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Item 1A. Risk Factors

2022-04-13 compared with 2021-04-16 · 832 added, 694 removed, 23 unchanged (99% of the section changed)

making an investment decision, you should consider carefully the risks described below, as well as the other information included

in this Report.

RELATED TO GOLD

Value of Your Shares is Directly Related to the Price of Gold

value of your Shares fluctuates based upon the price of the gold held by the Trust.

Fluctuations in the price of gold could materially

adversely affect your investment in the Shares.

This creates the potential for losses, regardless of the period of time that you

hold the Shares.

Shares are intended to track the performance of the price of gold.

The value of the Shares relates directly to the value of the

gold owned by the Trust.

Therefore, the value of the Shares will fluctuate with the price of gold.

The price of gold has fluctuated

widely over the past several years.

This exposes your investment in Shares to potential losses.

Several factors may affect the

price of gold and, as a result, the value of the Shares, including the following:

Global supply and

demand, which is influenced by factors including (1) forward selling by gold producers, (2) purchases made by gold producers

to unwind gold hedge positions, (3) central bank purchases and sales, (4) production and cost levels in major gold-producing

countries and (5) new production projects;

expectations regarding future inflation rates;

Currency exchange

rate volatility;

Before making an investment decision, you

should consider carefully the risks described below, as well as the other information included in this Report.

RISKS RELATED TO GOLD

The Value of Your Shares is Directly Related

to the Price of Gold

The value of your Shares fluctuates based

upon the price of the gold held by the Trust.

Fluctuations in the price of gold could materially adversely affect your investment in

This creates the potential for losses, regardless of the period of time that you hold the Shares.

The Shares are intended to track the performance

of the price of gold.

The value of the Shares relates directly to the value of the gold owned by the Trust.

Therefore, the value of the

Shares will fluctuate with the price of gold.

The price of gold has fluctuated widely over the past several years.

This exposes your

investment in Shares to potential losses.

Several factors may affect the price of gold and, as a result, the value of the Shares, including

the following:

Global supply and demand,

which is influenced by factors including (1) forward selling by gold producers, (2) purchases made by gold producers to unwind gold

hedge positions, (3) central bank purchases and sales, (4) production and cost levels in major gold-producing countries and (5) new

production projects;

or regional political, economic or financial events and situations, especially those unexpected

Investors’ expectations

regarding future inflation rates;

Currency exchange rate

and trading activities of hedge funds and commodity funds;

Interest rate volatility;

Unexpected political,

economic global or regional incidents.

should be advised that there is no assurance that gold will maintain its long-term value in terms of U.S.

dollar value in the

In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline

proportionately.

is No Guarantee that the High Trading Price of Gold Will be Sustained

international gold market has experienced historically high trading prices in recent years.

Because there can be no assurance

that this historically high trading price of gold will be sustained, there could be significant decreases in the value of net

assets and the NAV of the Trust.

in the international gold market have reached historically high levels in recent years.

The price of physical gold going forward

and, in turn, the future value of net assets of the Trust, may be dependent upon factors that include global gold supply and demand,

investors’ inflation expectations, exchange rate volatility and interest rate volatility.

An adverse development with regard

to one or more of these, or other factors may lead to a decrease in gold bullion currency trading prices.

A decline in prices

of gold would decrease the value of net assets and the NAV of the Trust.

Gold Allocated to the Trust May Not Meet the Standards of a London Bar

gold allocated to the Trust in connection with the creation of a Basket may not meet the standards of a London Bar and, if a Basket

is issued against such gold, the Trust may suffer a loss.

the Trustee nor the Custodian independently confirms the fineness of the gold allocated to the Trust in connection with the creation

The physical gold allocated to the Trust by the Custodian may be different from the reported fineness or weight required

by the LBMA’s standards for gold bars delivered in settlement of a gold trade (i.e., London Bars), the standards required

by the Trust.

If the Trustee nevertheless issues a Basket against such gold, and if the Custodian fails to credit the Trust the

amount of any deficiency, the Trust may suffer a loss.

of Gold in Trust Is Limited to the Value of the Fine Ounce Content of Gold

gold in the Trust is valued at the price of gold independent of location and type of gold, the value of gold in the Trust is limited

to the price of gold multiplied by the Fine Ounce content of the gold.

in the Trust is valued at the price of gold independent of location and type of gold.

The price of gold commonly quoted refers

to the price of a London Bar in London.

Any gold that is not a London Bar located in London may obtain a bid price when offered

for sale that deviates from the price of gold.

Nonetheless, the Trust values all gold at the price of gold because the Sponsor

assumes the cost of conversion of gold.

Conversely, in the unlikely event that such a conversion yields a profit, the Sponsor,

not the Trust, will keep such profit.

As a result, the value of gold in the Trust is limited to the price of gold multiplied by

the Fine Ounce content of the gold.

when investors exchange their Shares for physical gold other than London Bars, the Shares also are valued at the price of gold

for purposes of calculating their Share in the Trust.

Other economic variables

such as income growth, economic output, and monetary policies.

The Shares have experienced significant price

fluctuations.

If gold markets continue to be subject to sharp fluctuations, this may result in potential losses if you need to sell your

Shares at a time when the price of gold is lower than it was when you made your investment.

Even if you are able to hold Shares for the

long-term, you may never experience a profit, since gold markets have historically experienced extended periods of flat or declining

prices, in addition to sharp fluctuations.

On March 7, 2022, in response to the Russian hostilities

in the Ukraine, LBMA suspended six Russian refiners;

as a result, new production by such refiners will no longer be accepted as “Good

Delivery” by the London Bullion market until further notice.

The bars these refiners previously produced will still be considered

Good Delivery, consistent with past suspensions of refiners by the LBMA.

However, fewer suppliers to the LBMA may lead to a lower supply

of Good Delivery gold and further volatility in the price of gold.

Investors should be advised that there is no

assurance that gold will maintain its long-term value in terms of U.S.

dollar value in the future.

In the event that the price of gold

declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

There is No Guarantee that the High Trading

Price of Gold Will be Sustained

The international gold market has experienced

historically high trading prices in recent years.

Because there can be no assurance that this historically high trading price of gold

will be sustained, there could be significant decreases in the value of net assets and the NAV of the Trust.

Prices in the international gold market have reached

historically high levels in recent years.

The price of physical gold going forward and, in turn, the future value of net assets of the

Trust, may be dependent upon factors that include global gold supply and demand, investors’ inflation expectations, exchange rate

volatility and interest rate volatility.

An adverse development with regard to one or more of these, or other factors may lead to a decrease

in gold bullion currency trading prices.

A decline in prices of gold would decrease the value of net assets and the NAV of the Trust.

Physical Gold Allocated to the Trust May

Not Meet the Standards of a London Bar

Physical gold allocated to the Trust in connection

with the creation of a Basket may not meet the standards of a London Bar and, if a Basket is issued against such gold, the Trust may suffer

Neither the Trustee nor the Custodian independently

confirms the fineness of the gold allocated to the Trust in connection with the creation of a Basket.

The physical gold allocated to the

Trust by the Custodian may be different from the reported fineness or weight required by the LBMA’s standards for gold bars delivered

in settlement of a gold trade (i.e., London Bars), the standards required by the Trust.

If the Trustee nevertheless issues a Basket against

such gold, and if the Custodian fails to credit the Trust the amount of any deficiency, the Trust may suffer a loss.

Value of Gold in Trust Is Limited to the

Value of the Fine Ounce Content of Gold

Because gold in the Trust is valued at the

price of gold independent of location and type of gold, the value of gold in the Trust is limited to the price of gold multiplied by the

Fine Ounce content of the gold.

Gold in the Trust is valued at the price of gold

independent of location and type of gold.

The price of gold commonly quoted refers to the price of a London Bar in London.

Any gold that

is not a London Bar located in London may obtain a bid price when offered for sale that deviates from the price of gold.

the Trust values all gold at the price of gold because the Sponsor assumes the cost of conversion of gold.

Conversely, in the unlikely

event that such a conversion yields a profit, the Sponsor, not the Trust, will keep such profit.

As a result, the value of gold in the

Trust is limited to the price of gold multiplied by the Fine Ounce content of the gold.

Similarly, when investors exchange their Shares

for physical gold other than London Bars, the Shares also are valued at the price of gold for purposes of calculating their Share in the

The Sponsor may recover this conversion cost as part of the Exchange Fee.

Discrepancies

in the Calculation of the LBMA PM Gold Price Could Impact the Value of the Trust’s Gold

Trustee values the gold held by the Trust based on the LBMA PM Gold Price.

Potential discrepancies in the calculation of the LBMA

PM Gold Price, as well as any future changes to the LBMA PM Gold Price, could impact the value of the gold held by the Trust and

could have an adverse effect on the value of an investment in the Shares.

Trustee values the gold held by the Trust based on LBMA PM Gold Price, which is the afternoon session of the twice daily fix of

the price of a Fine Ounce of gold which starts at 3:00 PM London, England time and is performed in London by the ICE Benchmark

Administration as an independent third-party administrator.

Discrepancies in the Calculation of the

LBMA PM Gold Price Could Impact the Value of the Trust’s Gold

The Trustee values the gold held by the Trust

based on the LBMA PM Gold Price.

Potential discrepancies in the calculation of the LBMA PM Gold Price, as well as any future changes to

the LBMA PM Gold Price, could impact the value of the gold held by the Trust and could have an adverse effect on the value of an investment

in the Shares.

The Trustee values the gold held by the Trust

based on LBMA PM Gold Price, which is the afternoon session of the twice daily fix of the price of a Fine Ounce of gold which starts at

3:00 PM London, England time and is performed in London by the ICE Benchmark Administration as an independent third-party administrator.

The Trustee also determines the NAV per Share.

If on a day when the

Trust’s NAV is being calculated the LBMA PM Gold Price for that day is not available, the Trustee will value the gold held

by the Trust based on that day’s LBMA AM Gold Price, and if no fix is available for the day, the Trustee will value the

Trust’s gold based on the most recently announced LBMA AM Gold Price or LBMA PM Gold Price.

Prior to March 20, 2015, the

Trustee utilized the daily fix of the price of a Fine Ounce of gold as performed by the five members of the London gold fix, which

has now been replaced by the ICE Benchmark Administration as an independent third-party administrator.

the event that the LBMA PM Gold Price does not prove to be an accurate benchmark, and the LBMA PM Gold Price varies materially

from the price determined by other mechanisms, the NAV of the Trust and the value of an investment in the Shares could be adversely

Any future developments in the benchmark, to the extent they have a material impact on the LBMA PM Gold Price, could

adversely impact the NAV of the Trust and the value of an investment in the Shares.

Further, the calculation of the LBMA PM Gold

Price is not precise, but rather is based upon a procedure of matching orders from participants in the auction process and their

customers to sell gold with orders from participants in the auction process and their customers to buy gold at particular prices.

As such, the LBMA PM Gold Price does not necessarily reflect each buyer or seller of gold in the market, nor does it set a definitive

price for gold at which all orders for sale or purchase will take place on that particular day or time.

All orders placed into

the auction process by the participants will be executed on the basis of the price determined pursuant to the LBMA PM Gold Price

auction process (provided that orders may be cancelled, increased or decreased while the auction is in progress).

It is possible

that electronic failures or other unanticipated events may occur that could result in delays in the announcement of, or the inability

of the system to produce, an LBMA PM Gold Price on any given date.

Further, any actual or perceived disruptions that result in

the perception that the LBMA PM Gold Price or LBMA AM Gold Price are vulnerable to actual or attempted manipulation could adversely

If on a day when the Trust’s NAV is being calculated the LBMA PM Gold Price for that

day is not available, the Trustee will value the gold held by the Trust based on that day’s LBMA AM Gold Price, and if no fix is

available for the day, the Trustee will value the Trust’s gold based on the most recently announced LBMA AM Gold Price or LBMA PM

Prior to March 20, 2015, the Trustee utilized the daily fix of the price of a Fine Ounce of gold as performed by the five

members of the London gold fix, which has now been replaced by the ICE Benchmark Administration as an independent third-party administrator.

In the event that the LBMA PM Gold Price does

not prove to be an accurate benchmark, and the LBMA PM Gold Price varies materially from the price determined by other mechanisms, the

NAV of the Trust and the value of an investment in the Shares could be adversely impacted.

