What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-06-06 compared with 2021-12-08 · 146 added, 168 removed, 116 unchanged (73% of the section changed)

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

Management’s Discussion and

Analysis of Financial Condition and Results of Operations

This information should be read in conjunction

30 unchanged sentences

Physical gold that the Trust will hold includes London Bars and, for the limited purposes described herein, other gold

bars and coins, without numismatic value, having a minimum fineness (or purity) of 995 parts per 1,000 (99.5%) or, for American Gold Eagle

gold coins, with a minimum fineness of 91.67%.

bars and coins, without numismatic value, having a minimum fineness (or purity) of 995 parts per 1,000 (99.5%) or, for American Gold

Eagle gold coins, with a minimum fineness of 91.67%.

Shares are issued by the Trust only in blocks

of 50,000 shares called “Baskets” in exchange for gold from certain registered broker-dealers or other securities market participants

(“Authorized Participants”).

See “Creation and Redemption of Shares— Authorized Participants ” in the

notes to our financial statements for requirements to qualify as an Authorized Participant.

Baskets may be redeemed by the Trust in exchange

for the amount of gold corresponding to their redemption value.

The Trust issues and redeems Baskets on an ongoing basis at net asset

value to Authorized Participants who have entered into a contract with the Sponsor and the Trustee.

Shares of the Trust trade on the New York Stock Exchange (the “NYSE”)

Arca under the symbol “OUNZ”.

Valuation of Gold and Computation of Net Asset Value

of 50,000 shares called “Baskets” in exchange for gold from certain registered broker-dealers or other securities market

participants (“Authorized Participants”).

See “Creation and Redemption of Shares— Authorized Participants ”

in the notes to our financial statements for requirements to qualify as an Authorized Participant.

Baskets may be redeemed by the Trust

in exchange for the amount of gold corresponding to their redemption value.

The Trust issues and redeems Baskets on an ongoing basis

at net asset value to Authorized Participants who have entered into a contract with the Sponsor and the Trustee.

Shares of the Trust trade on the New York Stock

Exchange (the “NYSE”) Arca under the symbol “OUNZ”.

Valuation of Gold and Computation of Net Asset

On each business day that the NYSE Arca is open

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The NAV of the Trust is the aggregate value of

gold and other assets, if any, of the Trust (other than any amounts credited to the Trust’s reserve account, if any) and cash, if

any, less liabilities of the Trust, which include estimated accrued but unpaid fees, expenses and other liabilities.

gold and other assets, if any, of the Trust (other than any amounts credited to the Trust’s reserve account, if any) and cash,

if any, less liabilities of the Trust, which include estimated accrued but unpaid fees, expenses and other liabilities.

All gold is valued based on its Fine Ounce content,

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The Trustee values the gold held by the Trust based on 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 “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 that day’s morning session of the twice daily fix of the price of a Fine

Ounce of gold, which starts at 10:30 AM London, England time and is performed in London by the ICE Benchmark Administration as an independent

third-party administrator (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.

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 “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 that day’s morning session of the twice daily fix of

the price of a Fine Ounce of gold, which starts at 10:30 AM London, England time and is performed in London by the ICE Benchmark Administration

as an independent third-party administrator (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

Material Events

38 unchanged sentences

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.

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.

Effective July 24, 2020, the Sponsor exercised

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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.

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.

Results from Operations

5 unchanged sentences

the Trust’s 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.

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

2 unchanged sentences

of the Trust.

The Three Months Ended October 31, 2021 Compared to the Three Months

Ended October 31, 2020

The Three Months Ended April 30, 2022 Compared

to the Three Months Ended April 30, 2021

The Trust’s NAV increased from $586,245,772

at July 31, 2021 to $565,682,896 at October 31, 2021, a 12.6% increase, compared to an 12.8 % increase from $369,590,556 at July 31, 2020

to $416,830,640 at October 31, 2020.

