Document:

Exhibit 10.3

 

 

 

 

 

 

 

 

 

 

 

 

 

CUSTODY AGREEMENT

By and Between

THE BANK OF NEW YORK MELLON

And

WILSHIRE wSHARES ENHANCED GOLD TRUST

 

 

 

 

 

 

 

 

 

    	 

    	 

    

TABLE OF CONTENTS

 

	1.	DEFINITIONS	1
	2.	APPOINTMENT OF CUSTODIAN; ACCOUNTS	4
	 	2.1Appointment of Custodian	4
	 	2.2Establishment of Accounts	4
	3.	AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS	5
	 	3.1Authorized Persons	5
	 	3.2Instructions	5
	 	3.3BNY Mellon Actions Without Instructions	6
	 	3.4Funds Transfers	7
	 	3.5Electronic Access	7
	4.	SUBCUSTODIANS, DEPOSITORIES AND AGENTS	7
	 	4.1Use of Subcustodians and Depositories	7
	 	4.2Liability for Subcustodians	8
	 	4.3Liability for Depositories	8
	 	4.4Use of Agents	8
	5.	CORPORATE ACTIONS	8
	 	5.1Notification	8
	 	5.2Exercise of Rights	9
	 	5.3Partial Redemptions, Payments, Etc.	9
	6.	SETTLEMENT	9
	 	6.1Settlement Instructions	9
	 	6.2Settlement Funds	9
	 	6.3Settlement Practices	9
	7.	TAX MATTERS	10
	 	7.1Tax Obligations	10
	 	7.2Responsibility for Taxes	10
	 	7.3Payments	10
	8.	CREDITS AND ADVANCES	10
	 	8.1Contractual Settlement and Income	10
	 	8.2Advances	11
	 	8.3Repayment	11
	 	8.4Securing Repayment	11
	 	8.5Setoff	12
	9.	STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA	12
	 	9.1Statements	12
	 	9.2Books and Records	12
	 	9.3Third Party Data	13
	10.	DISCLOSURES	13
	 	10.1Required Disclosure	13
	 	10.2Foreign Exchange Transactions	14
	 	10.3Investment of Cash	14

    	 

    	 

    

	11.	REGULATORY MATTERS	14
	 	11.1USA PATRIOT Act	14
	 	11.2Sanctions; Anti-Money Laundering	15
	12.	COMPENSATION	16
	 	12.1Fees and Expenses	16
	 	12.2Other Compensation	16
	13.	REPRESENTATIONS, WARRANTIES AND COVENANTS	16
	 	13.1BNY Mellon	16
	 	13.2Customer	17
	14.	LIABILITY	17
	 	14.1Standard of Care	17
	 	14.2Limitation of Liability	17
	 	14.3Force Majeure	18
	 	14.4Indemnification	19
	15.	CONFIDENTIALITY	19
	 	15.1Confidentiality Obligations	19
	 	15.2Exceptions	19
	16.	TERM AND TERMINATION	20
	 	16.1Term	20
	 	16.2Termination	20
	 	16.3Effect of Termination	20
	 	16.4Survival	21
	17.	GENERAL	21
	 	17.1Non-Custody Assets	21
	 	17.2Assignment	21
	 	17.3Amendment	21
	 	17.4Governing Law/Forum	22
	 	17.5Business Continuity/Disaster Recovery	22
	 	17.6Non-Fiduciary Status	22
	 	17.7Notices	22
	 	17.8Entire Agreement	22
	 	17.9No Third Party Beneficiaries	23
	 	17.10Counterparts/Facsimile	23
	 	17.11Interpretation	23
	 	17.12No Waiver	23
	 	17.13Headings	23
	 	17.14Severability	23
	 	17.15 Concerning Sponsor	24
	 	 	 

 

    	 

    	 

    

CUSTODY AGREEMENT

 

This Custody Agreement
is made and entered into as of the latest date set forth on the signature page hereto (the “Effective Date”)
by and between THE BANK OF NEW YORK MELLON, a New York state chartered bank (“BNY Mellon”), and WILSHIRE
wSHARES ENHANCED GOLD TRUST, a Delaware statutory trust (“Customer”). BNY Mellon and Customer are collectively
referred to as the “Parties” and individually as a “Party”.

RECITALS

WHEREAS, Customer
wishes to appoint BNY Mellon as the custodian of certain of its assets, and BNY Mellon is willing to provide such services on the
terms and conditions set forth herein.

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as
follows.

		1.	DEFINITIONS

Whenever used in this Agreement,
the following words have the meanings set forth below:

“Account” or
“Accounts” has the meaning set forth in Section 2.2.

“Act” has the
meaning set forth in Section 10.1(a).

“Affiliate”
means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control
with such entity.

“Agreement”
means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

“Anti-Money Laundering
Laws” means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and
requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT
Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority
over Customer .

“Assets” has
the meaning set forth in Section 2.1(a).

“Authorized Person”
has the meaning set forth in Section 3.1.

“BNY Mellon”
has the meaning set forth in the introductory paragraph.

“Cash” means
the money and currency of any jurisdiction which BNY Mellon accepts for deposit in an Account.

“Confidential Information”
means, with respect to a Party or the Sponsor, the terms of this Agreement and all non-public business and financial information
of such Party

    	 

    	 

    

 

or the Sponsor (including, with
respect to Customer, information regarding the Accounts and including, with respect to BNY Mellon, information regarding its practices
and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement. For
the avoidance of doubt, Confidential Information shall include (a) any data or information that is competitively sensitive material,
and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances,
operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance
results relating to the past, present or future business activities of Customer, Sponsor or BNY Mellon and their respective subsidiaries
and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula, index methodology,
or improvement that is commercially valuable and secret in the sense that its confidentiality affords Customer, Sponsor or BNY
Mellon, as applicable, a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation,
reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade
secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential.

“Customer”
has the meaning set forth in the introductory paragraph.

“Data Terms Website”
means http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf
or any successor website the address of which is provided by BNY Mellon to Customer.

“Depository”
means the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other
securities depository, book-entry system or clearing agency authorized to act as a system for the central handling of securities
pursuant to the laws of the applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.

“Effective Date”
has the meaning set forth in the introductory paragraph.

“Electronic Access Services”
means such services made available by BNY Mellon or a BNY Mellon Affiliate to Customer to electronically access information relating
to the Accounts and/or transmit Instructions.

“Foreign Depository”
means each eligible securities depository identified by BNY Mellon to Customer from time to time.

“Instructions”
means, with respect to this Agreement, instructions issued to BNY Mellon by way of (a) one of the following methods (each as and
to the extent specified by BNY Mellon as available for use in connection with the services hereunder): (i) the Electronic Access
Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords
or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party
institutional trade matching utilities used to effect transactions in accordance with such utility’s customary procedures
or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized
Person.

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“Market Data”
means pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers,
bond ratings and classification data.

“Market Data Providers”
means vendors and analytics providers and any other Person providing Market Data to BNY Mellon.

“Non-Custody Assets”
has the meaning set forth in Section 17.1.

“Oral Instructions”
means, with respect to this Agreement, spoken instructions issued to BNY Mellon and reasonably believed by BNY Mellon to be from
an Authorized Person.

“Party” or
“Parties” has the meaning set forth in the introductory paragraph.

“Person” or
“Persons” means any entity or individual.

“Registration Statement”
means the Registration Statement (including a Prospectus and Statement of Additional Information) for Customer under the Securities
Act of 1933, as amended, filed with the U.S. Securities and Exchange Commission.

“Sanctions”
means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority
of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other
applicable domestic or foreign authority with jurisdiction over Customer.

“Securities”
means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights to receive,
subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY Mellon and Customer and which
are from time to time delivered to or received by BNY Mellon and/or any Subcustodian for deposit in an Account.

