What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-05-08 compared with 2025-02-03 · 31 added, 31 removed, 69 unchanged (47% of the section changed)

48 unchanged sentences

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

On December 31, 2024 the Trust did not have any cash balances.

At March 31, 2024 the Trust did not have any cash balances.

Sheet Arrangements

10 unchanged sentences

of Operations

Quarter Ended December 31, 2024

Trust’s net asset value decreased from $879,107,605 on September 30, 2024 to $846,562,642 on December 31, 2024, a 3.7% decrease.

The decrease in the Trust’s net asset value was due to a 0.73% decrease of gold price from $2,629.95 on September 30, 2024, to

$2,610.85 on December 31, 2024, as well as a decrease in the number of shares outstanding from 33,850,000 to 32,850,000 over this period.

The 1,000,000 shares decrease was a result of 20 redemption orders (50,000 shares per creation and redemption).

There were no creation

orders over the period considered.

0.77% decrease in the Trust’s net asset value per share, from $25.97 on September 30, 2024, to $25.77 on December 31, 2024, is

directly related to the 0.73% 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

Quarter Ended March 31, 2025

Trust’s net asset value increased from $846,562,642 on December 31, 2024 to $1,041,923,470 on March 31, 2025, a 23.08% increase.

The increase in the Trust’s net asset value was due to a change in the price of gold, which increased 19.31% from $2,610.85 on

December 31, 2024, to $3,115.10 on March 31, 2025.

The increase in the Trust’s net asset value was also due to an increase in the

Trust’s number of shares outstanding which changed from 32,850,000 in December 31, 2024 to 33,900,000 in March 31, 2025, or +3.2%,

as a net result of 37 creation orders and 16 redemption orders (50,000 shares orders).

19.29% increase in the Trust’s net asset value per share, from $25.77 on December 31, 2024, to $30.74 on March 31, 2025, 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 $403,252 for the quarter, or 0.043% of the Trust’s average weighted net assets of $935,047,174 during the quarter.

The net asset value per share of $27.43 on October 30, 2024, was the highest during the quarter, compared with a low during the quarter

of $25.35 on November 14, 2024.

net decrease in net assets resulting from operations for the quarter ended December 31, 2024, was $6,318,476, resulting primarily from

an unrealized loss on investment in gold bullion of $16,110,243, compensated a gain of $10,177,675 on metal sold to cover redemption

orders and Sponsor’s fees but increased by the Sponsor’s fees of $385,908.

Other than the Sponsor’s fees the Trust

had no expenses during the quarter.

Months Ended December 31, 2024

Trust’s net asset value increased from $790,994,009 on June 30, 2024, to $846,562,642 on December 31, 2024, a 7.0% increase.

increase in the Trust’s net asset value was the result of the positive change in gold price, which increased by 12.0% from $2,330.90

on June 30, 2024, to $2,610.85 on December 31, 2024.

However, the Trusts’ net asset was negatively impacted by a reduction in the

number of shares outstanding from 34,350,000 to 32,850,000, a 4.4% decrease.

The 1,500,000 shares decrease was the net result of 6 creation

The net asset value per share of $30.74 on March 31, 2025 was the highest during the quarter, compared with a low during the quarter

of $25.99 on January 06, 2025.

increase in net assets resulting from operations for the quarter ending March 31, 2025, was $165,069,804, resulting from an unrealized

gain on investment in gold bullion of $155,323,596 increased by a gain of $10,149,460 on metal sold to cover the redemption orders and

the Sponsor’s fees but reduced by the Sponsor’s fees of $403,252.

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

during the quarter.

Months Ended March 31, 2025

Trust’s net asset value increased from $790,994,009 on June 30, 2024, to $1,041,923,470 on March 31, 2025, a 31.72% increase.

increase in the Trust’s net asset value was mainly caused by a 33.64% increase in gold price from $2,330.90 on June 30, 2024, to

$3,115.10 on March 31, 2025.

The positive impact of the gold price was negatively impacted the reduction in number of shares outstanding

from 34,350,000 on June 30, 2024, to 33,900,000 on March 31, 2025, or -1.3%.

The 450,000 shares decrease was the net result of 43 creations

orders and 52 redemption orders (50,000 shares per creation and redemption order).

11.9% increase in the Trust’s net asset value per share, from $23.03 on June 30, 2024, to $25.77 on December 31, 2024, is directly

33.48% increase in the Trust’s net asset value per share, from $23.03 on June 30, 2024, to $30.74 on March 31, 2025 is directly

related to the 33.64% 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 $752,513 for the period, or 0.088% of the Trust’s average weighted net assets of $853,489,237 during the six-month

The net asset value per share of $27.42 on October 30, 2024, was the highest during the period, compared with a low during the

quarter of $25.35 on November 14, 2024.

net increase in net assets resulting from operations for the 6 months period ending December 31, 2024, was $93,692,045, resulting from

an unrealized gain on investment in gold bullion of $77,868,452, increased by a gain of $16,576,106 on metal sold to cover the redemption

fees, which were $1,155,765 for the period, or 0.131% of the Trust’s average weighted net assets of $880,278,341 during the nine-month

The net asset value per share of $30.74 on March 31, 2025 was the highest during the period, compared with a low during the period

of $23.01 on July 01, 2024.

net increase in net assets resulting from operations for the 9 months period ending March 31, 2025 was $258,761,849, resulting from an

unrealized gain on investment in gold bullion of $233,192,048, increased by a gain of $26,725,566 on metal sold to cover the redemption

orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,155,765.

3 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 2. Management’s Discussion and Analysis