The increase in the Trust’s NAV in the quarter ended October 31, 2021 resulted from an increase

on January 31, 2022 to $676,703,604 on April 30, 2022, a 15.43% increase, compared to a 1.15% increase from $442,483,105 on January 31,

2021 to $447,555,111 on April 30, 2021.

The increase in the Trust’s NAV in the quarter ended April 30, 2022 resulted from an increase

in the value of investments in gold bullion as compared to the prior period.

The number of outstanding Shares increased from 33,599,843

Shares at July 31, 2021 to 32,878,894 Shares at October 31, 2021 due to the creation of Shares by Authorized Participants and the creation

of 19,092 Shares in the quarter for Sponsor’s fees, as compared to 13,601 Shares for such purpose in the quarter ended October 31,

The number of outstanding Shares on October 31, 2020 was 22,719,117.

Effective July 24, 2020, the Sponsor’s fees are payable

at an annualized rate of 0.25% of the Trust’s NAV, accrued on a daily basis computed on the prior Business Day’s NAV and paid

monthly in arrears.

Shares on January 31, 2022 to 36,451,520 Shares on April 30, 2022 due to the creation of Shares by Authorized Participants and the creation

of 21,240 Shares in the quarter for Sponsor’s fees, as compared to 15,940 Shares for such purpose in the quarter ended April 30,

The number of outstanding Shares on April 30, 2021 was 26,002,321.

The Sponsor’s fees are payable at an annualized rate of

0.25% of the Trust’s NAV, accrued on a daily basis computed on the prior Business Day’s NAV and paid monthly in arrears.

Prior to July 24, 2020, the Sponsor’s fees accrued at an annualized rate of .40% of the Trust’s NAV.

Due to the daily accrual but monthly payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as

the number of Shares outstanding increases slightly.

The Trust’s NAV per Share decreased 3.2%

during the quarter ended October 31, 2021, starting at $17.77 per Share and ending at $17.21 per Share, compared to a decrease of 4.3%,

from $19.17 to $18.35 during the quarter ended October 31, 2020.

The Trust’s NAV per share decreased slightly less than the price

per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 19,092 Shares in total for the quarter ended October

31, 2021, compared with 13,601 Shares paid as Sponsor’s fees in the quarter ended October 31, 2020.

The NAV per share of $17.80

on August 4, 2021 was the highest during the quarter, compared with a low of $16.77 on August 10, 2021.

The change in net assets from operations for the

quarter ended October 31, 2021 was $(15,768,959), resulting from the Sponsor’s fees of $(329,573), a net realized gain from gold

bullion distributed for redemptions was $11,912, offset by a net change in unrealized depreciation on investment in gold bullion of $(15,451,298).

In comparison, the change in net assets from operations for the quarter ended October 31, 2020 was $(17,754,861), resulting from the Sponsor’s

fees of $(252,814), a net realized gain from gold bullion distributed for redemptions was $993,857, offset by a net change in unrealized

depreciation on investment in gold bullion of $(18,495,904).

Other than the Sponsor’s fee, the Trust

had no expenses during the quarter ended October 31, 2021 or the quarter ended October 31, 2020.

Nine Months Ended October 31, 2021 Compared to the Nine Months Ended October 31, 2020

Trust’s NAV increased from $442,483,105 at January 31, 2021 to $565,682,896 at October 31, 2021, a 27.8% increase, compared to

a 110% increase from $198,479,743 at January 31, 2020 to $416,830,640 at October 31, 2020.

The increase in the Trust’s NAV in the

nine months ended October 31, 2021 resulted from an increase in the value of investments in gold bullion as compared to the prior period.

The number of outstanding Shares increased from 24,366,372 Shares at January 31, 2021 to 32,878,894 Shares at October 31, 2021 due to

the creation of new Shares by Authorized Participants and the creation of 52,076 Shares for Sponsor’s fees, as compared to 42,696

Shares for such purpose in the nine months ended October 31, 2020.

