What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-03-26 compared with 2020-03-13 · 13 added, 155 removed, 4 unchanged (98% of the section changed)

for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Mint Physical Gold ETF Shares are listed on the NYSE Arca under the symbol “AAAU”

and have been listed since August

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

The Shares are listed on the NYSE Arca under the symbol “AAAU” and have been listed since August 15, 2018.

As of December 31, 2020, there were approximately 79 DTC participating shareholders of record of the Trust.

never paid any cash dividends on our shares, and we do not anticipate paying cash dividends in the foreseeable future.

the Trust does not purchase shares directly from its shareholders, in connection with its redemption of Baskets, the Trust did

not redeem any Baskets (0 shares) during the fiscal quarter ended December 31, 2019 as set forth in the table below.

gold per Share

The Trust has never paid any cash dividends on our shares, and it does not anticipate paying cash dividends in the foreseeable future.

Use of Proceeds from Registered Securities

Not applicable.

Purchase of Equity Securities by the Issuer and Affiliated Purchasers

Although the Trust does not purchase shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed 36 Baskets (900,000 Shares) during the fiscal quarter ended December 31, 2020 as set forth in the table below.

Total number of

Shares redeemed

Average price

10/1/20 to 10/31/20

1 unchanged sentence

12/1/20 to 12/31/20

Financial Data

following selected financial data should be read in conjunction with the Trust’s financial statements and related notes

and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

$ 176,228,842

Net investment loss

Net realized gain (loss) on gold transferred to pay expenses

Change in unrealized appreciation/depreciation on investment in gold bullion

Net investment loss per Share

Net realized and unrealized gain (loss) from gold bullion per Share

Management’s

Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be

read in conjunction with the financial statements and notes to the financial statements contained in this Annual Report on Form

Additionally, this MD&A contains various “forward-looking statements”

within the meaning of Section 27A

of the Securities Act and Section 21E of the Exchange Act, and within the Private Securities Litigation Reform Act of 1995,

as amended, which relate to future events or future performance.

For a discussion of the forward-looking statements contained

herein, please refer to the Cautionary Note Regarding Forward-Looking Statements contained in this Annual Report on Form 10-K,

which is incorporated by reference herein.

Trust issues shares that represent units of fractional undivided beneficial interest in the Trust.

The Trust’s primary objective

is to provide investors with an opportunity to invest in gold through the shares, and have the gold securely stored by the Custodial

An additional objective of the Trust is for the shares to reflect the performance of the price of gold less the expenses

of the Trust’s operations.

The Trust is not actively managed.

The Trust’s fiscal year-end is December 31.

in the Shares does not insulate the investor from risks, including price volatility.

The following table illustrates the movement

in the NAV of the Shares against the corresponding gold price (per 1/100 of an oz.

of gold) since inception:

divergence of the NAV per share from the gold price over time reflects the cumulative effect of the Trust expenses that arise

if an investment had been held since inception.

Accounting Policy

preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts

of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well

as the reported amount of revenue and expenses reported during the period.

Actual results could differ from these estimates.

following is a summary of significant accounting policies followed by the Trust.

Please refer to Note 2 to the Financial Statements

included elsewhere in this Annual Report on Form 10-K for further discussion of our accounting policies.

of Gold and Computation of Net Asset Value

Trustee determines the NAV of the Trust on each day that the NYSE Arca is open for regular trading, as promptly as practical after

New York City time.

The NAV of the Trust is the aggregate value of gold and other assets, if any, of the Trust (other

than any amounts credited to the Trust’s reserve account, if any) and cash, if any, less liabilities of the Trust, which

include estimated accrued but unpaid fees, expenses and other liabilities.

In determining the Trust’s NAV, the Trustee values

the gold held by the Trust based on the afternoon London gold price per troy ounce of gold for delivery in London through a member

of the LBMA authorized to effect such delivery, as calculated and administered by independent service provider(s) and published

by the LBMA on its website or by its successor that publicly displays prices (the “LBMA PM Gold Price”), or, if such

day’s afternoon price is not available, the morning LBMA Gold Price (the “LBMA AM Gold Price”).

If no LBMA Gold

Price is available for the day, the Trustee will value the Trust’s gold based on the most recently announced LBMA PM Gold

Price or LBMA AM Gold Price.

the Custodial Sponsor determines that such price is inappropriate to use, it shall identify an alternate basis for evaluation

to be employed by the Trustee.

The Custodial Sponsor may instruct the Trustee to use a different publicly available price, which

the Custodial Sponsor determines to fairly represent the commercial value of the Trust’s gold.

Beginning balance as of January 1, 2019

Gold bullion contributed

Gold bullion distributed

Transfers of gold to pay expenses

Change in unrealized appreciation/depreciation on investment in gold bullion

Ending balance as of December 31, 2019

$ 176,255,247

the Custody Agreement, the Trustee, the Administrative Sponsor and any accountants or other inspectors selected by the Administrative

Sponsor may visit the premises of the Custodian for the purpose of examining the Trust’s gold and certain related records

maintained by the Custodian.

