What changed in this filing

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Item 1A. Risk Factors

2022-08-12 compared with 2021-08-13 · 11 added, 26 removed, 421 unchanged (8% of the section changed)

164 unchanged sentences

your investment.

Trust is an “emerging growth company” and it cannot be certain if the reduced disclosure requirements applicable to emerging

growth companies will make the Shares less attractive to investors.

Trust is an “emerging growth company” as defined in the JOBS Act.

For as long as the Trust continues to be an emerging growth

company it may choose to take advantage of certain exemptions from various reporting requirements applicable to other public companies

but not to emerging public companies, which include, among other things:

from the auditor attestation requirements under Section 404 of the Sarbanes-Oxley Act;

disclosure obligations regarding executive compensation in the Trust’s periodic reports;

from the requirements of holding non-binding shareholder votes on executive compensation arrangements;

from any rules requiring mandatory audit firm rotation and auditor discussion and analysis and, unless otherwise determined by the

SEC, any new audit rules adopted by the Public Company Accounting Oversight Board.

Trust could be an emerging growth company until the last day of the fiscal year following the fifth anniversary after its initial public

offering, or until the earliest of (1) the last day of the fiscal year in which it has annual gross revenue of $1 billion or more, (2)

the date on which it has, during the previous three year period, issued more than $1 billion in non-convertible debt or (3) the date

on which it is deemed to be a large accelerated filer under the federal securities laws.

The Trust will qualify as a large accelerated

filer as of the first day of the first fiscal year after it has (A) more than $700 million in outstanding equity held by nonaffiliates

and (B) been public for at least 12 months.

The value of the Trust’s outstanding equity will be measured each year on the last

day of its second fiscal quarter.

the JOBS Act, emerging growth companies are also permitted to elect to delay adoption of new or revised accounting standards until companies

that are not subject to periodic reporting obligations are required to comply, if such accounting standards apply to non-reporting companies.

However, the Trust has chosen to opt out of this extended transition period for complying with new or revised accounting standards.

107 of the JOBS Act provides that the decision to opt out of the extended transition period for complying with new or revised accounting

standards is irrevocable.

Trust cannot predict if investors will find an investment in the Trust less attractive if it relies on these exemptions.

Participants with large holdings may choose to terminate the Trust.

251 unchanged sentences

Each of these outcomes would negatively impact the Trust.

Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events and the continuation of the

war in Ukraine or other hostilities

late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existing geopolitical tensions among Russia

and other countries in the region and in the west.

The responses of countries and political bodies to Russia’s actions, the larger

overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility

generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and the price of the

The conflict in Ukraine, along with global political fallout and implications including sanctions, shipping disruptions, collateral

war damage, and a potential expansion of the conflict beyond Ukraine’s borders, could disturb the gold market.

On March 6, 2022,

the LBMA suspended its accreditation of six Russian precious metals refiners, hence suspending their access to the world’s largest

Unresolved Staff Comments

2 unchanged sentences

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 1A. Risk Factors