The number of outstanding Shares at October 31, 2020 was 22,719,117.

Effective July 24, 2020, the Sponsor’s fees are payable at an annualized rate of 0.25% of the Trust’s NAV, accrued on a daily

basis computed on the prior Business Day’s NAV and paid monthly in arrears.

Prior to July 24, 2020, the Sponsor’s fees accrued

at an annualized rate of 0.40% of the Trust’s NAV.

Due to the daily accrual but monthly payment, the number of Sponsor’s

fee Shares issued can vary and possibly decrease, even as the number of Shares outstanding increases slightly.

Trust’s NAV per Share decreased 5.2% during the nine months ended October 31, 2021, starting at $18.16 per Share and ending at

$17.21 per Share, compared to an increase of 18.5%, from $15.48 to $18.35 during the nine months ended October 31, 2020.

NAV per share decreased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were

52,076 Shares in total for the nine months ended October 31, 2021, compared with 42,696 Shares paid as Sponsor’s fees in the nine

months ended October 31, 2020.

The NAV per share of $18.52 on June 2, 2021 was the highest during the nine months ended October 31, 2021,

compared with a low of $16.40 on March 30, 2021.

change in net assets from operations for the nine months ended October 31, 2021 was $(25,719,122), resulting from the Sponsor’s

fees of $(901,813), a net realized gain from gold bullion distributed for redemptions of $921,833 and a net change in unrealized depreciation

Due to the daily accrual

but monthly payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as the number of Shares outstanding

increases slightly.

The Trust’s NAV per Share increased 6.36%

during the quarter ended April 30, 2022, starting at $17.45 per Share and ending at $18.56 per Share, compared to a decrease of 5.23%,

from $18.16 to $17.21 during the quarter ended April 30, 2021.

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 fees, which were 21,240 Shares in total for the quarter ended April

30, 2022, compared with 15,940 Shares paid as Sponsor’s fees in the quarter ended April 30, 2021.

The NAV per share of $19.81 on

March 8, 2022 was the highest during the quarter, compared with a low of $17.42 on February 3, 2022.

The change in net assets from operations for

the quarter ended April 30, 2022 was $36,392,542, resulting from the Sponsor’s fees of $(396,568), a net realized gain of $54,381

from gold bullion distributed for redemptions, and a net change in unrealized appreciation on investment in gold bullion of $36,734,729.

In comparison, change in net assets from operations for the quarter ended April 30, 2021 was $(23,829,040), resulting from the Sponsor’s

fees of $(269,000), a net realized gain of $50,040 from gold bullion distributed for redemptions, and a net change in unrealized depreciation

on investment in gold bullion of $(23,610,080).

In comparison, the change in net assets from operations for the nine months ended October

31, 2020 was $43,025,419, resulting from the Sponsor’s fees of $(746,046), a net realized gain from gold bullion distributed for

redemptions of $5,626,134 and a net change in unrealized appreciation on investment in gold bullion of $38,145,331.

than the Sponsor’s fee, the Trust had no expenses during the nine months ended October 31, 2021 or the nine months ended October

the calendar quarter ended September 30, 2021, the Marketing Agent earned a fee of $59,044 which was paid by the Sponsor on November

since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $334,827

in Fees has been paid, representing 0.55% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing Agent

Effective July 24, 2020, the Sponsor and the Marketing Agent amended the fee structure under the Marketing Agent Agreement,

however the financial obligations created thereunder remain the obligations of the Sponsor of the Trust, any fees payable thereunder

remain payable from the Sponsor’s fee and the cap on the fees payable to the Marketing Agent remains unchanged.

and Capital Resources

Trust is not aware of any trends, demands, commitments, events or uncertainties 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 ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.

Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s

expenses not otherwise assumed by the Sponsor.

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

fee in Shares in lieu of cash.

