What changed in this filing

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Item 9A. Controls and Procedures

2021-08-13 compared with 2020-08-24 · 414 added, 421 removed, 159 unchanged (84% of the section changed)

1 unchanged sentence

Regarding the Effectiveness of Disclosure Controls and Procedures

Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its

Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange

Commission’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and

Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required

the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the

Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e)

and 15d-15(e).

Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded

that, as of June 30, 2020, the Trust’s disclosure controls and procedures were effective.

have been no changes in the Trust’s or Sponsor’s internal control over financial reporting that occurred during the

Trust’s recently completed fiscal quarter ended June 30, 2020 that have materially affected, or are reasonably likely to

materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange

Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s

rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer

of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.

the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor

conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e) and 15d-15(e).

Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of June 30, 2021,

the Trust’s disclosure controls and procedures were effective.

have been no changes in the Trust’s or Sponsor’s internal control over financial reporting that occurred during the Trust’s

recently completed fiscal quarter ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, the

Trust’s or Sponsor’s internal control over financial reporting.

Report on Internal Control over Financial Reporting

Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting,

as defined under Exchange Act Rules 13a-15(f) and 15d-15(f).

The Trust’s internal control over financial reporting is a

process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial

statements for external purposes in accordance with accounting principles generally accepted in the United States.

Internal control

over financial reporting includes those policies and procedures that:

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions

of the Trust’s assets;

Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined

under Exchange Act Rules 13a-15(f) and 15d-15(f).

The Trust’s internal control over financial reporting is a process designed to

provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external

purposes in accordance with accounting principles generally accepted in the United States.

Internal control over financial reporting

includes those policies and procedures that:

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of

the Trust’s assets;

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance

1 unchanged sentence

with appropriate authorizations;

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the

Trust’s assets that could have a material effect on the financial statements.

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s

assets that could have a material effect on the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections

of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes

in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer of the Sponsor assessed the effectiveness of the

Trust’s internal control over financial reporting as of June 30, 2020.

In making this assessment, they used the criteria

set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated

Framework (2013) .

Their assessment included an evaluation of the design of the Trust’s internal control over financial

reporting and testing of the operational effectiveness of its internal control over financial reporting.

Based on their assessment

and those criteria, the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained

effective internal control over financial reporting as of June 30, 2020.

Also, projections of

any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in

conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer of the Sponsor assessed the effectiveness of the Trust’s

internal control over financial reporting as of June 30, 2021.

In making this assessment, they used the criteria set forth by the Committee

of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013) .

Their assessment

included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness

of its internal control over financial reporting.

Based on their assessment and those criteria, the Chief Executive Officer and Chief

Financial Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of June 30,

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Management of the Trust’s Sponsor and Shareholders of

GraniteShares

on Internal Control Over Financial Reporting

have audited GraniteShares Gold Trust’s (the Trust) internal control over financial reporting as of June 30, 2021, based on criteria

established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway

Commission (COSO).

In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting

as of June 30, 2021, based on the criteria established in Internal Control—Integrated Framework (2013) issued by COSO.

also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements

of assets and liabilities, including the schedules of investments, as of June 30, 2021 and 2020, and the related statements of operations,

changes in net assets, and the financial highlights for each of the years in the two-year period ended June 30, 2021, and the related

notes (collectively referred to as the financial statements) of the Trust, and our report dated August 13, 2021 expressed an unqualified

Trust’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of

the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control

Over Financial Reporting.

Our responsibility is to express an opinion on the Trust’s internal control over financial reporting

based on our audit.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the

Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission

and the PCAOB.

conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing

the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based

on the assessed risk.

Our audit also included performing such other procedures as we considered necessary in the circumstances.

that our audit provides a reasonable basis for our opinion.

and Limitations of Internal Control Over Financial Reporting

company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability

of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in

accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance

with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection

of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

of the inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of

any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,

or that the degree of compliance with the policies or procedures may deteriorate.

WELLER & BAKER LLP

Philadelphia,

Other Information

2 unchanged sentences

The creation and operation of the Trust has been arranged by the Sponsor.

The Sponsor is not governed by a board of directors.

Sponsor is not governed by a board of directors.

The principals and executive officers of the Sponsor are as follows:

Rhind has been the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) of the

Sponsor since its inception on January 6, 2017.

Rhind has been the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) of the Sponsor

since its inception on January 6, 2017.

Prior to forming the Sponsor and becoming its CEO and CFO, Mr.

Rhind was the CEO

of World Gold Trust Services, LLC (“WGTS”) from September 2014 to February 2016.

WGTS is the sponsor of SPDR®

Gold Trust, the largest gold fund in the world, and is a wholly-owned subsidiary of the World Gold Council, a market development

organization for the gold industry.

Rhind also served as the Managing Director, Institutional Investment, of the World Gold

Council from September 2013 to February 2016.

Rhind was the CEO of World Gold

Trust Services, LLC (“WGTS”) from September 2014 to February 2016.

WGTS is the sponsor of SPDR® Gold Trust, the largest

gold fund in the world, and is a wholly-owned subsidiary of the World Gold Council, a market development organization for the gold industry.

Rhind also served as the Managing Director, Institutional Investment, of the World Gold Council from September 2013 to February 2016.

From March 2007 to September 2013, Mr.

Rhind was employed by ETF Securities Ltd

(“ETF Securities”), an independent exchange-traded product provider, in a number of leadership roles, including as

Managing Director from June 2009 to September 2013.

Rhind was employed by ETF Securities Ltd (“ETF Securities”), an independent exchange-traded

product provider, in a number of leadership roles, including as Managing Director from June 2009 to September 2013.

In that role, Mr.

Rhind managed the company’s U.S.

exchange traded fund

exchange traded fund business.

Prior to joining ETF Securities, Mr.

Rhind was a Principal for the iShares unit of Barclays Global Investors.

his career as an investment banking analyst at Nomura International in London.

Rhind earned a Bachelor of Arts in Modern Languages

(French & Russian) and European Studies from the University of Bath in England.

Rhind was a Principal for

the iShares unit of Barclays Global Investors.

He began his career as an investment banking analyst at Nomura International in London.

Rhind earned a Bachelor of Arts in Modern Languages (French & Russian) and European Studies from the University of Bath in England.

Rhind is 42 years old.

Autier has been the Chief Accounting Officer (“CAO”) and Head of Products of the Sponsor since its inception

on January 6, 2017.

Autier was previously the Head of Product Management for the World Gold Council from September 2015 to

October 2016.

From January 2015 to September 2015, Mr.

Autier was the President of ETF Securities Advisors, LLC, an affiliate

of ETF Securities.

As President, Mr.

Autier managed all aspects of implementation of ETF Securities’ platform for funds

registered under the Investment Company Act of 1940, as amended.

Autier was also the Head of Product Management of ETF Securities

from July 2005 to September 2015.

Autier designed and implemented operational processes for over 300 European and U.S.

products in that role.

Autier previously was employed by Flow Traders, one of the leading market makers in Europe for exchange-traded

by KPMG in Paris as a senior consultant;

Autier has been the Chief Accounting Officer (“CAO”) and Head of Products of the Sponsor since its inception on January

Autier was previously the Head of Product Management for the World Gold Council from September 2015 to October 2016.

January 2015 to September 2015, Mr.

Autier was the President of ETF Securities Advisors, LLC, an affiliate of ETF Securities.

As President,

Autier managed all aspects of implementation of ETF Securities’ platform for funds registered under the Investment Company

Act of 1940, as amended.

Autier was also the Head of Product Management of ETF Securities from July 2005 to September 2015.

designed and implemented operational processes for over 300 European and U.S.

financial products in that role.

Autier previously

was employed by Flow Traders, one of the leading market makers in Europe for exchange-traded commodities;

by KPMG in Paris as a senior

and by the Ernst and Young Corporate Finance.

Autier holds a Masters

in Finance from London Business School and a Bachelors degree in Accounting and Finance from the University of Paris (Pantheon

Autier is 45 years old.

Autier holds a Masters in Finance from London Business School.

is 46 years old.

Executive Compensation

1 unchanged sentence

The only ordinary expense paid by the Trust is the Sponsor’s Fee.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Security Ownership of Certain

Beneficial Owners

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Security Ownership of Certain Beneficial

Sponsor has no knowledge of any person being the direct or indirect beneficial owner of more than 5% of the Shares of the Trust.

the Trust Agreement, Shareholders have no voting rights, except in limited circumstances.

The Trustee may terminate the Trust

upon the agreement of Shareholders owning at least 75% of the outstanding Shares.

The Trustee may terminate the Trust upon the

agreement of Shareholders owning at least 75% of the outstanding Shares.

Ownership of Management

4 unchanged sentences

for services performed by Tait, Weller & Baker LLP and KPMG LLP, for the fiscal years ended June 30, 2021 and 2020 specifically:

June 30, 2020

June 30, 2019

Audit fees – Tait, Weller & Baker

Audit fees – Tait, Weller

Audit fees – KPMG

Audit related fees - Tait, Weller & Baker

Audit related fees - KPMG

Fees are fees paid by the Sponsor to Tait, Weller & Baker LLP and KPMG LLP for professional services for the audit of the

Trust’s financial statements included in the Form 10-K and review of financial statements included in the Form 10-Qs, and

for services that are normally provided by the accountants in connection with regulatory filings or engagements.

Audit Related

Fees are paid by the Sponsor to Tait, Weller & Baker LLP and KPMG LLP for assurance and related services that are reasonably

related to the performance of the audit or review of the Trust’s financial statements.

