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Item 7. Management’s Discussion and Analysis

2022-04-13 compared with 2021-04-16 · 286 added, 257 removed, 20 unchanged (96% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations

information should be read together with the financial statements and notes to the financial statements included in this Report.

The discussion and analysis that follows may contain forward-looking statements, such as those that relate to future events or

future performance.

In some cases, such forward-looking statements can be identified by terminology such as “may,”

“should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,”

“predict,” “potential” or the negative of these terms or other comparable terminology.

Neither the Sponsor,

nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements.

Except as required

by applicable law, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform

such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Trust is an investment trust formed on May 6, 2014 under New York law pursuant to the Trust Agreement.

The Trust is not managed

like a corporation or an active investment vehicle.

It does not have any officers, directors, or employees and is administered

by the Trustee pursuant to the Trust Agreement.

The Trust is not registered as an investment company under the Investment Company

Act of 1940, as amended, and is not required to register under such act.

It will not hold or trade in commodity futures contracts,

nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection

with issuing shares.

After consideration of Financial Accounting Standards Topic 946, however, the Sponsor has concluded the Trust

meets the fundamental characteristics of an investment company.

In addition, while the Trust does not currently possess all of

the typical characteristics of an investment company, it believes its activities are consistent with those of an investment company

and will therefore apply the guidance in Financial Accounting Standards Topic 946, including disclosure of the financial support

contractually required to be provided by an investment company to any of its investees.

The Sponsor is responsible for, among

other things, overseeing the performance of the Trustee and the Trust’s principal service providers, including the preparation

Management’s Discussion and Analysis

of Financial Condition and Results of Operations

This information should be read together with

the financial statements and notes to the financial statements included in this Report.

The discussion and analysis that follows may contain

forward-looking statements, such as those that relate to future events or future performance.

In some cases, such forward-looking statements

can be identified by terminology such as “may,” “should,” “expect,” “plan,” “anticipate,”

“believe,” “estimate,” “predict,” “potential” or the negative of these terms or other

comparable terminology.

Neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of forward-looking

Except as required by applicable law, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking

statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The Trust is an investment trust formed on May

6, 2014 under New York law pursuant to the Trust Agreement.

The Trust is not managed like a corporation or an active investment vehicle.

It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement.

not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required to register under such

It will not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool

operator or a commodity trading adviser in connection with issuing shares.

After consideration of Financial Accounting Standards Topic

946, however, the Sponsor has concluded the Trust meets the fundamental characteristics of an investment company.

In addition, while the

Trust does not currently possess all of the typical characteristics of an investment company, it believes its activities are consistent

with those of an investment company and will therefore apply the guidance in Financial Accounting Standards Topic 946, including disclosure

of the financial support contractually required to be provided by an investment company to any of its investees.

The Sponsor is responsible

for, among other things, overseeing the performance of the Trustee and the Trust’s principal service providers, including the preparation

of financial statements.

The Trustee is responsible for the day-to-day administration of the Trust.

Initial Purchaser contributed 1,000 Ounces of gold in exchange for 100,000 Shares on May 6, 2014.

At contribution, the value of

the gold deposited with the Trust was based on the price of an Ounce of gold of $1,306.25.

The Initial Purchaser is not affiliated

with the Sponsor or the Trustee.

Trust’s primary objective is to provide investors with an opportunity to invest in gold through the Shares and be able to

take delivery of physical gold in exchange for their Shares.

The Trust’s secondary objective is for the Shares to reflect

the performance of the price of gold less the expenses of the Trust’s operations.

The Initial Purchaser contributed 1,000 Ounces

of gold in exchange for 100,000 Shares on May 6, 2014.

At contribution, the value of the gold deposited with the Trust was based on the

price of an Ounce of gold of $1,306.25.

The Initial Purchaser is not affiliated with the Sponsor or the Trustee.

The Trust’s primary objective is to provide

investors with an opportunity to invest in gold through the Shares and be able to take delivery of physical gold in exchange for their

The Trust’s secondary objective is for the Shares to reflect the performance of the price of gold less the expenses of the

Trust’s operations.

The Trust is not actively managed.

fiscal year end of the Trust is January 31st.

of the Trust trade on the NYSE Arca under the symbol “OUNZ.”

in the Shares does not insulate the investor from certain risks, including price volatility.

