither the Sponsor nor the Trustee shall be liable for
any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any Authorized Participant,
any Registered Owner, any Beneficial Owner or any other Person believed by it in good faith to be competent to give such advice
or information.

 

    - 20 - 

     

    

 

(d)         
(i)            The Trustee shall not be liable for any acts or
omissions made by a successor Trustee whether in connection with a previous act or omission of the Trustee or in connection with
any matter arising wholly after the resignation or removal of the Trustee, provided that, in connection with the issue out of
which such potential liability arises, the Trustee performed its obligations without gross negligence, willful misconduct or bad
faith while it acted as Trustee.

 

(ii)         
The Sponsor is authorized to negotiate the terms of the
Authorized Participant Agreement to be entered into with each Authorized Participant and shall have no liability for any loss
or damage incurred by the Trust resulting from any such agreement negotiated in good faith. The Trustee shall have no liability
with respect to the negotiation of the terms of any Authorized Participant Agreement or the form of any Authorized Participant
Agreement (other than the Trustee’s due execution, delivery and performance thereof). The terms of an Authorized Participant
Agreement shall not adversely affect the duties, rights and responsibilities of the Trustee unless the Trustee expressly consents
thereto, which consent shall be evidenced by the Trustee’s execution and delivery of such Authorized Participant Agreement.

 

(e)         
The Trustee and the Sponsor shall have no obligation to
comply with any direction or instruction from any Registered Owner, Beneficial Owner or Authorized Participant regarding Shares,
except to the extent specifically provided for in this Agreement.

 

(f)         
The Trustee shall be a fiduciary under this Agreement;
provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustee shall be limited by, and shall
be only those specifically set forth in, this Agreement. The Trustee shall not be required to expend or risk any of its own funds
or otherwise incur any liability, financial or otherwise, in the performance of any of its duties under this Agreement, except
as may be specifically provided for herein. Without limiting the foregoing, all duties, rights, privileges and liabilities of
the Trustee set forth in this Agreement shall be subject to the following:

 

(i)          
The Trustee shall not be under any obligation to appear
in, prosecute or defend any action that in its opinion may involve it in expense or liability, unless it shall be furnished with
reasonable security and indemnity against such expense or liability. Subject to the foregoing, the Trustee may, in its sole discretion,
take such action as are provided for in Section 5.12(a).

 

(ii)         
Assets of the Trust, exclusive of gold or cash, shall be
held by the Trustee either directly or through the commercial book-entry system operated by the Federal Reserve Banks (“Book-Entry
System”), DTC, or any other clearing agency or similar system (a “Clearing Agency”), if available.
The Trustee shall have no responsibility and shall not be liable for ascertaining or acting upon any calls, conversions, exchange
offers, tenders, interest rates changes, or similar matters relating to securities held at the Depository or with any Clearing
Agency unless the Trustee shall have received actual and timely written notice of the same, nor shall the Trustee have any responsibility
or liability for the actions or omissions to act of the Book-Entry System, the Depository or any Clearing Agency. All moneys held
by the Trustee hereunder shall be held by it, without interest thereon or investment thereof, as a deposit for the account of
the Trust. Such monies held hereunder shall be deemed segregated by maintaining such monies in an account or accounts for the
exclusive benefit of the Trust.

 

    - 21 - 

     

    

 

(iii)         If at any time the Trustee is served with any judicial
or administrative order, judgment, decree, writ or other form of judicial or administrative process that in any way affects the
Trust or the Trust Property (including orders of attachment or garnishment or other forms of levies or injunctions or stays relating
to the transfer of any assets of the Trust), the Trustee is authorized to comply therewith in any manner that it or legal counsel
of its own choosing deems appropriate; however, the Trustee to the extent practicable will inform the Sponsor of such order, judgment,
decree, writ or other form of judicial or administrative process that in any way affects the Trust and consult in good faith with
the Sponsor as to the course of action by the Trustee. If the Trustee complies with any such order, judgment, decree, writ or
other form of judicial or administrative process, the Trustee shall not be liable to the Sponsor or to any other Person even though
such order, judgment, decree, writ or other form of judicial or administrative process may be subsequently modified or vacated
or otherwise determined to have been without legal force or effect.

 

(iv)         In no event shall the Trustee be liable (A) for acting
in accordance with or conclusively relying upon any, direction, instruction, notice, demand, certificate or document (I) from
the Sponsor or a Custodian, or any entity acting on behalf of either, that the Trustee believes is given pursuant to or is authorized
by this Agreement or any Custody Agreement, respectively or (II) from or on behalf of any Authorized Participant that the Trustee
believes is given pursuant to or is authorized by an Authorized Participant Agreement (provided that the Trustee has complied
with the verification procedures specified in the Authorized Participant Agreement); (B) for any indirect, consequential, punitive
or special damages, regardless of the form of action and whether or not any such damages were foreseeable or contemplated; or
(C) for an amount in excess of the value of the assets of the Trust. The Trustee may consult with legal counsel of its own choosing
as to any matter relating to this Agreement and shall not incur any liability in acting in good faith in accordance with any advice
from such counsel. The reasonable expense of such counsel shall be paid as provided in Sections 5.7(b) or 5.7(c),
as applicable.

 

(v)         
The Trustee shall be entitled to rely conclusively upon
any order, judgment, certification, demand, notice, instrument or other writing delivered to it under this Agreement without being
required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity or the service
thereof. The Trustee may act in conclusive reliance upon any instrument or signature believed by it to be genuine and may assume
that any Person purporting to give receipt or advice or to make any statement or execute any document in connection with the provisions
of this Agreement, any Custody Agreement or any Authorized Participant Agreement has been duly authorized to do so; provided,
however, that where a list of authorized officials of a person and their signatures are on file with the Trustee, the Trustee
shall compare such manual signatures to the signature on any such documents. Such requirement shall not apply to “personal
identification numbers” or “PINS” or other forms of electronic security devices that function as a proxy for
a manual signature.

 

    - 22 - 

     

    

 

(vi)         The Trustee shall not be responsible (A) for or in respect
of the recitals herein, the validity or sufficiency of this Agreement, the Custody Agreements, any Authorized Participant Agreement
or any other custody or other agreement entered into by the Trustee at the direction or with the approval of the Sponsor or otherwise
in connection with the Trustee’s administration of the Trust, or (B) for the due execution hereof by the Sponsor or of the
Custody Agreements by the Initial Custodian, or for the due execution of any other agreement entered into by the Trustee in connection
with the administration of the Trust by any party thereto other than the Trustee.

 

(vii)        The Trustee shall not be responsible in any respect for
the form, execution, validity, value, collectability or genuineness of documents, instruments or securities deposited with or
delivered to or held by it under this Agreement, or for any description therein, or for the identity, authority or rights of Persons
executing or delivering or purporting to execute or deliver any such document, instrument or security.

 

(viii)       At any time the Trustee (A) may request an instruction
in writing in English from the Sponsor, a Custodian, an Authorized Participant or other applicable Person with respect to any
action that any of them is authorized to direct the Trustee to take under this Agreement, the Custody Agreements, any Authorized
Participant Agreement or any other agreement entered into by the Trustee in connection with the Trustee’s administration
of the Trust and (B) may, at its own option, include in such request the course of action it proposes to take and the date on
which it proposes to act, regarding any matter arising in connection with its duties and obligations under any such agreement.
The Trustee shall not be liable for acting in accordance with such a proposal on or after the date specified therein, provided
that the specified date shall be at least three Business Days after the Sponsor, the Custodian, the Authorized Participant or
other applicable Person receives the Trustee’s request for instructions and its proposed course of action, and provided
further that, prior to so acting, the Trustee has not received the written instructions requested.

 

(ix)          When the Trustee acts on any information, instructions
or communications (including communications with respect to the delivery of securities or the wire transfer of funds) sent by
telex, facsimile, email or other form of electronic or data transmission, the Trustee, absent gross negligence, shall not be responsible
or liable in the event such communication is not an authorized or authentic communication of the party sending it or is not in
the form the party sent or intended to send (whether due to fraud, distortion or otherwise), provided that this paragraph shall
not limit the Trustee’s obligation to obtain such confirmations as may be specified in this Agreement or any Authorized
Participant Agreement. The Trustee shall be indemnified as provided in Section 5.6 against any loss, liability, claim or
expense (including reasonable legal fees and expenses) it may incur in acting in accordance with any such information, instruction
or communication. This paragraph shall survive notwithstanding any termination of this Agreement and the Trust or the resignation
or removal of the Trustee.

 

    - 23 - 

     

    

 

(x)         
The Trustee may construe any provision of this Agreement
that it believes to be ambiguous or inconsistent with any other provision(s) hereof, and any reasonable construction of any such
provision by the Trustee in good faith shall be binding upon the parties hereto, each Authorized Participant, and all Registered
Owners and Beneficial Owners. In the event of any ambiguity or inconsistency or any other uncertainty in any notice, instruction
or other communication received by the Trustee under this Agreement, the Trustee shall notify the Sponsor and the giver thereof
and may, in its sole discretion, refrain from taking any action other than to retain possession of the Trust Property, unless
the Trustee receives such further written instructions, from the Sponsor or otherwise, that eliminate such ambiguity, inconsistency
or uncertainty.

 

(xi)         The Trustee shall have no responsibility for the contents
of any writing of the arbitrators or any third party that may be used as a means to resolve disputes among third parties with
respect to their interest in the Trust, Trust Property or Shares and may conclusively rely without any liability upon the contents
thereof.

 

(xii)        In no event shall the Trustee be personally liable for
any taxes or other governmental charges imposed upon or in respect of the gold or its custody, moneys or other assets from time
to time held hereunder, or on the income therefrom or the sale or proceeds of sale thereof, or upon it as Trustee hereunder (except
that it shall be personally liable for any income or other taxes on the amounts it receives from the Sponsor pursuant to Section
5.7(a)) or upon or in respect of the Trust or the Shares, that it may be required to pay under any present or future law of
the United States or of any other taxing authority having jurisdiction in the premises. For all such taxes and charges and for
any expenses, including reasonable counsel’s fees, that the Trustee may sustain or incur with respect to such taxes or charges,
the Trustee shall be reimbursed and indemnified out of the assets of the Trust as provided in Section 5.6, and the payment
of such amounts shall be secured by a lien on such assets. This paragraph shall survive notwithstanding any termination of this
Agreement and the Trust or the resignation or removal of the Trustee.

 

(xiii)       The Trustee shall not be answerable for the default of
the Initial Custodian or any Custodian employed at the direction of the Sponsor or selected by the Trustee with reasonable care.
The Trustee also may employ custodians for Trust assets other than gold, agents, attorneys, accountants, auditors and other professionals
(including any affiliate of the Trustee or of the Sponsor) and shall not be answerable for the default or misconduct of any such
custodians, agents, attorneys, accountants, auditors or other professionals if such custodians, agents, attorneys, accountants,
auditors or other professionals were selected with reasonable care. The fees and expenses charged by such custodians, agents,
attorneys, accountants, auditors or other professionals, exclusive of fees for services to be performed by the Trustee, shall
be paid as provided in Sections 5.7(b) or 5.7(c), as applicable, without reduction of the compensation due the Trustee
for its services as such hereunder. Fees paid for custody of assets other than gold shall be an expense of the Trustee.

 

(xiv)       The Trustee, whether for itself or in another capacity,
may own or hold Shares, or be an underwriter or dealer in respect of Shares, and may deal in any manner with the same with the
same rights and powers as if it were not the trustee hereunder.

 

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(g)         
(i)            The Sponsor shall be responsible for all organizational
expenses of the Trust and for the marketing and the following administrative expenses of the Trust: fees for the Trustee’s
ordinary services and reimbursement of its ordinary out-of-pocket expenses as provided in Section 5.7(a), the Custodian’s
fees and expenses reimbursable to it pursuant to any Custody Agreement, listing fees of the Exchange, registration fees charged
by the Commission, printing and mailing costs, expenses for the maintenance of any website of the Trust, audit fees and expenses
and legal fees and expenses, including legal fees and expenses under Section 4.10, not in excess of $100,000 per year.

 

(ii)         
The Sponsor may request the Trustee to order Custodian
audits as permitted under the Custody Agreements.

 

(iii)         The Sponsor shall be entitled to rely conclusively upon
any order, judgment, certification, demand, notice, instrument or other writing delivered to it under this Agreement without being
required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity or the service
thereof. The Sponsor may act in conclusive reliance upon any instrument or signature believed by it to be genuine and may assume
that any Person purporting to give receipt or advice or to make any statement or execute any document in connection with the provisions
of this Agreement, any Custody Agreement or any Authorized Participant Agreement has been duly authorized to do so.

 

(iv)         When the Sponsor acts on any information, instructions
or communications (including communications with respect to the conversion of gold, the Delivery of Shares or the payment of fees)
sent by telex, facsimile, email or other form of electronic or data transmission, the Sponsor, absent gross negligence, shall
not be responsible or liable in the event such communication is not an authorized or authentic communication of the party sending
it or is not in the form the party sent or intended to send (whether due to fraud, distortion or otherwise), provided that this
paragraph shall not limit the Sponsor’s obligation to obtain such confirmations as may be specified in this Agreement. The
Sponsor shall be indemnified as provided in Section 5.6 against any loss, liability, claim or expense (including reasonable
legal fees and expenses) it may incur in acting in accordance with any such information, instruction or communication. This paragraph
shall survive notwithstanding the termination of this Agreement and the Trust or the resignation of the Sponsor.

 

(v)         
In no event shall the Sponsor be personally liable for
any taxes or other governmental charges imposed upon or in respect of the gold, or on the income therefrom or the sale or proceeds
of sale thereof, or upon it as Sponsor hereunder (except that it shall be personally liable for any income or other taxes on the
amounts it receives from the Trust pursuant to Section 5.8(a)) or upon or in respect of the Trust or the Shares, that it
may be required to pay under any present or future law of the United States or of any other taxing authority having jurisdiction
in the premises. For all such taxes and charges and for any expenses, including reasonable counsel’s fees, that the Sponsor
may sustain or incur with respect to such taxes or charges, the Sponsor shall be reimbursed and indemnified out of the assets
of the Trust as provided in Section 5.6. This paragraph shall survive notwithstanding any termination of this Agreement
and the Trust or the resignation of the Sponsor.

 

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Section
5.4            Resignation
or Removal of the Trustee; Appointment of Successor Trustee.

 

(a)         
The Trustee may at any time resign as trustee hereunder
by notice of its election so to do delivered to the Sponsor, and, subject to Section 6.2, such resignation shall take effect
upon the appointment of a successor trustee and its acceptance of such appointment as hereinafter provided.

 

(b)         
The Sponsor may, in its sole discretion, remove the Trustee
as trustee hereunder by notice given to the Trustee in the manner provided in Section 7.5 no more than 120 and at least
90 days prior to the fifth anniversary of the date of this Agreement or, thereafter, by notice delivered to the Trustee no more
than 120 and at least 90 days prior to the last day of any subsequent three-year period. Subject to Section 6.2, such removal
shall take effect upon the appointment of a successor trustee and its acceptance of such appointment as hereinafter provided.

 

(c)         
If at any time the Trustee

 

(i)          
ceases to be a Qualified Bank,

 

(ii)         
is in material breach of its obligations under this Agreement
and fails to cure such breach within 30 days after receipt of notice from the Sponsor or Registered Owners acting on behalf of
at least 25% of the outstanding Shares specifying such breach in reasonable detail and requiring the Trustee to cure such breach,
or

 

(iii)         fails to consent to the implementation of an amendment
to the Trust’s initial Internal Control Over Financial Reporting reasonably deemed necessary by the Sponsor and, after consultations
with the Sponsor, the Sponsor and the Trustee fail to resolve their differences regarding such proposed amendment,

 

then
the Sponsor, acting on behalf of the Registered Owners, may remove the Trustee as trustee hereunder by notice given to the Trustee
in the manner provided in Section 7.5. Such removal shall take effect upon the appointment of a successor trustee and its
acceptance of such appointment as hereinafter provided.

