What changed in this filing

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Item 1A. Risk Factors

2023-06-06 compared with 2022-12-08 · 6 added, 40 removed, 0 unchanged (100% of the section changed)

should carefully consider the factors discussed under the caption “Risk Factors” beginning on page 19 of our Annual Report

on Form 10-K for the fiscal year ended January 31, 2022 (the “Annual Report”), filed with the Securities and Exchange Commission

on April 13, 2022, which could materially affect our business, financial condition or future results.

There have been no material changes

in our risk factors from those disclosed in the Annual Report, except as set forth below:

launched a large-scale invasion of Ukraine on February 24, 2022.

The extent and duration of the military action, resulting sanctions

and economic impacts are impossible to predict.

These and any related events could cause volatility in precious metals prices and have

significant impact on Trust performance and the value of an investment in the Shares.

Russia is a significant producer of gold.

7, 2022, in response to the Russian hostilities in the Ukraine, LBMA suspended six Russian refiners;

as a result, new production by such

refiners were no longer be accepted as “Good Delivery” by the London Bullion market.

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.

an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct

or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia

and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022.

Similarly, U.S.

regulations prohibit the import

of gold of Russian origin into the United States on or after June 28, 2022 and European Union regulations prohibit the direct or indirect

import, purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22, 2022.

On August 3, 2022,

Switzerland announced sanctions that ban buying, importing or transporting gold and gold products from Russia, as well as services in

connection with said gold and gold products.

Although it is not possible to predict the impact that these sanctions may have, such sanctions

could impact the operations of the Trust and its service providers and could significantly harm the value of the Trust’s Shares.

responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military

response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and

global economic markets, and cause volatility in the price of gold and the price of the Shares.

In addition, the conflict in Ukraine,

along with global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential

expansion of the conflict beyond Ukraine’s borders, could disturb the gold market.

risks described in our Annual Report on Form 10-K are not the only risks facing the Trust.

Additional risks and uncertainties not currently

known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or

operating results.

You should carefully consider the factors discussed

under the caption “Risk Factors” beginning on page 20 of our Annual Report on Form 10-K for the fiscal year ended January

31, 2023 (the “Annual Report”), filed with the Securities and Exchange Commission on April 13, 2023, which could materially

affect our business, financial condition or future results.

There have been no material changes in our risk factors from those disclosed

in the Annual Report.

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 1A. Risk Factors