The following table illustrates the

movement in the NAV of the Shares against the corresponding gold price (per 1/100 of an oz.

The fiscal year end of the Trust is January 31st.

Shares of the Trust trade on the NYSE Arca under

the symbol “OUNZ.”

Investing in the Shares does not insulate the

investor from certain risks, including price volatility.

The following table illustrates the movement in the NAV of the Shares against

the corresponding gold price (per 1/100 of an oz.

of gold) since inception:

per Share vs.

1/100th Gold Fix from the Date of Inception to January 31, 2021.

divergence of the NAV per Share from the gold price over time reflects the cumulative effect of the Trust expenses that arise

if an investment had been held since inception.

Accounting Policies

preparing financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”),

management makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent

assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported

during the period.

Actual results could differ from these estimates.

following is a summary of significant accounting policies followed by the Trust.

Please refer to Note 2 to the Financial Statements

included elsewhere in this Report for further discussion of our accounting policies.

inputs are used in determining the fair value of the Trust’s assets or liabilities.

These inputs are categorized into three

broad levels.

Level 1 includes unadjusted prices in active markets for identical assets or liabilities.

Level 2 includes other

significant observable market based inputs (including prices for similar securities, interest rates, prepayment speed, and credit

Level 3 includes unobservable inputs, which may include management’s own assumptions in determining the fair value

of investments.

The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and

gold receivable;

representing gold covered by contractually binding orders for the creation of shares where the gold has not yet

been transferred to the Trust’s account and, from time to time, cash, which is used to pay expenses.

Gold Delivery Bars are held by the Custodian, on behalf of the Trust, at the London, United Kingdom vaulting premises.

is valued based on its Fine Ounce content, calculated by multiplying the weight of gold by its purity;

the same methodology is

applied independent of the type of gold held by the Trust;

similarly, the value of up to 430 Fine Ounces of unallocated gold the

Trust may hold is calculated by multiplying the number of Fine Ounces with the price of gold determined by the Trustee as follows.

The Trustee determines the NAV of the Trust on each day that NYSE Arca is open for regular trading, as promptly as practical after

4:00 PM New York time.

The NAV of the Trust is the aggregate value of the Trust’s assets less its estimated accrued but

unpaid liabilities (which include accrued expenses).

The Trustee computes the NAV per Share by dividing the net assets of the

Trust by the number of the shares outstanding on the date the computation is made.

determining the Trust’s NAV, the Trustee values the gold held by the Trust based on the LBMA PM Gold Price.

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 the LBMA AM Gold Price.

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.

the Sponsor determines that such price is inappropriate to use, it shall identify an alternate basis for evaluation to be employed

by the Trustee.

The Sponsor may instruct the Trustee to use a different publicly available price which the Sponsor determines

to fairly represent the commercial value of the Trust’s gold.

NAV per Share vs.

1/100th Gold Fix from the Date

of Inception to January 31, 2022.

The divergence of the NAV per Share from the gold

price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

Significant Accounting Policies

In preparing financial statements in conformity

with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions

that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial

statements, as well as the reported amount of revenue and expenses reported during the period.

Actual results could differ from these

The following is a summary of significant accounting

policies followed by the Trust.

Please refer to Note 2 to the Financial Statements included elsewhere in this Report for further discussion

of our accounting policies.

Valuation of Gold

Various inputs are used in determining the fair

value of the Trust’s assets or liabilities.

These inputs are categorized into three broad levels.

Level 1 includes unadjusted prices

in active markets for identical assets or liabilities.

Level 2 includes other significant observable market based inputs (including prices

for similar securities, interest rates, prepayment speed, and credit risk).

Level 3 includes unobservable inputs, which may include management’s

own assumptions in determining the fair value of investments.

The Trust does not hold any derivative instruments, and its assets only

consist of allocated gold bullion and gold receivable;

representing gold covered by contractually binding orders for the creation of shares

where the gold has not yet been transferred to the Trust’s account and, from time to time, cash, which is used to pay expenses.

London Gold Delivery Bars are held by the Custodian,

on behalf of the Trust, at the London, United Kingdom vaulting premises.

All gold is valued based on its Fine Ounce content, calculated

by multiplying the weight of gold by its purity;

the same methodology is applied independent of the type of gold held by the Trust;

the value of up to 430 Fine Ounces of unallocated gold the Trust may hold is calculated by multiplying the number of Fine Ounces with

the price of gold determined by the Trustee as follows.