At October 31, 2021 and October 31, 2020, the Trust did not have any cash balances.

Sheet Arrangements

Trust has no off-balance sheet arrangements.

Accounting Policies

unaudited financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the

United States of America.

The preparation of these unaudited financial statements relies on estimates and assumptions that impact the

Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting

In addition, please refer to Note 2 to the unaudited financial statements for further discussion of accounting policies.

May 6, 2014, the Trust has adopted the provisions of Financial Accounting Standards Topic 946, Investment Companies, and follows specialized

by Certain Retirement Plans

408(m) of the Internal Revenue Code, as amended (the “Code”), provides that the purchase of a “collectible” as

an investment for an individual retirement account (an “IRA”), or for a participant-directed account maintained under any

plan that is tax-qualified under Code section 401(a) (“Tax-Qualified Account”), is treated as a taxable distribution from

the account to the owner of the IRA, or to the participant for whom the Tax-Qualified Account is maintained, of an amount equal to the

cost to the account of acquiring the collectible.

The Trust, through the Sponsor, has received a private letter ruling from the Internal

Revenue Service that provides that (1) the acquisition of Shares by an IRA or a Tax-Qualified Account will not constitute the acquisition

of a collectible and (2) an IRA or such an account’s owning Shares will not be treated as having made a distribution to the IRA

owner or plan participant under Code section 408(m) solely by virtue of owning those Shares.

If a redemption of Shares results in the

delivery of gold to an IRA or Tax-Qualified Account, however, that exchange would constitute the acquisition of a collectible to the

extent provided under that section.

See also “ERISA and Related Considerations.”

who are considering exchanging their Shares for gold coins or gold bullion should consult with their tax advisors regarding the tax implications

thereof before doing so.

and Related Considerations

Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and section 4975 of the Code impose certain requirements

on employee benefit plans and certain other plans and arrangements, including IRAs and individual retirement annuities, Keogh plans and

certain collective investment funds or insurance company general or separate accounts in which such plans, accounts, annuities or arrangements

are invested, that are subject to ERISA or the Code, respectively (collectively, “Plans”), and on persons who are fiduciaries

with respect to the investment of assets treated as “plan assets” of a Plan.

Investments by Plans are subject to the fiduciary

requirements and the applicability of prohibited transaction restrictions under ERISA.

plans and some church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of Code section 4975

but may be subject to substantially similar rules under state or other federal law.

Fiduciaries of any such plans are advised to consult

with their counsel prior to an investment in Shares.

contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully

consider, taking into account the facts and circumstances of the Plan, the “Risk Factors” discussed below and whether such

investment is consistent with its fiduciary responsibilities, including (1) whether the fiduciary has the authority to make the investment

under the appropriate governing Plan instrument, (2) whether the investment would constitute a direct or indirect non-exempt prohibited

transaction with a “party in interest” or “disqualified person,” (3) the Plan’s funding objectives, and

(4) whether under the general fiduciary standards of investment prudence and diversification such investment is appropriate for the Plan,

taking into account the Plan’s overall investment policy, the composition of its investment portfolio and its need for sufficient

liquidity to pay benefits when due.

Quantitative and Qualitative Disclosures About Market Risk

Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency

related market risk.

The Trust does not invest in any derivative financial instruments or long-term debt instruments.

Other than the Sponsor’s fee, the Trust

had no expenses during the quarter ended April 30, 2022 or the quarter ended April 30, 2021.

For the calendar quarter ended April 30, 2022,

the Marketing Agent earned a fee of $51,086 which was paid by the Sponsor on May 31, 2022;

since the initiation of the Marketing Agent’s

efforts on behalf of the Trust on October 22, 2015, a total of $466,356 in Fees has been paid, representing 0.73% of the Maximum Fee

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

Effective July 24, 2020, the Sponsor and the

Marketing Agent amended the fee structure under the Marketing Agent Agreement, however the financial obligations created thereunder remain

the obligations of the Sponsor of the Trust, any fees payable thereunder remain payable from the Sponsor’s fee and the cap on the

fees payable to the Marketing Agent remains unchanged.