“Series” means
the respective portfolios, if any, of Customer listed on Appendix I to this Agreement. If no portfolios are listed on Appendix
I to this Agreement then a reference to a Series means Customer.

“Shares” means
shares of beneficial interest in Customer.

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

“Standard of Care”
has the meaning set forth in Section 14.1.

“Subcustodian”
means a bank or other financial institution (other than a Depository) that is selected and used by BNY Mellon or a BNY Mellon Affiliate
in connection with the settlement of transactions and/or custody of Assets hereunder, and any successors to, and/or nominees of,
any of the foregoing.

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“Tax Obligations”
means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions
to tax and other related expenses.

“Third Party Data”
has the meaning set forth in Section 9.3(a).

		2.	APPOINTMENT OF CUSTODIAN; ACCOUNTS

		2.1	Appointment of Custodian

		(a)	Customer hereby appoints BNY Mellon as custodian of all Securities and Cash to be held under, and
in accordance with the terms of, this Agreement (collectively, “Assets”), and BNY Mellon hereby accepts such
appointment. The Parties acknowledge and agree that BNY Mellon’s duties pursuant to such appointment will be limited solely
to those duties expressly undertaken pursuant to this Agreement.

		(b)	Notwithstanding the foregoing, BNY Mellon has no obligation:

		(i)	With respect to any Assets until they are actually received in an Account;

		(ii)	To inquire into, make recommendations, supervise or determine the suitability of any transactions
affecting any Account or to question any Instructions;

		(iii)	To determine the adequacy of title to, or the validity or genuineness of, any Assets received by
it or delivered by it pursuant to this Agreement; or

		(iv)	With respect to any matters related to: the establishment, maintenance operation or termination
of Customer; or the offer, sale or distribution of the Shares of Customer.

		(c)	Cash held hereunder may be subject to additional deposit terms and conditions issued by BNY Mellon
or the applicable Subcustodian from time to time, including rates of interest and deposit account access.

		(d)	If Customer engages in securities lending activities, such activities will be subject to certain
additional and/or modified terms to be set forth in a separate written agreement between Customer and BNY Mellon or a BNY Mellon
Affiliate.

		2.2	Establishment of Accounts

BNY Mellon will establish and
maintain a separate account for each Series in which BNY Mellon will hold Assets relating to the relevant Series as provided herein
(each, an “Account,” and collectively, the “Accounts”).

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		3.	AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS

		3.1	Authorized Persons

Promptly following the Effective
Date, Customer and/or its designee (including any of Customer’s investment managers) will furnish BNY Mellon with one or
more written lists or other documentation acceptable to BNY Mellon specifying the names and titles of, or otherwise identifying,
all Persons authorized to act on behalf of Customer with respect to this Agreement (each, an “Authorized Person”).
Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other
documentation, as necessary from time to time, pursuant to Instructions.

		3.2	Instructions

		(a)	Except as otherwise expressly provided in this Agreement, BNY Mellon will have no obligation to
take any action hereunder unless and until it receives Instructions issued in accordance with this Agreement.

		(b)	Customer will be responsible for ensuring that (i) only Authorized Persons issue Instructions to
BNY Mellon and (ii) all Authorized Persons safeguard and treat with extreme care any user and authorization codes, passwords and
authentication keys used in connection with the issuance of Instructions.

		(c)	Where Customer may or is required to issue Instructions, such Instructions will be issued by an
Authorized Person.

		(d)	BNY Mellon will be entitled to deal with any Authorized Person until notified otherwise pursuant
to Instructions, and will be entitled to act and rely upon any Instruction received by BNY Mellon.

		(e)	All Instructions must include all information necessary, and must be delivered using such methods
and in such format as BNY Mellon may require and be received within BNY Mellon’s established cut-off times and otherwise
in sufficient time, to enable BNY Mellon to act upon such Instructions.

		(f)	BNY Mellon may in its sole discretion decline to act upon any Instructions that do not comply with
requirements set forth in Section 3.2(e) or that conflict with applicable law or regulations or BNY Mellon’s operating policies
and practices, in which event BNY Mellon will promptly notify Customer.

		(g)	Customer acknowledges that while it is not part of BNY Mellon’s normal practices and procedures
to accept Oral Instructions, BNY Mellon may in certain limited circumstances accept Oral Instructions. In such event, such Oral
Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction
will promptly confirm such Oral Instruction to BNY Mellon in writing. Notwithstanding the foregoing, Customer agrees that the fact
that such written confirmation is not received by BNY Mellon, or that such written confirmation contradicts the Oral Instruction,
will in no way affect (i) BNY Mellon’s reliance

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on such Oral Instruction or (ii)
the validity or enforceability of transactions authorized by such Oral Instruction and effected by BNY Mellon.

		(h)	Customer acknowledges and agrees that it is fully informed of the protections and risks associated
with the various methods of transmitting Instructions to BNY Mellon and that there may be more secure methods of transmitting Instructions
than the method selected by the sender. Customer agrees that the security procedures, if any, to be followed by Customer and BNY
Mellon with respect to the transmission and authentication of Instructions provide to Customer a commercially reasonable degree
of protection in light of its particular needs and circumstances.

		3.3	BNY Mellon Actions Without Instructions

Notwithstanding anything to the
contrary set forth in this Agreement, Customer hereby authorizes BNY Mellon, without Instructions, to take any administrative or
ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under
this Agreement, including the following:

		(a)	Receive income and other payments due to the Accounts; provided, however, that BNY Mellon will
have no duty to pursue collection of any amount due to an Account, including for Securities in default, if such amount is not paid
when due;

		(b)	Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;

		(c)	Facilitate access by Customer or its designee to ballots or online systems to assist it in the
voting of proxies received by BNY Mellon in its capacity as custodian for eligible positions of Securities held in the Accounts
(excluding bankruptcy matters), all of which will be exercised by Customer or its designee and not by BNY Mellon;

		(d)	Forward to Customer or its designee information (or summaries of information) that BNY Mellon receives
in its capacity as custodian from Depositories or Subcustodians concerning Securities in the Accounts (excluding bankruptcy matters);

		(e)	Forward to Customer or its designee an initial notice of bankruptcy cases relating to Securities
held in the Accounts and a notice of any required action related to such bankruptcy cases as may be received by BNY Mellon in its
capacity as custodian. BNY Mellon will take no further action nor provide further notification related to the bankruptcy case;

		(f)	Unless otherwise elected by Customer, and in accordance with BNY Mellon’s standard terms
and conditions, provide class action filing services for settled claims related to Securities with industry recognized identifiers;

		(g)	Endorse for collection checks, drafts or other negotiable instruments received on behalf of the
Accounts; and

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		(h)	Execute and deliver, solely in its capacity as custodian, certificates, documents or instruments
incidental to BNY Mellon’s performance under this Agreement.

		3.4	Funds Transfers

With respect to each Instruction
for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier
(e.g., IBAN or ABA or account number), BNY Mellon and any other bank participating in the Cash transfer will be entitled to rely
solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance
on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated
in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will
be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

		3.5	Electronic Access

If Customer elects to use the
Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained
in a separate written agreement between the Parties or their Affiliates. If an Authorized Person elects, with BNY Mellon’s
prior consent, to transmit Instructions through a third-party electronic communications service, BNY Mellon will not be responsible
or liable for the reliability or availability of any such service.

		4.	SUBCUSTODIANS, DEPOSITORIES AND AGENTS

		4.1	Use of Subcustodians and Depositories

		(a)	BNY Mellon will be entitled to utilize Subcustodians and Depositories in connection with its performance
hereunder.

		(b)	BNY Mellon will only utilize Subcustodians that have entered into an agreement with BNY Mellon
or a BNY Mellon Affiliate, and Assets held through a Subcustodian will be held subject to the terms and conditions of such Subcustodian’s
respective agreement.

		(c)	Assets deposited in a Depository will be held subject to the rules, procedures, terms and conditions
of such Depository. Subcustodians may hold Assets in Depositories in which such Subcustodians participate.