The Trustee determines the NAV of the Trust on each day that NYSE Arca is open

for regular trading, as promptly as practical after 4:00 PM New York time.

The NAV of the Trust is the aggregate value of the Trust’s

assets less its estimated accrued but unpaid liabilities (which include accrued expenses).

The Trustee computes the NAV per Share by dividing

the net assets of the Trust by the number of the shares outstanding on the date the computation is made.

In determining the Trust’s NAV, the Trustee

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

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 the LBMA AM Gold Price.

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.

If the Sponsor determines that such price is inappropriate

to use, it shall identify an alternate basis for evaluation to be employed by the Trustee.

The Sponsor may instruct the Trustee to use

a different publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust’s gold.

Beginning balance as of February 1, 2021

4 unchanged sentences

Realized gain from gold distributed from in-kind

Change in unrealized appreciation

Change in unrealized appreciation (depreciation)

(18,669,013 )

Ending balance as of January 31, 2022

$ 586,245,778

the Custody Agreement, the Trustee, the Sponsor and the Sponsor’s auditors and inspectors may visit the premises of the

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

Sponsor exercised its right to visit the Custodian’s premises and inspect the Trust’s gold and related records most

recently on January 16, 2020.

Under the Custody Agreement, the Trustee, the

Sponsor and the Sponsor’s auditors and inspectors may visit the premises of the Custodian for the purpose of examining the Trust’s

gold and certain related records maintained by the Custodian.

The Sponsor exercised its right to visit the Custodian’s

premises and inspect the Trust’s gold and related records most recently on September 03, 2021.

During the fiscal year that ended January 31, 2022,

2021, Inspectorate International Limited, a leading commodity inspection and testing company, conducted a physical gold audit of the Trust

on September 21, 2020.

Due to unprecedented social lock-down policies implemented in the UK to help prevent the spread of COVID-19, Inspectorate

was unable to perform a physical inspection of the Trust’s gold as of January 31, 2021.

As the UK lifted restrictions, Inspectorate

was able to conduct a physical gold audit of the Trust on April 12, 2021.

Hard Currency Fund owned a market value of $1,997,835 which equates to 0.46% ownership in the Trust at January 31, 2021.

acts as investment advisor to the Merk Hard Currency Fund.

Agent Agreement and Name Change

October 22, 2015, the Sponsor and the Trustee entered into a First Amendment To Depositary Trust Agreement (the “First Trust

Amendment”), amending the Trust Agreement to effectuate a change in the name of the Trust from “Merk Gold Trust”

to “Van Eck Merk Gold Trust,” effective as of October 26, 2015.

As a result of the name change, all references to

“Merk Gold Trust” in the Trust Agreement were amended to read “Van Eck Merk Gold Trust,” and the shares

offered by the Trust were known as the “Van Eck Merk Gold Shares”.

October 22, 2015, the Sponsor, for the benefit of the Trust, entered into a Marketing Agent Agreement (the “Marketing Agreement”)

with Van Eck Securities Corporation (“VanEck” or “Marketing Agent”).

Pursuant to the Marketing Agreement,

VanEck now provides assistance in the marketing of the Shares.

The obligations created by the Marketing Agreement are obligations

of the Sponsor of the Trust and any fees payable under the Marketing Agreement to VanEck are payable from the Sponsor’s

fee (as calculated and defined in the Trust Agreement).

The Trust will not incur additional financial or other performance obligations

pursuant to the Marketing Agreement.

Sponsor entered into the First Trust Amendment and effectuated the name change of the Trust in satisfaction of a term of the Marketing

The Marketing Agreement further grants VanEck the right to elect to replace Merk as the sponsor of the Trust under

specific qualifying circumstances, subject to the execution and consummation of definitive agreements addressing all regulatory

requirements applicable to such transaction and satisfaction of such requirements, and announcement and related reporting at such

Specifically, VanEck has a right of first refusal for the purchase of the sponsorship of the Trust, and all rights attributable

thereto, upon the earlier of a commitment for a change of control of Merk or 15 years from the date of the Marketing Agreement.

Additionally, VanEck may elect to replace Merk as the sponsor of the Trust upon the earlier of the average daily net assets of

the Trust during a calendar quarter not attributable to Shares held by Merk or its affiliates (“Third Party Assets”)

equaling $500 million, or VanEck’s compensation under the fee provisions of the Marketing Agreement reaching in aggregate

10% of the gross proceeds from sale of the Shares (the “Maximum Fee”).

further agreed that if the Third Party Assets equal or exceed $500 million, for such period as Merk remains sponsor of the Trust,

VanEck may propose the rate of the Sponsor’s fee to Merk, which Merk shall not unreasonably reject and shall timely adopt

if reasonable, provided, VanEck acknowledges that only the formal named sponsor of the Trust shall have the right to set the Sponsor’s

fee at any time.

April 28, 2016, the Sponsor and the Trustee entered into a Second Amendment to Depositary Trust Agreement (the “Second Trust

Amendment”), amending the Trust Agreement to effectuate a second change in the name of the Trust from “Van Eck Merk

Gold Trust” to “VanEck Merk Gold Trust,” at the request of the Marketing Agent to reflect its rebranding as

As a result of the name change, all references to “Van Eck Merk Gold Trust” in the Trust Agreement

were amended to read “VanEck Merk Gold Trust,” and the shares offered by the Trust are now known as the “VanEck

Merk Gold Shares”.

Except for the name change effected pursuant to the Second Trust Amendment, the Trust Agreement remains

in full force and effect on its existing terms.

in Settlement Cycle and Amendment to Authorized Participant Agreements

March 22, 2017, the Securities and Exchange Commission adopted an amendment to reduce by one business day the standard settlement

cycle for most broker-dealer securities transactions.

Prior to the implementation of the shorter settlement cycle, the standard

settlement cycle for such transactions was three business days, known as T+3.

The amended rule shortens the settlement cycle to

two business days, or T+2.

This change in the settlement cycle affects both the creation and redemption procedures for Baskets

and trading in the shares.

Compliance with the new settlement cycle went into effect on September 5, 2017.

to the fact that the aforementioned creation and redemption procedures are addressed in the Authorized Participant Agreements

by among the Authorized Participants, the Trustee and the Sponsor, the Trustee and the Sponsor exercised their rights to amend

each such agreement to address the new T+2 settlement cycle and executed First Amendments to each of the Authorized Participant

Agreements, effective as of September 5, 2017, and provided timely notice of such amendment to the Authorized Participants.

for the foregoing amendments, the Authorized Participant Agreements remain in full force and effect on their existing terms.

of Financial Results

NAV of the Trust is obtained by subtracting the Trust’s expenses and liabilities on any day from the value of the gold owned

by the Trust on that day;

the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares

outstanding on that day.

of the Fiscal Years Ended January 31, 2021 and 2020

Trust’s NAV increased from 198,479,743 on January 31, 2020 to $442,483,105 on January 31, 2021, an 122.9% increase for the

The increase in the Trust’s NAV resulted primarily from an increase in the number of Shares issued during the

period, which rose from 12,817,945 Shares issued and outstanding on January 31, 2020 to 24,366,372 Shares issued and outstanding

on January 31, 2021.

per Share increased 17.3% from $15.48 on January 31, 2020 to $18.16 on January 31, 2021.

The Trust’s NAV per Share increased

slightly less than the price per Ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,013,291 for

the year, or 0.30% of the Trust’s assets on an annualized basis.

NAV per Share of $20.17 on August 06, 2020 was the highest during the year, compared with a low of $14.40 on March 19, 2020.

increase in net assets resulting from operations for the year ended January 31, 2021 was 38,317,217, resulting from a net realized

gain of $7,325,362 from gold bullion distributed for redemptions and an increase in unrealized appreciation on gold of $32,005,146

and by the Sponsor’s Fee of $1,013,291.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended

January 31, 2021.

the calendar year ended December 31, 2019, the Marketing Agent earned a fee of $36,640.

Bureau Veritas Commodities UK Limited, a leading commodity inspection and testing company, conducted a physical gold audit of the Trust

on October 6, 2021.

Due to unprecedented social lock-down policies implemented in the UK to help prevent the spread of COVID-19,

Bureau Veritas was unable to perform a physical inspection of the Trust’s gold as of January 31, 2022.

As the UK lifted restrictions,

Bureau Veritas was able to conduct a physical gold audit of the Trust on February 23, 2022.

