What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2021-02-03 compared with 2020-11-06 · 37 added, 18 removed, 71 unchanged (44% of the section changed)

53 unchanged sentences

Sponsor’s Fee through in-kind transfers of gold to the Sponsor.

At September 30, 2020 the Trust did not have any

cash balances.

At March 31, 2020 the Trust did not have any cash balances.

Sheet Arrangements

11 unchanged sentences

of Operations

Quarter Ended September 30, 2020

Trust’s net asset value grew from $1,041,316,068 on June 30, 2020 to $1,291,876,211 on September 30, 2020, a 24.06%

The increase in the Trust’s net asset value was due to an increase in the number of shares outstanding from

59,200,000 to 68,850,000 over this period.

The net 9,650,000 shares increase was a result of 201 creations and 8 redemption orders

(50,000 shares per creation and redemption).

The increase in the Trust’s net asset value was also due to a change in the

price of gold, which increased 6.72% from $1,768.10 on June 30, 2020 to $1,886.90 on September 30, 2020.

6.65% increase in the Trust’s net asset value per share, from $17.59 at June 30, 2020 to $18.76 at September 30, 2020 is

directly related to the 6.72% increase in the price of gold.

Quarter Ended December 31, 2020

Trust’s net asset value decreased from $1,291,876,211 on September 30, 2020 to $1,111,848,655 on December 31, 2020, a 13.9%

The decrease in the Trust’s net asset value over this period was due to a reduction in the number of shares outstanding

from 68,850,000 to 59,150,000, a 14.1% decrease.

The 9,700,000 shares decrease was the net result of 48 creation orders and 242

redemption orders (50,000 shares per creation and redemption order).

The impact of the redemption activity on the Trust’s

net asset value was slightly reduced by the positive change in the price of gold, which increased 0.2% from $1,886.90 on September

30, 2020 to $1,891.10 on December 31, 2020.

0.2% increase in the Trust’s net asset value per share, from $18.76 on September 30, 2020 to $18.80 on December 31, 2020

is directly related to the 0.22% increase in the price of gold.

Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s

fees, which were $529,994 for the quarter, or 0.044% of the Trust’s average weighted net assets of $1,193,238,449 during

The net asset value per share of $20.56 on August 06, 2020 was the highest during the quarter, compared with a low

during the quarter of $17.61 on July 01, 2020.

increase in net assets resulting from operations for the quarter ended September 30, 2020 was $64,935,923, resulting primarily

from an unrealized gain on investment in gold bullion of $63,576,703, increased by a gain of $1,907,421 on metal sold to cover

redemption orders and Sponsor’s fees but reduced by the Sponsor’s fees of $548,201.

Other than the Sponsor’s

The net asset value per share of $19.30 on November 06, 2020 was the highest during the quarter, compared with a

low during the quarter of $17.52 on November 30, 2020.

decrease in net assets resulting from operations for the quarter ended December 31, 2020 was $659,009, resulting from an unrealized

loss on investment in gold bullion of $43,020,231, compensated by a gain of $42,888,216 on metal sold to cover the redemption

orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $526,994.

Other than the Sponsor’s fees the

Trust had no expenses during the quarter.

Months Ended December 31, 2020

Trust’s net asset value grew from $1,041,316,068 on June 30, 2020 to $1,111,848,655 on December 31, 2020, a 6.8% increase.

The increase in the Trust’s net asset value occurred despite a small reduction in the number of shares outstanding from

59,200,000 to 59,150,000 over this period, or 0.1%.

The 50,000 shares decrease was the net result of 249 creations orders and

250 redemption orders (50,000 shares per creation and redemption order).

The increase in the Trust’s net asset value was

due to a change in the price of gold, which increased 6.96% from $1,768.10 on June 30, 2020 to $1,891.10 on December 31, 2020.

6.82% increase in the Trust’s net asset value per share, from $17.59 at June 30, 2020 to $18.80 at December 31, 2020 is

directly related to the 6.96% increase in the price of gold.

Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s

fees, which were $1,075,194 for the period, or 0.088% of the Trust’s average weighted net assets of $1,219,349,772 during

the six-month period.

The net asset value per share of $20.56 on August 6, 2020 was the highest during the period, compared with

a low during the period of $17.52 on November 30, 2020.

increase in net assets resulting from operations for the 6 months period ending December 31, 2020 was $64,276,914, resulting from

an unrealized gain on investment in gold bullion of $20,556,472, increased by a gain of $44,795,636 on metal sold to cover the

redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,075,194 Other than the Sponsor’s

fees the Trust had no expenses during the quarter.

1 unchanged sentence

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-Q

Item 2. Management’s Discussion and Analysis