Audit related fees - Tait, Weller &

Audit related fees

Fees are fees paid by the Sponsor to Tait, Weller & Baker LLP and KPMG LLP for professional services for the audit of the Trust’s

financial statements included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are

normally provided by the accountants in connection with regulatory filings or engagements.

Audit Related Fees are paid by the Sponsor

to Tait, Weller & Baker LLP and KPMG LLP for assurance and related services that are reasonably related to the performance of the

audit or review of the Trust’s financial statements.

Policies and Procedures

referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures

with respect to fees paid to Tait, Weller & Baker LLP.

referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures with respect

to fees paid to Tait, Weller & Baker LLP.

Such determinations are made by the Sponsor.

9 unchanged sentences

Unallocated Gold Account Agreement(1)

Marketing Services Agreement between GraniteShares LLC and Foreside Fund Services, LLC(1)

Marketing Agent Services Agreement between GraniteShares LLC and ALPS Distributors, Inc.(3)

License Agreement between The Bank of New York Mellon and GraniteShares LLC(1)

Consent of Independent Registered Public Accounting Firm*

Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

Chief Executive Officer’s Certificate, pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

Chief Financial Officer’s Certificate, pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

Executive Officer’s Certificate, pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley

Financial Officer’s Certificate, pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley

Instance Document

5 unchanged sentences

Filed herewith.

Previously filed as an exhibit to the Registrant’s Registration Statement on Form S-1 (333-219319), filed on August 25,

2017 and incorporated by reference herein.

Previously filed as an exhibit to the Registrant’s Registration Statement on Form S-1 (333-219319), filed on July 17, 2017

Previously filed as an exhibit to the Registrant’s Registration Statement on Form S-1 (333-219319), filed on August 25, 2017 and

incorporated by reference herein.

Previously filed as an exhibit to the Registrant’s Registration Statement on Form S-1 (333-219319), filed on July 17, 2017 and

incorporated by reference herein.

Previously filed as an exhibit to the Registrant’s Registration Statement on Form 8-K (333-219319), filed on December 29, 2020

and incorporated by reference herein.

Form 10-K Summary

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf

by the undersigned in the capacities thereunto duly authorized.

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned in the capacities thereunto duly authorized.

GraniteShares

8 unchanged sentences

STATEMENTS AS OF JUNE 30, 2021

Report of Independent Registered Public Accounting Firms

Statement of Assets and Liabilities at June 30, 2019 and 2020

Schedule of Investments at June 30, 2019 and 2020

Statement of Operations for the fiscal period ended June 30, 2018, 2019 and 2020

Statement of Changes in Net Assets for the fiscal period ended June 30, 2018, 2019 and 2020

Financial Highlights for the fiscal period ended June 30, 2018, 2019 and 2020

Notes to the Financial Statements

of Independent Registered Public Accounting Firms

of Assets and Liabilities at June 30, 2020 and 2021

of Investments at June 30, 2020 and 2021

of Operations for the fiscal period ended June 30, 2019, 2020 and 2021

of Changes in Net Assets for the fiscal period ended June 30, 2019, 2020 and 2021

Highlights for the years ended June 30, 2019, 2020 and 2021

to the Financial Statements

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

2 unchanged sentences

on the Financial Statements

have audited the accompanying statement of assets and liabilities of GraniteShares Gold Trust (the “Trust”), including

the schedule of investments, as of June 30, 2020, the related statement of operations, the statement of changes in net assets,

and the financial highlights for the year then ended, and the related notes (collectively referred to as the “financial

statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position

of the Trust as of June 30, 2020, the results of its operations, the changes in its net assets, and the financial highlights for

the year then ended, in conformity with accounting principles generally accepted in the United States of America.

have audited the accompanying statement of assets and liabilities of GraniteShares Gold Trust (the “Trust”), including the

schedules of investments, as of June 30, 2021 and 2020, the related statements of operations, the statements of changes in net assets,

and the financial highlights for each of the years in the two-year period ended June 30, 2021 and the related notes (collectively referred

to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the

financial position of the Trust as of June 30, 2021 and 2020, and the results of its operations, the changes in its net assets, and the

financial highlights for each of the years in the two-year period ended June 30, 2021, in conformity with accounting principles generally

accepted in the United States of America.

financial statements of the Trust, as of June 30, 2019, were audited by other auditors whose report, dated August 20, 2019, expressed

an unqualified opinion on those financial statements.

also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”),

the Trust’s internal control over financial reporting as of June 30, 2021, based on criteria established in Internal Control

– Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO),

and our report dated August 13, 2021 expressed an unqualified opinion.

financial statements are the responsibility of the management of the Trust’s sponsor.

Our responsibility is to express an

opinion on the Trust’s financial statements based on our audit.

