What changed in this filing

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Item 1. Financial Statements

2023-05-05 compared with 2023-02-03 · 48 added, 52 removed, 230 unchanged (30% of the section changed)

1 unchanged sentence

of Assets and Liabilities

December 31, 2022 (unaudited) and June 30, 2022

March 31, 2023 (unaudited) and June 30, 2022

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

December 31, 2022

March 31, 2023

June 30, 2022

Investment in gold bullion, at fair value (1)

in gold bullion, at fair value (1)

Fees payable to Sponsor

7 unchanged sentences

of Investments

December 31, 2022 (unaudited) and June 30, 2022

March 31, 2023 (unaudited) and June 30, 2022

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

December 31, 2022 (unaudited)

March 31, 2023 (unaudited)

Total investment

5 unchanged sentences

of Operations (unaudited)

the three and six months ended December 31, 2022 and 2021

the three and nine months ended March 31, 2023 and 2022

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

December 31, 2022

December 31, 2021

December 31, 2022

December 31, 2021

March 31, 2023

March 31, 2022

Total expenses

4 unchanged sentences

Gold bullion distributed for the redemption of Shares

Net realized gain (loss)

Net realized gain

Net change in unrealized appreciation (depreciation)

5 unchanged sentences

of Changes in Net Assets (unaudited)

the three and six months ended December 31, 2022 and 2021

the three and nine months ended March 31, 2023 and 2022

Amounts in 000’s of US$

December 31, 2022

December 31, 2021

December 31, 2022

December 31, 2021

Three Months Ended

Nine Months Ended

March 31, 2023

Nine Months Ended

March 31, 2022

Net Assets – beginning of the period

Creation of 1,600,000 , 700,000 , 1,600,000 and 3,550,000 shares respectively

Creations of 1,100,000 , 3,850,000 , 2,700,000 and 7,400,000 shares respectively

Redemptions of 1,100,000 , 0 , 8,600,000 and 10,700,000 shares respectively

1 unchanged sentence

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

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

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

Net change in unrealized appreciation (depreciation) on investment in gold bullion

2 unchanged sentences

Highlights (unaudited)

the three and six months ended December 31, 2022 and 2021

the three and nine months ended March 31, 2023 and 2022

Per Share Performance

(for a Share outstanding throughout each period)

December 31, 2022

December 31, 2021

December 31, 2022

December 31, 2021

March 31, 2023

March 31, 2022

Net asset value per Share at beginning of period

Net investment gain (loss) (1)

Net investment loss (1)

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

1 unchanged sentence

Net asset value per Share at end of period

return ratio, at net asset value (2)

Total return, at net asset value (2)

Net assets ($000’s)

1 unchanged sentence

Net investment loss (3)

Calculated using the average shares outstanding method.

Calculated using the average

shares outstanding method.

Percentage not annualized.

60 unchanged sentences

legal expenses.

of December 31, 2022, the fees payable to the Sponsor were $ 131,235 .

of March 31, 2023, the fees payable to the Sponsor were $ 138,957 .

As of June 30, 2022, the fees payable to the Sponsor were $ 143,857 .

3 unchanged sentences

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 three and six months ended December 31, 2022 and 2021.

Other than the Sponsor’s Fee, the Trust had no expenses during the three months and nine months ended March 31, 2023 and 2022.

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

22 unchanged sentences

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.

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.

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

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.

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

8 unchanged sentences

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 December 31, 2022 and June 30, 2022.

that no reserves for uncertain tax positions are required as of March 31, 2023 and June 30, 2022.

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

4 unchanged sentences

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

As of December 31, 2022, the 2022, 2021,

As of March 31, 2023, the 2022, 2021, 2020

and 2019 tax years remain open for examination

Emerging Growth Company qualification

of June 30, 2022, the Trust no longer qualifies as an emerging growth company.

Investment in Gold

in ounces of gold and their respective values for the six months ended December 31, 2022.

in ounces of gold and their respective values for the nine months ended March 31, 2023.

Schedule of Investment in Gold

5 unchanged sentences

Change in unrealized appreciation (depreciation)

Ending balance as of December 31, 2022

Ending balance as of March 31, 2023

in ounces of gold and their respective values for the fiscal year ended June 30, 2022.

60 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-Q

Item 1. Financial Statements