 

(d)         
If the Trustee acting hereunder resigns or is removed,
the Sponsor, acting on behalf of the Registered Owners, shall use its reasonable efforts to appoint a successor trustee, which
shall be a Qualified Bank. Every successor Trustee shall execute and deliver to its predecessor and to the Sponsor, acting on
behalf of the Registered Owners, an instrument in writing accepting its appointment hereunder, and thereupon such successor Trustee,
without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor;
but such predecessor, nevertheless, upon payment of all sums due it and on the written request of the Sponsor, acting on behalf
of the Registered Owners, shall execute and deliver an instrument transferring to such successor all rights and powers of such
predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Trust Property to such successor,
and shall deliver to such successor a list of the Registered Owners of all outstanding Shares. Upon effective resignation or removal
hereunder, the resigning or removed Trustee shall be discharged from all duties and responsibilities under this Agreement and
shall no longer be liable in any manner hereunder except as to acts or omissions occurring prior to such resignation or removal,
and the successor Trustee shall thereupon undertake and perform all duties and responsibilities and be entitled to all rights
and compensation as Trustee under this Agreement. The successor Trustee shall not be under any liability hereunder for acts or
omissions occurring prior to execution of an instrument accepting its appointment as Trustee. The Sponsor or any such successor
Trustee shall promptly give notice of the appointment of such successor Trustee to the Registered Owners.

 

    - 26 - 

     

    

 

(e)         
Any corporation or other entity into which the Trustee
may be merged, consolidated or converted in a transaction in which the Trustee is not the surviving corporation or any corporation
or other entity otherwise succeeding to substantially all of the business of the Trustee shall be the successor Trustee without
the execution or filing of any document or any further act. During the 90-day period following the effectiveness of a merger,
consolidation or conversion or other transaction described in the preceding sentence, the Sponsor may, by notice to the corporation
or other entity described in that sentence (i.e., the successor Trustee), remove the latter as trustee hereunder and designate
a successor Trustee in compliance with the provisions of subsection (d) above.

 

Section
5.5            The
Custodian.

 

(a)         
The parties acknowledge that the Initial Custodian was
selected solely by the Sponsor. The Trustee is hereby directed to enter into the Trust Allocated Account Agreement and the Trust
Unallocated Account Agreement with the Initial Custodian, and the Trustee shall have no liability for the terms thereof. The Initial
Custodian will be subject to the directions of the Trustee as provided in such Custody Agreements and will be responsible solely
to the Trustee, the Beneficial Owners and, as applicable, the Sponsor to the extent English law requires (provided, however, that
any discretionary action to be taken, or decision to be made, by the Trustee pursuant to any Custody Agreement shall only be taken
or made if and as directed by the Sponsor and the directed action or decision does not, in the Trustee’s reasonable discretion,
adversely affect the Trustee’s rights and obligations thereunder). The Custodian may at any time resign as custodian to
the extent permitted by, and in the manner provided by, the Custody Agreements. If upon the resignation of any Custodian there
would be no Custodian acting hereunder, the Trustee shall, promptly after receiving such notice of such resignation, appoint a
substitute custodian or custodians selected by the Sponsor, each of which shall thereafter be a Custodian hereunder. When directed
by the Sponsor, and to the extent permitted by, and in the manner provided by, the relevant Custody Agreements, the Trustee shall
remove the Custodian and appoint a substitute custodian or appoint an additional custodian or custodians selected by the Sponsor,
each of which shall thereafter be a Custodian hereunder. Each such substitute or additional custodian shall, forthwith upon its
appointment, enter into one or more Custody Agreements in form and substance approved by the Sponsor (provided, however, that
the rights and duties of the Trustee hereunder and under the then-existing Custody Agreements shall not be materially altered
by such new Custody Agreements without its consent). After the date of this Agreement, the Trustee shall not enter into or amend
any Custody Agreement with a Custodian without the written approval of the Sponsor (which approval shall not be unreasonably withheld
or delayed). When instructed by the Sponsor, the Trustee shall demand that a Custodian deliver such of the gold held by it as
is requested of it to any other Custodian or such substitute or additional Custodian or Custodians directed by the Sponsor. In
connection with such delivery the Trustee will, solely if and in the manner directed by the Sponsor, cause the physical gold to
be weighed or assayed and any such weighing and assay shall be an expense of the Trust pursuant to Section 4.7(a)(ii).
The Trustee shall have no liability for any delivery of gold or weighing or assaying of delivered physical gold directed by the
Sponsor pursuant to the preceding provisions of this paragraph, and in the absence of such direction shall have no obligation
to effect such a delivery or to cause the delivered physical gold to be weighed, assayed or otherwise validated.

 

    - 27 - 

     

    

 

(b)         
The Trustee shall have no obligation to monitor the activities
of any Custodian other than to receive and review such reports of the gold held for the Trust by such Custodian and of transactions
in gold held for the account of the Trust made by such Custodian pursuant to the Custody Agreements. The accounts and operations
of each Custodian shall be audited or examined by accountants, auditors or other inspectors selected by the Sponsor at such times
as directed by the Sponsor as permitted by the Custody Agreements. In no event shall the Trustee be liable for (i) any loss or
damage resulting from the actions or omissions of, or the insolvency of, any Custodian or loss or damage to the gold while in
the possession of, or in transit to or from, any Custodian, (ii) the amount, validity or adequacy of insurance maintained by any
Custodian, (iii) any defect in gold held by a Custodian, (iv) any failure of the gold to conform to the requirements of the London
Good Delivery Standards or (v) any failure of the gold to conform to a description thereof provided by the Custodian to the Trustee.

 

(c)         
Upon the appointment of any successor Trustee hereunder,
each Custodian then acting under the Custody Agreements with the predecessor of such Trustee shall forthwith become, without any
further act or writing, the agent hereunder of such successor Trustee, and the appointment of such successor Trustee shall in
no way impair the authority of each such Custodian; but the successor Trustee so appointed shall, nevertheless, on the written
request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian
full and complete power and authority as agent hereunder of such successor Trustee.

 

Section
5.6            Indemnification.

 

(a)         
The Trustee and its directors, officers, employees, shareholders,
agents and affiliates (as such term is defined under the Securities Act) (each, a “Trustee Indemnified Party”)
shall be indemnified from the Trust and held harmless against any loss, liability or expense (including the reasonable fees and
expenses of counsel) arising out of or in connection with the performance of its obligations under this Agreement and under each
other agreement entered into by the Trustee in furtherance of the administration of the Trust (including the Custody Agreements
and any Authorized Participant Agreement, including the Trustee’s indemnification obligations thereunder) or otherwise by
reason of the Trustee’s acceptance or administration of the Trust, to the extent such loss, liability or expense was incurred
without (i) gross negligence, bad faith, willful misconduct or willful malfeasance on the part of such Trustee Indemnified Party
in connection with the performance of its obligations under this Agreement or any such other agreement or any actions taken in
accordance with the provisions of this Agreement or any such other agreement or (ii) reckless disregard on the part of such Trustee
Indemnified Party of its obligations and duties under this Agreement or any such other agreement. Such indemnity shall also include
payment from the Trust of the reasonable costs and expenses incurred by such Trustee Indemnified Party in investigating or defending
itself against any such loss, liability or expense or any claim therefor. Any amounts payable to a Trustee Indemnified Party under
this Section 5.6(a) may be payable in advance or shall be secured by a lien on the Trust’s assets.

 

    - 28 - 

     

    

 

(b)         
The Sponsor and its members, managers, directors, officers,
employees, agents and affiliates (as such term is defined under the Securities Act) (each, a “Sponsor Indemnified Party”)
shall be indemnified from the Trust and held harmless against any loss, liability or expense (including the reasonable fees and
expenses of counsel) arising out of or in connection with the performance of its obligations under this Agreement and under each
other agreement entered into by the Sponsor in furtherance of the administration of the Trust (including Authorized Participant
Agreements to which the Sponsor is a party, including the Sponsor’s indemnification obligations thereunder) or any actions
taken in accordance with the provisions of this Agreement to the extent such loss, liability or expense was incurred without (i)
gross negligence, bad faith, willful misconduct or willful malfeasance on the part of such Sponsor Indemnified Party in connection
with the performance of its obligations under this Agreement or any such other agreement or any actions taken in accordance with
the provisions of this Agreement or any such other agreement or (ii) reckless disregard on the part of such Sponsor Indemnified
Party of its obligations and duties under this Agreement or any such other agreement. Such indemnity shall also include payment
from the Trust of the reasonable costs and expenses incurred by such Sponsor Indemnified Party in investigating or defending itself
against any such loss, liability or expense or any claim therefor. Any amounts payable to a Sponsor Indemnified Party under this
Section 5.6(b) may be payable in advance or shall be secured by a lien on the Trust’s assets. The Sponsor may, in
its sole discretion, undertake any action that it may deem necessary or desirable in respect of this Agreement and the rights
and duties of the parties hereto and the interests of the Beneficial Owners; and, in such event, the reasonable legal expenses
and costs and other disbursements of any such actions shall be expenses and costs of the Trust, and the Sponsor shall be entitled
to be reimbursed therefor by the Trust as provided in Section 5.8(b).

 

(c)         
The indemnities provided by, and the lien rights securing
payments under, this Section 5.6 shall survive notwithstanding any termination of this Agreement and the Trust or the resignation
or removal of the Trustee or the Sponsor, respectively.

 

Section
5.7            Fees,
Charges and Expenses of the Trustee.

 

(a)          The
Trustee is entitled to receive from the Sponsor fees for its ordinary services and reimbursement for its out-of-pocket
expenses (but, for the avoidance of doubt, excluding amounts payable by the Trust under Sections 4.7(a)(iv), 5.7(c)
and 5.12(a)), in accordance with a written agreement between the Sponsor and the Trustee. Should the Sponsor fail to
pay the same, the Trustee shall be authorized to charge the same to the Trust, in an amount not exceeding the amount that
could be charged to the Trust under Section 5.8(a) in respect of the Sponsor’s Fee (and the Trustee may charge
the same to the Trust to such extent without regard to whether, because of the Sponsor’s default, fee waiver or other
reason, the Sponsor may not then be entitled to such fee), and any subsequent amount paid to the Sponsor pursuant to Sections
4.7(a)(i) and 5.8(a) shall be net of amounts so withheld. The Trustee’s right of reimbursement shall be
secured by a lien on amounts chargeable to the Trust under Section 5.8(a), without giving effect to any fee waiver
then in effect, prior to the interest of the Sponsor, the Registered Owners, the Beneficial Owners and any other
Person.

 

    - 29 - 

     

    

 

(b)         
The Trustee is entitled to charge, and to be reimbursed
by, the Trust for all expenses and disbursements incurred by it in the performance of its duties hereunder, including the reasonable
fees and disbursements of its legal counsel and expenses identified in any Custody Agreement as payable by the Trustee, other
than (i) amounts specified in Section 5.7(a), (ii) expenses and disbursements incurred by it prior to the commencement
of trading of Shares on the Exchange and (iii) fees of agents for performing services the Trustee is required to perform under
this Agreement. The Trustee’s right of reimbursement for expenses and disbursements under this paragraph shall constitute
a lien on, and the amount thereof shall be deductible against, the assets of the Trust.

 

(c)         
Any pecuniary cost, expense or disbursement of the Trustee
resulting from actions taken to protect the Trust or the rights and interests of the Registered Owners or Beneficial Owners pursuant
to the terms of this Agreement, including the Trustee’s appearance in, prosecution of or defense of any action that it considers
necessary or desirable to protect the Trust or the interests of the Registered Owners or Beneficial Owners, shall be expenses
of the Trust and shall be deductible from, and constitute a lien on, the assets of the Trust.

 

(d)          Each
Authorized Participant depositing gold, and each Person surrendering Shares for the purpose of withdrawing Trust Property,
shall pay to the Trustee a fee of $500 per transaction for the Delivery of Shares pursuant to Section 2.4 and the
Surrender of Baskets pursuant to Section 2.6 or 6.2(b) (or such other fee as the Trustee, with the prior
written consent of the Sponsor, may from time to time announce).

 

Section
5.8            Charges
of the Sponsor.

 

(a)         
The Sponsor shall be entitled to receive from the Trust,
chargeable as an expense of the Trust, a fee for services (the “Sponsor’s Fee”) at an annualized rate
of 0.20% of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior Business Day’s Net Asset Value
and paid monthly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion
of the Sponsor’s Fee for such period(s) of time it specifies in a notice of such fee waiver to the Trustee. The Sponsor
is under no obligation to waive any portion of its fees hereunder or reimbursements pursuant to Section 5.8(b), and any
such waiver shall create no obligation to waive any such fees or reimbursements during any period not covered by the waiver. Any
fee or reimbursement waiver by the Sponsor shall not operate to reduce the Sponsor’s obligations hereunder, including its
obligations under Section 5.3(g).

 

(b)         
The Sponsor shall be entitled to receive reimbursement
from the Trust for all expenses, costs and other disbursements incurred by it under the last sentence of Section 5.6(b)
or that are of the type described in Sections 4.7(a)(ii), (iii), (iv), and (vi), except that the Sponsor
shall not be entitled to charge the Trust for (i) expenses and disbursements incurred by it prior to the commencement of trading
of Shares on the Exchange or (ii) fees of agents for performing services the Sponsor is required to perform under this Agreement.

 

    - 30 - 

     

    

 

Section
5.9            Retention
of Trust Documents.

 

The
Trustee shall retain documents, records, bills and other data compiled during the term of this Agreement for the respective periods
required by the laws or regulations governing the Trustee and any other applicable laws (including the federal securities laws
and the Code), and is authorized to destroy any of such data at the times permitted by such laws or regulations, unless the Sponsor
reasonably requests the Trustee in writing to retain any such item(s) for a longer period.

 

Section
5.10          Federal
Securities Law Filings.

 

(a)         
The Sponsor shall (i) prepare and file a registration statement,
including a prospectus, with the Commission (“registration statement” and “prospectus,”
respectively) and take such action as is necessary from time to time to qualify the Shares for offering and sale under the federal
securities laws, including the preparation and filing of amendments and supplements to the registration statement, (ii) promptly
notify the Trustee of any amendment or supplement to the registration statement or prospectus, of any order preventing or suspending
the use of the prospectus, of any request for amending or supplementing the registration statement or prospectus or if any event
or circumstance occurs that is known to the Sponsor as a result of which the registration statement or prospectus, as then amended
or supplemented, would include an untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading, (iii) provide the Trustee from
time to time with copies, including copies in electronic form, of the prospectus, as amended and supplemented if such be the case,
in such quantities as the Trustee may reasonably request and (iv) prepare and file any periodic reports or updates that may be
required under the Exchange Act. The Trustee shall furnish to the Sponsor any information from the records of the Trust that the
Sponsor reasonably requests in writing that is needed to prepare any filing or submission that the Sponsor or the Trust is required
to make under the federal securities laws, and the Sponsor is entitled to rely on such information so furnished by the Trustee.

 

(b)         
The Sponsor shall have all necessary and exclusive power
and authority to (i) from time to time adopt, implement or amend such disclosure controls and procedures as are necessary or desirable,
in the Sponsor’s reasonable judgment, to ensure compliance with the disclosure and ongoing reporting obligations under any
applicable securities laws, (ii) appoint and remove the auditors of the Trust and (iii) seek from the relevant securities or other
regulatory authorities such relief, clarification or other action as the Sponsor shall deem necessary or desirable regarding the
disclosure or financial reporting obligations of the Trust.