		(d)	With respect to each Foreign Depository, BNY Mellon will exercise reasonable care, prudence and
diligence (a) to provide Customer with an analysis of the custody risks associated with maintaining assets with the Foreign Depository
and (b) to monitor such custody risks on a continuing basis and promptly notify Customer of any material change in such risks.
Customer acknowledges and agrees that such analysis and monitoring will be made on the basis of, and limited by, information gathered
from certain Subcustodians or through publicly available information otherwise obtained by BNY Mellon, and will not include any
evaluation of the matters referenced in Section 14.2(b)(i).

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		(e)	Unless otherwise required by local law or practice or a particular Subcustodian agreement, Assets
deposited with Subcustodians or Depositories may be held in a commingled account in the name of, as applicable, BNY Mellon, a BNY
Mellon Affiliate or the applicable Subcustodian, for its clients.

		4.2	Liability for Subcustodians

		(a)	BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians.

		(b)	With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities
of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement
if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however,
that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate:

		(i)	BNY Mellon’s liability will be limited solely to the extent resulting directly from BNY Mellon’s
failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and

		(ii)	To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon’s sole
responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward
to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

		4.3	Liability for Depositories

BNY Mellon will have no responsibility
or liability for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on
the transfer or holding of Assets held with such Depository.

		4.4	Use of Agents

BNY Mellon may appoint agents,
including BNY Mellon Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except
as otherwise specifically provided herein, no such appointment will discharge BNY Mellon from its obligations hereunder.

		5.	CORPORATE ACTIONS

		5.1	Notification

BNY Mellon will notify Customer
or its designee of rights or discretionary corporate actions as promptly as practicable under the circumstances, provided that
BNY Mellon has actually received, in its capacity as custodian, notice of such right or discretionary corporate action from the
relevant issuer, or from a Subcustodian, Depository or third party vendor. Without actual receipt of such notice by BNY Mellon,
BNY Mellon will have no responsibility or liability for failing to so notify Customer.

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		5.2	Exercise of Rights

Whenever there are voluntary rights
that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its
designee will be responsible for making any decisions relating thereto and for instructing BNY Mellon to act. In order for BNY
Mellon to act, Customer must issue Instructions either: (a) using the BNY Mellon-generated form provided along with BNY Mellon’s
notice under Section 5.1 or (b) if Customer is not using such BNY Mellon-generated form, clearly indicating, by reference to the
options provided on such BNY Mellon-generated form, which action Customer is electing. Each such Instruction will be addressed
as BNY Mellon may from time to time request and issued by such time as BNY Mellon will advise Customer or its designee.

		5.3	Partial Redemptions, Payments, Etc.

BNY Mellon will advise Customer
or its designee upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with
respect to a Security affecting fewer than all such Securities held within an Account. If BNY Mellon or any Subcustodian or Depository
holds any Securities affected by one of the events described, BNY Mellon or such Subcustodian or Depository may select the Securities
to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily
uses to make such selection.

		6.	SETTLEMENT

		6.1	Settlement Instructions

Promptly after the execution of
each Securities transaction, Customer will issue to BNY Mellon Instructions to settle such transaction. Unless otherwise agreed
by BNY Mellon and subject to Section 8.1, Assets will be credited to the relevant Account only when actually received by BNY Mellon.

		6.2	Settlement Funds

For the purpose of settling a
Securities transaction, Customer will provide BNY Mellon with sufficient immediately available funds or Securities, as applicable,
in the relevant Account by such time and date as is required to enable BNY Mellon to settle such transaction in the country of
settlement and in the currency to be used to settle such transaction.

		6.3	Settlement Practices

Securities transactions will be
settled using practices customary in the jurisdiction or market where the transaction occurs, which may include the delivery of
Securities or Cash to a counterparty or its agents against, as applicable, the receipt of Securities or Cash in the future. Customer
assumes full responsibility for all risks involved in connection with BNY Mellon’s delivery of Securities or Cash in accordance
with such practices.

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		7.	TAX MATTERS

		7.1	Tax Obligations

To the extent that BNY Mellon
has received relevant and necessary information with respect to an Account, BNY Mellon will perform the following services with
respect to Tax Obligations:

		(a)	BNY Mellon (or the applicable Subcustodian) will apply, withhold and report appropriate amounts
as BNY Mellon (in its capacity as custodian) or the applicable Subcustodian (in its capacity as subcustodian) is required to do
under the relevant source country tax laws, and is authorized to debit the relevant Account in the amount of a Tax Obligation withheld
and to pay such amount to the appropriate taxing authority;

		(b)	BNY Mellon will, where appropriate and upon receipt of sufficient information, pursue claims for
tax relief where (i) either a tax treaty or a source country’s domestic tax laws provide for favorable tax treatment with
respect to an Asset as a result of the relevant Series’ status as a specific type of investor and/or residency status and
(ii) the source country’s tax authorities have outlined the requirements and qualification criteria required to obtain such
relief; and

		(c)	BNY Mellon will forward to Customer or its designee information regarding Tax Obligations applicable
to Customer that BNY Mellon receives in its capacity as custodian from third parties and that BNY Mellon reasonably believes would
be useful to Customer or its designee in the submission of any reports or returns with respect to Tax Obligations.

		7.2	Responsibility for Taxes

Customer will be responsible and
liable for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto. Customer
acknowledges and agrees that BNY Mellon and its Affiliates are not tax advisers and will not under any circumstances provide tax
advice to Customer. Customer will obtain its own independent tax advice for any tax-related matters.

		7.3	Payments

Where BNY Mellon receives Instructions
to make distributions or transfers out of an Account in order to pay Customer’s third party service providers, Customer acknowledges
that in making such payments BNY Mellon is acting in an administrative or ministerial capacity, and not as the payor, for tax information
reporting and withholding purposes.

		8.	CREDITS AND ADVANCES

		8.1	Contractual Settlement and Income

BNY Mellon may, in its sole discretion,
as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption

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or other delivery or receipt of
Securities, or interest, dividends or other distributions payable on Securities prior to its actual receipt thereof. All such credits
will be conditional until BNY Mellon’s actual receipt of such proceeds and may be reversed by BNY Mellon to the extent that
such proceeds are not received. Actual receipt of proceeds with respect to a transaction will not be deemed to have occurred, and
the transaction will not be considered final, until BNY Mellon has received sufficient immediately available funds or Securities
specifically applicable to such transaction that, under applicable local law, rule or practice, are irreversible and not subject
to any security interest, levy or other encumbrance.

		8.2	Advances

If BNY Mellon receives an Instruction
that, if processed, would result in an overdraft in an Account, BNY Mellon may, in its sole discretion, advance funds in any currency
hereunder.

		8.3	Repayment

If: (a) BNY Mellon has advanced
funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement
of securities transactions, funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted
to BNY Mellon, Customer agrees to repay BNY Mellon (on demand or upon becoming aware thereof) the amount of such advance, overdraft
or indebtedness, plus accrued interest at a rate then charged by BNY Mellon to its institutional custody clients in the relevant
currency.

		8.4	Securing Repayment

In order to secure repayment of
Customer’s obligations and liabilities relating to a Series (whether or not matured) to BNY Mellon or any BNY Mellon Affiliate,
whether or not relating to or arising under this Agreement, and without limiting BNY Mellon’s or such BNY Mellon Affiliate’s
rights under applicable law or any other agreement, Customer hereby pledges and grants to BNY Mellon and such BNY Mellon Affiliate,
and agrees BNY Mellon and such BNY Mellon Affiliate will have to the maximum extent permitted by law, a continuing first lien and
security interest in: (a) all of Customer’s and such Series’ right, title and interest in and to the Account relating
to such Series and the Assets now or hereafter held in such Account (including proceeds thereof) and (b) any other property at
any time held by BNY Mellon or any BNY Mellon Affiliate relating to such Series; provided that Customer does not hereby grant a
security interest in any Securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act) of BNY Mellon.
Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by
BNY Mellon or any BNY Mellon Affiliate relating to Customer, free and clear of all liens, claims and security interests (except
as otherwise acknowledged in writing by BNY Mellon), and that the first lien and security interest granted herein with respect
to each Series will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third
party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure
BNY Mellon of such priority security interest, including notifying third parties or obtaining their consent. BNY Mellon will be
entitled to collect from the relevant Account sufficient

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Cash for reimbursement, and if
such Cash is insufficient, to sell Securities in such Account to the extent necessary to obtain reimbursement. In this regard,
BNY Mellon will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under
applicable laws, rules and regulations as then in effect as if Customer or the relevant Series is in default.