Shareholder Ownership

Merk Hard Currency Fund owned a market value of

$1,072,750 which equates to 0.18% ownership in the Trust at January 31, 2022.

The Sponsor acts as investment advisor to the Merk Hard

Currency Fund.

Marketing Agent Agreement and Name Change

On October 22, 2015, the Sponsor and the Trustee

entered into a First Amendment To Depositary Trust Agreement (the “First Trust Amendment”), amending the Trust Agreement to

effectuate a change in the name of the Trust from “Merk Gold Trust” to “Van Eck Merk Gold Trust,” effective as

of October 26, 2015.

As a result of the name change, all references to “Merk Gold Trust” in the Trust Agreement were amended

to read “Van Eck Merk Gold Trust,” and the shares offered by the Trust were known as the “Van Eck Merk Gold Shares”.

On October 22, 2015, the Sponsor, for the benefit

of the Trust, entered into a Marketing Agent Agreement (the “Marketing Agreement”) with Van Eck Securities Corporation (“VanEck”

or “Marketing Agent”).

Pursuant to the Marketing Agreement, VanEck now provides assistance in the marketing of the Shares.

The obligations created by the Marketing Agreement are obligations of the Sponsor of the Trust and any fees payable under the Marketing

Agreement to VanEck are payable from the Sponsor’s fee (as calculated and defined in the Trust Agreement).

The Trust will not incur

additional financial or other performance obligations pursuant to the Marketing Agreement.

The Sponsor entered into the First Trust Amendment

and effectuated the name change of the Trust in satisfaction of a term of the Marketing Agreement.

The Marketing Agreement further grants

VanEck the right to elect to replace Merk as the sponsor of the Trust under specific qualifying circumstances, subject to the execution

and consummation of definitive agreements addressing all regulatory requirements applicable to such transaction and satisfaction of such

requirements, and announcement and related reporting at such time.

Specifically, VanEck has a right of first refusal for the purchase

of the sponsorship of the Trust, and all rights attributable thereto, upon the earlier of a commitment for a change of control of Merk

or 15 years from the date of the Marketing Agreement.

Additionally, VanEck may elect to replace Merk as the sponsor of the Trust upon

the earlier of the average daily net assets of the Trust during a calendar quarter not attributable to Shares held by Merk or its affiliates

(“Third Party Assets”) equaling $500 million, or VanEck’s compensation under the fee provisions of the Marketing Agreement

reaching in aggregate 10% of the gross proceeds from sale of the Shares (the “Maximum Fee”).

Merk further agreed that if the Third Party Assets

equal or exceed $500 million, for such period as Merk remains sponsor of the Trust, VanEck may propose the rate of the Sponsor’s

fee to Merk, which Merk shall not unreasonably reject and shall timely adopt if reasonable, provided, VanEck acknowledges that only the

formal named sponsor of the Trust shall have the right to set the Sponsor’s fee at any time.

On April 28, 2016, the Sponsor and the Trustee

entered into a Second Amendment to Depositary Trust Agreement (the “Second Trust Amendment”), amending the Trust Agreement

to effectuate a second change in the name of the Trust from “Van Eck Merk Gold Trust” to “VanEck Merk Gold Trust,”

at the request of the Marketing Agent to reflect its rebranding as “VanEck”.

As a result of the name change, all references

to “Van Eck Merk Gold Trust” in the Trust Agreement were amended to read “VanEck Merk Gold Trust,” and the shares

offered by the Trust are now known as the “VanEck Merk Gold Shares”.

Except for the name change effected pursuant to the Second

Trust Amendment, the Trust Agreement remains in full force and effect on its existing terms.

Change in Settlement Cycle and Amendment to

Authorized Participant Agreements

On March 22, 2017, the Securities and Exchange

Commission adopted an amendment to reduce by one business day the standard settlement cycle for most broker-dealer securities transactions.

Prior to the implementation of the shorter settlement cycle, the standard settlement cycle for such transactions was three business days,

known as T+3.

The amended rule shortens the settlement cycle to two business days, or T+2.

This change in the settlement cycle affects

both the creation and redemption procedures for Baskets and trading in the shares.

Compliance with the new settlement cycle went into

effect on September 5, 2017.