 

(c)         
The policies and procedures comprising the Trust’s
initial Internal Control Over Financial Reporting have been adopted as of the date of this Agreement, and copies thereof have
been delivered to the appropriate officers of the Sponsor and the Trustee. Amendments to such initial Internal Control Over Financial
Reporting may be proposed from time to time by the Sponsor, but such amendments may not be adopted in connection with the Trustee’s
furnishing of information to the Sponsor for the Sponsor’s preparation of the Trust’s financial statements without
the Trustee’s consent (which consent will not be unreasonably withheld or delayed).

 

    - 31 - 

     

    

 

Section
5.11          Prospectus
Delivery.

 

The
Trustee shall, if required by the federal securities laws, in any manner permitted by such laws, deliver at the time of issuance
of Shares an electronic or other copy of the prospectus, as most recently furnished to the Trustee by the Sponsor, to each Authorized
Participant.

 

Section
5.12          Discretionary
Actions by the Trustee; Consultation.

 

(a)         
Subject to Section 5.3(f)(i), the Trustee may, in
its sole discretion, undertake any action at any and all times that it considers necessary or desirable to protect the Trust or
the rights and interests of the Registered Owners or the Beneficial Owners pursuant to the terms of this Agreement. Pursuant to
Section 5.7(c), the expenses, costs and disbursements incurred by the Trustee in connection with taking any action under
the preceding sentence (including the reasonable fees and disbursements of legal counsel) shall be expenses of the Trust, and
the Trustee shall be entitled to be reimbursed for those expenses by the Trust.

 

(b)         
The Trustee shall notify and consult with the Sponsor before
undertaking any action under subsection (a) above or if the Trustee becomes aware of any development or event that affects the
administration of the Trust but is not contemplated or provided for in this Agreement.

 

(c)         
The Sponsor shall notify and consult with the Trustee before
undertaking any action under the last sentence of Section 5.6(b) or if the Sponsor becomes aware of any development or
event that affects the administration of the Trust but is not contemplated or provided for in this Agreement.

 

Section
5.13          Dissolution
of the Sponsor Not to Terminate Trust.

 

The
dissolution of the Sponsor, or its ceasing to exist as a legal entity from, or for, any cause, shall not operate to terminate
this Agreement insofar as the duties and obligations of the Trustee are concerned unless the Trust is terminated pursuant to Section
6.2.

 

Article
VI

AMENDMENT AND TERMINATION

 

Section
6.1            Amendment.

 

Subject
to Section 4.11, the Trustee and the Sponsor may amend this Agreement or any provision of this Agreement without the consent
of any Person, including any Registered Owner or Beneficial Owner. Any amendment that imposes or increases any fees or charges
(other than taxes and other governmental charges, registration fees or other such expenses), or that otherwise prejudices any
substantial existing right of the Registered Owners or the Beneficial Owners, will not become effective as to outstanding Shares
until 30 days after notice of such amendment is given to the Registered Owners. Amendments pursuant to Section 2.6(c) shall
not require notice pursuant to the preceding sentence. Every Registered Owner and Beneficial Owner, at the time any amendment
so becomes effective, shall be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment
and to be bound by this Agreement as amended thereby. Notwithstanding the foregoing, in no event shall any amendment impair the
right of the Authorized Participants to Surrender Baskets and receive therefor the amount of Trust Property represented thereby
pursuant to Section 2.6(a), except in order to comply with mandatory provisions of applicable law.

 

    - 32 - 

     

    

 

Section
6.2            Termination.

 

(a)         
The Trustee shall set a date on which this Agreement and
the Trust will terminate and mail notice of that termination to the Registered Owners at least 30 days prior to the date set for
termination if any of the following occurs:

 

(i)          
The Trustee is notified that the Shares are delisted from
a national securities exchange and are not approved for listing on another national securities exchange within five Business Days
of their delisting;

 

(ii)         
Registered Owners acting in respect of at least 75% of
the outstanding Shares notify the Trustee that they elect to terminate the Trust;

 

(iii)         60 days have elapsed since the Trustee notified the Sponsor
of the Trustee’s election to resign or since the Sponsor removed the Trustee, and a successor trustee has not been appointed
and accepted its appointment as provided in Section 5.4;

 

(iv)         any sole Custodian then acting resigns or is removed and
no successor custodian has been employed pursuant to Section 5.5 within 60 days of such resignation or removal;

 

(v)         
the Commission determines that the Trust is an investment
company under the Investment Company Act of 1940, as amended, and the Trustee has actual knowledge of such Commission determination;

 

(vi)         the CFTC determines that the Trust is a commodity pool
under the Commodity Exchange Act of 1936, as amended; and/or the Shares constitute “commodity interests” as defined
by the CFTC in CFTC Regulation 1.3(yy), and in either case the Trustee has actual knowledge of that determination;

 

(vii)        the aggregate market capitalization of the Trust, based
on the closing price for the Shares, is less than $50 million (as adjusted for inflation by reference to the Consumer Price Index
as published by the Bureau of Labor Statistics) at any time more than 18 months after the Trust’s formation and the Trustee
receives, within six months after the last trading date on which such capitalization (as so computed) was less than $50 million,
notice from the Sponsor of its decision to terminate the Trust;

 

(viii)       the Trust fails to qualify for treatment, or ceases to
be treated, as a “grantor trust” under the Code or any comparable provision of the laws of any State or other jurisdiction
where that treatment is sought, and the Trustee receives notice from the Sponsor that the Sponsor has determined that, because
of that tax treatment or change in tax treatment, termination of the Trust is advisable;

 

    - 33 - 

     

    

 

(ix)          60 days have elapsed since DTC or another Depository has
ceased to act as depository with respect to the Shares and the Sponsor has not identified another Depository that is willing to
act in such capacity;

 

(x)         
if the law governing the Trust limits the maximum period
during which the Trust may continue, upon the expiration of 21 years after the death of the last survivor of all of the descendants
of Elizabeth II, Queen of England, living on the date of this Agreement; or

 

(xi)         as provided in Section 6.2(c).

 

(b)          On
and after the date of termination of this Agreement, the Trustee shall not accept any deposits of gold, shall discontinue the
registration of transfers of Shares, shall not make any distributions to Registered Owners, and shall not give any further
notices or perform any further acts under this Agreement, except that the Trustee shall continue to collect distributions
pertaining to Trust Property and hold the same uninvested and without liability for interest, shall pay the Trust’s
expenses and sell gold as necessary to meet those expenses and shall continue to deliver Trust Property, together with any
distributions received with respect thereto and the net proceeds of the sale of any other property, in exchange for Shares
Surrendered to the Trustee by Authorized Participants in accordance with Section 2.6(a) (after deducting or upon
payment of, in each case, the applicable transaction fees payable to the Trustee for the Surrender of Shares and any expenses
for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this Agreement, and any
applicable taxes or other governmental charges). At any time after the expiration of 60 days following the date of
termination of this Agreement, the Trustee shall sell the Trust Property then held under this Agreement pursuant to the
Sponsor’s direction, or, if the Sponsor fails to provide direction, as the Trustee determines, and may thereafter
hold the net proceeds of any such sale, together with any other cash then held by it under this Agreement, uninvested and
without liability for interest, for the pro rata benefit of the Registered Owners of Shares that had not theretofore
been Surrendered. The Trustee shall have no liability for loss or depreciation resulting from any such sale made pursuant to
the Sponsor’s direction or otherwise made by the Trustee in good faith. After making such sale, the Trustee shall be
discharged from all obligations under this Agreement, except to deliver to such Registered Owners against Surrender of Shares
(and, if DTC is the Registered Owner, in accordance with its rules and procedures for such Surrender and delivery) their pro rata portion of the net proceeds and other cash (after deducting, in each case, any accrued fees and expenses, and any
taxes, other governmental charges or liabilities payable by the Trust, and any expenses for the account of the Registered
Owner of such Shares in accordance with the terms and conditions of this Agreement). Upon the termination of this Agreement,
the Sponsor shall be discharged from all obligations under this Agreement except that its obligations to the Trustee under Section
5.7 shall survive termination of this Agreement.

 

    - 34 - 

     

    

 

(c)         
If the Sponsor fails to undertake or perform, or becomes
incapable of undertaking or performing, any of the duties that by the terms of this Agreement are required to be undertaken or
performed by it, and such failure or incapacity is not cured within 30 days following receipt of notice from the Trustee of such
failure or incapacity, or if the Sponsor is adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property is
appointed, or a trustee or liquidator or any public officer takes charge or control of the Sponsor or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation, then in any such case the Sponsor shall be deemed conclusively
to have resigned effective immediately upon the occurrence of any of the specified events, or if the Sponsor has been dissolved
or has ceased to exist as a legal entity for any reason or if the Sponsor resigns by sending notice of resignation to the Trustee
without the appointment by the resigning Sponsor of a succeeding Sponsor (which appointment is subject to the prior written consent
of the Trustee, which shall not be unreasonably withheld), the Trustee may do any one or more of the following: (i) appoint a
successor Sponsor to assume, with such compensation from the Trust as the Trustee may deem reasonable under the circumstances,
the duties and obligations of the Sponsor hereunder by an instrument of appointment and assumption executed by the Trustee and
the successor Sponsor; (ii) agree to act as Sponsor hereunder without appointing a successor Sponsor and without terminating this
Agreement; or (iii) terminate and liquidate the Trust and distribute its remaining assets pursuant to this Section 6.2.
The Trustee shall have no obligation to appoint a successor Sponsor or to assume the duties of the Sponsor and shall have no liability
to any Person because the Trust is or is not terminated pursuant to this paragraph (c).

 

Article
VII

MISCELLANEOUS

 

Section
7.1            Counterparts.

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts
shall constitute one and the same instrument.

 

Section
7.2            Third-Party
Beneficiaries.

 

This
Agreement is for the exclusive benefit of the parties hereto, any Sponsor Indemnified Party, any Trustee Indemnified Party, the
Registered Owners and the Beneficial Owners and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever
to any other Person.

 

Section
7.3            Severability.

 

In
case any one or more of the provisions contained in this Agreement is or becomes invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions of this Agreement shall in no way be affected, prejudiced
or disturbed thereby.

 

Section
7.4            Certain
Matters Relating to Beneficial Owners.

 

(a)         
By the purchase and acceptance or other lawful delivery
and acceptance of Shares, each Beneficial Owner thereof shall be deemed to be a beneficiary of the Trust created by this Agreement
and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Beneficial Owner,
subject to the terms and conditions of this Agreement. Upon issuance as provided herein, Shares shall be fully paid and non-assessable.

 

    - 35 - 

     

    

 

(b)         
Subject to and in accordance with Section 2.6, Shares
may at any time prior to the date specified by the Trustee in connection with the termination of the Trust be tendered to the
Trustee for redemption.

 

(c)         
The death or incapacity of any Beneficial Owner shall not
operate to terminate this Agreement or the Trust, nor entitle such Beneficial Owner’s legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust, nor otherwise
affect the rights, obligations and liabilities of the parties hereto or any of them. Each Beneficial Owner expressly waives any
right such Beneficial Owner may have under any rule of law, or the provisions of any statute, or otherwise, to require the Trustee
at any time to account, in any manner other than as expressly provided in the Agreement, in respect of the Trust Property from
time to time received, held and applied by the Trustee hereunder.

 

(d)         
Except in connection with Sections 5.4(c)(ii) or
6.2(a)(ii), no Beneficial Owner shall have any right to vote or in any manner otherwise to control the operation or management
of the Trust or the obligations of the parties hereto. Nothing set forth in this Agreement shall be construed so as to constitute
the Beneficial Owners from time to time as partners or members of an association; nor shall any Beneficial Owner ever be liable
to any third Person by reason of any action taken by the parties to this Agreement or for any other cause whatsoever.

 

(e)         
The rights of Beneficial Owners must be exercised by DTC
Participants or participants of any successor Depository acting on their behalf in accordance with its rules and procedures.

 

Section
7.5            Notices.

 

(a)         
All notices given under this Agreement must be in writing.

 

(b)         
Any notice to be given to the Trustee or the Sponsor shall
be deemed to have been duly given (i) when it is actually delivered by a messenger or recognized courier service, (ii) five days
after it is mailed by registered or certified mail, postage paid, or (iii) when receipt of an email transmission is acknowledged
via a return receipt or receipt confirmation as requested by the original transmission, in each case to or at the address set
forth below:

 

To
the Trustee:

 

THE
BANK OF NEW YORK MELLON

2 Hanson Place

9th Floor

Brooklyn, New York 11217

Attention: ETF Services, Brooklyn

Telephone: (718) 315-5013

Facsimile: (718) 315-4850

Email:
etfservicescom@bnymellon.com

 

    - 36 - 

     

    

 

or
to any other place to which the Trustee may have transferred its Corporate Trust Office with notice to the Sponsor.

 

To
the Sponsor:

 

GRANITESHARES
LLC

30 Vesey Street, 9th Floor

New York, New York 10007

Attention: President

Telephone: (917) 338-0565

Email:
benoit.autier@graniteshares.com

 

With
copy to:

 

REED
SMITH LLP

1301 K Street, N.W.

Suite 1000, East Tower

Washington, DC 20005

Attention:
W. Thomas Conner, Esq.

Telephone:
(202) 414-9208

Facsimile:
(202) 414-9299

 

or
to any other place to which the Sponsor may have transferred its principal office with notice to the Trustee.

 

(c)         
Any and all notices to be given to a Registered Owner shall
be deemed to have been duly given (i) when actually delivered by messenger or a recognized courier service, (ii) when mailed,
postage prepaid, or (iii) when sent by facsimile or email transmission confirmed by letter, in each case at or to the address
of such Registered Owner as it appears on the transfer books of the Trustee, or, if such Registered Owner shall have filed with
the Trustee a written request that any notice or communication intended for such Registered Owner be delivered to some other address,
at the address designated in such request, provided that, if the Registered Owner is DTC, notices may be given to the Registered
Owner in any manner consistent with the rules of DTC as they may exist from time to time. Notices to Beneficial Owners shall be
delivered to Authorized Participants and DTC Participants designated by DTC or any successor Depository.

 

    - 37 - 

     

    

 

Section
7.6            Submission
to Jurisdiction; Agent for Service.

 

Each
party hereto, each Authorized Participant by its delivery of an Authorized Participant Agreement and each Registered Owner and
Beneficial Owner by the acceptance of a Share irrevocably consents to the jurisdiction of the courts of the State of New York,
and of any federal court located in the Borough of Manhattan in the City of New York in such State, in connection with any action,
suit or other proceeding arising out of or relating to the Shares, the Trust Property or this Agreement or any action taken or
omitted under this Agreement and waives any claim of forum non conveniens and any objections as to laying of venue. Each
party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by
certified or registered mail directed to such Person at such Person’s address last specified for purposes of notices hereunder.
Additionally, the Sponsor hereby (i) irrevocably designates and appoints Reed Smith LLP, located at 1301 K Street, N.W., Suite
1000, East Tower, Washington, DC 20005, as the Sponsor’s authorized agent upon which process may be served in any such suit
or other proceeding and (ii) agrees that service of process upon said authorized agent shall be deemed in every respect effective
service of process upon the Sponsor in any such action, suit or other proceeding. The Sponsor shall deliver to the Trustee, upon
the execution and delivery of this Agreement, a written acceptance by such agent of its appointment as such agent. The Sponsor
further shall take any and all action, including the filing of any and all such documents and instruments, as may be necessary
to continue such designation and appointment in full force and effect for so long as any Shares remain outstanding or this Agreement
remains in force.