		8.5	Setoff

BNY Mellon has the right to debit
any Cash for any amount payable by Customer in connection with any and all obligations and liabilities (whether or not matured)
of Customer relating to a Series to BNY Mellon or any BNY Mellon Affiliate whether or not relating to or arising under this Agreement.
In addition to the rights of BNY Mellon or such BNY Mellon Affiliate under applicable law or any other agreement, at any time when
Customer has not honored any of its obligations relating to a Series to BNY Mellon or such BNY Mellon Affiliate, BNY Mellon will
have the right with prior notice to Customer to retain or set-off against any obligations relating to such Series any cash BNY
Mellon or any BNY Mellon Affiliate may directly or indirectly hold with respect to such Series and any obligations (whether or
not matured) that BNY Mellon or any BNY Mellon Affiliate may have with respect to such Series in any currency. Any such cash or
obligation relating to a Series may be transferred to BNY Mellon and any BNY Mellon Affiliate in order to effect the above rights.

		9.	STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA

		9.1	Statements

BNY Mellon will make available
to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may
agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts
as of the last business day of such month (or as of such other date(s) as the Parties may agree from time to time). Customer will
promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY Mellon, notify
BNY Mellon of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY Mellon of any such exceptions
or objections at any time; provided, however, that BNY Mellon will not be responsible or liable for any losses that could have
been mitigated had such notice been provided during such ninety (90) day period.

		9.2	Books and Records

The books and records directly
pertaining to the Accounts which are in the possession of BNY Mellon will be the property of Customer. BNY Mellon will identify
on its books and records the Assets belonging to Customer with respect to each Series whether held directly or indirectly through
Subcustodians or Depositories. Securities held in the Accounts will be held in registered form in the name of BNY Mellon or one
of its nominees and will be segregated on BNY Mellon’s books and records from BNY Mellon’s own property. Customer and
its authorized representatives will have the right, at Customer’s own expense and with reasonable prior written notice to
BNY Mellon, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur
during BNY Mellon’s normal business hours

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and will be subject to BNY Mellon’s
applicable security policies and procedures. Upon Customer’s reasonable request, copies of those books and records directly
pertaining to the Accounts will be provided by BNY Mellon to Customer or its authorized representative.

		9.3	Third Party Data

		(a)	Customer acknowledges that BNY Mellon will be receiving, utilizing and relying on Market Data and
other data provided by Customer and/or by third parties in connection with its performance of the services hereunder (collectively,
“Third Party Data”). BNY Mellon is entitled to rely without inquiry on all Third Party Data provided to BNY
Mellon hereunder (and all Instructions related to Third Party Data), and BNY Mellon makes no assurances or warranties in relation
to the accuracy or completeness of Third Party Data and will not be responsible or liable for any losses or damages incurred as
a result of any Third Party Data that is inaccurate or incomplete. BNY Mellon may follow Instructions with respect to Third Party
Data, even if such Instructions direct BNY Mellon to override its usual procedures and data sources or if BNY Mellon, in performing
services for itself or others (including services similar to those performed for Customer), receives different Third Party Data
for the same or similar Securities.

		(b)	Although statements and reports provided by BNY Mellon hereunder with respect to the Accounts may
contain values of, and pricing information in relation to, Securities held pursuant to this Agreement, BNY Mellon does not undertake
any duty or responsibility under this Agreement to report such values or pricing information.

		(c)	Certain Market Data may be the intellectual property of Market Data Providers, which impose additional
terms and conditions upon Customer’s use of such Market Data. Such additional terms and conditions can be found on the Data
Terms Website. Customer agrees to those terms and conditions as they are posted on the Data Terms Website from time to time.

		10.	DISCLOSURES

		10.1	Required Disclosure

		(a)	With respect to Securities that are registered under the U.S. Securities Exchange Act of 1934,
as amended, or that are issued by an issuer registered under the U.S. Shareholder Communications Act of 1985 (the “Act”)
requires BNY Mellon to disclose to issuers of such Securities, upon their request, the name, address and securities position of
BNY Mellon’s clients who are “beneficial owners” (as defined in the Act) of the issuer’s Securities, unless
the beneficial owner objects to such disclosure. The Act defines a “beneficial owner” as any person who has or shares
the power to vote a security (pursuant to an agreement or otherwise) or who directs the voting of a security. Customer has designated
on the signature page hereof whether (i) as beneficial owner, it objects to the disclosure of its name, address and securities
position to any U.S. issuer that requests such information pursuant to the Act for the specific

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purpose of direct communications
between such issuer and Customer or (ii) it requires BNY Mellon to contact the relevant investment manager with respect to relevant
Securities to make the decision as to whether it objects to the disclosure of the beneficial owner’s name, address and securities
position to any U.S. issuer that requests such information pursuant to the Act.

		(b)	With respect to certain Securities issued outside the United States, BNY Mellon may disclose information
to issuers of Securities as required by the organizational documents of the relevant issuer or in accordance with local market
practice.

		(c)	In connection with any disclosure contemplated by this Section 10, Customer agrees to supply BNY
Mellon with any required information.

		10.2	Foreign Exchange Transactions

In connection with this Agreement,
Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY Mellon or a BNY
Mellon Affiliate acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect
to any such foreign exchange transactions, subject to any rules or limitations that may apply to any foreign exchange facility
made available to Customer. With respect to any such foreign exchange transactions, BNY Mellon or such BNY Mellon Affiliate is
acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, Customer,
a Series, an investment manager or any Account.

		10.3	Investment of Cash

In connection with this Agreement,
Customer will not issue standing Instructions to invest Cash in one or more sweep investment vehicles, including, without limitation,
in any money market mutual fund, cash deposit product or other cash investment vehicle (each, a “sweep investment vehicle”).
Notwithstanding anything else contained herein to the contrary, in no event shall BNY Mellon invest or permit any Cash to be invested
in any sweep investment vehicle.

		11.	REGULATORY MATTERS

		11.1	USA PATRIOT Act

Section 326 of the U.S. Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its
implementing regulations) requires BNY Mellon to implement a customer identification program pursuant to which BNY Mellon must
obtain certain information from Customer in order to verify Customer’s identity prior to establishing an Account. Accordingly,
prior to establishing an Account, Customer will be required to provide BNY Mellon with certain information, including Customer’s
name, physical address, tax identification number and other pertinent identifying information, to enable BNY Mellon to verify Customer’s
identity. Customer acknowledges that BNY Mellon cannot establish an Account unless and until BNY Mellon has successfully performed
such verification.

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		11.2	Sanctions; Anti-Money Laundering

		(a)	Throughout the term of this Agreement, Customer: (i) will have in place and will implement policies
and procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all
relevant data with respect to its clients (to the extent the Assets are client assets) and with respect to incoming or outgoing
assets or transactions relating to this Agreement; (ii) will ensure that neither Customer nor any of its Affiliates, directors,
officers, employees or clients (to the extent the Assets are client assets) is an individual or entity that is, or is owned or
controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident in a country or
territory that is, or whose government is, the target of Sanctions and (iii) will not, directly or indirectly, use the Accounts
in any manner that would result in a violation by Customer or BNY Mellon of Sanctions.