Liquidity and Capital Resources

The Trust is not aware of any trends, demands,

commitments, events or uncertainties 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 ordinary

expense of the Trust during the period covered by this report was the Sponsor’s fee.

The Trustee will, at the direction of the Sponsor

or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor.

The Trustee will not sell gold to pay the Sponsor’s fee but will pay the Sponsor’s fee in Shares in lieu of cash.

30, 2022 and April 30, 2021, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The unaudited financial statements and accompanying

notes are prepared in accordance with accounting principles generally accepted in the United States of America.

The preparation of these

unaudited financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

In addition, please refer to Note 2 to the

unaudited financial statements for further discussion of accounting policies.

Effective May 6, 2014, the Trust has adopted

the provisions of Financial Accounting Standards Topic 946, Investment Companies, and follows specialized accounting.

Investment by Certain Retirement Plans

Section 408(m) of the Internal Revenue Code,

as amended (the “Code”), provides that the purchase of a “collectible” as an investment for an individual retirement

account (an “IRA”), or for a participant-directed account maintained under any plan that is tax-qualified under Code section

401(a) (“Tax-Qualified Account”), is treated as a taxable distribution from the account to the owner of the IRA, or to the

participant for whom the Tax-Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible.

The Trust, through the Sponsor, has received a private letter ruling from the Internal Revenue Service that provides that (1) the

acquisition of Shares by an IRA or a Tax-Qualified Account will not constitute the acquisition of a collectible and (2) an IRA or such

an account’s owning Shares will not be treated as having made a distribution to the IRA owner or plan participant under Code section

408(m) solely by virtue of owning those Shares.

If a redemption of Shares results in the delivery of gold to an IRA or Tax-Qualified

Account, however, that exchange would constitute the acquisition of a collectible to the extent provided under that section.

“ERISA and Related Considerations.”

Investors who are considering exchanging their

Shares for gold coins or gold bullion should consult with their tax advisors regarding the tax implications thereof before doing so.

ERISA and Related Considerations

The Employee Retirement Income Security Act of

1974, as amended (“ERISA”), and section 4975 of the Code impose certain requirements on employee benefit plans and certain

other plans and arrangements, including IRAs and individual retirement annuities, Keogh plans and certain collective investment funds

or insurance company general or separate accounts in which such plans, accounts, annuities or arrangements are invested, that are subject

to ERISA or the Code, respectively (collectively, “Plans”), and on persons who are fiduciaries with respect to the investment

of assets treated as “plan assets” of a Plan.

Investments by Plans are subject to the fiduciary requirements and the applicability

of prohibited transaction restrictions under ERISA.

Government plans and some church plans are not

subject to the fiduciary responsibility provisions of ERISA or the provisions of Code section 4975 but may be subject to substantially

similar rules under state or other federal law.

Fiduciaries of any such plans are advised to consult with their counsel prior to an investment

In contemplating an investment of a portion of

Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts

and circumstances of the Plan, the “Risk Factors” discussed below and whether such investment is consistent with its fiduciary

responsibilities, including (1) whether the fiduciary has the authority to make the investment under the appropriate governing Plan instrument,

(2) whether the investment would constitute a direct or indirect non-exempt prohibited transaction with a “party in interest”

or “disqualified person,” (3) the Plan’s funding objectives, and (4) whether under the general fiduciary standards

of investment prudence and diversification such investment is appropriate for the Plan, taking into account the Plan’s overall

investment policy, the composition of its investment portfolio and its need for sufficient liquidity to pay benefits when due.

Quantitative and Qualitative Disclosures

About Market Risk

The Trust does not engage in transactions in

foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk.

The Trust does not

invest in any derivative financial instruments or long-term debt instruments.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis