Trusted Locations

Office trusted location rules do not allow you trust a document that is opened directly from an Internet location.
You will need to copy the file to a Office Trusted Location to get the document customization to run.
All workbooks in trusted locations are opened without a macro warning.
There are 2 types of trusted locations: global settings which apply to all applications and application specific settings which can be configured separately for each application.
Allow trusted locations on my network (not recommended) - (Default is off) Select Add New location and browse to add your trusted folder path.
Disable all trusted locations - (Default is off) Only files signed by trusted publishers will be trusted.

link - support.microsoft.com/en-us/office/add-remove-or-change-a-trusted-location-7ee1cdc2-483e-4cbb-bcb3-4e7c67147fb4 

These locations are all saved in the registry

HKCU\Software\Microsoft\Office\16.0\Excel\Security\Trusted Locations