Any future developments in the benchmark, to

the extent they have a material impact on the LBMA PM Gold Price, could adversely impact the NAV of the Trust and the value of an investment

in the Shares.

Further, the calculation of the LBMA PM Gold Price is not precise, but rather is based upon a procedure of matching orders

from participants in the auction process and their customers to sell gold with orders from participants in the auction process and their

customers to buy gold at particular prices.

As such, the LBMA PM Gold Price does not necessarily reflect each buyer or seller of gold

in the market, nor does it set a definitive price for gold at which all orders for sale or purchase will take place on that particular

All orders placed into the auction process by the participants will be executed on the basis of the price determined pursuant

to the LBMA PM Gold Price auction process (provided that orders may be cancelled, increased or decreased while the auction is in progress).

It is possible that electronic failures or other unanticipated events may occur that could result in delays in the announcement of, or

the inability of the system to produce, an LBMA PM Gold Price on any given date.

Further, any actual or perceived disruptions that result

in the perception that the LBMA PM Gold Price or LBMA AM Gold Price are vulnerable to actual or attempted manipulation could adversely

affect the behavior of investors and traders, which may have an effect on the price of gold.

2 unchanged sentences

computation of the Sponsor’s fee, among other potential effects.

Sponsor may also instruct the Trustee to use a different publicly available price that the Sponsor determines fairly represents

the commercial value of the Trust’s gold.

Actions May Affect the Price of Gold

governmental decisions may have significant impact on the price of gold, which may result in a significant decrease or increase

in the value of the net assets and the NAV of the Trust.

gold prices reflect the supply and demand of available gold.

Governmental decisions, such as the executive order issued by the

President of the United States in 1933 requiring all persons in the United States to deliver gold to the Federal Reserve or the

abandonment of the gold standard by the United States in 1971, have been viewed as having significant impact on the supply and

demand of gold and the price of gold.

Future governmental decisions may have an impact on the price of gold, and may result in

a significant decrease or increase in the value of the net assets and the NAV of the Trust.

Investment in the Trust may be More Volatile than an Investment in a Diversified Portfolio

the Trust invests only in gold, an investment in the Trust may be more volatile than an investment in a more broadly diversified

Trust invests only in gold.

As a result, the Trust’s holding are not diversified.

Accordingly, the Trust’s NAV may

be more volatile than another investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over

The Sponsor may also instruct the Trustee to use

a different publicly available price that the Sponsor determines fairly represents the commercial value of the Trust’s gold.

Governmental Actions May Affect the Price

Future governmental decisions may have significant

impact on the price of gold, which may result in a significant decrease or increase in the value of the net assets and the NAV of the

Generally, gold prices reflect the supply and

demand of available gold.

Governmental decisions, such as the executive order issued by the President of the United States in 1933 requiring

all persons in the United States to deliver gold to the Federal Reserve or the abandonment of the gold standard by the United States in

1971, have been viewed as having significant impact on the supply and demand of gold and the price of gold.

Future governmental decisions

may have an impact on the price of gold, and may result in a significant decrease or increase in the value of the net assets and the NAV

of the Trust.

An Investment in the Trust may be More Volatile

than an Investment in a Diversified Portfolio

Because the Trust invests only in gold, an

investment in the Trust may be more volatile than an investment in a more broadly diversified portfolio.

The Trust invests only in gold.

As a result, the

Trust’s holding are not diversified.

Accordingly, the Trust’s NAV may be more volatile than another investment vehicle with

a more broadly diversified portfolio and may fluctuate substantially over time.

The price of gold can be volatile.

Fluctuations in the price of gold are expected to have a direct impact on the value of

of or Damage to the Trust’s Gold

owned by the Trust may be subject to loss, damage, theft or restriction on access.

is a risk that part or all of the Trust’s gold could be lost, damaged or stolen.

Access to the Trust’s gold could

also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack).

Any of these events

may adversely affect the operations of the Trust and, consequently, an investment in the Shares.

Trust does not insure gold held by the Custodian or delivered by the precious metals dealer.

Consequently, if there is a loss

of assets of the Trust through theft, destruction, fraud or otherwise, the Trust will need to rely on insurance carried by applicable

third parties, if any, or on such third party’s ability to satisfy any claims against it.

If the Trust’s gold is lost,

damaged, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have the

financial resources sufficient to satisfy the Trust’s claim.

For example, as to a particular event of loss, the only source

of recovery for the Trust might be limited to the Custodian, the precious metals dealer or other responsible third parties ( e.g.

a thief or terrorist), any of which may not have the financial resources (including liability insurance coverage) to satisfy a

valid claim of the Trust.

Moreover, losses due to nuclear accidents, terrorism, riots, acts of God, insurrections, strikes and

similar causes beyond the control of the Custodian and for which the Custodian would not be liable may be sustained by the Trust.

Fluctuations in the

price of gold are expected to have a direct impact on the value of the Shares.

Loss of or Damage to the Trust’s Gold

Gold owned by the Trust may be subject to loss,

damage, theft or restriction on access.

There is a risk that part or all of the Trust’s

gold could be lost, damaged or stolen.

Access to the Trust’s gold could also be restricted by natural events (such as an earthquake)

or human actions (such as a terrorist attack).

Any of these events may adversely affect the operations of the Trust and, consequently,

an investment in the Shares.

The Trust does not insure gold held by the Custodian

or delivered by the precious metals dealer.

Consequently, if there is a loss of assets of the Trust through theft, destruction, fraud

or otherwise, the Trust will need to rely on insurance carried by applicable third parties, if any, or on such third party’s ability

to satisfy any claims against it.

If the Trust’s gold is lost, damaged, stolen or destroyed under circumstances rendering a party

liable to the Trust, the responsible party may not have the financial resources sufficient to satisfy the Trust’s claim.

as to a particular event of loss, the only source of recovery for the Trust might be limited to the Custodian, the precious metals dealer

or other responsible third parties ( e.g.

, a thief or terrorist), any of which may not have the financial resources (including liability

insurance coverage) to satisfy a valid claim of the Trust.

Moreover, losses due to nuclear accidents, terrorism, riots, acts of God, insurrections,

strikes and similar causes beyond the control of the Custodian and for which the Custodian would not be liable may be sustained by the

Any loss of gold owned by the Trust will result in a corresponding loss in the NAV, and it is reasonable to expect that such loss

will also result in a decrease in the value at which the Shares are traded on NYSE Arca.

for Damage to the Trust’s Gold May Be Limited

the event the Trust’s gold is lost, damaged, stolen or destroyed, recovery may be limited to the market value of the gold

at the time the loss is discovered, which may negatively affect the value of net assets of the Trust.

there is a loss due to theft, loss, damage, destruction or fraud or otherwise with respect to the Trust’s gold held by the

Custodian or delivered by the precious metals dealer, and such loss is found to be the fault of the Custodian or the precious

metals dealer, the Trust may not be able to recover more than the market value of the gold at the time the loss is discovered.

If the market value of gold increases between the time the loss is discovered and the time the Trust receives payment for its

loss and purchases gold to replace the losses, less gold will be acquired by the Trust and the value of the net assets of the

Trust will be negatively affected.

RELATED TO SHARES

of Gold in the Market Could Adversely Affect the Shares

sales of gold by central banks, governmental agencies and multi-lateral institutions could adversely affect an investment in the

banks, other governmental agencies and multi-lateral institutions buy, sell and hold gold as part of their reserve assets.

market sector holds a significant amount of gold, some of which is static, meaning that it is held in vaults and is not bought,

sold, leased or swapped or otherwise available in the open market.

Several central banks and multi-lateral institutions have sold

portions of their gold reserves in recent years, with the result being that this sector, taken as a whole, has been a net supplier

of gold to the open market.

In the event that future economic, political or social conditions or pressures require members of

this sector to liquidate their gold assets all at once or in an uncoordinated manner, the demand for gold may not be sufficient

to accommodate the sudden increase in the supply of gold to the market.

Consequently, the price of gold may decline which may

adversely affect an investment in the Shares.

Shares May Trade at a Discount or a Premium

Shares may trade at NAV or at a price that is above or below NAV.

Any discount or premium in the trading price relative to the

NAV per Share may widen as a result of the different trading hours of NYSE Arca and other exchanges.

Shares may trade at, above or below the NAV per Share.

The NAV per Share will fluctuate with changes in the market value of the

gold owned by the Trust.

The trading price of the Shares will fluctuate with changes in the NAV per Share as well as market supply

The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent

trading hours between the NYSE Arca and major gold markets.

While the Shares will trade on the NYSE Arca until 4:00 PM (New York

time), liquidity in the market for gold may be reduced after the close of the major world gold markets, including London.

result, during this time, trading spreads and the resulting discount or premium on the Shares may widen.

May Not be an Active Trading Market for the Shares

lack of an active trading market for the Shares may result in losses on your investment at the time of disposition of your Shares.

Shares are listed for trading on NYSE Arca, there can be no assurance that an active trading market for the Shares will develop

or be maintained.

If an active public market for the Shares does not develop or continue, the market prices and liquidity of the

Shares may be adversely affected.

If you need to sell your Shares at a time when no active market for them exists, the absence

of an active market will most likely adversely affect the price you receive for your Shares (assuming you are able to sell them).

Trust is Not Actively Managed

Trust does not actively trade gold to take advantage of short-term market fluctuations in the price of gold.

An investment in

the Trust will yield long-term gains only if the value of gold increases over time.

Trust does not actively manage the gold it holds.

This means that the Trust does not sell gold at times when its price is high

or acquire gold at low prices in the expectation of future price increases.

It also means that the Trust does not make use of

any of the hedging techniques available to professional gold investors to attempt to reduce the risks of losses resulting from

price decreases.

Any losses sustained by the Trust will adversely affect the value of your Shares.

Trust May Suspend Redemptions of Baskets by Authorized Participants, which Could Affect the Market Price of the Shares

may be situations where the Trust suspends redemptions of Baskets by Authorized Participants.

To the extent the value of gold

declines, these delays may result in a decrease in the value of the gold received upon redemption by an Authorized Participant,

as well as a reduction in liquidity for all investors in the secondary market.

Shares are redeemable by Authorized Participants in exchange for the underlying amount of gold, redemptions by Authorized Participants

may be suspended during any period while regular trading on NYSE Arca is suspended or restricted, or in which an emergency exists

that makes it reasonably impracticable to deliver, dispose of, or evaluate gold.

If any of these events occurs at the time of

a redemption by an Authorized Participant, and the price of gold decreases before the redemption occurs, an Authorized Participant

will sustain a loss with respect to the amount that it would have been able to obtain in exchange for the gold received from the

Trust upon the redemption of its Shares, had the redemption taken place when it was originally intended to occur.

As a consequence,

Authorized Participants may reduce their trading in Shares during periods of suspension, decreasing the number of potential buyers

of Shares in the secondary market and the price an investor may receive upon sale.

Trust May Suspend or Reject the Surrender of Shares for Physical Gold, which Could Affect the Market Price of the Shares

may be situations where the Trust suspends or rejects the surrender of Shares for physical gold.

To the extent the value of gold

declines, these delays may result in a decrease in the value of the physical gold received by a Delivery Applicant, as well as

a reduction in liquidity for all investors in the secondary market.

surrender of Shares for physical gold may be suspended or rejected by the Trust during any period while regular trading on NYSE

Arca is suspended or restricted, in which an emergency exists that makes it reasonably impracticable to deliver, dispose of, or

evaluate gold, or, with respect to the surrender of Shares by a Delivery Applicant only, as deemed necessary or advisable by the

In addition, the Trustee shall reject the delivery of Shares by the Delivery Applicant:

(1) if the number of Shares delivered

does not correspond to the number of Shares specified in the pre-approved Delivery Application;

(2) if the delivered Shares are

not accompanied by proper instructions or by a pre-approved Delivery Application;

or (3) the number of Fine Ounces represented

by the delivered Shares is less than the Fine Ounces to be delivered specified in the Delivery Application.

Additionally, the

Sponsor may decline to approve a Delivery Application for any reason.

The delivery of physical gold shall be suspended in the

event the Sponsor resigns or is otherwise unable or unwilling to perform its obligations relating to the process of Delivery Applicants

taking delivery of physical gold.

If any of these events occurs at the time that a Delivery Application has been received, and

the price of gold decreases before the Delivery Application is processed, a Delivery Applicant will sustain a loss with respect

to the amount of physical gold that it would have been able to obtain from the Trust in connection with the surrender of the Delivery

Applicant’s Shares had the surrender taken place when it was originally intended to occur.

In addition, there may be a reduction

in the trading of Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary market

and the price an investor may receive upon sale.

Withdrawal of an Authorized Participant and Substantial Redemptions by Authorized Participants May Affect the Liquidity of the

liquidity of the Shares also may be affected by substantial redemptions by Authorized Participants related to or independent of

the withdrawal from participation of Authorized Participants.

the event that there are substantial redemptions of Shares or one or more Authorized Participants with a substantial interest

in the Shares withdraws from participation, the liquidity of the Shares will likely decrease, which could adversely affect the

market price of the Shares and result in your incurring a loss on your investment.

From Other Methods of Investing in Gold

investment in the Shares may be adversely affected by competition from other methods of investing in gold.

Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the gold

industry and other securities backed by or linked to gold, direct investments in gold and investment vehicles similar to the Trust.

Market and financial conditions, and other conditions beyond the Sponsor’s control, may make it more attractive to invest

in other financial vehicles or to invest in gold directly, which could limit the market for and reduce the liquidity of the Shares.

Investment Vehicles May Cause a Decline in the Price of Gold

price of gold may be affected by the sale of ETVs tracking gold markets, which could negatively affect gold prices and the price

and NAV of the Shares.

the extent existing exchange traded vehicles (“ETVs”) tracking gold markets represent a significant proportion of

demand for gold, large redemptions of the securities of these ETVs could negatively affect gold prices and the price and NAV of

Crises May Result in a Decline in the Price of Gold

may motivate large-scale sales of gold which could decrease the price of gold and adversely affect an investment in the Shares.

possibility of large-scale distress sales of gold in times of crisis may have a short-term negative impact on the price of gold

and adversely affect an investment in the Shares.

For example, the 2008 financial credit crisis resulted in significantly depressed

prices of gold largely due to forced sales and deleveraging from institutional investors such as hedge funds and pension funds.

Crises in the future may impair gold’s price performance which would, in turn, adversely affect an investment in the Shares.

that May Cause a Decline in the Price of Gold

factors may have the effect of causing a decline in the prices of gold and a corresponding decline in the price of Shares, including:

A significant increase

in gold hedging activity by gold producers.

Should there be an increase in the level of hedge activity of gold producing companies,

it could cause a decline in world gold prices, adversely affecting the price of the Shares.

A significant change

in the attitude of speculators and investors toward gold.

Should the speculative community take a negative view toward gold,

it could cause a decline in world gold prices, negatively impacting the price of the Shares.

A widening of interest

rate differentials between the cost of money and the cost of gold could negatively affect the price of gold which, in turn,

could negatively affect the price of the Shares.

A combination of

rising money interest rates and a continuation of the current low cost of borrowing gold could improve the economics of selling

gold forward.

This could result in an increase in hedging by gold mining companies and short selling by speculative interests,

which would negatively affect the price of gold.

Recovery for Damage to the Trust’s

Gold May Be Limited

In the event the Trust’s gold is lost,

damaged, stolen or destroyed, recovery may be limited to the market value of the gold at the time the loss is discovered, which may negatively

affect the value of net assets of the Trust.

If there is a loss due to theft, loss, damage,

destruction or fraud or otherwise with respect to the Trust’s gold held by the Custodian or delivered by the precious metals dealer,

and such loss is found to be the fault of the Custodian or the precious metals dealer, the Trust may not be able to recover more than

the market value of the gold at the time the loss is discovered.

If the market value of gold increases between the time the loss is discovered

and the time the Trust receives payment for its loss and purchases gold to replace the losses, less gold will be acquired by the Trust

and the value of the net assets of the Trust will be negatively affected.

RISKS RELATED TO SHARES

Sales of Gold in the Market Could Adversely

Affect the Shares

Substantial sales of gold by central banks,

governmental agencies and multi-lateral institutions could adversely affect an investment in the Shares.

Central banks, other governmental agencies and

multi-lateral institutions buy, sell and hold gold as part of their reserve assets.

This market sector holds a significant amount of gold,

some of which is static, meaning that it is held in vaults and is not bought, sold, leased or swapped or otherwise available in the open

Several central banks and multi-lateral institutions have sold portions of their gold reserves in recent years, with the result

being that this sector, taken as a whole, has been a net supplier of gold to the open market.

In the event that future economic, political

or social conditions or pressures require members of this sector to liquidate their gold assets all at once or in an uncoordinated manner,

the demand for gold may not be sufficient to accommodate the sudden increase in the supply of gold to the market.

Consequently, the price

of gold may decline which may adversely affect an investment in the Shares.

The Shares May Trade at a Discount or a

Trust Shares may trade at NAV or at a price

that is above or below NAV.

Any discount or premium in the trading price relative to the NAV per Share may widen as a result of the different

trading hours of NYSE Arca and other exchanges.

Trust Shares may trade at, above or below the

NAV per Share.

The NAV per Share will fluctuate with changes in the market value of the gold owned by the Trust.

The trading price of

the Shares will fluctuate with changes in the NAV per Share as well as market supply and demand.

The amount of the discount or premium

in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca and major gold

While the Shares will trade on the NYSE Arca until 4:00 PM (New York time), liquidity in the market for gold may be reduced after

the close of the major world gold markets, including London.

As a result, during this time, trading spreads and the resulting discount

or premium on the Shares may widen.

There May Not be an Active Trading Market

for the Shares

The lack of an active trading market for the

Shares may result in losses on your investment at the time of disposition of your Shares.

Although Shares are listed for trading on NYSE

Arca, there can be no assurance that an active trading market for the Shares will develop or be maintained.

If an active public market

for the Shares does not develop or continue, the market prices and liquidity of the Shares may be adversely affected.

If you need to sell

your Shares at a time when no active market for them exists, the absence of an active market will most likely adversely affect the price

you receive for your Shares (assuming you are able to sell them).

The Trust is Not Actively Managed

The Trust does not actively trade gold to take

advantage of short-term market fluctuations in the price of gold.

An investment in the Trust will yield long-term gains only if the value

of gold increases over time.

The Trust does not actively manage the gold it

This means that the Trust does not sell gold at times when its price is high or acquire gold at low prices in the expectation of

future price increases.

It also means that the Trust does not make use of any of the hedging techniques available to professional gold

investors to attempt to reduce the risks of losses resulting from price decreases.

Any losses sustained by the Trust will adversely affect

the value of your Shares.

The Trust May Suspend Redemptions of Baskets

by Authorized Participants, which Could Affect the Market Price of the Shares

There may be situations where the Trust suspends

redemptions of Baskets by Authorized Participants.

To the extent the value of gold declines, these delays may result in a decrease in

the value of the gold received upon redemption by an Authorized Participant, as well as a reduction in liquidity for all investors in

the secondary market.

Although Shares are redeemable by Authorized Participants

in exchange for the underlying amount of gold, redemptions by Authorized Participants may be suspended during any period while regular

trading on NYSE Arca is suspended or restricted, or in which an emergency exists that makes it reasonably impracticable to deliver, dispose

of, or evaluate gold.

If any of these events occurs at the time of a redemption by an Authorized Participant, and the price of gold decreases

before the redemption occurs, an Authorized Participant will sustain a loss with respect to the amount that it would have been able to

obtain in exchange for the gold received from the Trust upon the redemption of its Shares, had the redemption taken place when it was

originally intended to occur.

As a consequence, Authorized Participants may reduce their trading in Shares during periods of suspension,

decreasing the number of potential buyers of Shares in the secondary market and the price an investor may receive upon sale.

The Trust May Suspend or Reject the Surrender

of Shares for Physical Gold, which Could Affect the Market Price of the Shares

There may be situations where the Trust suspends

or rejects the surrender of Shares for physical gold.

To the extent the value of gold declines, these delays may result in a decrease

in the value of the physical gold received by a Delivery Applicant, as well as a reduction in liquidity for all investors in the secondary

The surrender of Shares for physical gold may

be suspended or rejected by the Trust during any period while regular trading on NYSE Arca is suspended or restricted, in which an emergency

exists that makes it reasonably impracticable to deliver, dispose of, or evaluate gold, or, with respect to the surrender of Shares by

a Delivery Applicant only, as deemed necessary or advisable by the Sponsor.

In addition, the Trustee shall reject the delivery of Shares

by the Delivery Applicant:

(1) if the number of Shares delivered does not correspond to the number of Shares specified in the pre-approved

Delivery Application;

(2) if the delivered Shares are not accompanied by proper instructions or by a pre-approved Delivery Application;

or (3) the number of Fine Ounces represented by the delivered Shares is less than the Fine Ounces to be delivered specified in the Delivery

Additionally, the Sponsor may decline to approve a Delivery Application for any reason.

The delivery of physical gold shall

be suspended in the event the Sponsor resigns or is otherwise unable or unwilling to perform its obligations relating to the process of

Delivery Applicants taking delivery of physical gold.

If any of these events occurs at the time that a Delivery Application has been received,

and the price of gold decreases before the Delivery Application is processed, a Delivery Applicant will sustain a loss with respect to

the amount of physical gold that it would have been able to obtain from the Trust in connection with the surrender of the Delivery Applicant’s

Shares had the surrender taken place when it was originally intended to occur.

In addition, there may be a reduction in the trading of

Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary market and the price an investor

may receive upon sale.

The Withdrawal of an Authorized Participant

and Substantial Redemptions by Authorized Participants May Affect the Liquidity of the Shares

The liquidity of the Shares also may be affected

by substantial redemptions by Authorized Participants related to or independent of the withdrawal from participation of Authorized Participants.

In the event that there are substantial redemptions

of Shares or one or more Authorized Participants with a substantial interest in the Shares withdraws from participation, the liquidity

of the Shares will likely decrease, which could adversely affect the market price of the Shares and result in your incurring a loss on

your investment.

Competition From Other Methods of Investing

An investment in the Shares may be adversely

affected by competition from other methods of investing in gold.

The Trust competes with other financial vehicles,

including traditional debt and equity securities issued by companies in the gold industry and other securities backed by or linked to

gold, direct investments in gold and investment vehicles similar to the Trust.

Market and financial conditions, and other conditions beyond

the Sponsor’s control, may make it more attractive to invest in other financial vehicles or to invest in gold directly, which could

limit the market for and reduce the liquidity of the Shares.

Other Investment Vehicles May Cause a Decline

in the Price of Gold

The price of gold may be affected by the sale

of ETVs tracking gold markets, which could negatively affect gold prices and the price and NAV of the Shares.

To the extent existing exchange traded vehicles

(“ETVs”) tracking gold markets represent a significant proportion of demand for gold, large redemptions of the securities

of these ETVs could negatively affect gold prices and the price and NAV of the Shares.

Financial Crises May Result in a Decline

in the Price of Gold

Crises may motivate large-scale sales of gold,

which could decrease the price of gold and adversely affect an investment in the Shares.

The possibility of large-scale distress sales

of gold in times of crisis may have a short-term negative impact on the price of gold and adversely affect an investment in the Shares.

For example, the 2008 financial credit crisis resulted in significantly depressed prices of gold largely due to forced sales and deleveraging

from institutional investors such as hedge funds and pension funds.

Crises in the future may impair gold’s price performance which

would, in turn, adversely affect an investment in the Shares.

Factors that May Cause a Decline in the

Price of Gold

Several factors may have the effect of causing

a decline in the prices of gold and a corresponding decline in the price of Shares, including:

A significant increase in gold hedging activity by gold producers.

Should there be an increase in the level of hedge activity of gold producing companies, it could cause a decline in world gold prices, adversely affecting the price of the Shares.

A significant change in the attitude of speculators and investors toward gold.

Should the speculative community take a negative view toward gold, it could cause a decline in world gold prices, negatively impacting the price of the Shares.

A widening of interest rate differentials between the cost of money and the cost of gold could negatively affect the price of gold which, in turn, could negatively affect the price of the Shares.

