What changed in this filing

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Item 2. Management’s Discussion and Analysis

2023-09-08 compared with 2023-06-06 · 123 added, 93 removed, 219 unchanged (50% 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

41 unchanged sentences

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

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

On each business day that the NYSE Arca is open

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Prospective Change in Pricing Index

The Sponsor intends to change the pricing

index it uses in relation to the Shares issued by the Trust to reference the Solactive Gold Spot Index (the “Solactive

Index”) in lieu of the LBMA Gold Price.

The change is expected to become effective July 11, 2023 or as soon as practicable

thereafter (“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 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.

The Sponsor has given 60 day notice of the Index

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

The pricing index the Sponsor uses in relation to the Shares issued

by the Trust has changed to the Solactive Gold Spot Index (the “Solactive Index”) in lieu of the LBMA Gold Price.

became effective August 7, 2023 (“Index Change Date”).

Since the Index Change Date, the Trustee values the gold held by the

Trust based on the Solactive Index.

Solactive AG (“Solactive”) owns, calculates, and disseminates the Solactive Index.

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.

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 price 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.

The TWAPs for Time Period 1 and Time Period 2 are then added together to establish the Solactive Index price.

For any calculation day t, the Solactive Index (Indext), 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 for spot.

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 closures.

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 becomes 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.

Material Events

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

On the Index Change Date, the Sponsor

intends to change the pricing index it uses in relation to the Shares issued by the Trust intends to change to reference the

Solactive Index in lieu of the LBMA Gold Price.

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.

As of the Index Change Date, the Sponsor has changed

the pricing index it uses in relation to the Shares issued by the Trust to reference the Solactive Index in lieu of the LBMA Gold Price.

In determining the Trust’s NAV, the Trustee now values the gold held by the trust based on the Solactive Index.

Change in Settlement Cycle and Amendment to

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of the Trust.

The Three Months Ended April 30, 2023 Compared

to the Three Months Ended April 30, 2022

The Three Months Ended July 31, 2023 Compared to the Three Months

Ended July 31, 2022

The Trust’s NAV increased from $712,154,665

on January 31, 2023 to $712,154,665 on April 30, 2023, an 8.46% increase, compared to a 15.43% increase from $586,245,772 on January 31,

2022 to $676,703,604 on April 30, 2022.

The increase in the Trust’s NAV in the quarter ended April 30, 2023 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 35,203,259

Shares on January 31, 2023 to 37,075,156 Shares on April 30, 2023 due to the creation of Shares by Authorized Participants and the creation

of 21,897 Shares in the quarter for Sponsor’s fees, as compared to 21,240 Shares for such purpose in the quarter ended April 30,

The number of outstanding Shares on April 30, 2022 was 36,451,520.

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.

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 increased 3.00%

during the quarter ended April 30, 2023, starting at $18.65 per Share and ending at $19.21 per Share, compared to an increase of 6.36%,

from $17.45 to $18.56 during the quarter ended April 30, 2022.

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 fees, which were 21,897 Shares in total for the quarter ended April

30, 2023, compared with 21,240 Shares paid as Sponsor’s fees in the quarter ended April 30, 2022.

The NAV per share of $19.85 on

April 13, 2023 was the highest during the quarter, compared with a low of $17.55 on February 24, 2023.

at April 30, 2023 to $742,241,503 at July 31, 2023, a 4.22% increase, compared to a 7.90% decrease from $676,703,604 at April 30, 2022

to $623,229,731 at July 31, 2022.

The increase in the Trust’s NAV in the quarter ended July 31, 2023 resulted from an increase in

gold bullion held by the Trust despite a decline in the price of gold per ounce as compared to the prior period.

The number of outstanding

Shares increased from 37,075,156 Shares at April 30, 2023 to 38,899,475 Shares at July 31, 2023 due to the creation of Shares by Authorized

Participants and the creation of 24,319 Shares in the quarter for Sponsor’s fees, as compared to 23,234 Shares for such purpose

in the quarter ended July 31, 2022.

The number of outstanding Shares on July 31, 2022 was 36,617,439.