Due to the fact that the aforementioned creation

and redemption procedures are addressed in the Authorized Participant Agreements by among the Authorized Participants, the Trustee and

the Sponsor, the Trustee and the Sponsor exercised their rights to amend each such agreement to address the new T+2 settlement cycle and

executed First Amendments to each of the Authorized Participant Agreements, effective as of September 5, 2017, and provided timely notice

of such amendment to the Authorized Participants.

Except for the foregoing amendments, the Authorized Participant Agreements remain in

full force and effect on their existing terms.

Review of Financial Results

The NAV of the Trust is obtained by subtracting

the Trust’s expenses and liabilities on any day from the value of the gold owned by the Trust on that day;

the NAV per Share is

obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

Comparison of the Fiscal Years Ended January

31, 2022 and 2021

The Trust’s NAV increased from $442,483,105

on January 31, 2021 to $586,245,772 on January 31, 2022, a 32.49% increase for the fiscal year.

The increase in the Trust’s NAV

resulted primarily from an increase in the number of Shares issued during the period, which rose from 24,366,372 Shares issued and outstanding

on January 31, 2021 to 33,599,843 Shares issued and outstanding on January 31, 2022.

NAV per Share decreased 3.91% from $18.16 on January

31, 2021 to $17.45 on January 31, 2022.

The Trust’s NAV per Share decreased slightly more than the price per Ounce of gold on a

percentage basis due to the Sponsor’s Fee, which was $1,271,275 for the year, or 0.22% of the Trust’s net assets on an annualized

The NAV per Share of $18.52 on June 2, 2021 was

the highest during the year, compared with a low of $16.40 on March 30, 2021.

Net decrease in net assets resulting from operations

for the year ended January 31, 2022 was 18,183,432, resulting from a net realized gain of $1,756,856 from gold bullion distributed for

redemptions and a decrease in unrealized appreciation on gold of $18,669,013 and by the Sponsor’s Fee of $1,271,275.

the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2022.

For the calendar year ended December 31, 2020,

the Marketing Agent earned a fee of $108,438.

The total fees earned by the Marketing Agent since the initiation of the Marketing

Agent’s efforts through December 31, 2020 are $181,844, which at that time represented 0.40% of the Maximum Fee potentially

payable to the Marketing Agent pursuant to the Marketing Agent Agreement.

The fee earned in a calendar quarter is paid in the

subsequent calendar quarter.

of the Fiscal Years Ended January 31, 2020 and 2019

Trust’s NAV increased from $154,177,917 on January 31, 2019 to $198,479,743 on January 31, 2020, an 28.7% increase for the

The increase in the Trust’s NAV resulted primarily from an increase in the number of Shares issued during the

period, which rose from 11,873,295 Shares issued and outstanding on January 31, 2019 to 12,817,945 Shares issued and outstanding

on January 31, 2020.

per Share increased 19.17% from $12.99 on January 31, 2019 to $15.48 on January 31, 2020.

The Trust’s NAV per Share increased

slightly less than the price per Ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $660,166 for the

year, or 0.40% of the Trust’s assets on an annualized basis.

NAV per Share of $15.48 on January 31, 2020 was the highest during the year, compared with a low of $12.45 on April 23, 2019.

increase in net assets resulting from operations for the year ended January 31, 2020 was $29,740,427, resulting from a net realized

gain of $96,601 from gold bullion distributed for redemptions and an increase in unrealized appreciation on gold of $30,303,992

and by the Sponsor’s Fee of $660,166.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended

January 31, 2020.

the calendar year ended December 31, 2018, the Marketing Agent earned a fee of $26,490.

For the calendar year ended December 31, 2021, the Marketing Agent earned a fee of $233,426.

The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2021 are

$415,270, which at that time represented 0.65% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing

Agent Agreement.

The fee earned in a calendar quarter is paid in the subsequent calendar quarter.

Comparison of the Fiscal Years Ended January

31, 2021 and 2020

The Trust’s NAV increased from 198,479,743

on January 31, 2020 to $442,483,105 on January 31, 2021, an 122.9% increase for the fiscal year.

The increase in the Trust’s NAV

resulted primarily from an increase in the number of Shares issued during the period, which rose from 12,817,945 Shares issued and outstanding

on January 31, 2020 to 24,366,372 Shares issued and outstanding on January 31, 2021.

NAV per Share increased 17.3% from $15.48 on January

31, 2020 to $18.16 on January 31, 2021.