To date, the Administrative Sponsor has not conducted a vault audit at the Custodian’s premises

and has no plans to conduct an on-site vault audit.

However, we expect an audit to be conducted by an independent third party

of Financial Results

Year Ended December 31, 2019

Trust commenced operations on July 26, 2018.

In the period from inception to December 31, 2018, 6,950,000 shares (278 Baskets,

as adjusted for the current Basket size of at least 25,000 shares) were sold in exchange for 68,482.5 ounces of gold, and 20.2

ounces of gold were sold to pay expenses.

For the year ended December 31, 2019, 4,650,000 shares (186 Baskets) were created in

exchange for 46,429.2 ounces of gold, and 162.5 ounces of gold were transferred to pay expenses.

December 31, 2019, the Trust’s NAV per share was at $15.19, compared to $12.81 at December 31, 2018 and $12.28 at inception.

The increase in NAV per share at year-end was due to a higher price of gold of $1,523.00 at period end, which represented an increase

of 18.23% from $1,281.65 at December 31, 2018, and 28.28% from $1,187.25 at inception.

NAV per share of $15.43 on September 4, 2019 was the highest during the period, compared with a low of $12.68 on April 23, 2019.

December 31, 2018, the Custodial Sponsor held 69,462.3 ounces of gold on behalf of the Trust in its vault, with a market value

of $89,026,308 (cost:

$84,101,796) based on the LBMA PM Gold Price on December 31, 2018.

December 31, 2019, the Custodial Sponsor held 115,729.0 ounces of gold on behalf of the Trust in its vault, with a market value

of $176,255,247 (cost:

$148,728,580) based on the LBMA PM Gold Price on December 30, 2019, the last trading day of 2019.

change in net assets from operations for the period ended December 31, 2018 was $4,886,987, which was due to (i) the Custodial

Sponsor Fee of $(37,112), and (ii) a net realized and unrealized gain (loss) from operations of $4,924,099, which in turn resulted

from a net realized loss on gold transferred to pay expenses of $413, and a net change in unrealized appreciation/depreciation

on investments in gold of $4,924,512.

Other than the Custodial Sponsor Fee, the Trust had no expenses during the period ended

December 31, 2018.

change in net assets from operations for the year ended December 31, 2019 was $22,359,328, which was due to (i) the Custodial

Sponsor Fee of $(240,942), and (ii) a net realized and unrealized gain of $22,600,270 from operations, which in turn resulted

from a net realized loss on gold transferred to pay expenses of $1,885, and a net change in unrealized appreciation/depreciation

on investments in gold of $22,602,155.

Other than the Custodial Sponsor Fee, the Trust had no expenses during the year ended December

and Capital Resources

Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material

changes to its liquidity needs.

In exchange for the Custodial Sponsor Fee, the Custodial Sponsor has agreed to assume and be responsible

for the payment of most of the expenses incurred by the Trust, up to a maximum amount equal to the greater of $500,000 per annum

and the amount that is equal to 0.15% of the average total value of the gold held by the Trust, as determined by the Trustee on

each business day, plus the value of all other assets of the Trust (other than any amount credited to the Trust’s reserve

account), including cash, if any.

As such, the only ordinary expense of the Trust during the period covered by this report was

the Custodial Sponsor Fee.

The Custodial Sponsor Fee accrues daily based on the prior business day’s NAV and is payable

Trustee will, when directed by the Custodial Sponsor, and, in the absence of such direction may, in its discretion, sell gold

in such quantity and at such times as may be necessary to permit payment in cash of the Trust’s extraordinary expenses not

assumed by the Custodial Sponsor.

At December 31, 2019, the Trust did not have any cash balances.

Sheet Arrangements

Trust does not have any off-balance sheet arrangements.

of Movements in the Price of Gold

movements in the price of gold are expected to directly affect the price of the Trust’s shares, it is important for investors

to understand and follow movements in the price of gold.

Investors should be aware that past movements in the gold price are not

indicators of future movements.

following chart shows movements in the price of gold based on the LBMA PM Gold Price in U.S.

dollars per ounce over the period

from January 1, 2019 to December 31, 2019.

gold price –

January 1, 2019 to December 31, 2019

PM Gold Price (in USD)

average, high, low and end-of-period gold prices for the periods from January 1, 2019 through December 31, 2019, based on the

LBMA PM Gold Price were:

January 1, 2019 to

March 31, 2019

April 1, 2019 to

June 30, 2019

June 25, 2019

June 28, 2019

July 1, 2019 to

September 30, 2019

October 1, 2019 to

December 31, 2019

end of period gold price is the LBMA PM Gold Price on the last business day of the period.

This is in accordance with the Trust

Agreement and the basis used for calculating the NAV of the Trust.

31, 2019 was the last day of the fiscal year;

however, no LBMA PM Gold Price was recorded on that date.

Numbers provided are from

LBMA AM Gold Price on December 31, 2019, the last price recorded for the fiscal year.

Selected Financial Data.

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity