What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-11-04 compared with 2022-05-05 · 23 added, 37 removed, 62 unchanged (49% of the section changed)

48 unchanged sentences

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

At March 31, 2022 the Trust did not have any cash balances.

On September 30, 2022 the Trust did not have any cash balances.

Sheet Arrangements

10 unchanged sentences

of Operations

Quarter Ended March 31, 2022

Trust’s net asset value increased from $912,010,117 on December 31, 2021 to $1,046,911,786 on March 31, 2022, a 14.8% increase.

The increase in the Trust’s net asset value was due to a change in the price of gold, which increased 6.7% from $1,820.10 on December

31, 2021 to $1,942.15 on March 31, 2022.

The Trust’s net asset value also increased because of the change in the number of shares

outstanding from 50,500,000 to 54,350,000, a 7.6% increase which was the net result of 77 creation orders and no redemption orders (50,000

shares per creation and redemption order).

6.6% increase in the Trust’s net asset value per share, from $18.06 on December 31, 2021 to $19.26 on March 31, 2022 is related

to the 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 $413,790 for the quarter, or 0.043% of the Trust’s average weighted net assets of $959,506,543 during the quarter.

The net asset value per share of $20.23 on March 08, 2022 was the highest during the quarter, compared with a low during the quarter

of $17.74 on January 28, 2022.

increase in net assets resulting from operations for the quarter ended March 31, 2022 was $61,159,138, resulting from an unrealized gain

on investment in gold bullion of $61,510,046 increased by a gain of $62,882 on metal sold to cover the redemption orders and the

Sponsor’s fees but reduced by the Sponsor’s fees of $413,790.

Other than the Sponsor’s fees the Trust had no expenses

during the quarter.

Months Ended March 31, 2022

Trust’s net asset value increased from $1,009,450,266 on June 30, 2021 to $1,046,911,786 on March 31, 2022 a 3.7%

The increase in the Trust’s net asset value was mainly due to a change in the price of gold, which increased 10.2%% from

$1,763.15 on June 30, 2021 to $1,942.15 on March 31, 2022.

The impact of the increase in gold price was reduced by the decrease in the

number of shares outstanding from 57,650,000 to 54,350,000 over this period, or 5.7%.

The 3,300,000 shares decrease was the net result

of 148 creations orders and 214 redemption orders (50,000 shares per creation and redemption order).

10.0% increase in the Trust’s net asset value per share, from $17.51 on June 30, 2021 to $19.26 on March 31, 2022 is directly related

to the 10.2% decrease 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 $1,281,467 for the period, or 0.131% of the Trust’s average weighted net assets of $976,072,634 during the nine-month

The net asset value per share of $20.23 on March 8, 2022 was the highest during the period, compared with a low during the period

of $17.11 on October 10, 2021.

net increase in net assets resulting from operations for the 9 months period ending March 31, 2022 was $88,992,398, resulting from an

unrealized gain on investment in gold bullion of $66,026,255, increased by a gain of $24,247,610 on metal sold to cover the redemption

orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,281,467 Other than the Sponsor’s fees the Trust

had no expenses during the quarter.

Quarter Ended September 30, 2022

The Trust’s net asset value decreased from $996,127,089 on June 30,

2022 to $831,600,612 on September 30, 2022, a 16.5% decrease.

The decrease in the Trust’s net asset value was due to a decrease

in the number of shares outstanding from 55,300,000 to 50,200,000 over this period.

The net 5,100,000 shares decrease was a result of

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

There were no creation orders over the period.

The Trust’s net

asset value was also negatively impacted by the change in the price of gold, which decreased 7.99% from $1,817.00 on June 30, 2022 to

$1,671.75 on September 30, 2022.

The 8.00% decrease in the Trust’s net asset value per share, from

18.01 at June 30, 2022 to $16.57 at September 30, 2022 is directly related to the 7.99% decrease in the price of gold.

The Trust’s net asset value per share decreased slightly more than

the price of gold on a percentage basis due to the Sponsor’s fees, which were $395,613 for the quarter, or 0.044% of the Trust’s

average weighted net assets of $897,298,743 during the quarter.

The net asset value per share of $17.82 on July 01, 2022, was the highest

during the quarter, compared with a low during the quarter of $16.19 on September 27, 2022.

Net decrease in net assets resulting from operations for the quarter ended

September 30, 2022 was $77,163,833, resulting primarily from an unrealized loss on investment in gold bullion of $83,927,068, reduced

by a gain of $7,158,848 on metal sold to cover redemption orders and Sponsor’s fees but increased by the Sponsor’s fees of

Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk

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