 

Section
7.7            Governing
Law.

 

This
Agreement shall be interpreted under, and all rights and duties under this Agreement shall be governed by, the internal substantive
laws (but not the choice of law rules) of the State of New York.

 

[Signature
Page Follows]

 

    - 38 - 

     

    

 

IN
WITNESS WHEREOF, GRANITESHARES LLC and THE BANK OF NEW YORK MELLON have duly executed this Depositary Trust Agreement as of the
day and year first set forth above.

	 	 	 	 	 
	 	GRANITESHARES LLC,
	 	as Sponsor
	 	 	 	 	 
	 	By: 	 
	 	Name: 	 
	 	Title: 	 
	 	 	 	 	 
	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to
GraniteShares Gold Trust Depositary Trust Agreement]

 

      

     

    

 

[GraniteShares
Gold Trust Depositary Trust Agreement acknowledgment, Trustee]

 

 

	STATE OF_______________________	 
	 	 
	 	:SS.:  
	 	 
	COUNTY OF______________________	 

 

On
this ____ day of _______________, 2017 before me, the undersigned, personally appeared __________________________, personally
known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within
instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on
the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	 
	 	Notary Public

  

(Notarial
Seal)

 

      

     

    

 

[GraniteShares
Gold Depositary Trust Agreement acknowledgment, Sponsor]

 

	STATE OF_______________________	 
	 	 
	 	:SS.:  
	 	 
	COUNTY OF______________________	 

 

On
this ___ day of _______________, 2017 before me, the undersigned, personally appeared __________________________, personally known
to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument,
the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	 
	 	Notary Public

 

(Notarial
Seal)

 

      

     

    

 

EXHIBIT
A

FORM OF CERTIFICATE

 

THE
SHARES EVIDENCED HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING TRUST PROPERTY (AS DEFINED IN THE DEPOSITARY TRUST AGREEMENT
REFERRED TO HEREIN) HELD BY THE TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY, THE
SPONSOR OR THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED
UNDER ANY AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

     A-1 

     

    

 

GRANITESHARES
GOLD SHARES

ISSUED BY

GRANITESHARES GOLD TRUST

REPRESENTING

FRACTIONAL INTERESTS IN DEPOSITED GOLD 

AND ANY OTHER TRUST PROPERTY

 

THE
BANK OF NEW YORK MELLON, as Trustee

 

	No. ____________	* Shares

 

CUSIP:
____________

 

THE
BANK OF NEW YORK MELLON, as Trustee (hereinafter called the “Trustee”), hereby certifies that CEDE & CO.,
as nominee of The Depository Trust Company, or registered assigns, is the owner of * Shares issued by GraniteShares Gold Trust
(the “Trust”), each representing a fractional undivided interest in the net assets of the Trust, as provided
in the Agreement referred to below. At the time of delivery of the Agreement, each 10,000 Shares represented an interest in 1,000
Ounces of gold that are deposited under the Agreement and held by the Custodian referred to in the Agreement. The amount of gold
in which each 10,000 Shares represents an interest will decline over time as provided in the Agreement. The Trustee’s Corporate
Trust Office is located at a different address than its principal executive office. Its Corporate Trust Office is located at 2
Hanson Place, Brooklyn, New York 11217, and its principal executive office is located at 225 Liberty Street, New York, New York
10281.

 

This
Certificate is issued upon the terms and conditions set forth in the Depositary Trust Agreement dated as of ____________, 2017
(the “Agreement”) between GraniteShares LLC (herein called the “Sponsor”), and the Trustee.
By becoming a Registered Owner or Beneficial Owner, or by depositing gold, a Person is bound by all the terms and conditions of
the Agreement. The Agreement sets forth the rights of Authorized Participants and Registered Owners and the rights and duties
of the Trustee and the Sponsor. Copies of the Agreement are on file at the Trustee’s Corporate Trust Office in New York
City.

 

 

 

*
That number of Shares held at The Depository Trust Company at any given point in time.

 

     A-2 

     

    

 

The
Agreement is hereby incorporated by this reference into and made a part of this Certificate as if set forth in full in this place.
Capitalized terms not defined herein and the term “gold” shall have the meanings set forth in the Agreement.

 

This
Certificate shall not be entitled to any benefits under the Agreement or be valid or obligatory for any purpose unless it is executed
by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than
the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the
Registrar.

 

Dated:
____________, 2017

 

	THE BANK OF NEW YORK MELLON,	 
	as Trustee	 
	 	 	 
	By:	 	 

 

THE
TRUSTEE’S CORPORATE TRUST OFFICE ADDRESS IS 

2 HANSON PLACE, 9TH FLOOR, BROOKLYN, NEW YORK 11217

 

     A-3 

     

    

 

EXHIBIT
B

FORM OF TRUST ALLOCATED ACCOUNT AGREEMENT

 

     B-1 

     

    

 

EXHIBIT
C

FORM OF TRUST UNALLOCATED ACCOUNT AGREEMENT

 

     C-1GraniteShares Gold Trust S-1

 

Exhibit 4.2

 

AUTHORIZED
PARTICIPANT AGREEMENT

 

This AUTHORIZED PARTICIPANT
AGREEMENT (this “Agreement”) dated as of _____________, 2017, by and among (i) [Name of Authorized Participant],
a [AP Entity Type] organized under the laws of [Jurisdiction of AP] (the “Authorized Participant”),
(ii) The Bank of New York Mellon, a New York banking corporation acting in its capacity as trustee (in such capacity, the “Trustee”)
of the Trust(s) listed on the attached Schedule A, which is a part of this Agreement, (each, a “Trust”
and, collectively, the “Trusts”), with each Trust created under New York law pursuant to its respective Depositary
Trust Agreement identified on the attached Schedule A (each a “Trust Agreement” and, collectively, the
“Trust Agreements”), and (iii) GraniteShares LLC, in its capacity as sponsor of each Trust (in such capacity,
the “Sponsor”).

 

RECITALS

 

Section
A.          Pursuant to the provisions of the applicable Trust Agreement, each Trust may from time to time issue or redeem equity
securities representing an interest in the assets of such Trust (“Shares”), in each case only in aggregate amounts
of Shares as set out on Schedule A (each such aggregate amount, a “Basket”), and integral multiples thereof,
and only in transactions with a party who, at the time of the transaction, shall have signed and entered into an effective Authorized
Participant Agreement with the Sponsor and the Trustee.

 

Section
B.          [Name of AP] has requested to become an “Authorized Participant” with respect to each Trust (as
such term is defined in the applicable Trust Agreement), and the Sponsor and the Trustee have agreed to such request.

 

NOW, THEREFORE, in
consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto, intending to be legally bound, agree as follows:

 

Section
1.          Procedures. The Authorized Participant will purchase or redeem Baskets of the relevant Trust in compliance
with procedures provided in the relevant Trust Agreement as supplemented by the Creation and Redemption Procedures attached to
this Agreement as Schedule 1 (such procedures, as the same may be amended or modified from time to time in compliance with
the provisions hereof and thereof, the “Procedures”), using either (i) the form attached thereto as Annex
I (a “Purchase Order”, in the case of an order to purchase one or more Baskets issued by a specified Trust
and a “Redemption Order”, in case of an order to redeem one or more Baskets issued by a specified Trust) or
(ii) through the Trustee’s electronic order entry system, as such may he made available and constituted from time to time,
the use of which shall be subject to the terms and conditions attached thereto as Annex II. All Purchase Orders and Redemption
Orders (collectively, “Orders”) shall be placed and executed in accordance with the relevant Trust Agreement
as supplemented by the Procedures. Capitalized terms used in this Agreement and not otherwise defined herein have the meaning ascribed
to them in the Procedures.

 

     

     

    

 

Section
2.          Incorporation of Standard Terms. The Standard Terms for Authorized Participant Agreements (the “Standard
Terms”) attached hereto as Schedule 2 are hereby incorporated by reference into, and made a part of, this Agreement.

 

Section
3.          Conflicts Rules. In case of any inconsistency between the provisions of this Agreement and an applicable Trust
Agreement, the provisions of such Trust Agreement shall control. In case of inconsistency between the provisions incorporated by
reference into this Agreement pursuant to Section 2 above and any other provision of this Agreement, the latter will control.

 

Section
4.          Authorized Representatives. Pursuant to Section 2.01 of the Standard Terms, attached hereto as Schedule
2-A is a certificate listing the Authorized Representatives of the Authorized Participant.

 

Section
5.           Additional Covenants. The Authorized Participant covenants and agrees:

 

(a)       to
ensure that any Delivery of Bullion to the Custodian, or any withdrawal of applicable Bullion from the applicable Trust, made in
connection with a Purchase Order or Redemption Order placed by the Authorized Participant will take place only through one or more
custodian members of the London Bullion Market Association or the London Platinum and Palladium Market, as appropriate, under the
terms of the applicable Trust Agreement;

 

(b)       promptly
upon written demand therefore (accompanied by such reasonable evidence as the Authorized Participant may request), to reimburse
the relevant Trust, the Sponsor, the Trustee or the Custodian the amount of any taxes (including, without limitation, value added
taxes) or governmental charges, and any applicable penalties, assessments to tax or interest thereon, that may be imposed on the
relevant Trust, the Sponsor, the Trustee or the Custodian in connection with (i) any Delivery of Bullion by or on behalf of the
Authorized Participant to the Custodian (in the case of a Purchase Order placed by the Authorized Participant), or (ii) any Delivery
of Bullion to or for the account of the Authorized Participant (in the case of a Redemption Order placed by the Authorized Participant).

 

Section
6.          Notices. Except as otherwise specifically provided in the Procedures, all notices required or permitted to
be given pursuant hereto shall be given in writing and delivered by personal delivery, by nationally recognized overnight courier
(delivery confirmation received), by postage prepaid registered or certified United States first class mail, return receipt requested,
or, if available, by facsimile (transmission confirmation received, with a confirming copy given by regular mail) addressed as
follows:

 

(i)       If
to the Trustee:

 

The Bank of New York Mellon

2 Hanson Place

9th Floor

Brooklyn, New York 11217

Attn: ETF Services, Brooklyn

Telephone: (718) 315-5013

Facsimile: (718) 315-4850 

E-Mail: etfservicescom@bnymellon.com

 

     

     

    

 

(ii)       If
to the Sponsor:

 

GraniteShares LLC

30 Vesey Street

9th Floor

New York, New York 10007

Attn: President

Telephone: (917) 338-0565

E-Mail: benoit.autier@graniteshares.com

 

(iii)       if
to the Authorized Participant:

 

[Name of Authorized Participant]

[Address] 

	 	Telephone:	 	 

	 	Facsimile:	 	 

	 	E-Mail:	 	 

 

or such other address as any of the parties
hereto shall have communicated in writing to the remaining parties in compliance with the provisions hereof. Notice shall be deemed
received as indicated by the delivery confirmation (if delivery is by overnight courier or facsimile) or on the third Business
Day following mailing (if delivery is by registered or certified United States first class mail).

 

Section
7.          Effectiveness, Termination and Amendment. This Agreement shall become effective upon execution and delivery
by each of the parties hereto. This Agreement may be terminated at any time by any party upon sixty (60) days prior written notice
to the other parties and may be terminated earlier by the Trustee or the Sponsor at any time on the event of a breach by the Authorized
Participant of any provision of this Agreement (including, without limitation, the Standard Terms incorporated by Section 2
hereof) or the Procedures. This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersedes
any prior agreement between or among the parties concerning the matters governed hereby. This Agreement may be amended by the Trustee
and the Sponsor from time to time without the consent of the Authorized Participant or any Registered Owner or Beneficial Owner
by the following procedure: the Trustee or the Sponsor will deliver a copy of the amendment to the Authorized Participant in compliance
with the notice provisions of this Agreement; if the Authorized Participant does not object in writing to the amendment within
fifteen (15) Business Days after receipt of the proposed amendment, the amendment will become part of this Agreement in accordance
with its terms. Titles and section headings in this Agreement (and in the Standard Terms incorporated by Section 2 hereof
and the Procedures) are included solely for convenient reference and are not a part of this Agreement. Notwithstanding anything
in this Agreement to the contrary, Schedule A to this Agreement may be updated from time to time by the Sponsor’s
delivery of an updated Schedule A to the Authorized Participant and the Trustee using the facsimile or electronic mail contact
information provided for in Section 6 hereof or such other facsimile or electronic mail contact information as has been
communicated to the Sponsor pursuant to Section 6 hereof. Any updated Schedule A to this Agreement shall be effective upon
its receipt by the Authorized Participant and the Trustee.

 

     

     

    

 

Section
8.          Governing Law. This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance
with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict law
principles) as to all matters, including, without limitation, matters of validity, construction, effect, performance and remedies.
The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in
New York City over any suit, action or proceeding arising out of, or relating to, this Agreement.

 

Section
9.          Assignment. No party to this Agreement shall assign any rights, or delegate the performance of any obligations,
arising hereunder without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided
that any entity into which a party hereto may be merged or converted, or with which it may be consolidated, or any entity resulting
from any merger, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party
hereunder without further action. The party resulting from any such merger, conversion, consolidation or succession shall promptly
notify the other parties hereto of the change. Any purported assignment or delegation in violation of this Section 9 shall
be null and void. Notwithstanding the foregoing, any successor Trustee appointed in compliance with the applicable Trust Agreement
shall automatically become a party hereto and shall assume all the obligations of, and be entitled to all the rights and remedies
of, the Trustee hereunder with respect to the applicable Trust.

 

Section
10.          No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rule of strict construction will be applied against any party.

 

Section
11.          Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and
all of which shall constitute but one and the same instrument.

 

[Signatures Follow on Next Page]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Authorized Participant Agreement as of the date set forth above.

 

THE BANK OF NEW YORK MELLON,

in its capacity as Trustee of the Trusts listed on Schedule
A hereto

 

	By:	 	 

Name:

Title:    

 

GRANITESHARES LLC,

in its capacity as Sponsor of the Trusts listed on Schedule
A hereto

 

	By:	 	 

Name:

Title:

 

[Name of Authorized Participant],

in its capacity as an Authorized Participant of the Trusts listed
on Schedule A hereto

 

	By:	 	 

Name:

Title:

 

     

     

    

 

SCHEDULE A – APPLICABLE TRUSTS

 

		●	GraniteShares Gold Trust, a trust created under New York
law pursuant to that certain Depositary Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor,
as may be amended from time to time.

		●	GraniteShares Silver Trust, a trust created under New
York law pursuant to that certain Depositary Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor,
as may be amended from time to time.

		●	GraniteShares Platinum Trust, a trust created under New
York law pursuant to that certain Depositary Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor,
as may be amended from time to time.

		●	GraniteShares Palladium Trust, a trust created under
New York law pursuant to that certain Depositary Trust Agreement dated as of _____________, 2017, between the Trustee and the
Sponsor, as may be amended from time to time.

