What changed in this filing

/stocks — the workspaceLOADING

Item 7. Management’s Discussion and Analysis

2022-08-12 compared with 2021-08-13 · 27 added, 27 removed, 98 unchanged (36% of the section changed)

62 unchanged sentences

for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and cost of gold transferred.

June 30, 2022

(Amounts in 000’s of US$)

Investment in gold - cost

Unrealized gain /

(loss) on investment in gold

Investment in gold

Unrealized gain / (loss) on investment in gold

Investment in gold - fair value

the Custody Agreements, the Trustee, the Sponsor and the Sponsor’s auditors and inspectors may, only up to twice a year, visit

2 unchanged sentences

The most recent

inspection by Inspectorate International Limited, a leading commodity inspection and testing company retained by the Sponsor, of the

Custodian was conducted as of July 08, 2021.

inspection by Bureau Veritas, a leading commodity inspection and testing company retained by the Sponsor, of the Custodian was conducted

as of July 01, 2022.

Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity

9 unchanged sentences

of Financial Results

(Amounts in 000’s of US$ except per

June 30, 2022

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

Total gain / (loss) on gold

Change in net assets from operations

Net increase (decrease) in net assets per

Net increase (decrease) in net assets per share

year ended June 30, 2022

Trust’s NAV decreased from $1,009,450,266 on June 30, 2021, to $996,127,089 on June 30, 2022, a 1.32% decrease for the year.

decrease in the Trust’s NAV resulted primarily from a reduction in outstanding Shares from 59,200,000 Shares on June 30, 2020 to

57,650,000 Shares on June 30, 2021, a result of 16,600,000 Shares (332 Baskets) being created and 18,150,000 Shares (363 Baskets) being

decrease in the Trust’s NAV resulted primarily from a reduction in outstanding Shares from 57,650,000 Shares on June 30, 2021,

to 55,300,000 Shares on June 30, 2022, a result of 9,150,000 Shares (183 Baskets) being created and 11,500,000 Shares (230 Baskets) being

redeemed during that period.

NAV per Share increased 2.86% from $17.51 on June 30, 2021, to $18.01 on June 30, 2022.

During that period the gold price increased 3.05%

from $1,763.15 on June 30, 2021, to $1,817.00 on June 30, 2022.

The Trust’s NAV per Share increased slightly less than the price

per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,726,901 for the fiscal year, or 0.1749% of the Trust’s

assets on an annualized basis.

year ended June 30, 2021

Trust’s NAV decreased from $1,041,316,068 on June 30, 2020, to 1,009,450,266 on June 30, 2021, a 3.1% decrease for the year.

decrease in the Trust’s NAV resulted primarily from a reduction in outstanding Shares from 59,200,000 Shares on June 30, 2020,

to 57,650,000 Shares on June 30, 2021, a result of 16,600,000 Shares (332 Baskets) being created and 18,150,000 Shares (363 Baskets)

being redeemed during that period.

NAV per Share decreased 0.46% from $17.59 on June 30, 2020, to $17.51 on June 30, 2021.

6 unchanged sentences

Trust’s NAV increased from $545,511,107 on June 30, 2019, to $1,041,316,068 on June 30, 2020, a 91% increase for the year.

in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 38,850,000 Shares on June 30, 2019

to 59,200,000 Shares on June 30, 2020, a result of 23,500,000 Shares (470 Baskets) being created and 3,150,000 Shares (63 Baskets) being

redeemed during that period.

increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 38,850,000 Shares on June

30, 2019, to 59,200,000 Shares on June 30, 2020, a result of 23,500,000 Shares (470 Baskets) being created and 3,150,000 Shares (63 Baskets)

being redeemed during that period.

NAV per Share increased 25.28% from $14.04 on June 30, 2019, to $17.59 on June 30, 2020.

1 unchanged sentence

25.49% from $1,409.00 on June 30, 2019, to $1,768.10 on June 28, 2020.

The Trust’s NAV per Share increased slightly less than the price

per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,193,277 for the fiscal year, or 0.1749% of the Trust’s

assets on an annualized basis.

year ended June 30, 2019

Trust’s NAV increased from $250,925,048 on June 30, 2018 to $545,511,107 on June 30, 2019, a 117% increase for the year.

in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose, on a post stock split basis (see Note

1 to the Financial Statements), from 20,100,000 Shares on June 30, 2018 to 38,850,000 Shares on June 30, 2019, a result of 22,100,000

Shares (442 Baskets) being created and 3,350,000 Shares (67 Baskets) being redeemed during that period.

a post stock split basis (see Note 1 to the Financial Statements), the NAV per Share increased 12.50% from $12.48 on June 30, 2018 to

$14.04 on June 30, 2019.

During that period the gold price increased 12.68% from $1,250.45 on June 30, 2018 to $1,409.00 on June 28,

The Trust’s NAV per Share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s

Fee, which was $666,919 for the fiscal year, or 0.18% of the Trust’s assets on an annualized basis.

The Sponsor’s Fee was

reduced from 0.20% to 0.1749% on October 5, 2018 (see Note 2.2 in the Financial Statements)

The Trust’s NAV per Share increased slightly less than the

price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,193,277 for the fiscal year, or 0.1749% of

the Trust’s assets on an annualized basis.

Sheet Arrangements

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-K

Item 7. Management’s Discussion and Analysis