We are a public accounting firm registered with the Public

Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the

Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We have served as the auditor of one or more GraniteShares LLC investment companies since 2019.

conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit

to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error

The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audit we are required to obtain an understanding of internal control over financial reporting, but not for the

purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting.

we express no such opinion.

audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to

error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence

regarding the amounts and disclosures in the financial statements.

Our audit also included evaluating the accounting principles

used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audit provides a reasonable basis for our opinion.

Our responsibility is to express an opinion

on the Trust’s financial statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required

to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations

of the Securities and Exchange Commission and the PCAOB.

We have served as the auditor of one or more GraniteShares LLC investment companies

conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,

and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts

and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates

made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a

reasonable basis for our opinion.

critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated

or required to be communicated to management of the Trust’s Sponsor and that:

(1) relates to accounts or disclosures that are material

to the financial statements and (2) involved our especially challenging, subjective, or complex judgements.

The communication of a critical

audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the

critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it

of the evidence pertaining to the existence of the gold holdings

disclosed in the schedule of investments, as of June 30, 2021, the Trust’s market value of gold holdings was $1,009,603,783

representing 100% of the Trust’s total assets.

All of the gold holdings, which were 572,614 ounces of gold as of June 30, 2021,

were held by a third-party custodian (the “Custodian”).

identified the evaluation of the evidence pertaining to the existence of the gold holdings as a critical audit matter.

Given the nature

and volume of gold holdings, subjective auditor judgement was required to evaluate the extent and nature of evidence obtained to assess

the quantity of gold held by the Custodian as of June 30, 2021.

following are the primary procedures we performed to address the critical audit matter.

We obtained a schedule directly from the Custodian

of the Trust’s gold holdings held by the Custodian as of June 30, 2021.

We compared the total ounces on such schedule to the Trust’s

record of gold holdings.

We also obtained the results of the physical count and brand purity of the Trust’s gold holdings performed

at the Custodian’s location by a third party directly from such third party and reconciled the results to the Trust’s and

Custodian’s record of holdings.

WELLER & BAKER LLP

Philadelphia,

of Independent Registered Public Accounting Firm

Management of the Trust’s Sponsor and Shareholders

GraniteShares Gold Trust:

on the Financial Statements

have audited the accompanying statement of assets and liabilities of GraniteShares Gold Trust (the Trust), including the schedule

of investments as of June 30, 2019 and 2018, the related statements of operations and changes in net assets for the year ended

June 30, 2019 and for the period from August 24, 2017 (commencement of operations) to June 30, 2018, and the related notes (collectively,

the financial statements) and the financial highlights for the year ended June 30, 2019 and for the period from August 24, 2017

to June 30, 2018.

In our opinion, the financial statements and financial highlights present fairly, in all material respects,

the financial position of the Trust as of June 30, 2019 and 2018, and the results of its operations, changes in its net assets

and the financial highlights for the year ended June 30, 2019 and for the period from August 24, 2017 to June 30, 2018, in conformity

generally accepted accounting principles.

financial statements and financial highlights are the responsibility of the management of the Trust’s sponsor.

Our responsibility

is to express an opinion on these financial statements and financial highlights based on our audits.

We are a public accounting

firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent

with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the

Securities and Exchange Commission and the PCAOB.

conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit

to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement,

whether due to error or fraud.

The Trust is not required to have, nor were we engaged to perform, an audit of its internal control

over financial reporting.

As part of our audits, we are required to obtain an understanding of internal control over financial

reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial

Accordingly, we express no such opinion.

audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights,

whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a

test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights.

Our audits also

included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

presentation of the financial statements and financial highlights.

We believe that our audits provide a reasonable basis for our

have served as the auditor of one or more GraniteShares LLC investment companies since 2017.

August 20, 2019

GRANITESHARES

1 unchanged sentence

June 30, 2021 and 2020

Amounts in 000’s of US$ except share and per share data

June 30, 2020

June 30, 2019

Investment in gold bullion, at fair value (1)

in 000’s of US$ except share and per share data

in gold bullion, at fair value (1)

Fees payable to Sponsor

3 unchanged sentences

of investment in gold bullion:

and $ 497,005 ,

respectively.

No par value,

Unlimited amount authorized.

Cost of investment in gold bullion:

$ 878,799 and $ 839,963 , respectively.

No par value, Unlimited amount authorized.

par value, Unlimited amount authorized.

Notes to the Financial Statements

3 unchanged sentences

in 000’s of US$, except for ounces and percentages

June 30, 2020

of Net Assets

Total investment

Liabilities in excess of other assets

June 30, 2019

in excess of other assets

of Net Assets

4 unchanged sentences

of Operations

the years ended June 30, 2020 and 2019 and the fiscal period ended June 30, 2018 (1)

Amounts in 000’s of US$, except per share data

June 30, 2020

the years ended June 30, 2021, 2020 and 2019

in 000’s of US$, except per share data

June 30, 2021

Fiscal Period Ended

June 30, 2020

1 unchanged sentence

Net investment loss

Net realized and unrealized gains (losses)

Net realized gain (loss) from:

Gold bullion sold to pay expenses

Gold bullion distributed for the redemption of Shares

Net realized and unrealized

gains (losses)

Net realized gain (loss)

Net change in unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

Gold bullion sold to pay

bullion distributed for the redemption of Shares

realized gain (loss)

change in unrealized appreciation (depreciation)

realized and unrealized gain (loss)

Net increase (decrease)

in net assets resulting from operations

Net increase (decrease) in net assets per share

$ ( 4.33 ) (2)

Weighted average number of shares (in 000’s)

commenced on August 24, 2017.

for effect of stock split.

3 unchanged sentences

of Changes in Net Assets

the years ended June 30, 2020 and 2019 and the fiscal period ended June 30, 2018 (1)

Amounts in 000’s of US$

June 30, 2020

the years ended June 30, 2021, 2020 and 2019

in 000’s of US$

June 30, 2021

Fiscal Period Ended

June 30, 2020

Net Assets – beginning of period

Net Assets – beginning of

Creations of 16,600,000 , 23,500,000 and 41,480,000

shares respectively

Redemptions of ( 18,150,000 ) , ( 3,150,000 ) and

( 4,640,000 ) respectively

Net investment income (loss)

Net realized gain (loss) from gold bullion sold to pay expenses

Net realized gain (loss) from gold bullion distributed for redemptions

Net change in unrealized gain (loss) on investment in gold bullion

Net Assets – end of period

commenced on August 24, 2017.

Net realized gain (loss) from gold bullion

sold to pay expenses

Net realized gain (loss) from gold bullion

distributed for redemptions

Net change in unrealized

gain (loss) on investment in gold bullion

Net Assets – end

Notes to the Financial Statements

GRANITESHARES

the years ended June 30, 2020 and 2019 and the fiscal period ended June 30, 2018 (1)

the years ended June 30, 2021, 2020 and 2019

Share Performance

a Share outstanding throughout each period)

a Share outstanding throughout each year)

June 30, 2021

Ended June 30, 2020

Period Ended June 30, 2018 (2)

Net asset value per Share at beginning of period

investment income (loss) (3)

Net realized and unrealized gain (loss) on investment in gold bullion

Net change in net assets from operations

Net asset value per Share at end of period

Total return ratio, at net asset value

( 3.15 )% (4)

Ended June 30, 2019 (1)

Net asset value per Share at beginning

Net investment

income (loss) (2)

realized and unrealized gain (loss) on investment in gold bullion

change in net assets from operations

Net asset value per

Share at end of year

Total return ratio, at net

Net assets ($000’s)

1 unchanged sentence

Net investment loss

( 0.20 )% (5)

commenced on August 24, 2017.

for effect of stock split.

for effects of stock split.

Stock split was effective on March 7, 2019.

using the average shares outstanding method.

not annualized

Notes to the Financial Statements

2 unchanged sentences

Gold Trust (the “Trust”) is an investment trust formed on August 24, 2017 under New York law pursuant to a trust indenture.

The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing the

performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including

the preparation of financial statements.

The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing the performance

of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation

of financial statements.

The Trustee is responsible for the day-to-day administration of the Trust.

objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust

at that time less the Trust’s accrued expenses and liabilities as of that time.

The Shares are intended to constitute a

simple and cost-effective means of making an investment similar to an investment in gold.

objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust at that

time less the Trust’s accrued expenses and liabilities as of that time.

The Shares are intended to constitute a simple and cost-effective

means of making an investment similar to an investment in gold.

February 26, 2019, the Trust announced a 10-for-1 Share split for all shareholders of record as of March 7, 2019.

The ticker symbol

for the Trust did not change, and the Trust continues to trade on the NYSE Arca.

The split was applied retroactively for all periods

presented, increasing the number of Shares outstanding for the Trust, and resulted in a proportionate decrease in the price per

Share and per Share information of the Trust.

Therefore, the split did not change the aggregate net asset value of a shareholder’s

investment at the time of the split.

The ticker symbol for

the Trust did not change, and the Trust continues to trade on the NYSE Arca.

The split was applied retroactively for all periods presented,

increasing the number of Shares outstanding for the Trust, and resulted in a proportionate decrease in the price per Share and per Share

information of the Trust.

Therefore, the split did not change the aggregate net asset value of a shareholder’s investment at the

time of the split.

fiscal year end for the Trust is June 30.

2 unchanged sentences

Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting

Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting

purposes, the Trust is classified as an Investment Company.

The Trust is not registered as an investment company under the Investment

Company Act of 1940 and is not required to register under such act.

preparation of financial statements in accordance with accounting principles generally accepted in the United States of America

requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts

and disclosures.

Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes,

the Trust is classified as an Investment Company.

The Trust is not registered as an investment company under the Investment Company Act

of 1940 and is not required to register under such act.

preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires

those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures.

Actual results could differ from those estimates.

2 unchanged sentences

Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”).

ASC 820 provides guidance for determining

fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.

defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

between market participants at the measurement date.

is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United

Kingdom vaulting premises.

The cost of gold is determined according to the average cost method and the fair value is based on

the London Bullion Market Association (“LBMA”) PM Gold Price.

If there is no LBMA Gold Price PM on any day, the Trustee

is authorized to use the most recently announced LBMA Gold Price AM unless the Trustee, in consultation with the Sponsor, determines

that such price is inappropriate as a basis for evaluation.

LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic,

tradable and auditable over-the-counter auction market with the ability to participate in US Dollars, Euros or British Pounds

for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s

per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold Price

to calculate the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents

the per Share amount of gold held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and

any losses that may have occurred.

ASC 820 provides guidance for determining fair

value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.

ASC 820 defines fair

value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants

at the measurement date.

is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom

vaulting premises.

The cost of gold is determined according to the average cost method and the fair value is based on the London Bullion

Market Association (“LBMA”) PM Gold Price.

If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use

the most recently announced LBMA Gold Price AM unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate

as a basis for evaluation.

LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable

and auditable over-the-counter auction market with the ability to participate in US Dollars, Euros or British Pounds for LBMA authorized

participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading.

per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold Price to calculate

the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount

of gold held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value.

The three levels of inputs

are as follows:

The three levels of inputs are

Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly

or indirectly.

These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments

and similar data.

Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing

the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,

and that would be based on the best information available.

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly.

These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar

Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s

own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based

on the best information available.

Trustee categorizes the Trust’s investment in gold as a level 1 asset within the ASC 820 hierarchy.

Expenses, realized gains and losses

Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized

rate equal to 0.1749 % of the adjusted daily net asset value of the Trust, paid monthly in arrears.

Prior to October 5, 2018 the

annualized rate equaled 0.20 %.

Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly

fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing

fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs,

audit fees and certain legal expenses.

fees payable to the Sponsor were $ 140,674

as of June 30, 2020 and $ 75,427

as of June 30, 2019.

The Sponsor’s

Fee, for the year ended June 30, 2020, was $ 1,193,277 , or 0.17% of the Trust’s assets on an annualized basis , $ 666,919 for

the year ended June 30, 2019, or 0.18% of the Trust’s assets on an annualized basis and $ 44,776 for the period ended June

30, 2018 or 0.20% of the Trust’s assets on an annualized basis.

respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own

discretion, sell the Trust’s gold as necessary to pay these expenses.

When selling gold to pay expenses, the Trustee

will endeavor to sell the smallest amounts of gold needed to pay these expenses in order to minimize the Trust’s

holdings of assets other than gold.

Other than the Sponsor’s Fee, the Trust had no expenses during the years ended June

30, 2020, 2019 and 2018.

otherwise directed by the Sponsor, when selling gold the Trustee will endeavor to sell at the price established by the LBMA PM

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to

receive the most favorable price and execution of orders.

The Custodian may be the purchaser of such gold only if the sale transaction

is made at the next LBMA PM Gold Price or such other publicly available price that the Sponsor deems fair, in each case as set

following the sale order.

A gain or loss is recognized based on the difference between the selling price and the cost of the gold

Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

gains and losses result from the transfer of gold for Share redemptions and / or to pay expenses and are recognized on a trade

date basis as the difference between the fair value and cost of gold transferred.

Gain or loss on sales of gold bullion is calculated

on a trade date basis using the average cost method.

Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate

equal to 0.1749 % of the adjusted daily net asset value of the Trust, paid monthly in arrears.

Prior to October 5, 2018 the Sponsor’s

fee was payable at an annualized rate of 0.20 %.

Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and

out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United

States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain

legal expenses.

of June 30, 2021, the fees payable to the Sponsor were $ 153,517 .

As of June 30, 2020, the fees payable to the Sponsor were $ 140,674 .

The Sponsor’s Fee, for the year ended June 30, 2021, was $ 2,012,108 , or 0.17% of the Trust’s assets on an annualized basis,

$ 1,193,277 for the year ended June 30, 2020, or 0.17% of the Trust’s assets on an annualized basis and $ 666,919 for the year ended

June 30, 2019 or 0.18% of the Trust’s assets on an annualized basis.

respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,

sell the Trust’s gold as necessary to pay these expenses.

When selling gold to pay expenses, the Trustee will endeavor to sell

the smallest amounts of gold needed to pay these expenses in order to minimize the Trust’s holdings of assets other than gold.