 

DELIVERY LOCATIONS, BASKET SIZES

AND BULLION OUNCES PER SHARE

 

Description of Delivery and Basket Sizes:

 

	 	 	Delivery of Bullion	 	Shares Per Basket	 	Oz. per Share at Inception
	GraniteShares Gold Shares	 	Loco London	 	10,000	 	0.1
	 	 	 	 	 	 	 
	GraniteShares Silver Shares	 	Loco London	 	50,000	 	1.0
	 	 	 	 	 	 	 
	GraniteShares Platinum Shares	 	Loco London	 	15,000	 	0.1
	 	 	 	 	 	 	 
	GraniteShares Palladium Shares	 	Loco London	 	15,000	 	0.1

 

     

     

    

 

SCHEDULE 1- CREATION AND REDEMPTION PROCEDURES

 

TABLE OF CONTENTS - SCHEDULE 1

 

	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 
	Section 1.01 Definitions	1
	Section 1.02 Interpretation	5
	 	 
	ARTICLE II CREATION PROCEDURES	 
	Section 2.0 Initial Creation of Shares	6
	Section 2.02 Subsequent Creation of Shares	6
	 	 
	ARTICLE III REDEMPTION PROCEDURES	 
	Section 3.01 Redemption of Shares	9
	 	 
	ANNEX I TO CREATION AND REDEMPTION PROCEDURES	 
	Creation/Redemption Order Form	14
	 	 
	ANNEX II TO CREATION AND REDEMPTION PROCEDURES	 
	Order Entry System Terms and Conditions	16

 

     

     

    

 

CREATION AND REDEMPTION PROCEDURES

 

Adopted by the Sponsor and Trustee (each
as defined below) as of ___________, 2017

 

ARTICLE I

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.01. Definitions.
For purposes of these Procedures, and the Standard Terms incorporated by reference into the Authorized Participant Agreement to
which these Procedures are attached, unless the context otherwise requires, the following terms will have the following meanings:

 

“Affiliate” shall have
the meaning given to it by Rule 501(b) under the Securities Act.

 

“AP Indemnified Party”
shall have the meaning ascribed to such term in Section 6.01(a) of the Standard Terms.

 

“Authorized Participant”
shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant Agreement.

 

“Authorized Participant Agreement”
shall mean each Authorized Participant Agreement among the Authorized Participant, the Trustee and the Sponsor authorizing the
Authorized Participant to submit Purchase Orders and Redemption Orders and into which these Procedures, attached as Schedule I
thereto, and the Standard Terms, attached as Schedule 2 thereto, shall have been incorporated by reference.

 

“Authorized Participant Client”
means any party on whose behalf the Authorized Participant acts in connection with an Order (whether a customer or otherwise).

 

“Authorized Representative”
shall mean, with respect to an Authorized Participant, each individual who, pursuant to the provisions of the Authorized Participant
Agreement between such Authorized Participant, the Sponsor and the Trustee, has the power and authority to act on behalf of the
Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is in possession of the personal
identification number (PIN) assigned by the Trustee for use in any communications regarding Purchase Orders or Redemption Orders
on behalf of such Authorized Participant.

 

“Basket” shall have
the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Basket Amount” meaning
the specific amount of Bullion defined in Section 1.1 of the relevant Trust Agreement.

 

“Benchmark Price” shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

    1 

     

    

 

“Beneficial Owner” shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Bullion” means Gold,
Silver, Platinum or Palladium, as appropriate.

 

“Business Day” shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Creation” means the
process that begins when an Authorized Participant first indicates to the Trustee its intention to purchase one or more Baskets
of a specified Trust pursuant to these Procedures and concludes with the issuance by the Trustee and Delivery to such Authorized
Participant of the corresponding number of Shares of such Trust.

 

“Creation and Redemption Line”
shall mean a telephone number designated as such by the Trustee and specified in Annex I of the Procedures or otherwise
communicated to each Authorized Participant in compliance with the notice provisions of the respective Authorized Participant Agreement.

 

“Custodian” shall have
the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Custody Agreement”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Delivery” shall mean
a delivery of Bullion or Shares, as applicable, in each case effected according to the definition of “Delivery”
in Section 1.1 of the relevant Trust Agreement.

 

“Depositor” shall mean
any Authorized Participant that deposits Bullion into the relevant Trust, either for its own account or on behalf of another Person
that is the owner or beneficial owner of that Bullion.

 

“Deposit Property” means
property which, in compliance with the provisions of the relevant Trust Agreement, must be transferred by the Authorized Participant
to the relevant Trust in exchange for such Trust’s Shares.

 

“DTC” shall mean The
Depository Trust Company, its nominees and their respective successors.

 

“DTC Participant” shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“Gold” or “gold”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement for the GraniteShares Gold Trust relating to
gold.

 

    2 

     

    

 

“Initial Creation” shall
mean the initial creation of Shares pursuant to the provisions of Section 2.01 hereof.

 

“LBMA” shall mean the
London Bullion Market Association or its successor.

 

“LBMA London Good Delivery Standards”
shall mean the specifications for “good delivery” gold and silver bars, including the specifications for weight, dimensions,
fineness (or purity), identifying marks and appearance of gold and silver bars, set forth in “The Good Delivery Rules for
Gold and Silver Bars” published by the LBMA.

 

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

 

“LPPM” shall mean the
London Platinum and Palladium Market or its successor.

 

“LPPM Good Delivery Standards”
shall mean the specifications for “good delivery” platinum and palladium plates and ingots, including the specifications
for weight, fineness (or purity), identifying marks and appearance of platinum and palladium plates and ingots, set forth in “The
Good Delivery Rules for Platinum and Palladium Plates and Ingots published by the LPPM.

 

“Order” shall have the
meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Order Cutoff Time”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Order Date” shall have,
(i) with respect to a Purchase Order, the meaning ascribed to the term in Section 2.3(a) of the relevant Trust Agreement; and (ii)
with respect to a Redemption Order, the meaning ascribed to the term in Section 2.6(a) of the relevant Trust Agreement.

 

“Ounce” shall have the
meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Palladium” shall have
the meaning ascribed to the term in Section 1.1 of the Trust Agreement of the GraniteShares Palladium Trust relating to palladium.

 

“Person” shall mean
any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company,
trust, unincorporated organization or other entity or government or any agency or political subdivision thereof.

 

“Platinum” shall have
the meaning ascribed to the term in Section 1.1 of the Trust Agreement of the GraniteShares Platinum Trust relating to platinum.

 

“Procedures” shall have
the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

    3 

     

    

 

“Prospectus” or “Prospectuses”
means the current prospectus of the relevant Trust included in its effective registration statement, as supplemented or amended
from time to time.

 

“Purchase Order” shall
have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Redemption Order” shall
have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

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

 

“Shares” means shares
issued by the relevant Trust pursuant to the provisions of the relevant Trust Agreement.

 

“Sponsor” shall mean
GraniteShares LLC, a Delaware limited liability company, in its capacity as the sponsor of each Trust under the corresponding Trust
Agreement, and any successor thereto in compliance with the provisions thereof.

 

“Sponsor Indemnified Party”
shall have the meaning ascribed to such term in Section 6.01(b) of the Standard Terms.

 

“Standard Terms” shall
have the meaning ascribed to such term in Section 2 of the Authorized Participant Agreement.

 

“Transaction Fee” means
a fee of $500 to be paid by the Authorized Participant to the Trustee for each Purchase Order or Redemption Order. The fee may
be changed by the Trustee with the prior written consent of the Sponsor.

 

“Trustee” shall mean
The Bank of New York Mellon, a New York banking corporation, in its capacity as Trustee under each Trust Agreement, and any successor
thereto in compliance with the provisions thereof.

 

“Trust” or “Trusts”
shall have the meanings ascribed to them in the introductory paragraph of the Authorized Participant Agreement.

 

“Trust Agreement” or
“Trust Agreements” shall have the meanings ascribed to them in the introductory paragraph of the Authorized
Participant Agreement.

 

“Trust Allocated Account”
shall have the meaning ascribed to it in Section 1.1 of the relevant Trust Agreement.

 

“Trust Unallocated Account”
shall have the meaning ascribed to it in Section 1.1 of the relevant Trust Agreement.

 

“Unallocated Basis”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

    4 

     

    

 

“VAT” shall mean (a)
any tax imposed pursuant to or in compliance with the Sixth Directive of the Council of the European Economic Communities (77/388/EEC)
including, without limitation, in relation to the United Kingdom, value added tax imposed by-the Value Added Tax Act 1994 and legislation
and regulations supplemental thereto; and (b) any other tax of a similar nature, whether imposed in a member state of the European
Union or elsewhere, in substitution for, or levied in addition to, such tax referred to in “(a)”.

 

Section 1.02. Interpretation.
In these Procedures:

 

Unless otherwise indicated,
all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules or exhibits
in or to these Procedures.

 

To the extent that
term(s) defined in Section 1.01 apply to a Trust that has not commenced operations as of any relevant date and such Trust
is listed or to be listed on Schedule A of the Authorized Participant Agreement, such term(s) shall not be operative and any provisions
relating to such Trust and its Shares contained in the Authorized Participant Agreement shall have no effect until such Trust commences
operations and its applicable Trust Agreement and applicable Custody Agreements have been executed and delivered whereupon such
terms and provisions shall become automatically operative and effective without any further action by the parties to the Authorized
Participant Agreement.

 

The words “hereof”,
“herein”, “hereunder” and words of similar import shall refer to these Procedures as a whole, and not to
any individual provision in which such words may appear.

 

A reference to any
statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree,
rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time.

 

A reference to any agreement, instrument
or document shall be construed as a reference to such agreement, instrument or document as the same may have been amended from
time to time in compliance with the provisions thereof.

 

Section 1.03. Two
Day Settlement. For all Orders which are placed and accepted on or after such day (the “Effective Date”)
as the settlement cycle for most broker-dealer securities transactions is changed from a three business day settlement cycle to
a two business day settlement cycle (such change is currently scheduled to occur on September 5, 2017), all actions to be performed
by, and all actions to be performed on, the third Business Day after the applicable Order Date in these Procedures shall, on and
after the Effective Date, be performed by, or performed on, the second Business Day after the applicable Order Date. All Orders
which are placed and accepted prior to the Effective Date are not subject to this provision.

 

    5 

     

    

 

ARTICLE II

CREATION PROCEDURES

 

Section 2.01. Initial
Creation of Shares. The initial creation of Shares of a Trust will take place in compliance with such procedures as the Trustee,
the Sponsor and the initial Depositor may agree.

 

Section 2.02. Subsequent
Creation of Shares. After the Initial Creation, the issuance and Delivery of Shares of a specified Trust shall take place only
in integral numbers of Baskets in compliance with the following rules:

 

a.       Authorized
Participants wishing to acquire from the Trustee one or more Baskets shall place a Purchase Order with the Trustee no later than
3:59:59 p.m. (New York time) on any Business Day on which the Benchmark price is announced. Purchase Orders received by the Trustee
on or after the Order Cutoff Time on a Business Day, or on a Business Day on which the Benchmark Price is not announced, will not
be accepted.

 

b.       For
purposes of Section 2.02a. above, a Purchase Order shall be deemed “received” by the Trustee only when either
of the following has occurred no later than 3:59:59 p.m. (New York time):

 

(i)       Telephone/fax
Order — An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line
and has received an Order Number from the Trustee for insertion in the Purchase Order, or

 

(ii)       Web-based
Order — An Authorized Representative shall have accessed the Trustee’s online services (https://inform.bnymellon.com),
the use of which is subject to the terms and conditions of the Order Entry System Terms and Conditions set forth on Annex II
to these Procedures,

 

in either case informing the Trustee that
the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets and, in the case of a telephone order,
within 15 minutes following such telephone call, the Trustee shall have received a properly completed, irrevocable Purchase Order
in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant,
via facsimile at the number specified in such Annex I.

 

c.       The
Trustee shall provide a written summary to the Sponsor and the Custodian of all accepted Purchase Orders for such Order Date no
later than 5:30 p.m. (New York time).

 

    6 

     

    

 

d.       As
soon as reasonably practicable following receipt of a properly completed Purchase Order but not later than 5:30 p.m. (New York
time) on the Order Date for such Purchase Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian),
via facsimile or electronic mail message, a copy of the corresponding Purchase Order endorsed “Accepted” by the Trustee
and indicating the Basket Amount that the Authorized Participant shall Deliver to the Custodian in respect of each Basket. Prior
to the transmission of the Trustee’s acceptance as specified above, a Purchase Order will only represent the Authorized Participant’s
unilateral offer to deposit Bullion in exchange for Baskets and will have no binding effect upon the relevant Trust or any other
party. Following the transmission of the Trustee’s acceptance as specified above, a Purchase Order will be a binding agreement
among the relevant Trust and the Authorized Participant for the creation and purchase of Baskets and the deposit of Bullion pursuant
to the terms of the Purchase Order and these Procedures. If a Purchase Order is rejected, the Trustee shall send to the Authorized
Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not
later than 5:30 p.m. (New York time) on the Order Date for such Purchase Order, a copy of the corresponding Purchase Order endorsed
“Declined” by the Trustee and indicating the reason. The preceding sentence notwithstanding, Purchase Orders not accepted
by 5:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Purchase Order which is not properly completed will
be deemed invalid and rejected by the Trustee; the Authorized Participant may submit a corrected Purchase Order within the time
period specified in Section 1.09 of the Standard Terms, currently within fifteen (15) minutes of such contact with the Authorized
Participant, provided that the corrected Purchase Order is received by the Trustee prior to the Order Cutoff Time.

 

e.       Each
Purchase Order shall settle on the third Business Day following the Order Date. The Basket Amount corresponding to each Basket
must be deposited in the Trust Unallocated Account in unallocated Bullion loco London no later than 10:00 a.m. (London time) on
the third Business Day following the Order Date. The Authorized Participant shall bear all risk of any loss until the Bullion is
credited to the relevant Trust Unallocated Account.

 

f.       The
Custodian shall advise the Trustee in writing of the deposits made to the relevant Trust Allocated Account in connection with each
Purchase Order. Upon receipt of such advice, the Trustee shall determine whether a deposit of Bullion required to be made pursuant
to Section 2.02e. above has not been noted as deposited in the relevant Trust Unallocated Account. In such event, the Trustee
shall, by the Trustee’s close of business on the third Business Day following the Order Date, (i) send to the Custodian,
via electronic mail message, a request that the Custodian confirm that the Custodian did not receive the anticipated deposit of
Bullion, and (ii) send to the Authorized Participant whose deposit was not received, via facsimile at the facsimile number specified
by the Authorized Participant in the Purchase Order, a concurrent copy of such request.

 

g.       On
the third Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date and time as the Trustee
in its absolute discretion may agree with the Authorized Participant, the Trustee shall issue the aggregate number of Shares corresponding
to the Baskets ordered by the Authorized Participant and Deliver them, by credit to the account at DTC which the Authorized Participant
shall have identified for such purpose in its Purchase Order, provided that, by 1:00 p.m. (New York time) on the date such issuance
and Delivery is to take place:

 

(i)       the
Custodian shall have reported in writing to the Trustee that the corresponding required amount of Bullion has been deposited in
the Trust Unallocated Account in compliance with the provisions of Section 2.02e, above;

 

(ii)       the
Custodian shall have reported in writing to the Trustee that the corresponding required amount of Bullion has been allocated to
the Trust Allocated Account (other than up to 430 Ounces of Gold, 1,100 Ounces of Silver and 192 Ounces of Platinum and Palladium
held on an Unallocated Basis) and the Custodian is holding that Bullion for the account of the Trust;

 

    7 

     

    

 

(iii)       the
Trustee shall have received from the Authorized Participant the applicable Transaction Fee;

 

(iv)       the
Authorized Participant shall have paid or agreed to pay, or reimbursed or agreed to reimburse the Custodian, the Trustee or the
relevant Trust for, the amount of any applicable taxes (including, without limitation, any VAT), governmental charges and fees
which are or become due in connection with the Delivery of Bullion to the Custodian and the issuance and Delivery of Shares to
the Authorized Participant; and

 

(v)       any other
conditions to the issuance of Shares under the Trust Agreement shall have been satisfied.

 

h.       In
all other cases, the Trustee shall issue the aggregate number of Shares corresponding to the Baskets ordered by the Authorized
Participant and Deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose
in its Purchase Order on the Business Day following the date on which all of the conditions set forth in clauses (1), (ii), (iii),
(iv) and (v) of Section 2.02g. above shall have been met. In the event that, by 10:00 a.m. (New York time) on the third
Business Day following the Order Date of a Purchase Order, the relevant Trust Unallocated Account shall not have been credited
with the required amount of Bullion in compliance with the provisions of Section 2.02e. above, the Trustee shall send to
the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant
shall have two (2) Business Days following receipt of such notice to correct such failure. If such failure is not cured within
such two (2) Business Day period, the Trustee shall, unless the Sponsor shall otherwise direct, cancel such Purchase Order and
will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the
Authorized Participant will be solely responsible for all damages, losses, costs and expenses incurred by the relevant Trust, the
Sponsor, the Trustee or the Custodian related to the cancelled Order.

 

i       The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Shares in respect of a Purchase Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
the relevant Trust, the Trustee, the Custodian or sub-custodian and similar extraordinary events beyond the Custodian’s or
the Trustee’s reasonable control. In the event of any such delay, the time to complete Delivery in respect of a Purchase
Order will be extended for a period equal to that during which the inability to perform continues as determined by the Trustee
in its sole discretion.

 

    8 

     

    

 

j.       Except
as provided in Sections 2.02d., 2.02f., 2.02h. and the Standard Terms, none of the Trustee, the Sponsor or
the Custodian is under any duty to give notification of any defects or irregularities in any Purchase Order or the delivery of
the Basket Amount, and shall not incur any liability for the failure to give any such notification.

 

k.       The
Creation of Shares may he suspended or rejected under the circumstances specified in the relevant Trust Agreement, these Procedures
or the Standard Terms.

 

ARTICLE III

REDEMPTION PROCEDURES

 

Section 3.01. Redemption
of Shares. Redemption of Shares of a specified Trust shall take place only in integral numbers of Baskets in compliance with
the following rules:

 

a.        Authorized
Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Trustee no later than 3:59:59 p.m. (New
York time) on any Business Day on which the Benchmark Price is announced. Redemption Orders received by the Trustee on or after
the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will not be accepted.

 

b.        For
purposes of Section 3.01a. above, a Redemption Order shall be deemed “received” by the Trustee only when either
of the following has occurred no later than 3:59:59 p.m. (New York time):

 

(i)       Telephone/fax
Order — An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line
and has received an Order Number from the Trustee for insertion in the Redemption Order, or

 

(ii)       Web-based
Order — An Authorized Representative shall have accessed the Trustee’s online services (https://inform.bnymellon.corn),
the use of which is subject to the terms and conditions of the Order Entry System Terms and Conditions set forth on Annex II
to these Procedures,

 

in either case informing the Trustee that
the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets and, in the case of a telephone
order, within 15 minutes following such telephone call, the Trustee shall have received a duly completed, irrevocable Redemption
Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant,
via facsimile at the number specified in such Annex I.

 

c.        The
Trustee shall provide a written summary to the Sponsor and the Custodian of all accepted Redemption Orders for such Order Date
no later than 5:30 p.m. (New York time).

 

    9 

     

    

 

d.       Upon
receipt of a properly completed Redemption Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian),
via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the
Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed “Accepted” by the Trustee
and indicating the Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being
redeemed. Prior to the transmission of the Trustee’s acceptance as specified above, a Redemption Order will only represent
the Authorized Participant’s unilateral offer to deposit Baskets in exchange for a Delivery of Bullion and will have no binding
effect upon the relevant Trust or any other party. Following the transmission of the Trustee’s acceptance as specified above,
a Redemption Order will be a binding agreement among the relevant Trust and the Authorized Participant for the redemption of Baskets
and the Delivery of Bullion pursuant to the terms of the Redemption Order and these Procedures. If a Redemption Order is rejected,
the Trustee shalt send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as
soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Redemption Order, a copy
of the corresponding Redemption Order endorsed “Declined” by the Trustee and indicating the reason. The preceding sentence
notwithstanding, Redemption Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Redemption
Order which is not properly completed will be deemed invalid and rejected by the Trustee; the Authorized Participant may submit
a corrected Redemption Order within the time period specified in Section 1.09 of the Standard Terms, currently within fifteen (15)
minutes of such contact with the Authorized Participant, provided that the corrected Redemption Order is received by the Trustee
prior to the Order Cutoff Time.

 

e.       The
Trustee shall, by 10:00 a.m. (New York Time) on the third Business Day following the Order Date of a Redemption Order, confirm
in writing to the Custodian whether each of the following has occurred:

 

(i)       the
Authorized Participant has Delivered by 10:00 a.m. on the third Business Day following the Order Date to the Trustee’s account
at DTC the total number of Shares to be redeemed by such Authorized Participant pursuant to such Redemption Order;

 

(ii)       the
Trustee shall have received from the Authorized Participant the applicable Transaction Fee;

 

(iii)       the
Authorized Participant shall have paid or agreed to pay, or reimbursed or agreed to reimburse the Custodian, the Trustee or the
relevant Trust for, the amount of any applicable taxes (including, without limitation, any VAT), governmental charges and fees
which are or become due in connection with the Delivery of Shares to the Trustee and the Delivery of Bullion to the Authorized
Participant, as well as any expense associated with the Delivery of Bullion to the Authorized Participant other than by a credit
to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis; and

 

(iv)       any
other conditions to the redemption of Shares under the Trust Agreement shall have been satisfied.

 

    10 

     

    

 

Provided that the Custodian has received
written confirmation from the Trustee that the conditions set forth in clauses (i), (ii), (iii) and (iv) of Section 3.01e.
above have been satisfied, the Custodian shall, on such day, Deliver, as applicable to the specific Redemption Order:

 

-          unallocated
Gold loco London;

-          unallocated
Silver loco London;

-          unallocated
Platinum loco London; or

-          unallocated
Palladium loco London

 

in the amounts specified in the communication
sent in compliance with Section 3.01d. above to the account indicated by the redeeming Authorized Participant in its Redemption
Order (which shall be an appropriate Bullion account in London with the Custodian or another LPMCL clearing bank. Having made such
Delivery, the Custodian shall send written confirmation thereof to the Trustee who shall then cancel the Shares so redeemed. The
Authorized Participant shall bear all risk of any loss from the time the Bullion is transferred from the relevant Trust Unallocated
Account to the account of the Authorized Participant maintained on an Unallocated Basis.

 

f.       In
all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable
following receipt of written confirmation from the Trustee that the conditions set forth in clauses (i), (ii), (iii) and (iv) of
Section 3.01e. above have been satisfied.

 

g.       The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Bullion in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
a Trust, the Trustee, the Custodian or sub-custodian and similar extraordinary events beyond the Custodian’s and the Trustee’s
reasonable control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended
for a period equal to that during which the inability to perform continues as determined by the Trustee in its sole discretion.

 

h.       In
the event that, by 10:00 a.m. (New York time) on the third Business Day following the Order Date of a Redemption Order, the Trustee’s
account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be
redeemed pursuant to such Redemption Order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic
mail message notice of such fact and the Authorized Participant shall have one (1) Business Day following receipt of such notice
to correct such failure. If such failure is not cured within such one (1) Business Day period, the Trustee (in consultation with
the Sponsor) will cancel such Redemption Order and will send via electronic mail message notice of such cancellation to the Authorized
Participant and the Custodian. The Authorized Participant will be solely responsible for all damages, losses, costs and expenses
incurred by the relevant Trust, the Sponsor, the Trustee or the Custodian related to the cancelled Redemption Order.

 

    11 

     

    

 

i.        The
redemption of Shares may be suspended or rejected under the circumstances specified in the relevant Trust Agreement, these Procedures
or the Standard Terms.

 

j.        Except
as provided in Sections 3.02d., 3.02h. and the Standard Terms, none of the Trustee, the Sponsor or the Custodian
are under any duty to give notification of any defects or irregularities in any Redemption Order or the Delivery of the Shares,
and shall not incur any liability for the failure to give any such notification.

 

[Signatures Follow on Next Page]

 

    12 

     

    

 

IN WITNESS WHEREOF,
the Sponsor and the Trustee have executed these Creation and Redemption Procedures as of the date set forth above.

 

THE BANK OF NEW YORK MELLON,

in its capacity as Trustee of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement

 

	By:	 	 

Name:

Title:

 

GRANITESHARES LLC,

in its capacity as Sponsor of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement

 

	By:	 	 

Name:

Title:

 

    13 

     

    

 

ANNEX I TO CREATION AND REDEMPTION PROCEDURES

 

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

UNALLOCATED ORDERS ONLY

 

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number:        (          )          -

Fax order number:        (          )          -

 

Authorized Participant must complete all
items in Part I. The Trustee shall reject any order not submitted in proper form.

 

I. TO BE COMPLETED BY AUTHORIZED PARTICIPANT:

 

Name of Trust:          _____________________________________

 

	Date:	 	 	Time:	 	 

 

	Authorized Participant Firm Name:	 

	DTC Participant Number:	 	 	Fax Number:	 

	Telephone Number:	 	 	Symbol:	 

 

Type of order (Check Creation or Redemption please)

 

	Creation:	 	 	Redemption:	 	 

 

	# of Baskets:	 	 	Number of Baskets written out:	 

 

Order #________________________

 

Please indicate Bullion clearing agent:

 

________ Check if ICBC Standard Bank Plc 

 

________ Other (please specify clearing agent): ___________

 

Account number for loco London Bullion delivery:______________________

 

This Purchase or Redemption Order is subject
to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently in effect and the Authorized Participant
Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of
the Authorized Participant set forth in the Trust Agreement (including, if this is a Purchase Order, the representations in Section
3.2 of the Trust Agreement) and in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate
as of the date hereof.

 

     14

     

    

 

The undersigned does hereby certify as
of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she
is authorized to deliver this Purchase or Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized
Participant acknowledges and agrees that (l) once accepted by the Trustee, this Purchase or Redemption Order will become a legally
binding contract for the delivery of the Basket Amount per Basket, or the number of Baskets, indicated above, and that the final
Basket Amount will be announced at the conclusion of the trading day and, (2) any taxes (including Value Added Taxes) incurred
in connection with this transaction will be the responsibility of, and will be reimbursed upon demand from the Custodian, the
Trustee or the Trust by, the Authorized Participant.

 

 

	 	 	 	 
	Authorized Representative’s Signature	 	Date	 

 

II. TO BE COMPLETED BY TRUSTEE:

 

This certifies that the above order has been:

 

	 	Accepted by the Trustee

 

	 	Declined-Reason:	 
	 	 	 

 

	Final # of Ounces:	 	 	Final # of Shares:	 	 

 

	Final Cash Due to BNYM	 	 

	 	 	 	 	 
	 	 	 	 	 
	Date	 	Time	 	Authorized Signature of Trustee

 

     15

     

    

 

ANNEX II TO CREATION AND REDEMPTION PROCEDURES

 

ORDER ENTRY SYSTEM TERMS AND CONDITIONS

 

This Annex II shall
govern use by Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders for
Shares (the “System”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed
to such terms in Schedule I of the Authorized Participant Agreement. In the event of any conflict between the terms of this Annex
II and Section 1 of the Authorized Participant Agreement with respect to the placing of Purchase Orders and Redemption Orders,
the terms of this Annex II shall control.

 

1.       (a)
Authorized Participant shall provide to The Bank of New York Mellon a duly executed authorization letter, in a form satisfactory
to The Bank of New York Mellon, identifying those authorized persons who will access the System (the “Authorized Persons”).
Authorized Participant shall notify The Bank of New York Mellon in writing in the event that any person’s status as an Authorized
Person is revoked or terminated as soon as possible, in order to give The Bank of New York Mellon a reasonable opportunity to terminate
such Authorized Person’s access to the System.

 

(b) It is understood
and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for the purpose of the
Authorized Participant Agreement. Upon termination of the Authorized Participant Agreement, the Authorized Participant’s
and each Authorized Person’s access rights with respect to System shall be immediately revoked.

 

2.       The
Bank of New York Mellon grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System
solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with The Bank of New York
Mellon in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business
purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the
System. Authorized Participant acknowledges that The Bank of New York Mellon and its suppliers retain and have title and exclusive
proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted
or trademarked (or a registration or claim made therefor) by The Bank of New York Mellon or its suppliers. Authorized Participant
shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may,
not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or
entity without The Bank of New York Mellon’s prior written consent. Authorized Participant may not remove any statutory copyright
notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction of any
portion of the System and shall add any statutory copyright notice or other notice upon The Bank of New York Mellon’s request.

 

     16

     

    

 

3.       (a)
Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively,
the “Material”), which is delivered or made available to Authorized Participant regarding the System is the
exclusive and confidential property of The Bank of New York Mellon. Authorized Participant shall keep the Material confidential
by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade
secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably
necessary for Authorized Participant to use the System and shall reproduce The Bank of New York Mellon’s proprietary markings
on any. such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may
be copyrighted and shall apply to all Material whether or not copyrighted. THE BANK OF NEW YORK MELLON AND ITS SUPPLIERS MAKE NO
WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE.

 

(b) Upon termination
of the Authorized Participant Agreement for any reason, Authorized Participant shall return to The Bank of New York Mellon all
copies of the Material which is in Authorized Participant’s possession or under its control.

 

4.       Authorized
Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords
and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of The Bank
of New York Mellon. The Bank of New York Mellon shall be entitled to rely on the information received by it from the Authorized
Participant and The Bank of New York Mellon may assume that all such information was transmitted by or on behalf of an Authorized
Person regardless of by whom it was actually transmitted.

 

5.       The
Bank of New York Mellon shall have no liability in connection with the use of the System, the access granted to the Authorized
Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant
hereunder, except for damages incurred by the Authorized Participant as a direct result of The Bank of New York Mellon’s
gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT
SHALL THE BANK OF NEW YORK MELLON OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR
ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING
ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER, OR ANY
TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE BANK OF NEW YORK MELLON OR SUCH
MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK MELLON OR ANY SUCH
MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF
COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON’S REASONABLE CONTROL.

 

     17

     

    

 

6.       The
Bank of New York Mellon reserves the right to revoke Authorized Participant’s access to the System immediately and without
notice upon any breach by the Authorized Participant of the terms and conditions of this Annex II.

 

7.       The
Bank of New York Mellon shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated
through the System, and in the absence of such acknowledgment The Bank of New York Mellon shall not be liable for any failure to
act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was received
by The Bank of New York Mellon. The Bank of New York Mellon may in its discretion decline to act upon any instructions or communications
that are insufficient or incomplete or are not received by The Bank of New York Mellon in sufficient time for The Bank of New York
Mellon to act upon, or in accordance with, such instructions or communications.

 

8.       Authorized
Participant agrees to use reasonable efforts to prevent the transmission through the System of any software or file which contains
any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or
attempt to interfere with the proper working of the System.

