What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-04-13 compared with 2022-04-13 · 76 added, 42 removed, 1114 unchanged (10% of the section changed)

23 unchanged sentences

The redeemable per share value of the Shares

decreased from $18.16 at January 31, 2021 to $17.45 at January 31, 2022, the Trust’s fiscal year end.

increased from $17.45 at January 31, 2022 to $18.65 at January 31, 2023, the Trust’s fiscal year end.

Outstanding Shares in the

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Total annual jewelry demand amounted to 152.42 million Ounces in 2022.

largest decline was in 2020, down 37.9% or 22.04 million Ounces.

Gold jewelry demand, as a proportion of total gold demand was 60% in

2013 before falling to 50.3%, the average during the period, in 2021.

The largest decline was in 2020, down 38.5% or 21.76 million Ounces.

Gold jewelry demand, as a proportion of total gold demand was 60.5%

in 2013 before falling to 46.2%, the average during the period, in 2021.

In 2022, gold jewelry demand, as a proportion of total demand,

increased by 67.3% from 2020.

decreased by 9.4% from 2021.

Industrial and medical demand

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From 2010 thereafter, demand for gold used in electronics fell every year between 2010 and 2016, before rising to 8.5 million Ounces

in 2017, 8.6 million Ounces in 2018, fell to 8.4 million Ounces in 2019, fell to 8.0 million Ounces in 2020, and rising to 8.7 million

Ounces in 2021.

in 2017, 8.6 million Ounces in 2018, fell to 8.4 million Ounces in 2019, fell to 8.0 million Ounces in 2020, rising to 8.7 million Ounces

in 2021, and falling to 8.0 million Ounces in 2022.

Additionally, gold has long been used for medical

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Mine production

The largest portion of gold supply comes from mine production, including

gold produced both from primary deposits and from secondary deposits where the gold is mined as a by-product.

All the recorded gold ever

mined in human history amounts to approximately 6.6 billion Ounces, or 205,238 metric tons.

To put this in perspective, if every single

ounce of this gold were placed next to each other, the resulting cube of pure gold would only measure around 22 metres on each side,

says World Gold Council.

The largest portion of gold supply comes from

mine production, including gold produced both from primary deposits and from secondary deposits where the gold is mined as a by-product.

All the recorded gold ever mined in human history amounts to approximately 6.7 billion Ounces, or 208,874 metric tons.

To put this in

perspective, if every single ounce of this gold were placed next to each other, the resulting cube of pure gold would only measure around

22 metres on each side, says World Gold Council.

Gold is produced from mines on every continent

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steadily in the past two decades and are predominantly sourced from recycled gold jewelry.

Recycled gold supply is highly affected by gold prices

and economic conditions.

Supplies reached elevated levels during the 1997–1998 Asian financial crisis and hit a record of 41.2 million

Ounces in 2009, spurred by the global financial crisis and rising gold prices.

Since then, the total amount of scrap gold has decreased

to 37 million Ounces in 2021.

Recycled gold supply is highly affected by gold

prices and economic conditions.

Supplies reached elevated levels during the 1997–1998 Asian financial crisis and hit a record of

41.2 million Ounces in 2009, spurred by the global financial crisis and rising gold prices.

Since then, the total amount of scrap gold

has decreased to 36.7 million Ounces in 2022.

In 2016, the most recent year for which comprehensive

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The IMF completed the gold sales program in December 2010.

In 2021, the net buying from the Central Bank of Russia

was 0.1 million Ounces, which pushed their gold reserves to 74.0 million Ounces.

Also, Kazakhstan increased their gold reserves by 0.5

million Ounces and Turkey reduced their gold reserves by 0.01 million Ounces, in 2021.

The combined share of Russia, Turkey and Kazakhstan

decreased from 72% in 2020 to 6.0% in 2021.

In 2022, Kazakhstan decreased their gold reserves by 1.5

million Ounces and Turkey increased their gold reserves by 5.5 million Ounces, in 2022.

The gold market and price movement

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In 2022, Gold started off at the year at $1,829.2

The metal reached a high of $1,950.01 per Ounce on January 1, 2021.

The low for 2021 was $1,683.54 on March 8, 2021 and ended

the year at $1,829.20 per Ounce.

The metal reached a high of $2,050.76 per Ounce on March 8, 2022.

The low for 2022 was $1,622.36 on September 26, 2022 and

ended the year at $1,824.02 per Ounce.