		(b)	Customer acknowledges and agrees that, in connection with the services provided by BNY Mellon under
this Agreement, each of Customer’s authorized participants is not a customer or joint customer with BNY Mellon. Customer
(and not BNY Mellon) has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to each
of its authorized participants under all Anti-Money Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money
Laundering Laws, throughout the term of this Agreement, Customer will maintain a compliance program with respect to its investors
that includes the following: (i) a know-your-customer program in order to understand and verify the identity of each authorized
participant, in accordance with the requirements of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction
surveillance and monitoring program, and (iii) a policy for identifying and reporting any suspicious transactions and/or activities
with respect to each authorized participant to the appropriate law enforcement and regulatory authorities and to BNY Mellon where
related to the services provided by BNY Mellon hereunder.

		(c)	Customer will promptly provide to BNY Mellon such information as BNY Mellon reasonably requests
in connection with the matters referenced in this Section 11.2, including information regarding (i) the Accounts, (ii) the Assets
and the source thereof, (iii) the identity of any individual or entity having or claiming an interest therein, and (iv) Customer’s
anti-money laundering and Sanctions compliance programs and any related records and/or transaction information, including with
respect to any investor, regardless of whether such request is made under USA PATRIOT Act Section 314(b) (where applicable). Customer
will cooperate with BNY Mellon and provide assistance reasonably requested by BNY Mellon in connection with any anti-money laundering
and terrorist financing or Sanctions inquiries. Prior to delivering to BNY Mellon the assets of any authorized participant, Customer
will obtain from each such authorized participant, and will continue to maintain in effect throughout the term of this Agreement,
any consents or waivers that may be required under applicable law in order to comply with the foregoing obligations.

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		(d)	BNY Mellon may decline to act or provide services in respect of any Account, and take such other
actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section
11.2. If BNY Mellon declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by
applicable law or official request, BNY Mellon will inform Customer as soon as reasonably practicable.

		12.	COMPENSATION

		12.1	Fees and Expenses

In consideration
of BNY Mellon’s services provided hereunder, Customer will (a) pay to BNY Mellon the fees set forth in the agreed upon fee
schedule (as such fee schedule may be amended by BNY Mellon and Customer from time to time) (the “fee schedule”) and
(b) reimburse BNY Mellon for any out-of-pocket and incidental expenses incurred by BNY Mellon in connection therewith; provided,
however, that the prior written consent of Customer shall be required prior to the incurrence of any individual expense greater
than $500. Unless otherwise agreed by the Parties, such amounts will be payable to BNY Mellon within thirty (30) days of Customer’s
receipt of the relevant invoice accompanied by supporting documentation, as appropriate. Without limiting BNY Mellon’s other
rights set forth in this Agreement, BNY Mellon may charge interest on overdue amounts at a rate then charged by BNY Mellon to its
institutional custody clients in the relevant currency.

		12.2	Other Compensation

		(a)	Customer acknowledges that, as part of BNY Mellon’s compensation, BNY Mellon will earn interest
on Cash balances held by BNY Mellon (including disbursement balances, balances arising from purchase and sale transactions and
when Cash otherwise remains uninvested) as provided in BNY Mellon’s compensation disclosures.

		(b)	Where a processing error has occurred under this Agreement that results in an unintended gain,
provided that Customer is put in the same or equivalent position as it would have been in had such processing error not occurred,
any such gain will be solely for the account of BNY Mellon without any duty to report such gain to Customer.

		13.	REPRESENTATIONS, WARRANTIES AND COVENANTS

		13.1	BNY Mellon

		(a)	BNY Mellon represents and warrants that: (a) it is duly organized, validly existing and in good
standing in its jurisdiction of organization; (b) it has the requisite corporate power and authority to enter into and to carry
out the transactions contemplated by this Agreement and (c) the individual executing this Agreement on its behalf has the requisite
authority to bind BNY Mellon to this Agreement.

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		(b)	BNY Mellon represents and warrants that it has, and will maintain, physical, electronic and procedural
safeguards reasonably designed to protect the availability, security, confidentiality and integrity of, and to prevent unauthorized
access to the use of, Confidential Information of Customer.

		(c)	BNY Mellon represents and warrants that it is conducting its business in material compliance with
applicable laws, and has obtained regulatory licenses, approvals and consents necessary to provide the services contemplated herein.

		13.2	Customer

		(a)	Customer represents and warrants that: (i) it is duly organized, validly existing and in good standing
in its jurisdiction of organization; (ii) it has the requisite corporate power and authority to enter into and to carry out the
transactions contemplated by this Agreement and (iii) the individual executing this Agreement on its behalf has the requisite authority
to bind Customer to this Agreement.

		(b)	Customer represents and warrants that all actions taken, or to be taken, by or on behalf of Customer
in connection with establishing, maintaining, operating or terminating Customer (including, any offer, sale or distribution of
the shares of, or interest in, Customer) shall be done in material compliance with all applicable U.S. state and federal securities
laws and regulations and all other applicable laws and regulations of all applicable jurisdictions.

		14.	LIABILITY

		14.1	Standard of Care

In performing its duties under
this Agreement, BNY Mellon will exercise the standard of care and diligence that a professional custodian would observe in these
affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market (“Standard
of Care”).

		14.2	Limitation of Liability

		(a)	BNY Mellon’s liability arising out of or relating to this Agreement will be limited solely
to those direct damages that are caused by BNY Mellon’s failure to perform its obligations under this Agreement in accordance
with the Standard of Care. In no event will BNY Mellon be liable for any indirect, incidental, consequential, exemplary, punitive
or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this
Agreement (whether or not foreseeable and even if BNY Mellon has been advised of the possibility of such losses or damages).

		(b)	Notwithstanding anything to the contrary set forth in this Agreement, in no event will BNY Mellon
be liable for any losses or damages arising out of any of the following:

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		(i)	Customer’s or an Authorized Person’s decision to invest in or hold Assets in any particular
country, including any losses or damages arising out of or relating to: (A) the financial infrastructure of a country; (B) a country’s
prevailing custody and settlement practices; (C) nationalization, expropriation or other governmental actions; (D) a country’s
regulation of the banking or securities industry; (E) currency and exchange controls, restrictions, devaluations, redenominations,
fluctuations or asset freezes; (F) laws, rules, regulations or orders that at any time prohibit or impose burdens or costs on the
transfer of Assets to, by or for the account of Customer or (G) market conditions which affect the orderly execution of securities
transactions or affect the value of securities;

		(ii)	BNY Mellon’s reliance on Instructions;

		(iii)	BNY Mellon’s receipt or acceptance of fraudulent, forged or invalid Securities (or Securities
which are otherwise not freely transferable or deliverable without encumbrance in any relevant market);

		(iv)	For any matter with respect to which BNY Mellon is required to act only upon the receipt of Instructions,
(A) BNY Mellon’s failure to act in the absence of such Instructions or (B) Instructions that are late or incomplete or do
not otherwise satisfy the requirements of Section 3.2(e), whether or not BNY Mellon acted upon such Instructions;

		(v)	BNY Mellon receiving or transmitting any data to or from Customer or any Authorized Person via
any non-secure method of transmission or communication selected by Customer;

		(vi)	Customer’s or an Authorized Person’s decision to invest in Securities or to hold Cash
in any currency; or

		(vii)	The insolvency of any Person, including a Subcustodian that is not a BNY Mellon Affiliate, Depository,
broker, bank or counterparty to the settlement of a transaction or to a foreign exchange transaction, except as provided in Section
4.2.

		(c)	If BNY Mellon is in doubt as to any action it should or should not take, either pursuant to, or
in the absence of, Instructions, BNY Mellon may obtain the advice of either reputable counsel of its own choosing or counsel to
Customer, and BNY Mellon will not be liable for acting in accordance with such advice.