A combination of rising money interest rates and a continuation of the current low cost of borrowing gold could improve the economics of selling gold forward.

This could result in an increase in hedging by gold mining companies and short selling by speculative interests, which would negatively affect the price of gold.

Under such circumstances, the price of the Shares would be similarly affected.

of the Sponsor’s Fee in Shares and the Sale of Gold by the Trust May Cause a Decline in the Value of the Shares

amount of gold represented by each Share will decrease when the Sponsor’s Fee is paid in Shares and when the Trustee sells

the Trust’s gold to pay Trust expenses.

Without increases in the price of gold sufficient to compensate for that decrease,

the price of the Shares will also decline and you will lose money on your investment in Shares.

the Sponsor has agreed to assume all organizational and certain ordinary administrative and marketing expenses incurred by the

Trust, not all Trust expenses will be assumed by the Sponsor.

For example, most taxes and other governmental charges that may

be imposed on the Trust’s property will not be paid by the Sponsor.

As part of its agreement to assume some of the Trust’s

ordinary administrative expenses, the Sponsor has agreed to pay legal fees and expenses of the Trust not in excess of $100,000

Any legal fees and expenses in excess of that amount will be the responsibility of the Trust.

Sponsor intends to accept Shares of the Trust for the Sponsor’s Fee and reimbursement of expenses not assumed by the Sponsor.

However, the Trust may be subject to certain other liabilities (for example, as a result of litigation) which have not been assumed

There is uncertainty regarding the impact

of inflation.

The Sponsor’s analysis suggests that since the enacting of the

“American Rescue Plan” in March 2021, inflation has been trending higher than it had in previous years.

While higher inflation

readings might translate to higher gold prices, gold prices might also fall as the Federal Reserve raises interest rates to offset the

impact of inflation.

As many factors impact the price of gold, it is not possible to predict whether higher inflation will indeed translate

to higher gold prices.

However, there is a significant risk that higher inflation increases the volatility in the price of gold, and with

that volatility in the price of the Shares, as a result of the interaction of inflation and the Federal Reserve's monetary policy.

Payment of the Sponsor’s Fee in Shares

and the Sale of Gold by the Trust May Cause a Decline in the Value of the Shares

The amount of gold represented by each Share

will decrease when the Sponsor’s Fee is paid in Shares and when the Trustee sells the Trust’s gold to pay Trust expenses.

Without increases in the price of gold sufficient to compensate for that decrease, the price of the Shares will also decline and you will

lose money on your investment in Shares.

Although the Sponsor has agreed to assume all

organizational and certain ordinary administrative and marketing expenses incurred by the Trust, not all Trust expenses will be assumed

by the Sponsor.

The Trust will sell gold to pay those expenses, unless the Sponsor agrees to pay such expenses out of its own

pocket and receive reimbursement from the Trust in the form of Shares.

the extent the Trust issues additional Shares to pay the Sponsor’s Fee or sells gold to cover expenses or liabilities, the

amount of gold represented by each Share will decrease.

New deposits of gold, received in exchange for new Shares issued by the

Trust, would not reverse this trend.

A decrease in the amount of gold represented by each Share results in a decrease in the price

of a Share even if the price of gold has not changed.

To retain the Share’s original price, the price of gold would have

Without that increase, the lesser amount of gold represented by the Share will have a correspondingly lower price.

If these increases do not occur, or are not sufficient to counter the lesser amount of gold represented by each Share, you will

sustain losses on your investment in Shares.

For example, assuming the Trust has not incurred fees or expenses in excess of the

amount the Sponsor has agreed to bear and the Shares trade at the same price as the Trust’s NAV, the price of the gold represented

by your Shares would need to increase by the amount of the Sponsor’s Fee between the date of your purchase and one year

later so that your Shares would have the same value on both dates, not including any transaction costs you may incur to purchase

For example, most taxes and other governmental charges that may be imposed on the Trust’s property will not be paid

by the Sponsor.

As part of its agreement to assume some of the Trust’s ordinary administrative expenses, the Sponsor has agreed

to pay legal fees and expenses of the Trust not in excess of $100,000 per annum.

Any legal fees and expenses in excess of that amount

will be the responsibility of the Trust.

The Sponsor intends to accept Shares of the Trust

for the Sponsor’s Fee and reimbursement of expenses not assumed by the Sponsor.

However, the Trust may be subject to certain other

liabilities (for example, as a result of litigation) which have not been assumed by the Sponsor.

The Trust will sell gold to pay those

expenses, unless the Sponsor agrees to pay such expenses out of its own pocket and receive reimbursement from the Trust in the form of

To the extent the Trust issues additional Shares

to pay the Sponsor’s Fee or sells gold to cover expenses or liabilities, the amount of gold represented by each Share will decrease.

New deposits of gold, received in exchange for new Shares issued by the Trust, would not reverse this trend.

A decrease in the amount

of gold represented by each Share results in a decrease in the price of a Share even if the price of gold has not changed.

To retain the

Share’s original price, the price of gold would have to increase.

Without that increase, the lesser amount of gold represented by

the Share will have a correspondingly lower price.

If these increases do not occur, or are not sufficient to counter the lesser amount

of gold represented by each Share, you will sustain losses on your investment in Shares.

For example, assuming the Trust has not incurred

fees or expenses in excess of the amount the Sponsor has agreed to bear and the Shares trade at the same price as the Trust’s NAV,

the price of the gold represented by your Shares would need to increase by the amount of the Sponsor’s Fee between the date of your

purchase and one year later so that your Shares would have the same value on both dates, not including any transaction costs you may incur

to purchase your Shares.

The Sponsor’s Fee is currently 0.25% of the NAV of the Trust.

The value of your investment also may decline

if the price of the Shares is negatively affected by the Sponsor’s sale in the open market of the Shares that the Sponsor

has received from the Trust as payment of the Sponsor’s Fee.

Problems May Cause a Decline in the Trading Price of the Shares

value of the Shares could decline if unanticipated operational or trading problems arise.

may be unanticipated problems or issues with respect to the mechanics of the Trust’s operations and the trading of the Shares

that could have a material adverse effect on an investment in the Shares.

In addition, to the extent that unanticipated operational

or trading problems or issues arise, the Sponsor’s past experience and qualifications may not be suitable for solving these

problems or issues.

May Terminate the Trust

with large holdings may choose to terminate the Trust.

the Trust Agreement, registered holders of at least 75% of the Shares have the right to require the Trustee to terminate the Trust

This power may be exercised by a relatively small number of holders of Shares.

Upon any such exercise, investors who

would have elected to continue to invest in gold through ownership of Shares will be compelled to find another vehicle for such

investment and may not be able to identify another vehicle that offers the same features as the Trust.

Share Submission is Irrevocable

investor’s instruction to a broker-dealer to transfer Shares to the Trust in a Share Submission cannot be changed.

Delivery Applicant wishing to deliver Shares of the Trust in exchange for physical gold must submit to the Sponsor a Delivery

Application and the processing fees through its broker-dealer.

The Delivery Application is not binding until Shares are delivered

to the Trust.

Upon pre-approval of the Delivery Application by the Sponsor, the Sponsor will send a copy of the pre-approved Delivery

Application to the Trustee.

A Delivery Applicant shall instruct its broker-dealer to transfer Shares to the Trustee;

the submission

and transfer by the broker-dealer will be a binding and irrevocable Share Submission in accordance with the details specified

on the pre-approved Delivery Application.

Once the Trustee has received a Delivery Applicant’s Share Submission and, if

the Delivery Applicant has requested physical gold other than London Bars, once the Trustee has received a confirmation certified

by the Sponsor that an over-the-counter transaction between the Sponsor and the precious metals dealer has been entered into providing

for the exchange of physical gold held by the Trust for physical gold specified by the Delivery Applicant, physical gold will

be selected or acquired by the Custodian or the precious metals dealer and then released from the Trust for delivery to the Delivery

Applicant according with the instructions in the Delivery Application.

Once the Shares have been submitted, a Share Submission

may no longer be revoked by the Delivery Applicant under any circumstances, though the Share Submission may be rejected by the

Trustee or the Sponsor under certain circumstances.

of Physical Gold to Delivery Applicants May Take Considerable Time

Custodian or a precious metals dealer will deliver physical gold to Delivery Applicants in exchange for their Shares.

in the delivery of physical gold to Delivery Applicants could result in losses if the price of gold declines.

Custodian or a precious metals dealer will arrange for the delivery of physical gold to Delivery Applicants in exchange for their

After a Delivery Applicant irrevocably submits Shares to exchange for physical gold, either the Trustee will instruct

the Custodian to deliver physical gold to the Delivery Applicant or, if the Delivery Applicant requests physical gold other than

London Bars, the Sponsor will enter into an over-the-counter transaction on the business day following the Share Submission Day

with a precious metals dealer to exchange physical gold the Trust holds for physical gold specified by the Delivery Applicant.

Because delivery time depends on many factors, including the types of physical gold requested and the delivery method chosen,

considerable time may elapse by the time Delivery Applicants receive their physical gold.

Further, because shipments of physical

gold may be broken down into multiple smaller shipments, it may take additional time for the Delivery Applicant to receive all

of the requested physical gold.

A delay in the delivery of physical gold to Delivery Applicants could result in losses if the

price of gold declines.

or Rejection of the Surrender of Shares

the Trust suspends or rejects a surrender of Shares for gold, a Shareholder may have no alternative but to sell Shares on the

open market and thus incur brokerage costs and be subject to potential tax consequences.

the Trust suspends the surrender of Shares or rejects the delivery of Shares under a Delivery Application, a Shareholder who wishes

to redeem Shares may have no alternative but to sell Shares on the open market.

Such a sale of Shares will involve brokerage costs

and may result in tax consequences to the Shareholder.

Creation and Redemption Process May Result in a Decline in the Price of Shares

the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions

intended to keep the price of the Shares closely linked to the price of gold may not exist, and as a result, the price of the

Shares may fall.

the processes of the creation and redemption of Shares by Authorized Participants (which depend on timely transfers of gold to

and by the Custodian) encounter any unanticipated difficulties, potential market participants who would otherwise be willing to

purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the

Shares and the price of the underlying gold may not take the risk that, as a result of those difficulties, they may not be able

to realize the profit they expect.

If this is the case, the liquidity of the Shares may decline and the price of the Shares may

fluctuate independently of the price of gold and may fall.

Delivery Applicant Bears the Risk of Loss in Connection with the Delivery of Physical Gold

Delivery Applicant that suffers loss of, or damage to, its physical gold during delivery will not be able to claim damages from

the Trust, the Trustee, the Custodian, the precious metals dealer from which physical gold was obtained or the Sponsor.

the release of physical gold from the Trust for forwarding to the Delivery Applicant, the Delivery Applicant’s physical

gold will be transported by either a conventional shipping carrier such as the U.S.

Postal Service, Federal Express or United

Parcel Service, or an armored transportation service engaged by or on behalf of the investor (a “Delivery Service Provider”).

Because ownership of physical gold will transfer to the Delivery Applicant at the time the Custodian or the precious metals dealer

from which they were obtained surrenders physical gold to the Delivery Service Provider, the Delivery Applicant will bear the

risk of loss from the time the Delivery Service Provider assumes possession of physical gold on the Delivery Applicant’s

In the event of any loss or damage in connection with the delivery of physical gold after such time, the Delivery Applicant

will have no claim against the Trust, the Trustee, the Custodian, such precious metals dealer or the Sponsor but may have a claim

against the Delivery Service Provider.

addition, upon receipt of physical gold, the Delivery Applicant will have five business days, or such shorter or longer period

as may be specified in the Delivery Application from time to time, following the receipt of the physical gold to notify the Sponsor

in writing of any complaints or objections concerning the shipment, delivery or receipt of the physical gold.