The Trust’s NAV per Share increased slightly less than the price per Ounce of gold on a

percentage basis due to the Sponsor’s Fee, which was $1,013,291 for the year, or 0.30% of the Trust’s assets on an annualized

The NAV per Share of $20.17 on August 06, 2020

was the highest during the year, compared with a low of $14.40 on March 19, 2020.

Net increase in net assets resulting from operations

for the year ended January 31, 2021 was 38,317,217, resulting from a net realized gain of $7,325,362 from gold bullion distributed for

redemptions and an increase in unrealized appreciation on gold of $32,005,146 and by the Sponsor’s Fee of $1,013,291.

the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2021.

For the calendar year ended December 31, 2019,

the Marketing Agent earned a fee of $36,640.

The total fees earned by the Marketing Agent since the initiation of the Marketing

Agent’s efforts through December 31, 2019 are $73,405, which at that time represented 0.3621% of the Maximum Fee potentially

payable to the Marketing Agent pursuant to the Marketing Agent Agreement.

The fee earned in a calendar quarter is paid in the

subsequent calendar quarter.

of the Fiscal Years Ended January 31, 2019 and 2018

Trust’s NAV increased from $142,168,245 on January 31, 2018 to $154,177,917 on January 31, 2019, an 8.45% increase for the

The increase in the Trust’s NAV resulted primarily from an increase in the number of Shares issued during the

period, which rose from 10,727,887 Shares issued and outstanding on January 31, 2018 to 11,873,295 Shares issued and outstanding

on January 31, 2019.

per Share decreased 1.96% from $13.25 on January 31, 2018 to $12.99 on January 31, 2019.

The Trust’s NAV per Share fell

slightly more than the price per Ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $563,414 for the

year, or 0.40% of the Trust’s assets on an annualized basis.

NAV per Share of $13.32 on February 15, 2018 was the highest during the year, compared with a low of $11.58 on August 17, 2018.

decrease in net assets resulting from operations for the year ended January 31, 2019 was $2,907,415, resulting from a net realized

loss of $148,638 from gold bullion distributed for redemptions and a decrease in unrealized appreciation on gold of $2,195,363

and by the Sponsor’s Fee of $563,414.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended

January 31, 2019.

the calendar year ended December 31, 2017, the Marketing Agent earned a fee of $10,275.

For the calendar year ended December 31, 2020, the Marketing Agent earned a fee of $108,438.

The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2020 are

$181,844, which at that time represented 0.40% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing

Agent Agreement.

The fee earned in a calendar quarter is paid in the subsequent calendar quarter.

Comparison of the Fiscal Years Ended January

31, 2020 and 2019

The Trust’s NAV increased from $154,177,917

on January 31, 2019 to $198,479,743 on January 31, 2020, an 28.7% increase for the fiscal year.

The increase in the Trust’s NAV

resulted primarily from an increase in the number of Shares issued during the period, which rose from 11,873,295 Shares issued and outstanding

on January 31, 2019 to 12,817,945 Shares issued and outstanding on January 31, 2020.

NAV per Share increased 19.17% from $12.99 on

January 31, 2019 to $15.48 on January 31, 2020.

The Trust’s NAV per Share increased slightly less than the price per Ounce of gold

on a percentage basis due to the Sponsor’s Fee, which was $660,166 for the year, or 0.40% of the Trust’s assets on an annualized

The NAV per Share of $15.48 on January 31, 2020

was the highest during the year, compared with a low of $12.45 on April 23, 2019.

Net increase in net assets resulting from operations

for the year ended January 31, 2020 was $29,740,427, resulting from a net realized gain of $96,601 from gold bullion distributed for redemptions

and an increase in unrealized appreciation on gold of $30,303,992 and by the Sponsor’s Fee of $660,166.

Other than the Sponsor’s

Fee, the Trust had no expenses during the year ended January 31, 2020.

For the calendar year ended December 31, 2018,

the Marketing Agent earned a fee of $26,490.

The total fees earned by the Marketing Agent since the initiation of the Marketing

Agent’s efforts through December 31, 2018 are $36,766, which at that time represented 0.19% of the Maximum Fee potentially

payable to the Marketing Agent pursuant to the Marketing Agent Agreement.