Other than the Sponsor’s Fee, the Trust had no expenses during the years ended June 30, 2021, 2020 and 2019.

otherwise directed by the Sponsor, when selling gold the Trustee will endeavor to sell at the price established by the LBMA PM Gold Price.

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable

price and execution of orders.

The Custodian may be the purchaser of such gold only if the sale transaction is made at the next LBMA

PM Gold Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order.

or loss is recognized based on the difference between the selling price and the cost of the gold sold.

Neither the Trustee nor the Sponsor

is liable for depreciation or loss incurred by reason of any sale.

gains and losses result from the transfer of gold for Share redemptions and / or to pay expenses and are recognized on a trade date basis

as the difference between the fair value and cost of gold transferred.

Gain or loss on sales of gold bullion is calculated on a trade

date basis using the average cost method.

Gold Receivable and Payable

receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of

Shares respectively, where the gold has not yet been transferred to or from the Trust’s account.

Generally, ownership of

the gold is transferred within two business days of the trade date.

receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares

respectively, where the gold has not yet been transferred to or from the Trust’s account.

Generally, ownership of the gold is transferred

within two business days of the trade date.

Creations and Redemptions of Shares

Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”) only

to Authorized Participants.

The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust

or the distribution by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which

will be based on the combined Fine Ounces represented by the number of shares included in the Baskets being created or redeemed

determined on the day the order to create or redeem Baskets is properly received.

Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”) only to Authorized

Participants.

The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution

by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined

Fine Ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order to

create or redeem Baskets is properly received.

to create and redeem Baskets may be placed only by Authorized Participants.

An Authorized Participant must:

(1) be a registered

broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion

from registration, would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant

in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated

account meeting the standards described herein.

To become an Authorized Participant, a person must enter into an Authorized Participant

Agreement with the Sponsor and the Trustee.

The Authorized Participant Agreement provides the procedures for the creation and

redemption of Baskets and for the delivery of the gold required for such creations and redemptions.

The Authorized Participant

Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any

investor or Authorized Participant.

A transaction fee of $ 500 will be assessed on all creation and redemption transactions.

Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is

able to allocate gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces

of gold at the close of a business day.

(1) be a registered broker-dealer

or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration,

would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have

an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards

described herein.

To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor

and the Trustee.

The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the

delivery of the gold required for such creations and redemptions.

The Authorized Participant Agreement and the related procedures attached

thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant.

A transaction fee

of $ 500 will be assessed on all creation and redemption transactions.

Multiple Baskets may be created on the same day, provided each

Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust Allocated Account such that

the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the close of a business day.

Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation

or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the

Sponsor or the Trust to effect any sale or resale of shares.

in the Shares for the years ended June 30, 2020 and 2019 were:

Schedule of Changes in Resale of Shares

(Amounts in 000’s)

June-30, 2020

Activity in Number of Shares Created and Redeemed:

Net change in Number of Shares Created and Redeemed

(Amounts in 000’s of US$)

June-30, 2020

June-30, 2019

Activity in Value of Shares Created and Redeemed:

Net change in Value of Shares Created and Redeemed

Adjusted for effects of stock split.

Stock split was

effective on March 7, 2019.

or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor

or the Trust to effect any sale or resale of shares.

Trust is classified as a “grantor trust” for United States federal income tax purposes.

As a result, the Trust itself

will not be subject to United States federal income tax.

Instead, the Trust’s income and expenses will “flow through”

to the Shareholders, and the Trustee will report the Trust’s income, gains, losses and deductions to the Internal Revenue

Service on that basis.

As a result, the Trust itself will

not be subject to United States federal income tax.

Instead, the Trust’s income and expenses will “flow through” to

the Shareholders, and the Trustee will report the Trust’s income, gains, losses and deductions to the Internal Revenue Service

on that basis.

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined

that no reserves for uncertain tax positions are required as of June 30, 2020 and 2019.

Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine

whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

Tax positions

not deemed to meet that threshold would be recorded as an expense in the current year.

The Trust is required to analyze all open

Open tax years are those years that are open for examination by the relevant income taxing authority.

As of June 30,

2020, the 2020, 2019 and 2018 tax years remain open for examination.

Emerging Growth Company qualification

Trust is an “emerging growth company” as defined in the JOBS Act, and as such, is permitted to meet reduced public

company reporting requirements.

that no reserves for uncertain tax positions are required as of June 30, 2021 and June 30, 2020.

Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether

the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

Tax positions not deemed to

meet that threshold would be recorded as an expense in the current year.

The Trust is required to analyze all open tax years.

years are those years that are open for examination by the relevant income taxing authority.

As of June 30, 2021, the 2021, 2020,

2019 and 2018 tax years remain open for examination.