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

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 0.68%

during the quarter ended July 31, 2023, starting at $19.21 per Share and ending at $19.08 per Share, compared to a decrease of 8.30%,

from $18.56 to $17.02 during the quarter ended July 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 fees, which were 24,319 Shares in total for the quarter ended July 31,

2023, compared with 23,234 Shares paid as Sponsor’s fees in the quarter ended July 31, 2022.

The NAV per share of $19.81 on May

4, 2023 was the highest during the quarter, compared with a low of $18.40 on June 29, 2023.

The change in net assets from operations for the

quarter ended April 30, 2023 was $20,060,387, resulting from the Sponsor’s fees of $(409,800), a net realized gain of $609,442 from

gold bullion distributed for redemptions, and a net change in unrealized appreciation on investment in gold bullion of $19,860,745.

comparison, 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

quarter ended July 31, 2023 was $(4,946,765), resulting from the Sponsor’s fees of $(458,754) and a net change in unrealized depreciation

on investment in gold bullion of $(4,488,011).

In comparison, the change in net assets from operations for the quarter ended July 31,

2022 was $(57,298,926), resulting from the Sponsor’s fees of $(406,742), a net realized gain of $1,265,274 from gold bullion distributed

for redemptions, and a net change in unrealized appreciation on investment in gold bullion of $(58,157,458).

Other than the Sponsor’s fee, the Trust

had no expenses during the quarter ended April 30, 2023 or the quarter ended April 30, 2022.

For the calendar quarter ended April 30, 2023,

the Marketing Agent earned a fee of $54,701 which was paid by the Sponsor on May 22, 2023;

had no expenses during the quarter ended July 31, 2023 or the quarter ended July 31, 2022.

The Six Months Ended July 31, 2023 Compared to the Six Months Ended

July 31, 2022

The Trust’s NAV increased from $656,592,798

at January 31, 2023 to $742,241,503 at July 31, 2023, a 13.04% increase, compared to a 6.31% increase from $586,245,772 at January 31,

2022 to $623,229,731 at July 31, 2022.

The increase in the Trust’s NAV in the six months ended July 31, 2023 resulted from an increase

in the value of investments in gold bullion and also due to the creation of Shares as compared to the prior period.

The number of outstanding

Shares increased from 35,203,259 Shares at January 31, 2023 to 38,899,475 Shares at July 31, 2023 due to the redemption of 200,000 Shares

offset by the creation of 3,896,216 Shares which include 46,216 Shares created for Sponsor’s fees in the six months ended July 31,

2023, as compared to 1,426,878 Shares redeemed, offset by 4,444,474 shares created which include 44,474 Shares created for Sponsor’s

fees in the six months ended July 31, 2022.

The number of outstanding Shares on July 31, 2022 was 36,617,439.

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.

The Trust’s NAV per Share increased approximately

2.31% during the six months ended July 31, 2023, starting at $18.65 per Share and ending at $19.08 per Share, compared to a decrease of

2.46%, from $17.45 to $17.02 during the six months ended July 31, 2022.

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 fees, which were 46,216 Shares in total for the six months ended

July 31, 2023, compared with 44,474 Shares paid as Sponsor’s fees in the six months ended July 31, 2022.

The NAV per share of $19.85

on April 13, 2023 was the highest during the six months ended July 31, 2023, compared with a low of $17.55 on February 24, 2023.

The change in net assets from operations for the

six months ended July 31, 2023 was $15,113,622, resulting from the Sponsor’s fees of $(868,554) and a net realized and unrealized

gain on investment in gold bullion of $15,982,176.

In comparison, the change in net assets from operations for the six months ended July

31, 2022 was $(20,906,384), resulting from the Sponsor’s fees of $(803,310) and a net realized and unrealized loss on investment

in gold bullion of $(20,103,074).

Other than the Sponsor’s fee, the Trust

had no expenses during the quarter ended July 31, 2023 or the quarter ended July 31, 2022.

For the calendar quarter ended July 31 2023, the

Marketing Agent earned a fee of $53,479 which was paid by the Sponsor on August 30, 2023;

since the initiation of the Marketing Agent’s

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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, 2023 and April 30, 2022, the Trust did not have any cash balances.

31, 2023 and July 31, 2022, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

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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

Quantitative and Qualitative Disclosures About Market Risk

The Trust does not engage in transactions in foreign

3 unchanged sentences

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