In the absence of

any such objection or complaint, the Delivery Applicant will be deemed to have accepted receipt of the physical gold in full satisfaction

of the physical gold due the Delivery Applicant and to have waived any and all claims the Delivery Applicant may have concerning

the physical gold received by the Delivery Applicant.

of Transactions with Precious Metals Dealers

risks associated with the Trust’s transactions with precious metals dealers to exchange the Trust’s gold for physical

gold of different specifications may expose the Trust to potential quantity and quality deficiencies and to situations where the

Trust is not be able to exchange gold for physical gold.

a Delivery Applicant requests physical gold in a form other than London Bars, the Trust will enter into an over-the-counter transaction

with a precious metals dealer pursuant to which the type of physical gold requested by a Delivery Applicant will be acquired by

the Trust from the precious metals dealer and the precious metals dealer will be instructed to deliver the requested physical

gold to the Delivery Applicant.

However, there is no assurance that physical gold acquired by the Trust from the precious metals

dealer will meet the quantity and quality requirements of the requested over-the-counter transaction.

The precious metals dealer

is responsible to the Trust for any deficiency in the amount or quality of physical gold under a Transaction and Shipping Agreement

between the Sponsor and the precious metals dealer.

In addition, the Trust may enter into exchange transactions with only one

or a limited number of precious metals dealers, which may increase the Trust’s exposure to counterparty risk.

Further, there

is a risk that no suitable precious metals dealers will be willing to enter into, or continue to enter into, transactions with

the Trust, and as a result, the Trust may not be able to exchange London Bars for physical gold of different specifications.

of a Precious Metals Dealer

Trust will bear the risk of loss of the amount expected to be received in an exchange of gold in the event of the default or bankruptcy

of a precious metals dealer.

the Sponsor is responsible for selecting the precious metals dealer and ensuring the agreement by which the precious metals dealer

is engaged includes appropriate representations, warranties and covenants of the precious metals dealer regarding completion of

the over-the-counter transactions by which the Trust’s gold is exchanged for the physical gold requested by the Delivery

Applicant, the Sponsor is not responsible for the default or misconduct of the precious metals dealer, provided the Sponsor exercises

reasonable care in selecting the precious metals dealer.

Under the terms of the Sponsor’s engagement of the precious metals

dealer, the precious metals dealer is responsible to the Trust for any deficiency in the amount or quality of physical gold it

is to provide to the Trust.

Accordingly, the Trust will bear the risk in connection with any loss resulting from the insolvency

or any misconduct of a precious metals dealer.

Physical gold that is to be exchanged for different specifications to meet delivery

requests from Delivery Applicants will be converted into unallocated gold and deposited into the precious metals dealer’s

unallocated gold account with the Custodian and, until the time that the physical gold to be delivered to a Delivery Applicant

is surrendered to the Delivery Service Provider, the Trust may bear some risk of loss to such physical gold held on the Trust’s

During those times, the Trust will have no proprietary rights to any specific bars of gold held by the precious metals

dealer, may not have possession of the physical gold held on its behalf by the precious metals dealer and will be an unsecured

creditor of a precious metals dealer.

In the event the precious metals dealer becomes insolvent or a claim of misconduct is made

against the precious metals dealer, the precious metals dealer’s assets might not be adequate to satisfy a claim by the

Failure by a Precious Metals Dealer to Exercise Due Care with Respect to the Trust’s Gold Could Result in a Loss to the

deliveries of gold other than London Bars to Delivery Applicants, the Trust will rely on a precious metals dealer to exchange

the Trust’s gold for American Gold Eagle Coins or another form of physical gold and to deliver physical gold to the Delivery

Applicant pursuant to the Delivery Application.

As a result, a failure by the precious metals dealer to exercise due care in the

exchange and delivery of the Trust’s gold could result in a loss to the Trust.

Trust will be reliant on a precious metals dealer to exchange the Trust’s gold to American Gold Eagle Coins or another form

of physical gold in the amount and of the quality specified by the Sponsor in each over-the-counter transaction, and certified

by the Sponsor to the Trustee in a confirmation thereof, and to deliver physical gold to the Delivery Applicant pursuant to the

instructions in the Delivery Application.

Under the Transaction and Shipping Agreement, the precious metals dealer is responsible

to the Trust for any deficiency in the amount or quality of physical gold.

Although the Transaction and Shipping Agreement requires

the precious metals dealer to maintain insurance to protect the Trust in the event of a loss associated with physical gold, the

Trust has no input regarding the amount, validity or adequacy of such insurance.

Any failure by the precious metals dealer to

exercise due care with respect to the exchange and delivery of physical gold may not be detectable or controllable by the Sponsor

or the Trustee and, assuming the Delivery Applicant seeks recourse against the Trust, could result in a loss to the Trust.

Trust’s Ability to Recover Losses from a Precious Metals Dealer may be Limited

limited liability of a precious metals dealer under the Transaction and Shipping Agreement with the Sponsor and New York State

law may impair the ability of the Trust to recover losses concerning its gold and any recovery may be limited, even in the event

of fraud, to the market value of the gold at the time the fraud is discovered.

liability of the precious metals dealer is limited under the Transaction and Shipping Agreement.

Under the Transaction and Shipping

Agreement, the precious metals dealer shall exercise the same degree of care and diligence in safeguarding the Trust’s gold

as any reasonably prudent person acting as a custodian would exercise in the same circumstances and is liable for losses associated

with the failure of physical gold to be in the amount and of the quality specified by the Sponsor in an over-the-counter transaction

and for physical loss or destruction of gold that results from fraud, theft, negligence or otherwise and regardless of culpability

of the precious metals dealer.

However, any such liability is limited to the market value of physical gold held by the precious

metals dealer at the time such negligence, fraud or willful default is discovered and is subject to the precious metals dealer

honoring its contractual obligations.

Gold May not be Available in the Requested Sizes

is no guarantee that physical gold will be available in specified sizes, which may result in a Delivery Applicant paying higher

or lower Processing fees.

Trust holds London Bars.

To facilitate a Delivery Applicant’s ability to exchange Shares for physical gold, the Sponsor

will engage in an over-the-counter transaction with a precious metals dealer to exchange the Trust’s London Bars for physical

gold of different specifications.

There is no guarantee that at the time that the Sponsor seeks to exchange the Trust’s

London Bars for physical gold of different specifications such physical gold will be available.

As a result, it may be necessary

for a Delivery Applicant to wait for such physical gold to be available.

If the precious metals dealer advises the Sponsor that

the desired physical gold is not available, the Sponsor will advise the Delivery Applicant.

At that time, the Sponsor may offer

the Delivery Applicant physical gold that is different from the physical gold specified in the Delivery Application that comprises

the same Fine Ounce content.

If the Delivery Applicant accepts different physical gold than that specified in the Delivery Application,

a new Delivery Application would need to be completed and it may result in higher or lower processing fees.

However, it is unlikely

that the cash proceeds (i.e., the difference between the value of a Delivery Applicant’s Shares and the value of physical

gold to be delivered to the Delivery Applicant) will change because the total Fine Ounce component of the physical gold will not

change unless otherwise agreed to by the Delivery Applicant.

During times of high demand for coins in the market, Processing Fees

may be updated frequently and may be updated after the time a Delivery Applicant submits an application before it is pre-approved;

if the price of the Shares is negatively affected by the Sponsor’s sale in the open market of the Shares that the Sponsor has received

from the Trust as payment of the Sponsor’s Fee.

Operational Problems May Cause a Decline

in the Trading Price of the Shares

The value of the Shares could decline if unanticipated

operational or trading problems arise.

There may be unanticipated problems or issues

with respect to the mechanics of the Trust’s operations and the trading of the Shares that could have a material adverse effect

on an investment in the Shares.

In addition, to the extent that unanticipated operational or trading problems or issues arise, the Sponsor’s

past experience and qualifications may not be suitable for solving these problems or issues.

Shareholders May Terminate the Trust

Shareholders with large holdings may choose

to terminate the Trust.

Under the Trust Agreement, registered holders

of at least 75% of the Shares have the right to require the Trustee to terminate the Trust Agreement.

This power may be exercised by a

relatively small number of holders of Shares.

Upon any such exercise, investors who would have elected to continue to invest in gold through

ownership of Shares will be compelled to find another vehicle for such investment and may not be able to identify another vehicle that

offers the same features as the Trust.

A Share Submission is Irrevocable

An investor’s instruction to a broker-dealer

to transfer Shares to the Trust in a Share Submission cannot be changed.

A Delivery Applicant wishing to deliver Shares

of the Trust in exchange for physical gold must submit to the Sponsor a Delivery Application and the processing fees through its broker-dealer.

The Delivery Application is not binding until Shares are delivered to the Trust.

Upon pre-approval of the Delivery Application by the

Sponsor, the Sponsor will send a copy of the pre-approved Delivery Application to the Trustee.

A Delivery Applicant shall instruct its

broker-dealer to transfer Shares to the Trustee;

the submission and transfer by the broker-dealer will be a binding and irrevocable Share

Submission in accordance with the details specified on the pre-approved Delivery Application.

Once the Trustee has received a Delivery

Applicant’s Share Submission and, if the Delivery Applicant has requested physical gold other than London Bars, once the Trustee

has received a confirmation certified by the Sponsor that an over-the-counter transaction between the Sponsor and the precious metals

dealer has been entered into providing for the exchange of physical gold held by the Trust for physical gold specified by the Delivery

Applicant, physical gold will be selected or acquired by the Custodian or the precious metals dealer and then released from the Trust

for delivery to the Delivery Applicant according with the instructions in the Delivery Application.

Once the Shares have been submitted,

a Share Submission may no longer be revoked by the Delivery Applicant under any circumstances, though the Share Submission may be rejected

by the Trustee or the Sponsor under certain circumstances.

Delivery of Physical Gold to Delivery Applicants

May Take Considerable Time

The Custodian or a precious metals dealer will

deliver physical gold to Delivery Applicants in exchange for their Shares.

A delay in the delivery of physical gold to Delivery Applicants

could result in losses if the price of gold declines.

The Custodian or a precious metals dealer will

arrange for the delivery of physical gold to Delivery Applicants in exchange for their Shares.

After a Delivery Applicant irrevocably

submits Shares to exchange for physical gold, either the Trustee will instruct the Custodian to deliver physical gold to the Delivery

Applicant or, if the Delivery Applicant requests physical gold other than London Bars, the Sponsor will enter into an over-the-counter

transaction on the business day following the Share Submission Day with a precious metals dealer to exchange physical gold the Trust holds

for physical gold specified by the Delivery Applicant.

Because delivery time depends on many factors, including the types of physical

gold requested and the delivery method chosen, considerable time may elapse by the time Delivery Applicants receive their physical gold.

Further, because shipments of physical gold may be broken down into multiple smaller shipments, it may take additional time for the Delivery

Applicant to receive all of the requested physical gold.

A delay in the delivery of physical gold to Delivery Applicants could result

in losses if the price of gold declines.

Suspension or Rejection of the Surrender

If the Trust suspends or rejects a surrender

of Shares for gold, a Shareholder may have no alternative but to sell Shares on the open market and thus incur brokerage costs and be

subject to potential tax consequences.

If the Trust suspends the surrender of Shares

or rejects the delivery of Shares under a Delivery Application, a Shareholder who wishes to redeem Shares may have no alternative but

to sell Shares on the open market.

Such a sale of Shares will involve brokerage costs and may result in tax consequences to the Shareholder.

The Creation and Redemption Process May

Result in a Decline in the Price of Shares

If the process of creation and redemption of

Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions intended to keep the price of the Shares

closely linked to the price of gold may not exist, and as a result, the price of the Shares may fall.

If the processes of the creation and redemption

of Shares by Authorized Participants (which depend on timely transfers of gold to and by the Custodian) encounter any unanticipated difficulties,

potential market participants who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity

arising from discrepancies between the price of the Shares and the price of the underlying gold may not take the risk that, as a result

of those difficulties, they may not be able to realize the profit they expect.

If this is the case, the liquidity of the Shares may decline

and the price of the Shares may fluctuate independently of the price of gold and may fall.

A Delivery Applicant Bears the Risk of Loss

in Connection with the Delivery of Physical Gold

A Delivery Applicant that suffers loss of,

or damage to, its physical gold during delivery will not be able to claim damages from the Trust, the Trustee, the Custodian, the precious

metals dealer from which physical gold was obtained or the Sponsor.

Upon the release of physical gold from the Trust

for forwarding to the Delivery Applicant, the Delivery Applicant’s physical gold will be transported by either a conventional shipping

carrier such as the U.S.