The fee earned in a calendar quarter is paid in the

subsequent calendar quarter.

of the Fiscal Years Ended January 31, 2018 and 2017

Trust’s NAV increased from $123,449,684 on January 31, 2017 to $142,168,245 on January 31, 2018, a 15.16% increase for the

The increase in the Trust’s NAV resulted primarily from an increase in the number of Shares issued during the

period, which rose from 10,290,267 Shares issued and outstanding on January 31, 2017 to 10,727,887 Shares issued and outstanding

on January 31, 2018.

per Share increased 10.42% from $12.00 on January 31, 2017 to $13.25 on January 31, 2018.

The Trust’s NAV per Share grew

slightly less than the price per Ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $525,570 for the

year, or 0.40% of the Trust’s assets on an annualized basis.

NAV per Share of $13.35 on January 25, 2018 was the highest during the year, compared with a low of $11.85 on March 15, 2017.

increase in net assets resulting from operations for the year ended January 31, 2018 was $13,184,232, resulting from a net gain

of $29,173 from gold bullion distributed for redemptions and an unrealized gain on gold of $13,680,629 offset by the Sponsor’s

Fee of $525,570.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2018.

October 22, 2015, the date of initiation of the Marketing Agent’s efforts on behalf of the Trust, through December 31, 2016,

no fees were earned by the Sponsor to the Marketing Agent.

For the calendar year ended December 31, 2017, the Marketing Agent

earned a fee of $10,275.

The total fees earned paid to the Marketing Agent since the initiation of the Marketing Agent’s

efforts through December 31, 2017 are $10,275, which at that time represented 0.06% of the Maximum Fee potentially payable to

the Marketing Agent.

For the calendar year ended December 31, 2019, the Marketing Agent earned a fee of $36,640.

The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2019 are

$73,405, which at that time represented 0.3621% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing

Agent Agreement.

The fee earned in a calendar quarter is paid in the subsequent calendar quarter.

Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its

liquidity needs.

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the

As a result, the only expense of the Trust during the period covered by this Report was the Sponsor’s Fee.

will not sell gold to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through Share creation.

At January 31,

2021, the Trust did not have any cash balances.

Quantitative and Qualitative Disclosures about Market Risk

Comparison of the Fiscal Years Ended January

31, 2019 and 2018

The Trust’s NAV increased from $142,168,245

on January 31, 2018 to $154,177,917 on January 31, 2019, an 8.45% increase for the fiscal year.

The increase in the Trust’s NAV

resulted primarily from an increase in the number of Shares issued during the period, which rose from 10,727,887 Shares issued and outstanding

on January 31, 2018 to 11,873,295 Shares issued and outstanding on January 31, 2019.

NAV per Share decreased 1.96% from $13.25 on January

31, 2018 to $12.99 on January 31, 2019.

The Trust’s NAV per Share fell slightly more than the price per Ounce of gold on a percentage

basis due to the Sponsor’s Fee, which was $563,414 for the year, or 0.40% of the Trust’s assets on an annualized basis.

The NAV per Share of $13.32 on February 15, 2018

was the highest during the year, compared with a low of $11.58 on August 17, 2018.

Net decrease in net assets resulting from operations

for the year ended January 31, 2019 was $2,907,415, resulting from a net realized loss of $148,638 from gold bullion distributed for redemptions

and a decrease in unrealized appreciation on gold of $2,195,363 and by the Sponsor’s Fee of $563,414.

Other than the Sponsor’s

Fee, the Trust had no expenses during the year ended January 31, 2019.

For the calendar year ended December 31, 2017,

the Marketing Agent earned a fee of $10,275.

For the calendar year ended December 31, 2018, the Marketing Agent earned a fee of $26,490.

The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2018 are

$36,766, which at that time represented 0.19% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing

Agent Agreement.

The fee earned in a calendar quarter is paid in the subsequent calendar quarter.

The Trust is not aware of any trends, demands,

conditions or events that are reasonably likely to result in material changes to its liquidity needs.

In exchange for the Sponsor’s

Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only expense of the Trust during the

period covered by this Report was the Sponsor’s Fee.

The Trustee will not sell gold to pay the Sponsor’s Fee but will pay

the Sponsor’s Fee through Share creation.

At January 31, 2022, the Trust did not have any cash balances.

Quantitative and Qualitative Disclosures

about Market Risk

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 7. Management’s Discussion and Analysis