Annualized Standard Deviation

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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 pricing index the Sponsor uses in relation

to the Shares issued by the Trust intends to change to reference the Solactive Gold Spot Index (the “Solactive Index”) in

lieu of the LBMA PM Gold Price.

The date on which such change becomes effective is referred to herein as the “Index Change Date.”

Following the Index Change Date, in determining

the Trust’s NAV, the Trustee will value the gold held by the trust based on the Solactive Index.

Solactive AG (“Solactive”)

will own, calculate, and disseminate the Solactive Index.

The Solactive Index is a U.S.

Dollar denominated index that aims to provide

a price fixing for the gold spot price quoted as U.S.

Dollars per Troy Ounce (“XAU”) and determined for the close of trading

on the New York Stock Exchange (“NYSE”).

The Solactive Index calculates gold bullion fixing prices by taking Time Weighted

Average Prices (“TWAP”) of XAU trading prices provided via ICE Data Services (“IDS”) data feed.

Specifically, the Solactive Index uses a TWAP

calculation to determine an average price that is time-weighted, using tick values of actual transactions (“Trade Ticks”)

for two specified time periods around the scheduled close of trading on the NYSE (generally, 4:00 PM Eastern Time).

The TWAP is derived

for (1) the period ahead of the fixing (“Time Period 1”), which consists of the five minutes before the close of trading,

and (2) the period directly after the fixing (“Time Period 2”), which consists of the six seconds after the close of trading.

The TWAPs for Time Period 1 and Time Period 2 are then aggregated, with 90% weighting given to Time Period 1 and 10% weighting given

to Time Period 2, to calculate the Solactive Index.

For any calculation day t , the Solactive

Index ( Index t ), is determined in accordance with the following formula:

The Solactive Index is calculated and published

by Solactive no later than 30 minutes following the close of trading on the NYSE, disseminated to major financial data providers, and

made publicly available via the Trust’s website.

The Solactive Index calculation is based on XAU

market data from IDS, which is a major provider of financial market data.

The data is available through IDS’s data streaming service,

which covers 2,700 spot rates and over 7,500 forwards and non-deliverable forwards, with an average of over 130 million updates per day

IDS compiles data from over 100 sources, including market makers, execution venues, banks and brokers from across the globe,

and every updating Trade Tick of spot streaming data is available via IDS’s Integrated Data Viewer service in a file-based format.

It is unlikely that, on any given trading day

for the Shares, there would be no Trade Ticks recorded for XAU in either Time Period 1 or Time Period 2, such that the Solactive Index

calculation could not be performed on such day.

Trade Ticks representing XAU are the closing prices for specific gold bullion transactions

posted in a 24-hour, global, over-the-counter gold bullion market, which is not subject to trading suspensions, trading halts, or market

However, in the unlikely event that IDS is unable to publish pricing information for XAU, for whatever reason, during either

Time Period 1 or Time Period 2 on a given trading day, the last available Solactive Index calculation will be used in accordance with

Solactive’s published and publicly available disruption policy.

If the Sponsor determines that such price is

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gross negligence in the performance of its duties.

The Sponsor will give 60 day notice of the Index Change

Date by issuing a press release and filing an 8-K.

Trust Expenses

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Inspection of Gold

Under the Custody Agreement, the Custodian will allow

the Sponsor and the Trustee and their physical gold auditors (currently Bureau Veritas), access to its premises during normal business

Under the Custody Agreement, the Custodian will

allow the Sponsor and the Trustee and their physical gold auditors (currently Inspectorate), access to its premises during normal business

hours, to examine the physical gold and such records as they may reasonably require to perform their respective duties with regard to

2 unchanged sentences

to the Custodian’s security procedures, and any such audit shall be at the Trust’s expense.

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, Bureau Veritas Commodities

UK Limited, a leading commodity inspection and testing company, conducted a physical gold audit of the Trust on October 6, 2021.

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.

The Sponsor exercised its right to visit the

Custodian’s premises and inspect the Trust’s gold and related records most recently on August 22, 2022.

During the fiscal year that ended January 31, 2023, Inspectorate International

Limited, a leading commodity inspection and testing company, conducted a physical gold audit of the Trust on February 23, 2022.

rail strikes in the UK, Inspectorate was unable to perform a physical inspection of the Trust’s gold on January 31, 2023.

was able to conduct a physical gold audit of the Trust on February 2, 2023.

Description of the Shares

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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 1. Business