		14.3	Force Majeure

BNY Mellon will not be responsible
or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or
indirectly, by any event beyond its reasonable control, including acts of God, strikes or other labor disputes, work stoppages,
acts of war, terrorism, general civil unrest, governmental or military actions, legal constraint or the interruption, loss or malfunction
of utilities or communications or computer systems. BNY Mellon will promptly notify Customer

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upon the occurrence of any such
event and will use commercially reasonable efforts to minimize its effect.

		14.4	Indemnification

Customer will indemnify and hold
harmless BNY Mellon from and against all losses, costs, expenses, damages, and liabilities (including reasonable and documented
counsel fees and expenses) (“Losses”) incurred by BNY Mellon arising out of or relating to BNY Mellon’s performance
under this Agreement, except to the extent resulting from BNY Mellon’s failure to perform its obligations under this Agreement
in accordance with the Standard of Care. The Parties agree that the foregoing will include reasonable counsel fees and expenses
incurred by BNY Mellon in its successful defense of claims that are asserted by Customer against BNY Mellon arising out of or relating
to BNY Mellon’s performance under this Agreement. Any obligations of Customer under this Section 14.4 with respect to a particular
Series will not be satisfied out of the assets of another Series.

		15.	CONFIDENTIALITY

		15.1	Confidentiality Obligations

Each Party agrees to use the Confidential
Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes
or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the
other Party. Notwithstanding the foregoing, BNY Mellon may: (a) use Customer’s Confidential Information in connection with
certain functions performed on a centralized basis by BNY Mellon, its Affiliates and joint ventures and their service providers
(including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation
and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its
and their service providers, in each case, who are subject to confidentiality obligations and need to know such information in
connection with the performance of BNY Mellon’s duties under this Agreement; and (c) store the names and business contact
information of Customer’s employees and representatives relating to this Agreement on the systems or in the records of its
Affiliates and joint ventures and its and their service providers. In addition, BNY Mellon may aggregate information regarding
Customer and the Accounts on an anonymized basis with other similar client data for BNY Mellon’s and its Affiliates’
reporting, research, product development and distribution, and marketing purposes.

		15.2	Exceptions

The Parties’ respective
obligations under Section 15.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter
becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as
of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed
by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to
be under a confidentiality obligation to the disclosing Party or (e)

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that is required to be disclosed
pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or
at the request of a regulatory authority; provided, however, that the Party making disclosure pursuant to a court order, legal
process or at the request of a regulatory authority shall first notify the other Party (to the extent permissible). Notwithstanding
Section 15.1, the Parties agree that Customer may, subject to the prior review of BNY Mellon, reference BNY Mellon and summarize
the material terms of this Agreement in the Registration Statement and any other offering memorandum, prospectus or marketing documents
related to an offering of the Shares by Customer to potential investors.

		16.	TERM AND TERMINATION

		16.1	Term

The term
of this Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions
herein.

		16.2	Termination

		(a)	Each Party may terminate this Agreement with respect to one or more Series by giving to the counter-Party
a notice in writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such
notice.

		(b)	Either party hereto may terminate this Agreement immediately by sending notice thereof to the other
party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy,
insolvency or similar law, or there is commenced against such party any such case or proceeding; (ii) a party commences as debtor
any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such party
or any substantial part of its property or there is commenced against the party any such case or proceeding; or (iii) a party makes
a general assignment for the benefit of creditors.

		16.3	Effect of Termination

Upon termination hereof, Customer
will pay to BNY Mellon such compensation as may be due to BNY Mellon, and will reimburse BNY Mellon for other amounts payable or
reimbursable to BNY Mellon hereunder, through the date of termination. BNY Mellon will follow such reasonable Instructions as Customer
issues concerning the transfer of custody of records, Assets and other items; provided that (a) BNY Mellon will have no responsibility
or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY Mellon of its compensation,
costs, expenses and other amounts to which it is entitled hereunder. If any Assets remain in any Account after termination, BNY
Mellon may deliver to Customer such Assets. Upon termination of this Agreement, the parties agree to cooperate in order to facilitate
the succession of a new custodian.

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		16.4	Survival

Any and all provisions of this
Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination
of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties’
benefit, including Section 13 (Representations, Warranties and Covenants); Section 14 (Liability); Section 15 (Confidentiality);
Section 16.3 (Effect of Termination); Section 16.4 (Survival) and Section 17.4 (Governing Law/Forum).

		17.	GENERAL

		17.1	Non-Custody Assets

At Customer’s request pursuant
to Instructions, subject to BNY Mellon’s approval and as an accommodation to Customer, BNY Mellon will provide consolidated
recordkeeping services reflecting on statements provided to Customer securities and other assets not held by BNY Mellon (“Non-Custody
Assets”). Non-Custody Assets will be designated on BNY Mellon’s books as “assets not held in custody”
or by other similar designation and will not constitute Assets for purposes of this Agreement. Customer acknowledges and agrees
that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against BNY
Mellon with respect to Non-Custody Assets; (b) BNY Mellon will rely, without independent verification, on information provided
by Customer or its designee regarding Non-Custody Assets (including positions and market valuations) and (c) BNY Mellon will have
no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained on BNY Mellon’s
books or set forth on account statements concerning Non-Custody Assets.

		17.2	Assignment

Neither Party may, without the
other Party’s prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether
by change of control, operation of law or otherwise); provided, however that BNY Mellon may, without the prior written consent
of Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Mellon Affiliate;
(b) to any successor to the business of BNY Mellon to which this Agreement relates, in which event BNY Mellon agrees to provide
notice of such successor to Customer or (c) as otherwise permitted in this Agreement; provided further that any entity to which
this Agreement is assigned by BNY Mellon without the prior written consent of Customer pursuant to a foregoing item (a), (b) or
(c) will satisfy the requirements for serving as a custodian for a registered investment company. Any purported assignment or delegation
by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon,
and inure to the benefit of, the Parties and their respective permitted successors and assigns.

		17.3	Amendment

This Agreement and the fee schedule
may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the

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foregoing, email exchanges between
the Parties will not be deemed to constitute a written agreement.

		17.4	Governing Law/Forum

		(a)	The substantive laws of the state of New York (without regard to its conflicts of law provisions)
will govern all matters arising out of or relating to this Agreement, including the establishment and maintenance of the Accounts
and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of the Hague Securities Convention.

		(b)	Each Party irrevocably agrees to the non-exclusive jurisdiction of the state or federal courts
situated in New York City, New York. Each Party irrevocably submits to personal jurisdiction in such courts and waives any objection
which it may now or hereafter have based on improper venue or forum non conveniens. The Parties hereby unconditionally waive,
to the fullest extent permitted by applicable law, any right to a jury trial with respect to any such actions or proceedings.

		17.5	Business Continuity/Disaster Recovery

BNY Mellon will implement business
continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications
used to provide the services under this Agreement. Such plans will cover the facilities, systems, applications and employees that
are critical to the provision of the services hereunder, and will be tested at least annually to validate whether the recovery
strategies, requirements, and protocols are viable and sustainable.

		17.6	Non-Fiduciary Status

Customer hereby acknowledges and
agrees that BNY Mellon is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has
not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect
to the management, investment advisory or sub-advisory functions of Customer.

		17.7	Notices

Other than routine communications
in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be:
(a) addressed to BNY Mellon or Customer at the address set forth on the signature page (or such other address as either Party may
designate in writing to the other Party) and (b) sent by hand delivery, by certified mail, return receipt requested, or by overnight
delivery service, in each case with postage or charges prepaid. All notices given in accordance with this Section will be effective
upon receipt.

		17.8	Entire Agreement

This Agreement constitutes the
sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes
all

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prior and contemporaneous discussions,
agreements and understandings between the Parties, whether oral or written, with respect to such matters.

		17.9	No Third Party Beneficiaries

This Agreement is entered into
solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of
this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity
other than the Parties.