Investment in gold

2 unchanged sentences

in 000’s of US$, except for ounces data

balance as of June 30, 2019

bullion contributed

bullion distributed

in unrealized depreciation

balance as of June 30, 2020

Opening balance as of June 30,

Gold bullion contributed

Gold bullion distributed

( 181,483.018 )

Change in unrealized

Ending balance as

of June 30, 2021

in ounces of gold and their respective values for the year ended June 30, 2020.

in 000’s of US$, except for ounces data

balance as of June 30, 2018

bullion contributed

bullion distributed

in unrealized depreciation

balance as of June 30, 2019

Opening balance as of June 30,

Gold bullion contributed

Gold bullion distributed

( 32,091.963 )

Change in unrealized

Ending balance as

of June 30, 2020

Related parties – Sponsor and Trustee

fee is paid to the Sponsor as compensation for services performed under the Trust Agreement.

In exchange for the Sponsor’s

fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s

fee and out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees,

SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $ 100,000 per annum in legal fees and expenses.

The Sponsor’s fee is payable at an annualized rate of 0.1749 % of the Trust’s Net Asset Value, accrued on a daily basis

computed on the prior Business Day’s Net Asset Value and paid monthly in arrears.

Prior to October 5, 2018, the Sponsor’s

fee was payable at an annualized rate of 0.20 %.

Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period

In exchange for the Sponsor’s fee,

the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s fee and

out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees, SEC registration

fees, printing and mailing costs, audit fees and expenses, and up to $ 100,000 per annum in legal fees and expenses.

The Sponsor’s

fee is payable at an annualized rate of 0.1749 % of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior

Business Day’s Net Asset Value and paid monthly in arrears.

Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of

Presently, the Sponsor does not intend to waive any part of its fee.

of the Trustee, may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account,

as agent for their customers and for accounts over which they exercise investment discretion.

of the Trustee, may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent

for their customers and for accounts over which they exercise investment discretion.

Concentration of risk

accordance with Statement of Position No.

94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole

business activity is the investment in gold bullion.

94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole business

activity is the investment in gold bullion.

Several factors could affect the price of gold:

(i) global gold supply and

demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold

hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries;

(ii) investors’

expectations with respect to the rate of inflation;

(i) global gold supply and demand, which

is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions,

central bank purchases and sales, and production and cost levels in major gold-producing countries;

(ii) investors’ expectations

with respect to the rate of inflation;

(iii) currency exchange rates;

(iv) interest rates;

(v) investment and trading

activities of hedge funds and commodity funds;

(v) investment and trading activities of hedge

funds and commodity funds;

and (vi) global or regional political, economic or financial events and situations.

In addition, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.

the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

Each of these events could have a material effect on the Trust’s financial position and results of operations.

In addition, there is

no assurance that gold will maintain its long-term value in terms of purchasing power in the future.

In the event that the price of gold

declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

Each of these events could have a

material effect on the Trust’s financial position and results of operations.

Indemnification

the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents

and affiliates) and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified

against any liability, loss or expense it incurs without (i) gross negligence, bad faith, willful misconduct or willful misfeasance

on its part in connection with the performance of its obligations under the Trust Agreement or any such other agreement or any

actions taken in accordance with the provisions of the Trust Agreement or any such other agreement and (ii) reckless disregard

on its part of its obligations and duties under the Trust Agreement or any such other agreement.

Such indemnity shall also include

payment from the Trust of the reasonable costs and expenses incurred by the indemnified party in investigating or defending itself

against any such loss, liability or expense or any claim therefore.

In addition, the Sponsor may, in its sole discretion, undertake

any action that it may deem necessary or desirable in respect of the Trust Agreement and in such event, the reasonable legal expenses

and costs and other disbursements of any such actions shall be expenses and costs of the Trust and the Sponsor shall be entitled

to reimbursement by the Trust.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future

claims that may be made against the Trust that have not yet occurred.

the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents and affiliates)

and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified against any liability,

loss or expense it incurs without (i) gross negligence, bad faith, willful misconduct or willful misfeasance on its part in connection

with the performance of its obligations under the Trust Agreement or any such other agreement or any actions taken in accordance with

the provisions of the Trust Agreement or any such other agreement and (ii) reckless disregard on its part of its obligations and duties

under the Trust Agreement or any such other agreement.

Such indemnity shall also include payment from the Trust of the reasonable costs

and expenses incurred by the indemnified party in investigating or defending itself against any such loss, liability or expense or any

claim therefore.

In addition, the Sponsor may, in its sole discretion, undertake any action that it may deem necessary or desirable in

respect of the Trust Agreement and in such event, the reasonable legal expenses and costs and other disbursements of any such actions

shall be expenses and costs of the Trust and the Sponsor shall be entitled to reimbursement by the Trust.

The Trust’s maximum exposure

under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

Subsequent events

has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no

items requiring adjustment of the financial statements or additional disclosures.

has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items

requiring adjustment of the financial statements or additional disclosures.

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 9A. Controls and Procedures