Postal Service, Federal Express or United Parcel Service, or an armored transportation service engaged by or

on behalf of the investor (a “Delivery Service Provider”).

Because ownership of physical gold will transfer to the Delivery

Applicant at the time the Custodian or the precious metals dealer from which they were obtained surrenders physical gold to the Delivery

Service Provider, the Delivery Applicant will bear the risk of loss from the time the Delivery Service Provider assumes possession of

physical gold on the Delivery Applicant’s behalf.

In the event of any loss or damage in connection with the delivery of physical

gold after such time, the Delivery Applicant will have no claim against the Trust, the Trustee, the Custodian, such precious metals dealer

or the Sponsor but may have a claim against the Delivery Service Provider.

In addition, upon receipt of physical gold, the

Delivery Applicant will have five business days, or such shorter or longer period as may be specified in the Delivery Application from

time to time, following the receipt of the physical gold to notify the Sponsor in writing of any complaints or objections concerning the

shipment, delivery or receipt of the physical gold.

In the absence of any such objection or complaint, the Delivery Applicant will be

deemed to have accepted receipt of the physical gold in full satisfaction of the physical gold due the Delivery Applicant and to have

waived any and all claims the Delivery Applicant may have concerning the physical gold received by the Delivery Applicant.

Risks of Transactions with Precious Metals

Counterparty risks associated with the Trust’s

transactions with precious metals dealers to exchange the Trust’s gold for physical gold of different specifications may expose

the Trust to potential quantity and quality deficiencies and to situations where the Trust is not be able to exchange gold for physical

If a Delivery Applicant requests physical gold

in a form other than London Bars, the Trust will enter into an over-the-counter transaction with a precious metals dealer pursuant to

which the type of physical gold requested by a Delivery Applicant will be acquired by the Trust from the precious metals dealer and the

precious metals dealer will be instructed to deliver the requested physical gold to the Delivery Applicant.

However, there is no assurance

that physical gold acquired by the Trust from the precious metals dealer will meet the quantity and quality requirements of the requested

over-the-counter transaction.

The precious metals dealer is responsible to the Trust for any deficiency in the amount or quality of physical

gold under a Transaction and Shipping Agreement between the Sponsor and the precious metals dealer.

In addition, the Trust may enter into

exchange transactions with only one or a limited number of precious metals dealers, which may increase the Trust’s exposure to counterparty

Further, there is a risk that no suitable precious metals dealers will be willing to enter into, or continue to enter into, transactions

with the Trust, and as a result, the Trust may not be able to exchange London Bars for physical gold of different specifications.

Default of a Precious Metals Dealer

The Trust will bear the risk of loss of the

amount expected to be received in an exchange of gold in the event of the default or bankruptcy of a precious metals dealer.

Although the Sponsor is responsible for selecting

the precious metals dealer and ensuring the agreement by which the precious metals dealer is engaged includes appropriate representations,

warranties and covenants of the precious metals dealer regarding completion of the over-the-counter transactions by which the Trust’s

gold is exchanged for the physical gold requested by the Delivery Applicant, the Sponsor is not responsible for the default or misconduct

of the precious metals dealer, provided the Sponsor exercises reasonable care in selecting the precious metals dealer.

Under the terms

of the Sponsor’s engagement of the precious metals dealer, the precious metals dealer is responsible to the Trust for any deficiency

in the amount or quality of physical gold it is to provide to the Trust.

Accordingly, the Trust will bear the risk in connection with

any loss resulting from the insolvency or any misconduct of a precious metals dealer.

Physical gold that is to be exchanged for different

specifications to meet delivery requests from Delivery Applicants will be converted into unallocated gold and deposited into the precious

metals dealer’s unallocated gold account with the Custodian and, until the time that the physical gold to be delivered to a Delivery

Applicant is surrendered to the Delivery Service Provider, the Trust may bear some risk of loss to such physical gold held on the Trust’s

During those times, the Trust will have no proprietary rights to any specific bars of gold held by the precious metals dealer,

may not have possession of the physical gold held on its behalf by the precious metals dealer and will be an unsecured creditor of a precious

metals dealer.

In the event the precious metals dealer becomes insolvent or a claim of misconduct is made against the precious metals

dealer, the precious metals dealer’s assets might not be adequate to satisfy a claim by the Trust.

A Failure by a Precious Metals Dealer to

Exercise Due Care with Respect to the Trust’s Gold Could Result in a Loss to the Trust

For deliveries of gold other than London Bars

to Delivery Applicants, the Trust will rely on a precious metals dealer to exchange the Trust’s gold for American Gold Eagle Coins

or another form of physical gold and to deliver physical gold to the Delivery Applicant pursuant to the Delivery Application.

a failure by the precious metals dealer to exercise due care in the exchange and delivery of the Trust’s gold could result in a

loss to the Trust.

The Trust will be reliant on a precious metals

dealer to exchange the Trust’s gold to American Gold Eagle Coins or another form of physical gold in the amount and of the quality

specified by the Sponsor in each over-the-counter transaction, and certified by the Sponsor to the Trustee in a confirmation thereof,

and to deliver physical gold to the Delivery Applicant pursuant to the instructions in the Delivery Application.

Under the Transaction

and Shipping Agreement, the precious metals dealer is responsible to the Trust for any deficiency in the amount or quality of physical

Although the Transaction and Shipping Agreement requires the precious metals dealer to maintain insurance to protect the Trust in

the event of a loss associated with physical gold, the Trust has no input regarding the amount, validity or adequacy of such insurance.

Any failure by the precious metals dealer to exercise due care with respect to the exchange and delivery of physical gold may not be detectable

or controllable by the Sponsor or the Trustee and, assuming the Delivery Applicant seeks recourse against the Trust, could result in a

loss to the Trust.

The Trust’s Ability to Recover Losses

from a Precious Metals Dealer may be Limited

The limited liability of a precious metals

dealer under the Transaction and Shipping Agreement with the Sponsor and New York State law may impair the ability of the Trust to recover

losses concerning its gold and any recovery may be limited, even in the event of fraud, to the market value of the gold at the time the

fraud is discovered.

The liability of the precious metals dealer is

limited under the Transaction and Shipping Agreement.

Under the Transaction and Shipping Agreement, the precious metals dealer shall exercise

the same degree of care and diligence in safeguarding the Trust’s gold as any reasonably prudent person acting as a custodian would

exercise in the same circumstances and is liable for losses associated with the failure of physical gold to be in the amount and of the

quality specified by the Sponsor in an over-the-counter transaction and for physical loss or destruction of gold that results from fraud,

theft, negligence or otherwise and regardless of culpability of the precious metals dealer.

However, any such liability is limited to

the market value of physical gold held by the precious metals dealer at the time such negligence, fraud or willful default is discovered

and is subject to the precious metals dealer honoring its contractual obligations.

Physical Gold May not be Available in the

Requested Sizes

There is no guarantee that physical gold will

be available in specified sizes, which may result in a Delivery Applicant paying higher or lower Processing fees.

The Trust holds London Bars.

To facilitate a Delivery

Applicant’s ability to exchange Shares for physical gold, the Sponsor will engage in an over-the-counter transaction with a precious

metals dealer to exchange the Trust’s London Bars for physical gold of different specifications.

There is no guarantee that at the

time that the Sponsor seeks to exchange the Trust’s London Bars for physical gold of different specifications such physical gold

will be available.

As a result, it may be necessary for a Delivery Applicant to wait for such physical gold to be available.

If the precious

metals dealer advises the Sponsor that the desired physical gold is not available, the Sponsor will advise the Delivery Applicant.

that time, the Sponsor may offer the Delivery Applicant physical gold that is different from the physical gold specified in the Delivery

Application that comprises the same Fine Ounce content.

If the Delivery Applicant accepts different physical gold than that specified

in the Delivery Application, a new Delivery Application would need to be completed and it may result in higher or lower processing fees.

However, it is unlikely that the cash proceeds (i.e., the difference between the value of a Delivery Applicant’s Shares and the

value of physical gold to be delivered to the Delivery Applicant) will change because the total Fine Ounce component of the physical gold

will not change unless otherwise agreed to by the Delivery Applicant.

During times of high demand for coins in the market, Processing

Fees may be updated frequently and may be updated after the time a Delivery Applicant submits an application before it is pre-approved;

in this case, the Delivery Applicant may have to pay a higher Processing Fee to have the Delivery Application pre-approved.

Gold Delivered upon Taking Delivery in Exchange for Shares May Need to be Re-Assayed

a Delivery Applicant requests that physical gold be delivered to a destination that is outside the “chain of integrity,”

the physical gold may need to be re-assayed, which could result in additional costs for the Delivery Applicant and potential delays

in assaying the physical gold.

Trust’s London Bars are generally accepted by institutional gold dealers without assaying because such London Bars are produced

according to strict LBMA specifications and regularly audited to ensure that specifications meet those stated.

When traded exclusively

among certain institutional gold dealers, London Bars are considered to remain within the “chain of integrity.” By

remaining in the chain of integrity, London Bars have historically been available at the lowest transaction costs of any gold

bullion because assay costs are minimized.

However, a London Bar that leaves the chain of integrity may need to be re-assayed.

In addition to the costs associated with assaying, there may be significant delays in assaying gold, especially during times when

gold may be in high demand, due to potential backlogs.

upon exchanging Shares for physical gold, a Delivery Applicant requests that the physical gold be delivered from the Custodian

to another bank or a vault in the business of holding physical gold for institutional investors, the physical gold may continue

to be accepted for trading without being re-assayed while in the custody of that institution.

a Delivery Applicant instructs that London Bars be delivered to a destination other than an institutional gold dealer, the London

Bars delivered to the Delivery Applicant may no longer be deemed part of the chain of integrity.

This may make a future sale of

such gold more difficult and expensive.

In addition, the value of any London Bars that have left the chain of integrity are likely

to be at a discount from the spot price of gold.

gold other than London Bars also may need to be re-assayed should they leave the Custodian.

One and 10 Ounce Bars may be accepted

by some dealers without re-assaying should the bars appear in excellent condition and/or remain in the mint’s original packaging.

However, Delivery Applicants should be aware that dealers may charge a fee to re-assay any bar for any reason.

Investor Rights

an investor, you will not have the rights normally associated with ownership of Shares of other types of investment vehicles.

For example, you will have extremely limited voting rights in comparison to those of shareholders in traditional operating companies.

Trust is a passive investment vehicle with no management and no board of directors.

Thus, the Shares are not entitled to the same

rights as Shares issued by a corporation operating a business enterprise with management and a board of directors.

Shares, you are not acquiring the right to elect directors, to vote on certain matters regarding the issuer of your Shares or

to take other actions normally associated with the ownership of Shares, such as the right to bring “oppression” or

“derivative” actions.

You will only have the extremely limited rights described under “Description of the Shares.”

of 1940 Act and Commodity Exchange Act Protections

will not have the protections normally associated with ownership of Shares in an investment company registered under the 1940

Act or the protections afforded by the Commodity Exchange Act.

Trust is not registered as an investment company under the 1940 Act and is not required to register thereunder.

Consequently,

investors do not have the regulatory protections provided to investors in investment companies.

The Trust will not hold or trade

in commodity futures contracts regulated by the Commodity Exchange Act, as administered by the CFTC.

Furthermore, the Trust is

not a commodity pool for purposes of the Commodity Exchange Act, and the Sponsor is not subject to regulation by the CFTC as a

commodity pool operator, or a commodity trading advisor, in connection with the Shares.

Therefore, investors will not have the

regulatory protections provided to investors in instruments or commodity pools regulated by the Commodity Exchange Act.

and Liquidation May Be Required

Trust may be required to terminate and liquidate at a time that is disadvantageous to investors.

the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time that is disadvantageous

to investors, such as when gold prices are lower than the gold prices at the time when investors purchased their Shares.

a case, the Trust’s gold may be sold as part of the Trust’s liquidation and the resulting proceeds distributed to

investors will be less than if gold prices were higher at the time of the sale.

RELATED TO THE CUSTODY OF GOLD

Trust’s Ability to Recover Losses from the Custodian is Limited

limited liability of the Custodian under the agreement with the Trust and U.K.

law may impair the ability of the Trust to recover

losses concerning its gold and any recovery may be limited, even in the event of fraud, to the market value of the gold at the

time the fraud is discovered.

liability of the Custodian is limited under the Custody Agreement.