 

9.       Authorized
Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all
data. Authorized Participant agrees that The Bank of New York Mellon may deactivate any encryption features at any time, without
notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

 

     18

     

    

 

SCHEDULE 2

 

STANDARD TERMS FOR AUTHORIZED PARTICIPANT
AGREEMENTS

 

	ARTICLE I ORDERS FOR PURCHASE
    AND REDEMPTION	 
	Section
    1.01 Authorization to Purchase and Redeem Baskets	1
	Section
    1.02 Procedures for Orders	1
	Section
    1.03 Consent to Recording	1
	Section
    1.04 Irrevocability	1
	Section
    1.05 Costs and Expenses	2
	Section
    1.06 Delivery of Property to the Trust and Shares Surrendered for Redemption	2
	Section
    1.07 Title to Deposit Property and Shares Surrendered for Redemption	2
	Section
    1.08 Certain Payments or Distributions	3
	Section
    1.09 Ambiguous Instructions	4
	 	 
	ARTICLE II AUTHORIZED REPRESENTATIVES	 
	Section
    2.01 Certification	4
	Section
    2.02 PIN Numbers	5
	Section
    2.03 Termination of Authority	5
	Section
    2.04 Verification	5
	 	 
	ARTICLE III STATUS OF THE AUTHORIZED PARTICIPANT	 
	Section
    3.01 Clearing Status	5
	Section
    3.02 Broker-Dealer Status	6
	Section
    3.03 Foreign Status	6
	Section
    3.04 Compliance with Certain Laws	6
	Section
    3.05 Authorized Participant Status	6
	 	 
	ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT	 
	Section
    4.01 No Agency	7
	Section
    4.02 Rights and Obligations of DTC Participant	7
	Section
    4.03 Beneficial Owner Communications	7
	Section
    4.04 Authorized Participant Customer Information	7
	 	 
	ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS
    AND WARRANTIES	 
	Section
    501 Authorized Participant’s Representation	8
	Section
    5.02 Prospectus	8
	 	 
	ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY	 
	Section
    6.01 Indemnification	9
	 	 
	ARTICLE VII MISCELLANEOUS	 
	Section
    7.01 Commencement of Trading	11
	Section
    7.02 Defined Terms	11
	Section
    7.03 Third Party Beneficiaries	11

 

     

     

    

 

These STANDARD TERMS
FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) are agreed to as of ____________, 2017, by and
between The Bank of New York Mellon, a New York banking corporation, as trustee for the Trust(s) listed on Schedule A attached
to the Authorized Participant Agreement (the “Trustee”), and GraniteShares LLC, a Delaware limited liability,
company, as sponsor for the Trust(s) listed on Schedule A attached to the Authorized Participant Agreement (the “Sponsor”).

 

ARTICLE I

ORDERS FOR PURCHASE AND REDEMPTION

 

Section 1.01. Authorization
to Purchase and Redeem Baskets. Subject to the provisions of the Authorized Participant Agreement, during the term of the Authorized
Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets in compliance with the provisions
of the applicable Trust Agreement, the Procedures and these Standard Terms.

 

Section 1.02. Procedures
for Orders. Each party hereto agrees to comply with the provisions of the applicable Trust Agreement, the Procedures and these
Standard Terms to the extent applicable to it.

 

Section 1.03. Consent
to Recording. The phone lines used by the Trustee, the Custodian, the Sponsor and/or their affiliated persons may be recorded,
and the Authorized Participant hereby consents to the recording of all calls with any of those parties. In the event that the Trustee,
the Custodian, the Sponsor or any of their affiliated persons becomes legally compelled to disclose to any third party any recording
involving communications with the Authorized Participant, the Sponsor agrees to provide the Authorized Participant with reasonable
advance written notice identifying the recordings to be so disclosed unless prohibited by applicable rule, law or order, together
with copies of such recordings, so that the Authorized Participant may seek a protective order or other appropriate remedy with
respect to the recordings or waive its right to do so. In the event that such protective order or other remedy is not obtained
or the Authorized Participant waives its right to seek such protective order or remedy, the Sponsor will use commercially reasonable
efforts to obtain reliable assurance that confidential treatment will be accorded the recorded conversation. The Trustee, the Sponsor
or any of their affiliated persons shall not otherwise disclose to any third party any recording involving communications with
the Authorized Participant without the Authorized Participant’s express written consent, except that the Trustee and the
Sponsor may disclose to any regulatory or self-regulatory organization, to the extent required by applicable rule or law, any recording
involving communications with the Authorized Participant.

 

Section 1.04. Irrevocability.
The Authorized Participant agrees that delivery to the Trustee of an Order shall be irrevocable; provided that the Trustee will
reject any Order that is not properly completed. In the event that the purchase or redemption of Baskets is suspended by the Trustee
or the Sponsor and such suspension affects any Order submitted by the Authorized Participant, the Trustee or Sponsor, as applicable,
will promptly notify the Authorized Participant of such suspension. In such case, the Sponsor agrees to undertake commercially
reasonable efforts to accommodate any request by the Authorized Participant to cancel a previously placed Order, but the Sponsor
shall have no liability for the Trust’s inability to accommodate such a request.

 

    1 

     

    

 

Section 1.05. Costs
and Expenses. The Authorized Participant shall be responsible for the expenses and costs incurred by the Trust that can be
directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses and costs which are
reimbursed through payment of the fee contemplated in Section 2.02(g) of the Procedures. The Trustee or the Sponsor shall provide
the Authorized Participant with reasonably detailed information relating to such expenses and costs upon request by the Authorized
Participant.

 

Section 1.06. Delivery
of Property to the Trust and Shares Surrendered for Redemption. The Authorized Participant understands and agrees that in the
event Deposit Property is not transferred to the Trust by the time specified for the Purchase Order, or Shares are not delivered
to the Trustee by the time specified for the Redemption Order and, in each such case, in compliance with the relevant Trust Agreement,
the Procedures and these Standard Terms, the Purchase Order or Redemption Order may be cancelled by the Trustee and the Authorized
Participant will be solely responsible for all damages, losses, costs and expenses incurred by the Trust, the Sponsor, the Trustee
or the Custodian related to the cancelled Order. The Authorized Participant will not, however, be responsible for damages, losses,
costs and expenses incurred by the Trust, the Sponsor, the Trustee or the Custodian related to cancelled Orders to the extent the
failure to transfer Deposit Property to the Trust is due to the gross negligence, bad faith or willful misconduct of the Trustee,
the Sponsor or the Custodian. The foregoing provisions notwithstanding, the Authorized Participant shall not be liable for any
failure or delay in making Delivery of Bullion in respect of a Purchase Order or for any failure or delay in surrendering Shares
for redemption arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion,
riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy
and computer failures, acts of God, such as fires, floods, extreme weather conditions, market conditions or activities causing
trading halts, systems failures involving computer or other information systems affecting the Authorized Participant, or similar
extraordinary events beyond the Authorized Participant’s reasonable control. In the event of any such delay, the time to
complete Delivery in respect of a Purchase Order or Redemption Order will be extended for a period equal to that during which the
inability to perform continues as determined by the Trustee in its sole discretion. Upon the deposit of any Bullion, the Authorized
Participant as Depositor represents and warrants that (i) the Bullion represents the right to receive Bullion that meets the LBMA
London Good Delivery Standards or the LPPM Good Delivery Standards and otherwise meets the relevant requirements to be Bullion
and contains the required number of Ounces for the applicable Purchase Order, (ii) the Authorized Participant is duly authorized
to make such deposit of Bullion and (iii) at the time of Delivery, the Bullion is free and clear of any lien, pledge, encumbrance,
right, charge or claim.

 

Section 1.07. Title
to Deposit Property and Shares Surrendered for Redemption. The Authorized Participant represents and warrants to the Trustee
and the Sponsor that

 

a.       in
connection with each Purchase Order, the Authorized Participant will have the right and authority to transfer to the Trust the
corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian and/or the relevant sub-custodian
in accordance with the Procedures, the Trust will acquire good and unencumbered title to such Deposit Property, free and clear
of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability
restrictions, whether arising by operation of law or otherwise; and

 

    2 

     

    

 

b.       in
connection with a Redemption Order, the Authorized Participant will have the right and authority to surrender to the Trustee for
redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares,
free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse
claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities
lending agreements or other arrangements which, under such circumstances, would preclude the delivery of such Shares to the Trustee
in accordance with the Procedures.

 

Section 1.08. Certain
Payments or Distributions.

 

a.       With
respect to any Purchase Order, the Trustee acknowledges and agrees to return to the Authorized Participant, for its own benefit
or for the benefit of any Authorized Participant Client for which it is acting, any payment, distribution or other amount paid
to the Trust in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property
at the time of transfer, should have been paid to the Authorized Participant or any Authorized Participant Client. Likewise, the
Authorized Participant acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to the Authorized
Participant or any Authorized Participant Client in respect of any Deposit Property transferred to the Trust that, based on the
valuation of such Deposit Property at the time of transfer, should have been paid to the Trust.

 

b.       With
respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant Client acknowledges
and agrees to return to the Trust any payment, distribution or other amount paid to it or an Authorized Participant Client in respect
of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of
such property at the time of transfer, should have been paid to the Trust. The Trustee is entitled to reduce the amount of any
property due to the Authorized Participant or any Authorized Participant Client by an amount equal to any payment, distribution
or other amount to be paid to the Authorized Participant or to the Authorized Participant Client in respect of any property transferred
to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of
transfer, should be paid to the relevant Trust. If, however, the Trustee so reduces an amount of any property appropriately due
to the Authorized Participant, the Authorized Participant shall not be required to return to the relevant Trust payments, distributions
or other amounts equal to such reduction that has been paid to the Authorized Participant or the Authorized Participant Client
as is contemplated in the first sentence of this Section 1.08(b). Likewise, the Trustee acknowledges and agrees to return
to the Authorized Participant, for its benefit or for the benefit of any Authorized Participant Client for which it is acting,
any payment, distribution or other amount paid to it in respect of any Shares transferred to the relevant Trust that, based on
the valuation of such Shares at the time of transfer, should have been paid to the Authorized Participant or such Authorized Participant
Client.

 

    3 

     

    

 

Section 1.09. Ambiguous
Instructions. In the event that a Purchase Order or Redemption Order contains terms that differ from the information provided
in the related telephone call or email transmission, the Trustee will attempt to contact the Authorized Participant to request
confirmation of the terms of the Order at the telephone number indicated in the Purchase Order or Redemption Order. If an Authorized
Representative (as defined below) confirms the terms as they appear in the Purchase Order or Redemption Order, then the Order will
be accepted and processed. If an Authorized Representative contradicts the terms of the Purchase Order or Redemption Order, the
Order will be deemed invalid, and a corrected Purchase Order or Redemption Order must be received by the Trustee not later than
the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Representative or (ii) thirty (30) minutes after
the Order Cutoff Time. For the avoidance of doubt, notwithstanding the invalidation of the initial Purchase Order or Redemption
Order pursuant to this paragraph, a Purchase Order or Redemption Order that is otherwise in proper form shall be deemed submitted
at the time of its initial submission for purposes of determining when Orders are deemed “received.” If the Trustee
is not able to contact an Authorized Representative, then the Purchase Order or Redemption Order shall be accepted and processed
in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that a
Purchase Order or Redemption Order contains terms that are illegible, the submission will be deemed invalid and the Trustee will
attempt to contact the Authorized Participant to request retransmission. A corrected Purchase Order or Redemption Order must be
received by the Trustee within fifteen (15) minutes of such contact with the Authorized Participant, provided that the corrected
Purchase Order or Redemption Order is received by the Trustee prior to the Order Cutoff Time.

 

ARTICLE II

AUTHORIZED REPRESENTATIVES

 

Section 2.01. Certification.
Concurrently with the execution of the Authorized Participant Agreement, the Authorized Participant shall deliver to the Trustee
a certificate in a form as attached at Schedule 2-A to the Authorized Participant Agreement (an “Authorized Representative
Certificate”) signed by the Authorized Participant’s Secretary or other duly authorized person setting forth the
names, signatures, e-mail addresses and telephone and facsimile numbers of all persons authorized to give instructions relating
to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each an
“Authorized Representative”). Such certificate may be accepted and relied upon by the Trustee as conclusive
evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Trustee
of a superseding Authorized Representative Certificate, or (ii) termination of the Authorized Participant Agreement. After such
Authorized Representative Certificate is accepted by the Trustee, the Authorized Participant may authorize additional Authorized
Representatives to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on
behalf of the Authorized Participant by delivering to the Trustee an addendum to the certificate described above in a form as attached
at Schedule 2-B to the Authorized Participant Agreement.

 

    4 

     

    

 

Section 2.02. PIN
Numbers. The Trustee shall issue to each Authorized Representative a unique personal identification number (“PIN Number”)
by which such Authorized Representative shall be identified and instructions issued by the Authorized Participant shall be authenticated.
The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized Participant may revoke
any PIN Number at any time upon written notice to the Trustee pursuant to Section 2.03 hereof, and the Authorized Participant
shall be responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN
Number or has or intends to use the PIN Number in an unauthorized manner. Except as otherwise provided in these Standard Terms,
the Authorized Participant agrees that neither the Sponsor, each Trust or the Trustee shall be liable for losses incurred by the
Authorized Participant as a result of unauthorized use of the Authorized Participant’s PIN Number prior to the time when
the Authorized Participant provides notice to the Trustee of the termination or revocation of authority pursuant to Section
2.03 and the Trustee has de-activated the PIN Number as provided for in Section 2.03 hereof.

 

Section 2.03. Termination
of Authority. Upon the termination or revocation of authority of an Authorized Representative by the Authorized Participant
or the revocation of a PIN Number by the Authorized Participant, the Authorized Participant shall (i) give, as promptly as practicable
under the circumstances, written notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee;
and (ii) request a new PIN Number. The Trustee shall, as promptly as practicable, de-activate the PIN Number upon receipt of such
written notice. If an Authorized Participant’s PIN Number is changed, the new PIN Number will become effective on a date
mutually agreed upon by the Authorized Participant and the Trustee.

 

Section 2.04. Verification.
The Trustee may assume that all instructions issued to it using the Authorized Participant’s PIN Number have been properly
placed by Authorized Representatives, unless the Trustee has actual knowledge to the contrary or the Authorized Participant has
properly revoked such PIN Number in accordance with Section 2.03 hereof prior to the placement of such instructions. The
Trustee shall have no duty to verify that an Order is being placed by an Authorized Representative that uses a valid PIN Number.
The Authorized Participant agrees that the Trustee shall not be responsible for any losses incurred by the Authorized Participant
as a result of an Authorized Representative identifying himself or herself as a different Authorized Representative or an unauthorized
person identifying himself or herself as an Authorized Representative, unless such person uses a PIN Number which the Authorized
Participant had previously revoked in accordance with Section 2.03 hereof.

 

ARTICLE III

STATUS OF THE AUTHORIZED PARTICIPANT

 

Section 3.01. Clearing
Status. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant
Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be
entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations
through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. The Authorized Participant
shall give prompt written notice to the Trustee of a change in the foregoing status of the Authorized Participant, and any such
change shall terminate the Authorized Participant Agreement.

 

    5 

     

    

 

Section 3.02. Broker-Dealer
Status. The Authorized Participant represents and warrants that it is (i) registered as a broker-dealer under the Securities
Exchange Act of 1934, as amended, or other securities market participant, such as a bank or other financial institution, which,
but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions (ii)
qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required
by applicable law, and (iii) a member in good standing with FINRA, to the extent so required. The Authorized Participant agrees
that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout
the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S.
federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to
the extent such laws and regulations are applicable to the Authorized Participant’s transactions in, and activities with
respect to, Shares, and with the applicable rules of any self-regulatory organization of which the Authorized Participant is a
member to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect to,
Shares, and that it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold.
The Authorized Participant shall be solely responsible for determining the application of any such laws. rules or regulations in
all cases at its own expense.

 

Section 3.03. Foreign
Status. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several states, territories
and possessions of the United States, the Authorized Participant agrees to observe the applicable laws of the jurisdiction in which
such offer and/or sale is made and to conduct its business in accordance with applicable rules of any self-regulatory organization
of which the Authorized Participant is a member, to the extent the foregoing relates to the Authorized Participant’s transactions
in, and activities with respect to, Shares.

