What changed in this filing

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Item 1. Financial Statements

2024-11-08 compared with 2024-05-08 · 68 added, 72 removed, 219 unchanged (39% of the section changed)

1 unchanged sentence

of Assets and Liabilities

March 31, 2024 (unaudited) and June 30, 2023

September 30, 2024 (unaudited) and June 30, 2024

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

March 31, 2024

September 30, 2024

June 30, 2024

9 unchanged sentences

of Investments

March 31, 2024 (unaudited) and June 30, 2023

September 30, 2024 (unaudited) and June 30, 2024

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

March 31, 2024 (unaudited)

September 30, 2024 (unaudited)

Total investment

5 unchanged sentences

of Operations (Unaudited)

the three and nine months ended March 31, 2024 and 2023

the three months ended September 30, 2024 and 2023

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

March 31, 2024

March 31, 2023

Ended September

Total expenses

Net investment loss

Net realized and unrealized gain (loss)

Net realized and unrealized gains (losses)

Net realized gain (loss) from:

9 unchanged sentences

of Changes in Net Assets (Unaudited)

the three and nine months ended March 31, 2024 and 2023

the three months ended September 30, 2024 and 2023

Amounts in 000’s of US$

Three Months Ended

Nine Months Ended

March 31, 2024

Nine Months Ended

March 31, 2023

Ended September

Net Assets – beginning of the period

1 unchanged sentence

Redemptions of ( 800,000 ) and ( 1,950,000 ) shares respectively

Net investment loss

Net investment income/(loss)

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

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

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

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

2 unchanged sentences

Highlights (Unaudited)

the three and nine months ended March 31, 2024 and 2023

Per Share Performance

(for a Share outstanding throughout each period)

March 31, 2024

March 31, 2023

the three months ended September 30, 2024 and 2023

Share Performance

(for a Share outstanding throughout the entire period)

Ended September

Net asset value per Share at beginning of period

Net investment loss (1)

investment income (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

Marlet Value per Share at end of period

return ratio, at net asset value (2)

Market price per Share at end of period

Total return ratio, at net asset value (2)

Total return ratio, at market price (2)

35 unchanged sentences

at the measurement date.

is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United

Kingdom vaulting premises 97.29% and 99.96% of gold is allocated gold in the form of good delivery gold bars as of March 31, 2024 and 2023,

is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom

vaulting premises.

99.94 % and 99.98 % of gold is allocated gold in the form of good delivery gold bars as of September 30, 2024 and 2023,

respectively.

A current list of all gold held by the Custodian is available on the sponsor’s website.

The cost of gold is determined according to the average cost method and the fair value is based on the

London Bullion Market Association (“LBMA”) PM Gold Price.

If there is no LBMA Gold Price PM on any day, the Trustee is

authorized to use the most recently announced LBMA Gold Price AM unless the Trustee, in consultation with the Sponsor, determines

that such price is inappropriate as a basis for evaluation.

The cost of gold is determined

according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) PM Gold

If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced LBMA Gold Price AM

unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable

12 unchanged sentences

on the best information available.

following table summarizes the Trust’s investments at fair value:

of Trust’s Investments at Fair Value

March 31, 2024

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

March 31, 2024

September 30, 2024

Investment in Gold

June 30, 2023

The following table summarizes the Trust’s investments at fair value:

following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

1 unchanged sentence

Investment in Gold

were no transfers between Level 1 and other Levels for the period ended March 31, 2024 and year ended June 30, 2023.

were no transfers between Level 1 and other Levels for the period ended September 30, 2024 and year ended June 30, 2024.

Expenses, realized gains and losses

5 unchanged sentences

legal expenses.

of period ended March 31, 2024, the fees payable to the Sponsor was $ 144,413 .

As of year, ended June 30, 2023, the fees payable to the

Sponsor were $ 139,167 .

of period ended September 30, 2024, the fees payable to the Sponsor were $ 123,374 .

As of the year ended June 30, 2024, the fees payable

to the Sponsor were $ 137,175 .

respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,

2 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 nine months ended March 31, 2024 and 2023.

Other than the Sponsor’s Fee, the Trust had no expenses during the three months ended September 30, 2024 and 2023.

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.

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.

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.

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

5 unchanged sentences

Instead, the Trust’s income and expenses will “flow through” to

the Shareholders, and the Trustee will report the Trust’s income, gains, losses and deductions to the Internal Revenue Service

on that basis.

the Shareholders, and the Trustee will report the Trust’s proceeds, income, gains, losses and deductions to the Internal Revenue

Service on that basis.

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 March 31, 2024 and June 30, 2023.

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

whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

Tax positions not

deemed to meet that threshold would be recorded as an expense in the current year.

The Trust is required to analyze all open tax

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

of March 31, 2024, the 2023, 2022, 2021 and 2020 tax years remain open for examination.

that no reserves for uncertain tax positions are required as of September 30, 2024 and June 30, 2024.

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

the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

Tax positions not deemed to

meet that threshold would be recorded as an expense in the current year.

The Trust is required to analyze all open tax years.

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

As of September 30, 2024, the 2024, 2023,

2022 and 2021 tax years remain open for examination.

Investment in Gold

in ounces of gold and their respective values for the nine months ended March 31, 2024.

in ounces of gold and their respective values for the period ended September 30, 2024.

of Investment in Gold

5 unchanged sentences

Change in unrealized appreciation (depreciation)

Ending balance as of March 31, 2024

in ounces of gold and their respective values for the fiscal year ended June 30, 2023.

Ending balance as of September 30, 2024

in ounces of gold and their respective values for the year ended June 30, 2024.

Amounts in 000’s of US$, except for ounces data

59 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