Under the agreements between the Trustee and the Custodian

that establishes the Trust Unallocated Account and the Trust Allocated Account, the Custodian is liable only for losses that are

the direct result of its own negligence, fraud or willful default in the performance of its duties.

Any such liability is further

limited to the market value of the gold held in the Trust Allocated Account and the Trust Unallocated Account at the time such

negligence, fraud or willful default is discovered by the Custodian or notified to the Custodian by the Trustee.

under an unallocated account agreement between the Authorized Participant and the Custodian or, if the Authorized Participant

uses another custodian, that custodian, the Custodian or the Authorized Participant’s custodian may not be contractually

or otherwise liable for any losses suffered by any Authorized Participant or investor.

Moreover, the terms of the Authorized Participant’s

unallocated account agreement may have other terms that may limit the recovery of the Authorized Participant’s losses from

the Custodian or the Authorized Participant’s custodian.

May Be Difficult for the Trust to Seek Legal Redress Against the Custodian

the relationship between the Custodian and the Trustee concerning the Trust’s allocated gold is expressly governed by U.K.

law, a court hearing any legal dispute concerning that arrangement may disregard that choice of law and apply U.S.

law, in which

case the ability of the Trust to seek legal redress against the Custodian may be frustrated.

obligations of the Custodian under the Custody Agreement are governed by U.K.

Physical Gold Delivered upon Taking Delivery

in Exchange for Shares May Need to be Re-Assayed

If a Delivery Applicant requests that physical

gold be delivered to a destination that is outside the “chain of integrity,” the physical gold may need to be re-assayed,

which could result in additional costs for the Delivery Applicant and potential delays in assaying the physical gold.

The Trust’s London Bars are generally accepted

by institutional gold dealers without assaying because such London Bars are produced according to strict LBMA specifications and regularly

audited to ensure that specifications meet those stated.

When traded exclusively among certain institutional gold dealers, London Bars

are considered to remain within the “chain of integrity.” By remaining in the chain of integrity, London Bars have historically

been available at the lowest transaction costs of any gold bullion because assay costs are minimized.

However, a London Bar that leaves

the chain of integrity may need to be re-assayed.

In addition to the costs associated with assaying, there may be significant delays in

assaying gold, especially during times when gold may be in high demand, due to potential backlogs.

If, upon exchanging Shares for physical gold,

a Delivery Applicant requests that the physical gold be delivered from the Custodian to another bank or a vault in the business of holding

physical gold for institutional investors, the physical gold may continue to be accepted for trading without being re-assayed while in

the custody of that institution.

If a Delivery Applicant instructs that London

Bars be delivered to a destination other than an institutional gold dealer, the London Bars delivered to the Delivery Applicant may no

longer be deemed part of the chain of integrity.

This may make a future sale of such gold more difficult and expensive.

In addition, the

value of any London Bars that have left the chain of integrity are likely to be at a discount from the spot price of gold.

Physical gold other than London Bars also may

need to be re-assayed should they leave the Custodian.

One and 10 Ounce Bars may be accepted by some dealers without re-assaying should

the bars appear in excellent condition and/or remain in the mint’s original packaging.

However, Delivery Applicants should be aware

that dealers may charge a fee to re-assay any bar for any reason.

Limited Investor Rights

As an investor, you will not have the rights

normally associated with ownership of Shares of other types of investment vehicles.

For example, you will have extremely limited voting

rights in comparison to those of shareholders in traditional operating companies.

The Trust is a passive investment vehicle with

no management and no board of directors.

Thus, the Shares are not entitled to the same rights as Shares issued by a corporation operating

a business enterprise with management and a board of directors.

By acquiring Shares, you are not acquiring the right to elect directors,

to vote on certain matters regarding the issuer of your Shares or to take other actions normally associated with the ownership of Shares,

such as the right to bring “oppression” or “derivative” actions.

You will only have the extremely limited rights

described under “Description of the Shares.”

Absence of 1940 Act and Commodity Exchange

Act Protections

Investors will not have the protections normally

associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the Commodity

Exchange Act.

The Trust is not registered as an investment company

under the 1940 Act and is not required to register thereunder.

Consequently, investors do not have the regulatory protections provided

to investors in investment companies.

The Trust will not hold or trade in commodity futures contracts regulated by the Commodity Exchange

Act, as administered by the CFTC.

Furthermore, the Trust is not a commodity pool for purposes of the Commodity Exchange Act, and the Sponsor

is not subject to regulation by the CFTC as a commodity pool operator, or a commodity trading advisor, in connection with the Shares.

Therefore, investors will not have the regulatory protections provided to investors in instruments or commodity pools regulated by the

Commodity Exchange Act.

Termination and Liquidation May Be Required

The Trust may be required to terminate and

liquidate at a time that is disadvantageous to investors.

If the Trust is required to terminate and liquidate,

such termination and liquidation could occur at a time that is disadvantageous to investors, such as when gold prices are lower than the

gold prices at the time when investors purchased their Shares.

In such a case, the Trust’s gold may be sold as part of the Trust’s

liquidation and the resulting proceeds distributed to investors will be less than if gold prices were higher at the time of the sale.

RISKS RELATED TO THE CUSTODY OF GOLD

The Trust’s Ability to Recover Losses

from the Custodian is Limited

The limited liability of the Custodian under

the agreement with the Trust and U.K.

law may impair the ability of the Trust to recover losses concerning its gold and any recovery may

be limited, even in the event of fraud, to the market value of the gold at the time the fraud is discovered.

The liability of the Custodian is limited under

the Custody Agreement.

Under the agreements between the Trustee and the Custodian that establishes the Trust Unallocated Account and the

Trust Allocated Account, the Custodian is liable only for losses that are the direct result of its own negligence, fraud or willful default

in the performance of its duties.

Any such liability is further limited to the market value of the gold held in the Trust Allocated Account

and the Trust Unallocated Account at the time such negligence, fraud or willful default is discovered by the Custodian or notified to

the Custodian by the Trustee.

In addition, under an unallocated account agreement between the Authorized Participant and the Custodian

or, if the Authorized Participant uses another custodian, that custodian, the Custodian or the Authorized Participant’s custodian

may not be contractually or otherwise liable for any losses suffered by any Authorized Participant or investor.

Moreover, the terms of

the Authorized Participant’s unallocated account agreement may have other terms that may limit the recovery of the Authorized Participant’s

losses from the Custodian or the Authorized Participant’s custodian.

It May Be Difficult for the Trust to Seek

Legal Redress Against the Custodian

Although the relationship between the Custodian

and the Trustee concerning the Trust’s allocated gold is expressly governed by U.K.

law, a court hearing any legal dispute concerning

that arrangement may disregard that choice of law and apply U.S.

law, in which case the ability of the Trust to seek legal redress against

the Custodian may be frustrated.

The obligations of the Custodian under the Custody

Agreement are governed by U.K.

The Trust is a New York common law trust.

United States, New York or other court situated in the United States may have difficulty interpreting U.K.

law (which, insofar

as it relates to custody arrangements, is largely derived from court rulings rather than statute), LBMA rules or the customs and

practices in the London custody market.

It may be difficult or impossible for the Trust to sue the Custodian in a United States,

New York or other court situated in the United States.

In addition, it may be difficult, time consuming and/or expensive for the

Trust to enforce in a foreign court a judgment rendered by a United States, New York or other court situated in the United States.

Do Not have the Right to Assert a Claim Against the Custodian

and Authorized Participants lack the right under the Custody Agreement to assert claims directly against the Custodian, which

significantly limits their options for recourse.

the investors nor any Authorized Participant will have a right under the Custody Agreement to assert a claim of the Trustee against

the Custodian.

Claims under the Custody Agreement may only be asserted by the Trustee on behalf of the Trust.

Failure by the Custodian to Exercise Due Care with Respect to Gold Could Result in a Loss to the Trust

Trust will rely on the Custodian for the safekeeping of essentially all of the Trust’s gold.

As a result, failure by the

Custodian to exercise due care in the safekeeping of the Trust’s gold could result in a loss to the Trust.

Trust will be reliant on the Custodian for the safekeeping of essentially all of the Trust’s gold.

The Trustee is not liable

for the acts or omissions of the Custodian.

The Trustee has no obligation to monitor the activities of the Custodian other than

to receive and review reports prepared by the Custodian pursuant to the Custody Agreement.

In addition, the ability to monitor

the performance of the Custodian may be limited because under the Custody Agreement the Trustee and the Sponsor and any accountants

or other inspectors selected by the Sponsor have only limited rights to visit the premises of the Custodian for the purpose of

examining the Trust’s gold and certain related records maintained by the Custodian.

As a result of the above, any failure

by the Custodian to exercise due care in the safekeeping of the Trust’s gold may not be detectable or controllable by the

Trustee and could result in a loss to the Trust.

Trust Would Be An Unsecured Creditor of the Custodian in the Event of Insolvency

held in the Trust Unallocated Account and any Authorized Participant’s unallocated account will not be segregated from the

Custodian’s assets.

If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or

any Authorized Participant.

which is part of a deposit for a purchase order or part of a redemption distribution will be held for a time in the Trust Unallocated

Account and, previously or after, in the unallocated gold account of the purchasing Authorized Participant.

During those times,

the Trust and the Authorized Participant, as the case may be, will have no proprietary rights to any specific bars of gold held

by the Custodian and will each be an unsecured creditor of the Custodian with respect to the amount of gold held in such unallocated

In addition, if the Custodian fails to segregate gold held by it on behalf of the Trust, unallocated gold will not be

segregated from the Custodian’s assets, and the Trust will be an unsecured creditor of the Custodian with respect to the

amount so held in the event of the insolvency of the Custodian.

In the event the Custodian becomes insolvent, the Custodian’s

assets might not be adequate to satisfy a claim by the Trust or the Authorized Participant for the amount of gold held in their

respective unallocated gold accounts.

May Be Issued for More or Less Gold than Required

issuing Baskets, the Trustee will rely on certain information received from the Custodian which is subject to confirmation after

the Trustee has relied on the information.

If such information turns out to be incorrect, Baskets may be issued in exchange for

an amount of gold that is more or less than the amount of gold required to be deposited with the Trust.

Custodian’s definitive records are prepared after the close of its business day.

However, when issuing Baskets, the Trustee

will rely on information reporting the amount of gold credited to the Trust’s accounts that it receives from the Custodian

during the business day and which is subject to correction during the preparation of the Custodian’s definitive records

after the close of business.

If the information relied upon by the Trustee is incorrect, the amount of gold actually received

by the Trust may be more or less than the amount required to be deposited for the issuance of Baskets.

Indemnification that the Trust is Required to Pay May Adversely Affect the Value of the Shares

value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee or the Custodian

as contemplated in the Trust Agreement and the Custody Agreement.

the Trust Agreement, each of the Sponsor and the Trustee has a right to be indemnified from the Trust for any liability or expense

it incurs without gross negligence, bad faith or willful misconduct on its part.

Similarly, the Custody Agreement provides for

indemnification of the Custodian by the Trust under certain circumstances.

That means that it may be necessary to sell assets

of the Trust to cover losses or liability suffered by the Sponsor, the Trustee or the Custodian.

Any sale of that kind would reduce

the NAV of the Trust and the value of the Shares.

Trust’s Service Providers May Not Carry Adequate Insurance

service providers engaged by the Trust may not carry adequate insurance to cover claims against them by the Trust, which could

adversely affect the value of net assets of the Trust.

Trustee, the Custodian, precious metals dealers and other service providers engaged by the Trust maintain such insurance as they

deem adequate with respect to their respective businesses.

Investors cannot be assured that any of the aforementioned parties

will maintain any insurance with respect to the Trust’s assets held or the services that such parties provide to the Trust

and, if they maintain insurance, that such insurance is sufficient to satisfy any losses incurred by them in respect of their

relationship with the Trust.

the Trust will have to rely on the efforts of the service provider to recover from their insurer compensation for any losses incurred

by the Trust in connection with such arrangements.

regarding the effects of Brexit

price of the Shares could be adversely affected by the effects of Brexit.