		17.10	Counterparts/Facsimile

This Agreement may be executed
in any number of counterparts, each of which will be deemed an original, and said counterparts when taken together will constitute
one and the same instrument and may be sufficiently evidenced by one set of counterparts. This Agreement may also be executed and
delivered by facsimile or email with confirmation of delivery and/or receipt.

		17.11	Interpretation

The terms and conditions of this
Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor
of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation
or drafting of this Agreement.

		17.12	No Waiver

No failure or delay by a Party
to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy
or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party
of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision. All waivers
will be in writing and signed by an authorized representative of the waiving Party.

		17.13	Headings

All section and subsection headings
in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope
or intent of any provision of this Agreement.

		17.14	Severability

If a court of competent jurisdiction
determines that any provision of this Agreement is illegal or invalid for any reason, such illegality or invalidity will not affect
the validity of the remainder of this Agreement. In such case, the Parties will negotiate in good faith to replace each illegal
or invalid provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of
the Parties.

    	23 

    	 

    

 

		17.15	Concerning Sponsor

It is expressly understood and
agreed by the Parties that:

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

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

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

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

    	24 

    	 

    

 

 

 

IN WITNESS WHEREOF, the Parties have executed this
Agreement as of the Effective Date.

 

THE BANK OF NEW YORK MELLONWILSHIRE
wSHARES ENHANCED GOLD TRUST

	 	By: Wilshire Phoenix Funds LLC, not in its individual capacity but solely as Sponsor
	By:  __________________________________	By:  __________________________________
	Name:  _______________________________	Name:  _______________________________
	Title:  ________________________________	Title:  ________________________________
	Date:  ________________________________	Date:  ________________________________

 

 

	Address for Notice:	Address for Notice:
	
        THE BANK OF NEW YORK MELLON

        ______________________________

        ______________________________

        Attention: _____________________
	
        WILSHIRE wSHARES ENHANCED GOLD TRUST

        c/o Wilshire Phoenix Funds LLC, 2 Park Avenue, 20th
        Floor, New York, New York 10016 ________________________

        Attention: William Cai______________

	 	 	 

 

 

 

	
        Pursuant to Section 10.1(a):

        [ ]       as
        beneficial owner, Customer objects to disclosure

        [ ]       as
        beneficial owner, Customer does not object to disclosure

        [ ]Custodian will contact
        THE RELEVANT investment manager with respect to relevant Securities to make the decision whether it objects to disclosure

        IF NO BOX IS CHECKED, BNY MELLON WILL RELEASE SUCH
        INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.

 

BNY Mellon 40 Act ETF Custody (revised 02.26.20)

    	25 

    	 

    

APPENDIX I 

 

 

 

 

 

    	26Exhibit 10.4

 

 

 

 

AGREEMENT ON

INDEX CALCULATION

(the “Agreement”)

 

dated [ ]

 

 

 

by and between

Solactive AG

Platz der Einheit 1

60327 Frankfurt am Main

Germany

 

 

- hereinafter referred to as "Solactive"
-

 

and

 

Wilshire wShares Enhanced Gold Trust

2 Park Avenue, 20th Floor

New York, New York 10016

United States of America

 

 

- hereinafter referred to as "Trust" -

 

 

jointly referred to hereinafter as "Parties"
–

 

 

    	 

    	 

    

 

Content

 

	Preamble	3
	§
    1 Index Calculation	4
	§2
    Dissemination of Indices	5
	§
    3 Rights in Indices and Index Prices	6
	§
    4 Utilisation Right	6
	§
    5 Obligations of Parties regarding calculated Indices	7
	§
    6 Issuer's Statement	8
	§
    7 Trademark Rights	8
	§
    8 Liability of the Parties	9
	§
    9 Limitation of Liability	10
	§
    10 Remuneration	10
	§
    11 Taxes	12
	§
    12 Term of Agreement	12
	§
    13 Termination of Agreement	12
	§
    14 Transfer of Solactive’s Rights and Obligations to a Third Party	13
	§
    15 Transfer of Duties to Third Parties	14
	§
    16 Confidentiality	14
	§
    17 Contact	15
	§
    18 Final Provisions	15
	Addendum
    1 Order Schedule	19
	Addendum
    2 CUSIP	20
	Addendum
    3 SEDOL	22
	Addendum
    5 Borsa Istanbul	24
	Addendum
    6 WM Rates	25

 

 

    	 

    	 

    

Preamble

 

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

 

Therefore, the Parties enter into the following Agreement:

 

    	 	3	 

    	 

    

 

§ 1 Index Calculation

 

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

 

		2.	Solactive shall use its best endeavors
                                         to ensure that the Indices are calculated and maintained correctly.

 

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

 

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

 

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

 

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

 

		7.	If there should be unforeseeable
                                         circumstances which necessitate an extraordinary adjustment to an Index, Solactive shall
                                         prepare the adjustment taking account the stipulations of the Index Methodology, notify
                                         the Trust of such circumstances as soon as it becomes aware of them and coordinate further
                                         procedures with the Trust. If it is not possible to contact the Trust and such circumstance
                                         requires an immediate extraordinary adjustment, Solactive may make the extraordinary
                                         adjustment (in accordance with the Index Methodology), in the best interest of the Trust;
                                         provided,

    	 	4	 

    	 

    

 

however, that the notice related to such extraordinary
adjustment provided by Solactive to Trust contains details of how such adjustment will be treated and Trust has the ability to
make subsequent modifications so long as these are administratively feasible for Solactive.

§2 Dissemination of Indices

 

		1.	Solactive is entitled to include
                                         and distribute the Indices in a market data dissemination to all major vendors and re-vendors.
                                         Solactive shall stipulate the technical format of the dissemination and may modify this
                                         as reasonably required at its own discretion without prior coordination with the Trust.
                                         In addition, Solactive shall disseminate the Index composition (elements and weighting)
                                         and the Index Prices (as defined below) to the Trust and the Administrator (as defined
                                         below) at or around 5:30 pm (New York time) on each Business Day. Dissemination of the
                                         Indices comprises the prices of the Indices (hereinafter "Index Prices") and
                                         an ISIN code in a technical format satisfactory to Solactive and the Trust.

 

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

 

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

 

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

 

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

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

 

§ 3 Rights in Indices and Index
Prices

 

		1.	Solactive hereby exclusively transfers
                                         to the Trust any and all rights in the Indices and the Index Prices – in as far
                                         as such rights do not belong to third parties, the Trust or affiliates of the Trust.
                                         However, Solactive may use the Indices and the Index Prices free

    	 	5	 

    	 

    

 

of charge solely to the extent necessary to fulfil
its obligations and reasonably exercise its rights under this Agreement.

 

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

 

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

 

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

§ 4 Utilisation Right

 

		1.	The Trust hereby grants Solactive
                                         for the term of this Agreement the non-exclusive and non-transferable right, unrestricted
                                         in content, to publish the Indices calculated by it and listed in the relevant Order
                                         Schedule. Solactive may use the Indices for its own advertising purposes to the extent
                                         consented to by the Trust in writing.

 

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

 

		3.	Solactive shall maintain the Indices
                                         in accordance with the Index Methodology.

 

§ 5 Obligations of Parties
regarding calculated Indices

 

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

 

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

    	 	6	 

    	 

    

 

contact details, so that the Trust can contact
Solactive outside of the hours stated herein.