 

Section 3.04. Compliance
with Certain Laws. If the Authorized Participant is subject to the requirements of the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (the “U.S.A. PATRIOT
Act”), the Authorized Participant has policies and procedures reasonably designed to comply with the anti-money laundering
and related provisions of the U.S.A. PATRIOT Act, and the operations of the Authorized Participant are conducted in compliance
with the U.S.A. PATRIOT Act.

 

Section 3.05. Authorized
Participant Status. The Authorized Participant understands and acknowledges that the method by which Baskets will be created
and traded may raise certain issues under applicable securities laws. For example, because new Baskets may be issued and sold by
each Trust on an ongoing basis, at any point a “distribution”, as such term is used in the Securities Act, may occur.
The Authorized Participant understands and acknowledges that some activities on its part, depending on the facts, may result in
its being deemed a participant in a distribution in a manner which could render it a statutory underwriter and subject it to the
prospectus delivery and liability provisions of the Securities Act.

 

    6 

     

    

 

ARTICLE IV

ROLE OF AUTHORIZED PARTICIPANT

 

Section 4.01. No
Agency. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant Agreement, the
Authorized Participant will have no authority to act as agent for each Trust or the Trustee in any matter or in any respect. The
Authorized Participant agrees to make itself and its employees available, upon reasonable request, during normal business hours
to consult with the Trustee, the Sponsor or their designees concerning the performance of the Authorized Participant’s responsibilities
under the Authorized Participant Agreement; provided, however, that the Authorized Participant shall be under no obligation to
divulge or otherwise disclose any information that the Authorized Participant reasonably believes (i) the disclosure of which to
third parties is in violation of any applicable law or regulation or is otherwise prohibited, or (ii) is confidential or proprietary
in nature.

 

Section 4.02. Rights
and Obligations of DTC Participant. The Authorized Participant, as a DTC Participant, agrees that it shall be bound by all
of the obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Procedures.

 

Section 4.03. Beneficial
Owner Communications. The Authorized Participant agrees (i) subject to any limitations arising under federal or state securities
laws relating to privacy, or other obligations it may have to its customers, to assist the Trustee or the Sponsor in determining
certain information regarding sales of Shares made by or through the Authorized Participant (including, without limitation, the
ownership level of each beneficial owner relating to positions in Shares that the Authorized Participant may hold as record holder)
upon the request of the Trustee or the Sponsor that is necessary for the Trustee or Sponsor to comply with their obligations to
distribute information to beneficial owners of Shares under applicable state or federal securities laws and (ii) to forward to
such beneficial owners written materials and communications received, directly or indirectly, from the Sponsor or the Trustee in
sufficient quantities to allow mailing thereof to such beneficial owners, including, without limitation, notices, annual reports,
disclosure or other informational materials and any amendments or supplements thereto that may be required to be sent by the Sponsor
or the Trustee to such beneficial owners pursuant to applicable law or regulation or otherwise, or that the Sponsor or the Trustee
reasonably wishes to distribute to such beneficial owners, in each case at the expense of the Sponsor and/or the applicable Trust.

 

Section 4.04. Authorized
Participant Customer Information. The Sponsor and the Trustee agree that the names and addresses and other information concerning
the Authorized Participant’s customers arc and shall remain the sole property of the Authorized Participant, and none of
the Sponsor, the Trust, or the Trustee, or any of their respective affiliates, shall use such names, addresses or other information
for any purpose except in connection with the performance of their duties and responsibilities under the Authorized Participant
Agreement, the Procedures, the Standard Terms, the relevant Trust Agreement and the applicable Prospectus and except for servicing
and informational mailings related to the Trust(s) referred to in Section 4.03 above.

 

    7 

     

    

 

ARTICLE V

 

MARKETING MATERIALS AND REPRESENTATIONS
AND WARRANTIES

 

Section 5.01. Authorized
Participant’s Representation. The Authorized Participant represents, warrants and agrees that in connection with any
sale or solicitation of a sale of Shares it will not make, or permit any of its representatives to make on its behalf, any representations
concerning Shares, each Trust or the Sponsor other than those not inconsistent with each Trust’s then current Prospectus
or any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor. The Authorized Participant
agrees not to furnish or cause to be furnished to any person or display or publish any information or materials relating to Shares,
the Trust or the Sponsor (excluding, without limitation, promotional materials and sales literature, advertisements, press releases,
announcements, statements, posters, signs or other similar materials not inconsistent with each Trust’s then-current Prospectus
and in accordance with applicable laws and regulations, and any materials prepared and used for the Authorized Participant’s
internal use only or brokerage communications prepared by the Authorized Participant in the normal course of its business), except
such information and materials as may be furnished to the Authorized Participant by the Sponsor and such other information and
materials as may be approved in writing by the Sponsor. The Authorized Participant understands that the Trust(s) will not be advertised
as offering redeemable securities, and that any advertising materials will prominently disclose that the Shares are not redeemable
units of beneficial interest in the Trust(s). Notwithstanding the foregoing, the Authorized Participant and its Affiliates and
representatives may, without the approval of the Sponsor, prepare and circulate in the regular course of their respective businesses
research, reports, marketing materials, sales literature or similar materials that include information, opinions or recommendations
relating to Shares (i) for public dissemination, provided that such reports, research, marketing materials, sales literature or
other similar materials comply with applicable FINRA rules and (ii) for internal use by the Authorized Participant and its Affiliates
and representatives.

 

Section 5.02. Prospectus.
The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then-current Prospectus and any
printed supplemental information in reasonable quantities upon request. The Sponsor will, as promptly as practicable under the
circumstances, notify the Authorized Participant when a revised, supplemented or amended Prospectus for the Shares is available,
and deliver or otherwise make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus
at such time and in such quantities as may be reasonable to permit the Authorized Participant to comply with any obligation the
Authorized Participant may have to deliver such Prospectus to its customers. The Sponsor will make such revised, supplemented or
amended Prospectus available to the Authorized Participant no later than its effective date. The Sponsor shall be deemed to have
complied with this Section 5.02 when the Authorized Participant has received such revised, supplemented or amended Prospectus
by e-mail, in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter.

 

    8 

     

    

 

ARTICLE VI

 

INDEMNIFICATION; LIMITATION OF LIABILITY

 

Section 6.01. Indemnification.
The provisions of this Section 6.01 shall survive termination of the Authorized Participant Agreement.

 

a.       The
Authorized Participant shall indemnify and hold harmless the Sponsor, in its capacity as sponsor of each Trust, the Trustee, each
Trust and their respective Affiliates, subsidiaries, directors, officers, employees and agents, and each person, if any, who controls
such persons within the meaning of Section 15 of the Securities Act (each an “AP Indemnified Party”) from and
against any loss, liability, cost and expense (including, without limitation, reasonable attorneys’ fees) incurred by such
AP Indemnified Party as a result of (i) any breach by the Authorized Participant of any provision of the relevant Trust Agreement,
the Authorized Participant Agreement, the Procedures, these Standard Terms and the relevant Prospectus (together, the “Trust
Documents”) that relates to the Authorized Participant; (ii) any failure on the part of the Authorized Participant to
perform any of its obligations set forth in the Trust Documents applicable to it; (iii) any failure by the Authorized Participant
to comply in all material respects with applicable laws, including, without limitation, rules and regulations of self-regulatory
organizations, to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the
Trust Documents; or (iv) actions of such AP Indemnified Party pursuant to any instructions issued in accordance with the relevant
Trust Documents, reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant
except to the extent that the Authorized Participant had previously revoked a PIN Number used in giving such instructions or representations
(where applicable) and such revocation was given by the Authorized Participant and received by the Trustee in accordance with the
terms of Section 2.03 hereto. The Authorized Participant shall not be liable under its indemnity agreement contained in
this paragraph with respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified
the Authorized Participant in writing of the claim within a reasonable time after the summons or other first written notification
giving information of the nature of the claim was served upon the AP Indemnified Party (or after the AP Indemnified Party shall
have received notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall
not relieve the Authorized Participant from any liability which it may have to any AP Indemnified Party against whom such action
is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such
liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Authorized Participant
shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought
to enforce any claims, but if the Authorized Participant elects to assume the defense, the defense shall be conducted by counsel
chosen by it and satisfactory to the AP Indemnified Parties in the suit and who shall not, except with consent of the AP Indemnified
Parties, be counsel to the Authorized Participant. If the Authorized Participant does not elect to assume the defense of any suit,
it will reimburse the AP Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.

 

    9 

     

    

 

b.       The
Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its Affiliates, subsidiaries, directors, officers,
employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the Securities Act
(each a “Sponsor Indemnified Party”) from and against any loss, liability, cost and expense (including, without
limitation, reasonable attorneys’ fees) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor
of any provision of the Authorized Participant Agreement that relates to the Sponsor; (ii) any failure on the part of the Sponsor
to perform any of its obligations set forth in the Authorized Participant Agreement applicable to it; (iii) any failure on the
part of the Sponsor to comply in all material respects with applicable laws, including, without limitation, rules and regulations
of self-regulatory organizations, to the extent such laws, rules and regulations are applicable to the transactions being undertaken
pursuant to the Authorized Participant Agreement; (iv) actions of such Sponsor Indemnified Party pursuant to any instructions issued
or representations made in accordance with the relevant Prospectus, Authorized Participant Agreement, the Procedures, the relevant
Trust Agreement or these Standard Terms reasonably believed by the Sponsor Indemnified Party to be genuine and to have been given
by the Sponsor; or (v) any untrue statements or omissions made in any promotional material or sales literature furnished to the
Authorized Participant by the Sponsor or otherwise approved in writing by the Sponsor. The Sponsor shall not be liable under its
indemnity agreement contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party unless the
Sponsor Indemnified Party shall have notified the Sponsor in writing of the claim within a reasonable time after the summons or
other first written notification giving information of the nature of the claim shall have been served upon the Sponsor Indemnified
Party (or after the Sponsor Indemnified Party shall have received notice of service on any designated agent). However, failure
to notify the Sponsor of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified
Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and
shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure
to give notice. The Sponsor shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume
the defense of any suit brought to enforce any claims, but if the Sponsor elects to assume the defense, the defense shall be conducted
by counsel chosen by it and satisfactory to the Sponsor Indemnified Parties in the suit and who shall not, except with the consent
of the Sponsor Indemnified Parties, be counsel to the Sponsor. If the Sponsor does not elect to assume the defense of any suit,
it will reimburse the Sponsor Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.

 

c.       No
indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party
or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of or consent to the entry of any judgment
with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder (whether
or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be, from all liability
arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure
to act, by or on behalf of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.

 

    10 

     

    

 

d.       The
Authorized Participant shall not be liable to any AP Indemnified Party for any damages arising out of (i) mistakes or errors in
data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant, or
(ii) mistakes or errors by, or arising out of interruptions or delays of communications with, the Trustee or any AP Indemnified
Party.

 

e.       The
indemnification provided for in Section 6.01(a) shall not apply to an AP Indemnified Party to the extent any such losses,
liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or willful misconduct
on the part of such AP Indemnified Party. The indemnification provided for in Section 6.01(b) shall not apply to a Sponsor
Indemnified Party to the extent any such losses, liabilities, damages, costs and expenses arc incurred as a result of any fraud,
gross negligence, bad faith or willful misconduct on the part of such Sponsor Indemnified Party.

 

f.        The
indemnity agreements contained in this Section 6.01 shall remain in full force and effect and shall survive any termination
of this Authorized Participant Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the
commencement of any proceeding against it and against any of their officers or directors in connection with the issuance and sale
of the Shares or in connection with each Trust’s registration statement or the relevant Prospectus.

 

ARTICLE VII

 

MISCELLANEOUS

 

Section 7.01. Commencement
of Trading. The Authorized Participant may not submit an Order prior to the effectiveness of the relevant Trust’s registration
statement, or amendment to the relevant Trust’s registration statement, filed with the Securities and Exchange Commission
and pursuant to which the Authorized Participant is identified as such in the relevant Prospectus.

 

Section 7.02. Defined
Terms. All capitalized terms used in these Standard Terms and not otherwise defined herein shall have the meanings ascribed
to such terms in the Authorized Participant Agreement and the Procedures.

 

Section 7.03. Third
Party Beneficiaries. The parties acknowledge and agree that each Trust shall be a third party beneficiary of the Authorized
Participant Agreement, including, without limitation, as to Section 6.01(a) of these Standard Terms.

 

[Signatures Follow on Next Page]

 

    11 

     

    

 

IN WITNESS WHEREOF,
the Sponsor and the Trustee have executed these Standard Terms as of the date set forth above.

 

THE BANK OF NEW YORK MELLON,

in its capacity as Trustee of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement

 

	By:	 	 
	Name:	 
	Title:	 

 

GRANITESHARES LLC,

in its capacity as Sponsor of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement

 

	By:	 	 
	Name:	 
	Title:	 

 

     

     

    

 

SCHEDULE 2-A

 

AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED
PARTICIPANT

 

Certificate of Authorized Representatives
of the Authorized Participant

 

The following are the
names, titles, signatures, phone numbers, and email addresses of all persons (each, an “Authorized Representative”)
authorized to give instructions relating to any activity contemplated by the Authorized Participant Agreement between [Name
of Authorized Participant], The Bank of New York Mellon, as trustee of the Trust(s) listed on Schedule A attached to the Authorized
Participant Agreement, and GraniteShares LLC, as sponsor of the Trust(s) listed on Schedule A attached to the Authorized Participant
Agreement, dated ______________, 2017 (the “Agreement”) or any other notice, request or instruction on behalf
of the Authorized Participant pursuant to the Agreement.

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 

 

	Signature:	 	 	Signature:	 	 

	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 

 

	Signature:	 	 	Signature:	 	 

	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

The undersigned, [AP
Authorized Signatory], does hereby certify that the persons listed above have been duly authorized to act as Authorized Representatives
pursuant to the Agreement.

 

	By:	 	 
	Name:	 
	Title:	 
	Date:	 

 

     

     

    

 

SCHEDULE 2-B

 

ADDENDUM TO CERTIFICATE OF

AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED
PARTICIPANT

 

[On AP’s Firm Letterhead]

 

[DATE]

 

Attn:________________

The Bank of New York Mellon,

as Trustee of the relevant Trusts sponsored by GraniteShares
LLC

2 Hanson Place - Floor 9th

Brooklyn, New York 11217

 

Re:        Addendum to the Certificate of Authorized
Representatives for [Name of Authorized Participant] under the Authorized Participant Agreement dated [Date,] for
the relevant Trusts sponsored by GraniteShares LLC (the “Agreement”)

 

Ladies and Gentlemen:

 

Pursuant to the Agreement,
the following are the names, titles, signatures, phone numbers, and email addresses of additional Authorized Representatives of
[Name of Authorized Participant] (the “AP”) authorized to give instructions relating to any activity
contemplated by the Agreement or any other notice, request or instruction on behalf of the AP pursuant to the Agreement. This list
of Authorized Representatives is an addendum and adds further Authorized Representatives to the AP’s most recently executed
certificate (entitled “Certificate of Authorized Representatives of the Authorized Participant”).

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 

 

	Signature:	 	 	Signature:	 	 

	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 

 

	Signature:	 	 	Signature:	 	 

	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

     

     

    

 

Please provide PIN
numbers for those listed above.

 

The undersigned, [AP’S
Authorized Signatory], does hereby certify that the persons listed above have been duly authorized to act as Authorized Representatives
pursuant to the Agreement.

 

	By:	 	 
	Name:	 
	Title:	 
	Date:

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