What changed in this filing

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Item 2. Management’s Discussion and Analysis

2023-05-05 compared with 2023-02-03 · 30 added, 32 removed, 67 unchanged (48% of the section changed)

61 unchanged sentences

of Operations

Quarter Ended December 31, 2022

Trust’s net asset value increased from $831,600,612 on September 30, 2022 to $886,788,722 on December 31, 2022, a 6.6% increase.

The increase in the Trust’s net asset value over this period was due to the change in gold price, which increase by 8.41%, from

from $1,671.75 on September 30, 2022 to $1,812.35 on December 30, 2022.

The positive impact of the gold price on the Trust’s net

asset value was reduced by the change in the number of shares outstanding from 50,200,000 to 49,400,000, a 1.6% decrease.

shares decrease was the net result of 32 creation orders and 48 redemption orders (50,000 shares per creation and redemption order).

8.33% increase in the Trust’s net asset value per share, from $16.57 on September 30, 2022 to $17.95 on December 31, 2022 is directly

related to the 8.41% increase in the price of gold.

Quarter Ended March 31, 2023

Trust’s net asset value increased from $886,788,722 on December 31, 2022 to $968,263,931 on March 31, 2023, a 9.2% increase.

increase in the Trust’s net asset value was due to a change in the price of gold, which increased 9.2% from $1,812.35 on December

31, 2022 to $1,979.70 on March 31, 2023.

The Trust’s number of shares outstanding did not change over the period with a net flat

creation and redemption activity and remained at 49,400,000.

9.2% increase in the Trust’s net asset value per share, from $17.95 on December 31, 2022 to $19.60 on March 31, 2023 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 $401,793 for the quarter, or 0.043% of the Trust’s average weighted net assets of $931,611,892 during the quarter.

The net asset value per share of $18.06 on December 13, 2022 was the highest during the quarter, compared with a low during the quarter

of $16.14 on November 03, 2022.

increase in net assets resulting from operations for the quarter ended December 31, 2022 was $69,780,777, resulting from an unrealized

gain on investment in gold bullion of $66,572,091, a gain of $3,586,998 on metal sold to cover the redemption orders and the Sponsor’s

The net asset value per share of $19.74 on March 25, 2023 was the highest during the quarter, compared with a low during the quarter

of $17.93 on February 27, 2023.

increase in net assets resulting from operations for the quarter ended March 31, 2023 was $81,284,123, resulting from an unrealized gain

on investment in gold bullion of $78,727,853 increased by a gain of $2,958,063 on metal sold to cover the redemption orders and the Sponsor’s

fees but reduced by the Sponsor’s fees of $401,793.

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

Months Ended December 31, 2022

Trust’s net asset value decreased from $996,127,089 on June 30, 2022 to $886,788,722 on December 31, 2022, a 11.0% decrease.

decrease in the Trust’s net asset value over this period was due to a reduction in the number of shares outstanding from 55,300,000

to 49,400,000, a 10.7% decrease.

The 5,900,000 shares decrease was the net result of 32 creation orders and 150 redemption orders (50,000

shares per creation and redemption order).

The impact of the net redemption activity on the Trust’s net asset value was increased

by the negative change in the price of gold, which decerased by 0.26% from $1,817.00 on June 30, 2022 to $1,812.35 on December 31, 2022.

0.33% decrease in the Trust’s net asset value per share, from $18.01 at June 30, 2022 to $17.95 at December 31, 2022 is directly

related to the 0.26% decrease in the price of gold.

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 $773,925 for the period, or 0.088% of the Trust’s average weighted net assets of $877,147,639 during the six-month

The net asset value per share of $18.06 on December 13, 2022 was the highest during the period, compared with a low during the

quarter of $16.14 on November 03, 2022.

decrease in net assets resulting from operations for the 6 months period ending December 31, 2022 was $7,383,056, resulting from an unrealized

loss on investment in gold bullion of $17,354,977, reduced by a gain of $10,745,846 on metal sold to cover the redemption orders and

the Sponsor’s fees but reduced by the Sponsor’s fees of $773,925.

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

during the quarter.

Months Ended March 31, 2023

Trust’s net asset value decreased from $996,127,089 on June 30, 2022 to $968,263,931 on March 31, 2023 a 2.8% decrease.

in the Trust’s net asset value is mainly due to a decrease in the number of shares outstanding from 55,300,000 to 49,400,000 over

this period, or 10.7%.

The 5,900,000 shares decrease was the net result of 54 creations orders and 172 redemption orders (50,000 shares

per creation and redemption order).

The reduction in number of shares has been compensated by a 9.0% increase in gold price from $1,817

on June 30, 2022 to 1,979.70 on March 31, 2023.

8.8% increase in the Trust’s net asset value per share, from $18.01 on June 30, 2022 to $19.60 on March 31, 2023 is directly related

to the 9.0% 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 $1,175,718 for the period, or 0.131% of the Trust’s average weighted net assets of $895,437,601 during the nine-month

The net asset value per share of $19.74 on March 25, 2023 was the highest during the period, compared with a low during the period

of $16.13 on November 04, 2022.

net increase in net assets resulting from operations for the 9 months period ending March 31, 2023 was $73,901,067, resulting from an

unrealized gain on investment in gold bullion of $61,372,876, increased by a gain of $13,703,909 on metal sold to cover the redemption

orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,175,718 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