 

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

 

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

 

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

 

		6.	The use of Third Party Data by
                                         Trust may, in some cases: (a) be subject to the prior consent of a third party data provider
                                         (each a "Third Party Data Provider"); (b) require Solactive to disclose the
                                         identity of Trust to a Third Party Data Provider; (c) require Trust to obtain a separate
                                         license with a Third Party Data Provider; and/or (d) any other action as may be required
                                         by a Third Party Data Provider ((a), (b), (c) and (d) collectively, the "Third Party
                                         Data Requirements"). In each case, Solactive shall inform Trust of the Third Party
                                         Data Requirements (the "Third Party Data Communication"). In the event Trust
                                         does not wish to comply and/or declares its unwillingness to comply with such Third Party
                                         Data Requirements, Solactive shall not be obligated to fulfil its obligations under this
                                         Agreement and may terminate the relevant service granted under this Agreement as well
                                         as the entire Agreement by providing Trust thirty (30) calendar days written notice from
                                         the date of Solactive's Third Party Data Communication. Solactive will use its best efforts
                                         communicate to Trust the Third Party Data Requirements related to the Third Party Data
                                         that Solactive expects will be required for an Index prior to the execution of an Order
                                         Schedule in respect of such Index.

 

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

 

		8.	During the term of the Agreement
                                         the Trust may make suggestions for changing the criteria for compiling and calculating
                                         the Indices or including additional index specifications. Solactive shall examine the
                                         feasibility of the proposals and take a decision on an implementation. In case of the
                                         implementation of a proposal, Section 2 of the Order Schedule of the Index concerned
                                         will be updated. If the changes have an effect on the calculation, maintenance or dissemination
                                         of the Indices and if this materially increases the work required by Solactive, Solactive
                                         may increase the remuneration, upon first providing written and convincing evidence of
                                         such increased

    	 	7	 

    	 

    

 

work to the Trust. If Solactive proposes to increase
the remuneration it shall notify the Trust in writing with 30 calendar days' prior notice. The remuneration shall not be increased
without the prior written consent of the Trust.

§ 6 Issuer's Statement

 

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

 

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

 

§ 7 Trademark Rights

 

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

 

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

 

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

 

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

    	 	8	 

    	 

    

 

symbol to be used once only at the end of the
full name provided that the footnote makes it clear that there is more than one trademark owner.

 

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

 

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

§ 8 Liability of the Parties

 

		1.	Solactive shall be obliged to
                                         fulfill its contractual obligations assumed hereunder, in particular the calculation
                                         of the Indices, with the care of a prudent businessman. Solactive shall be liable to
                                         the Trust for direct losses particularly those arising from incorrect calculation of
                                         the Indices incurred as a result of the negligence, fraud, willful misconduct or breach
                                         of this Agreement, subject to the limitations provided for under § 9.

 

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

§ 9 Limitation of Liability

 

		1.	Solactive has unlimited liability
                                         for injury to life, body or health; and losses incurred by the Trust caused by intent.
                                         Solactive’s liability for losses of the Trust caused by gross negligence shall
                                         be limited to 100% of the remuneration already paid from the date of this Agreement to
                                         the date of such loss.

 

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

    	 	9	 

    	 

    

 

tort, strict liability or otherwise, and whether
or not such damages are foreseen or unforeseen.

 

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

 

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

 

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

§ 10 Remuneration

 

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

 

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

 

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

    	 	10	 

    	 

    

 

  

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

    	 	11	 

    	 

    

 

 

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

§ 11 Taxes

 

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

 

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

 

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

§ 12 Term of Agreement

 

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

 

		2.	This Agreement is concluded for
                                         an indefinite term.

 

§ 13 Termination of Agreement

 

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

 

		2.	The Parties are also entitled
                                         to terminate individual Indices specified in the relevant Order Schedule upon at least
                                         90 calendar days prior written notice, however no termination shall be permitted prior
                                         to a date that is two years after the calculation start date of the relevant Index. In
                                         the event of partial termination of this type the remuneration due shall be reduced in
                                         accordance with § 10 of this Agreement.

 

		3.	Each party may also terminate
                                         this Agreement immediately for good cause subject to the provision of prior written notice.
                                         Good cause shall be deemed present if the other party to the Agreement is in breach of
                                         material contractual obligations and if such party does not cure the breach within 10
                                         days after written notice detailing such

    	 	12	 

    	 

    

 

breach. Inter alia there is a breach of material
contractual obligations if a third party successfully asserts a right with regard to a trademark which falls under the subject
of the Agreement.

		4.	Instead of terminating the entire
                                         Agreement for good cause the Parties may instead prohibit the calculation of individual
                                         Indices by way of termination in respect of one or more Indices only, allowing the rest
                                         of the Agreement to continue to apply.

 

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

 

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

 

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

 

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

 

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

 

 

§ 15 Transfer of Duties to
Third Parties

 

Solactive may use third parties as vicarious agents. This
includes in particular companies which take decisions jointly with Solactive on the composition and amendments to the composition
of the Indices. Solactive shall provide the Trust with written notice of any such vicarious agents appointed by Solactive, to
the extent that such vicarious agent has been appointed to provide a material service for the Trust, within a reasonable amount
of time after such appointment.

    	 	13	 

    	 

    

 

Notwithstanding the foregoing, Solactive shall remain responsible
and liable for the performance of all obligations under this agreement, including without limitation, for the performance of such
obligations by any applicable vicarious agents.

 

§ 16 Confidentiality

 

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

 

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

 

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

 

		a)	known to the recipient prior to
                                         communication,

 

		b)	publicly known at the time of communication,

 

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

 

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

 

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

		f)	with the consent of the disclosing
                                         party.

    	 	14	 

    	 

    

 

 

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

§ 17 Contact

 

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

 

Solactive: 

Solactive AG

Platz der Einheit 1

60327 Frankfurt am Main

Germany

 

	Attn.:
    	Legal
    Department 	 
	Telephone:	+49
    69 719 160 393	 
	Fax:	+49
    69 719 160 25	 
	E-Mail:	legal@solactive.com	 

 

 

 

Trust: 

Wilshire wShares Enhanced Gold Trust

c/o Wilshire Phoenix Funds LLC

2 Park Avenue, Suite 2017

New York, New York 10016

Email: funds@wishirephoenix.com

 

Attn.

Will Cai

Telephone: 212.485.8920

E-Mail: will@wilshirephoenix.com

  

§ 18 Final Provisions

 

		1.	[REDACTED]

 

 

    	 	15	 

    	 

    

 

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

    	 	16	 

    	 

    

 

 

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

 

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

 

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

 

 Addendum 1: Order Schedule

Addendum 2: CUSIP

Addendum 3: SEDOL

Addendum 4: BM&FBOVESPA

Addendum 5: Borsa Istanbul

Addendum 6: WM Rates

 

    	 	17	 

    	 

    

 

	Sign
    for and on behalf of Solactive AG	 	Sign
    for and on behalf of Wilshire wShares Enhanced Gold Trust

    

    By: Wilshire Phoenix Funds LLC, 

    its Sponsor
	 	 	 
	Frankfurt
    am Main,	 	New
    York, New York,
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

    	 	18	 

    	 

    

 

 

Addendum 1 Order Schedule

[TEMPLATE]

 

ORDER SCHEDULE

dated as of [  ]

 

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

entered into between Solactive AG and [  ] 

(“Agreement on Index Calculation”)

 

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

 

[REDACTED]

 

	Sign
    for and on behalf of Solactive AG	 	Sign
    for and on behalf of Wilshire wShares Enhanced Gold Trust
	 	 	 
	 	 	By:
    Wilshire Phoenix Funds LLC, 

    its Sponsor
	 	 	 
	Frankfurt
    am Main,	 	,

 

    	 	19	 

    	 

    

 

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	20	 

    	 

    

 

 

Addendum 2 CUSIP

 

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

 

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

 

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

 

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

 

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

 

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

 

 

 

    	 	21	 

    	 

    

 

 

 

    	 	22	 

    	 

    

 

Addendum 3 SEDOL

 

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

 

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

 

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

 

 

 

    	 	23	 

    	 

    

 

Addendum 4 BM&FBOVESPA

 

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

 

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

 

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

 

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

 

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

 

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

 

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

    	 	24	 

    	 

    

 

Addendum 5 Borsa Istanbul

 

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

 

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

 

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

 

    	 	25	 

    	 

    

 

Addendum 6 WM Rates

 

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

 

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

 

  

    	 	26

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