United Kingdom (“UK”) stopped being a member of the European Union (“EU”) (“Brexit”) on January

31, 2020 (“Exit Day”).

Following Exit Day, the EU entered an 11-month transitional period to December 31, 2020 (the

“Transitional Period”) during which existing EU-derived laws and regulations and trading relationships continued to

apply in the UK.

On December 24, 2020, the EU and UK negotiators reached an agreement on what their future relationship will look

This agreement sets out the rules on the new partnership between the EU and UK that apply from January 1, 2021.

unavoidable uncertainties and events related to Brexit could negatively affect taxes and costs of business;

cause volatility in

currency exchange rates, interest rates, and European, UK or worldwide political, regulatory, economic or market conditions;

contribute to instability in political institutions, regulatory agencies, and financial markets.

Any of these effects of Brexit,

and others that cannot be anticipated, could adversely affect the price of the Shares.

regarding the effects of COVID-19

price of the Shares could be adversely affected by the effects of COVID-19

December 2019, a novel strain of coronavirus, COVID-19, was reported to have surfaced in Wuhan, Hubei Province, China.

2020, this coronavirus spread to other countries, including the United States and Europe.

The World Health Organization has classified

the outbreak as a pandemic as it continues to spread.

Any United States, New York or other court situated in the

United States may have difficulty interpreting U.K.

law (which, insofar as it relates to custody arrangements, is largely derived from

court rulings rather than statute), LBMA rules or the customs and practices in the London custody market.

It may be difficult or impossible

for the Trust to sue the Custodian in a United States, New York or other court situated in the United States.

In addition, it may be difficult,

time consuming and/or expensive for the Trust to enforce in a foreign court a judgment rendered by a United States, New York or other

court situated in the United States.

Investors Do Not have the Right to Assert

a Claim Against the Custodian

Investors and Authorized Participants lack

the right under the Custody Agreement to assert claims directly against the Custodian, which significantly limits their options for recourse.

Neither the investors nor any Authorized Participant

will have a right under the Custody Agreement to assert a claim of the Trustee against the Custodian.

Claims under the Custody Agreement

may only be asserted by the Trustee on behalf of the Trust.

A Failure by the Custodian to Exercise Due

Care with Respect to Gold Could Result in a Loss to the Trust

The Trust will rely on the Custodian for the

safekeeping of essentially all of the Trust’s gold.

As a result, failure by the Custodian to exercise due care in the safekeeping

of the Trust’s gold could result in a loss to the Trust.

The Trust will be reliant on the Custodian for

the safekeeping of essentially all of the Trust’s gold.

The Trustee is not liable for the acts or omissions of the Custodian.

Trustee has no obligation to monitor the activities of the Custodian other than to receive and review reports prepared by the Custodian

pursuant to the Custody Agreement.

In addition, the ability to monitor the performance of the Custodian may be limited because under the

Custody Agreement the Trustee and the Sponsor and any accountants or other inspectors selected by the Sponsor have only limited rights

to visit the premises of the Custodian for the purpose of examining the Trust’s gold and certain related records maintained by the

As a result of the above, any failure by the Custodian to exercise due care in the safekeeping of the Trust’s gold may

not be detectable or controllable by the Trustee and could result in a loss to the Trust.

The Trust Would Be An Unsecured Creditor

of the Custodian in the Event of Insolvency

Gold held in the Trust Unallocated Account

and any Authorized Participant’s unallocated account will not be segregated from the Custodian’s assets.

If the Custodian

becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant.

Gold which is part of a deposit for a purchase

order or part of a redemption distribution will be held for a time in the Trust Unallocated Account and, previously or after, in the unallocated

gold account of the purchasing Authorized Participant.

During those times, the Trust and the Authorized Participant, as the case may be,

will have no proprietary rights to any specific bars of gold held by the Custodian and will each be an unsecured creditor of the Custodian

with respect to the amount of gold held in such unallocated accounts.

In addition, if the Custodian fails to segregate gold held by it

on behalf of the Trust, unallocated gold will not be segregated from the Custodian’s assets, and the Trust will be an unsecured

creditor of the Custodian with respect to the amount so held in the event of the insolvency of the Custodian.

In the event the Custodian

becomes insolvent, the Custodian’s assets might not be adequate to satisfy a claim by the Trust or the Authorized Participant for

the amount of gold held in their respective unallocated gold accounts.

Baskets May Be Issued for More or Less Gold

than Required

In issuing Baskets, the Trustee will rely on

certain information received from the Custodian which is subject to confirmation after the Trustee has relied on the information.

information turns out to be incorrect, Baskets may be issued in exchange for an amount of gold that is more or less than the amount of

gold required to be deposited with the Trust.

The Custodian’s definitive records are prepared

after the close of its business day.

However, when issuing Baskets, the Trustee will rely on information reporting the amount of gold

credited to the Trust’s accounts that it receives from the Custodian during the business day and which is subject to correction

during the preparation of the Custodian’s definitive records after the close of business.

If the information relied upon by the

Trustee is incorrect, the amount of gold actually received by the Trust may be more or less than the amount required to be deposited for

the issuance of Baskets.

Any Indemnification that the Trust is Required

to Pay May Adversely Affect the Value of the Shares

The value of the Shares will be adversely affected

if the Trust is required to indemnify the Sponsor, the Trustee or the Custodian as contemplated in the Trust Agreement and the Custody

Under the Trust Agreement, each of the Sponsor

and the Trustee has a right to be indemnified from the Trust for any liability or expense it incurs without gross negligence, bad faith

or willful misconduct on its part.

Similarly, the Custody Agreement provides for indemnification of the Custodian by the Trust under certain

circumstances.

That means that it may be necessary to sell assets of the Trust to cover losses or liability suffered by the Sponsor, the

Trustee or the Custodian.

Any sale of that kind would reduce the NAV of the Trust and the value of the Shares.

Custodian Is Not Subject to Specific Governmental

Regulatory Supervision

The gold bullion custody operations of the

Custodian are not subject to specific governmental regulatory supervision.

The Custodian is responsible for the safekeeping

of the Trust’s gold bullion that the Custodian allocates to the Trust in connection with the creation of Baskets by Authorized Participants.

The Custodian also facilitates the transfer of gold in and out of the Trust.

Although the Custodian is a market maker, clearer and approved

weigher under the rules of the LBMA (which sets out good practices for participants in the bullion market), the LBMA is not an official

or governmental regulatory body.

Furthermore, although the Custodian is subject to general banking regulations by U.S.

regulators and

is generally regulated in the U.K.

by the Prudential Regulation Authority and the FCA, such regulations do not directly cover the Custodian’s

gold bullion custody operations in the U.K.

Accordingly, the Trust is dependent on the Custodian to comply with the best practices of

the LBMA and to implement satisfactory internal controls for its gold bullion custody operations in order to keep the Trust’s gold

The Trust’s Service Providers May

Not Carry Adequate Insurance

The service providers engaged by the Trust

may not carry adequate insurance to cover claims against them by the Trust, which could adversely affect the value of net assets of the

The Trustee, the Custodian, precious metals dealers

and other service providers engaged by the Trust maintain such insurance as they deem adequate with respect to their respective businesses.

Investors cannot be assured that any of the aforementioned parties will maintain any insurance with respect to the Trust’s assets

held or the services that such parties provide to the Trust and, if they maintain insurance, that such insurance is sufficient to satisfy

any losses incurred by them in respect of their relationship with the Trust.

Accordingly, the Trust will have to rely on the

efforts of the service provider to recover from their insurer compensation for any losses incurred by the Trust in connection with such

arrangements.

Uncertainty regarding the effects of Brexit

The price of the Shares could be adversely

affected by the effects of Brexit.

The United Kingdom (“UK”) stopped

being a member of the European Union (“EU”) (“Brexit”) on January 31, 2020 (“Exit Day”).

Exit Day, the EU entered an 11-month transitional period to December 31, 2020 (the “Transitional Period”) during which existing

EU-derived laws and regulations and trading relationships continued to apply in the UK.

On December 24, 2020, the EU and UK negotiators

reached an agreement on what their future relationship will look like.

This agreement sets out the rules on the new partnership between

the EU and UK that apply from January 1, 2021.

The unavoidable uncertainties and events related to Brexit could negatively affect taxes

and costs of business;

cause volatility in currency exchange rates, interest rates, and European, UK or worldwide political, regulatory,

economic or market conditions;

and contribute to instability in political institutions, regulatory agencies, and financial markets.

of these effects of Brexit, and others that cannot be anticipated, could adversely affect the price of the Shares.

Uncertainty regarding the effects of COVID-19

The price of the Shares could be adversely

affected by the effects of COVID-19.

In December 2019, a novel strain of coronavirus, COVID-19, was reported

to have surfaced in Wuhan, Hubei Province, China.

In January 2020, this coronavirus spread to other countries, including the United States

The World Health Organization classified the outbreak as a pandemic as it spread globally, and additional variants of COVID-19

continue to circulate and may cause further market disruption and shutdowns (including as a result of government regulation and prevention

The COVID-19 pandemic has had and will likely continue to have serious and potentially adverse impacts on social, economic,

and financial systems, including significant uncertainty and volatility in the financial markets.

Governmental authorities and regulators

throughout the world have, in the past, responded to major economic disruptions with a variety of fiscal and monetary policy changes,

such as quantitative easing, new monetary programs and lower interest rates.

An unexpected or quick reversal of these policies, or the

ineffectiveness of these policies, is likely to increase volatility in the market generally, and could specifically increase volatility

in the market for gold, which could adversely affect the price of the Shares.

Efforts to contain the spread of this coronavirus has intensified.

this coronavirus has not had a significant impact on our business.

To date, this coronavirus has not had a significant impact on our business.

Although we currently expect that any disruptive impact of

coronavirus on our business will be temporary, this situation continues to evolve and therefore we cannot predict the extent to

which the coronavirus will directly or indirectly affect the price of the Shares.

There were some signs of increased demand for

physical gold in March 2020 and as a result the precious metals dealer increased coin and bar premiums;

coronavirus on our business will be temporary, this situation continues to evolve and therefore we cannot predict the extent to which

the continued COVID-19 outbreak will directly or indirectly affect the price of the Shares.

As a result in variations in supply and demand

of coins, the precious metals dealer has adjusted coin and bar premiums more frequently than before the pandemic;

the Sponsor has updated

available coins and Processing Fees on merkgold.com/fees as information has become available.

system disruptions could adversely affect the Trust’s record keeping and operations

Trust relies on the information and technology systems of the Trustee, the Custodian, the Marketing Agent and, to a lesser degree,

the Sponsor, which could be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions

which could have a material adverse effect on our record keeping and operations.

Custodian, the Trustee and the Trust’s marketing agent, Van Eck Securities Corporation (“VanEck” or “Marketing

Agent”), depend upon information technology infrastructure, including network, hardware and software systems to conduct

their business as it relates to the Trust.

A cybersecurity incident, or a failure to protect their computer systems, networks

and information against cybersecurity threats, could result in a loss of information and adversely impact their ability to conduct

their business, including their business on behalf of the Trust.

Despite implementation of network and other cybersecurity measures,

their security measures may not be adequate to protect against all cybersecurity threats.

Information system disruptions could adversely

affect the Trust’s record keeping and operations

The Trust relies on the information and technology

systems of the Trustee, the Custodian, the Marketing Agent and, to a lesser degree, the Sponsor, which could be adversely affected by

information systems interruptions, cybersecurity attacks or other disruptions which could have a material adverse effect on our record

keeping and operations.

The Custodian, the Trustee and the Trust’s

marketing agent, Van Eck Securities Corporation (“VanEck” or “Marketing Agent”), depend upon information technology

infrastructure, including network, hardware and software systems to conduct their business as it relates to the Trust.

A cybersecurity

incident, or a failure to protect their computer systems, networks and information against cybersecurity threats, could result in a loss

of information and adversely impact their ability to conduct their business, including their business on behalf of the Trust.

implementation of network and other cybersecurity measures, their security measures may not be adequate to protect against all cybersecurity

Unresolved Staff Comments

Not applicable.

Legal Proceedings

Mine Safety Disclosures

Not applicable.

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-K

Item 1A. Risk Factors