What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2023-12-08 compared with 2023-09-08 · 102 added, 100 removed, 242 unchanged (45% of the section changed)

58 unchanged sentences

Fine Ounces with the price of gold determined by the Trustee as follows.

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” and together with the LBMA PM Gold Price, the “LBMA 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.

Prospective Change in Pricing Index

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”).

Prior to August 7, 2023 (the “Index Change

Date”), the Trustee valued 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.

Prior to the Index Change

Date, if on a day when the Trust’s NAV was being calculated the LBMA PM Gold Price for that day was not available, the Trustee valued

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” and together with the LBMA PM Gold Price, the “LBMA Gold Price”).

If no fix was available

for the day, the Trustee valued the Trust’s gold based on the most recently announced LBMA AM Gold Price or LBMA PM Gold Price.

On the Index Change Date, the pricing index the

Sponsor uses in relation to the Shares issued by the Trust changed to the Solactive Gold Spot Index (the “Solactive Index”)

in lieu of the LBMA Gold Price.

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

36 unchanged sentences

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.

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

Material Events

49 unchanged sentences

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

Recent Developments

There may be risks related to the geopolitical

conflict in Israel, Palestine, and surrounding areas, such as the possible expansion of such conflicts and potential geopolitical consequences,

acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.

Change in Settlement Cycle and Amendment to

9 unchanged sentences

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

11 unchanged sentences

of the Trust.

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

Ended July 31, 2022

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

Ended October 31, 2022

The Trust’s NAV increased from $742,241,503

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.

at July 31, 2023 to $742,611,876 at October 31, 2023, a 0.05% increase, compared to a 15% decrease from $623,229,731 at July 31, 2022

to $529,960,054 at October 31, 2022.

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

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

The number of outstanding Shares decreased from 38,899,475

Shares at July 31, 2023 to 38,662,778 Shares at October 31, 2023 due to the redemption of Shares by Authorized Participants offset slightly

by the creation of 24,258 Shares in the quarter for Sponsor’s fees, as compared to 23,418 Shares for such purpose in the quarter

ended October 31, 2022.

The number of outstanding Shares on October 31, 2022 was 33,332,198.

Effective July 24, 2020, the Sponsor’s

4 unchanged sentences

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 Trust’s NAV per Share increased 0.68%

during the quarter ended October 31, 2023, starting at $19.08 per Share and ending at $19.21 per Share, compared to a decrease of 6.6%,

from $17.02 to $15.90 during the quarter ended October 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 24,258 Shares in total for the quarter ended October

31, 2023, compared with 23,418 Shares paid as Sponsor’s fees in the quarter ended October 31, 2022.

The NAV per share of $19.42

on October 27, 2023 was the highest during the quarter, compared with a low of $17.62 on October 5, 2023.

The change in net assets from operations for the

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

quarter ended October 31, 2023 was $4,388,052, resulting from the Sponsor’s fees of $(451,271), a net realized gain from gold bullion

distributed for redemptions of $935,883 and a net change in unrealized appreciation on investment in gold bullion of $3,903,440.

In comparison,

the change in net assets from operations for the quarter ended October 31, 2022 was $(40,580,678), resulting from the Sponsor’s

fees of $(380,901), a net realized loss from gold bullion distributed for redemptions of $(141,249), and a net change in unrealized depreciation

on investment in gold bullion of $(40,058,528).

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 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

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

The Nine Months Ended October 31, 2023 Compared to the Nine Months

Ended October 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.

at January 31, 2023 to $742,611,876 at October 31, 2023, a 13.1% increase, compared to a 9.6% decrease from $586,245,772 at January 31,

2022 to $529,960,054 at October 31, 2022.

The increase in the Trust’s NAV in the nine months ended October 31, 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 at January 31, 2023 to 38,662,778 Shares at October 31, 2023 due to the creation of Shares by Authorized Participants,

and the creation of 70,474 Shares for Sponsor’s fees, as compared to 67,892 Shares for such purpose in the nine months ended October

The number of outstanding Shares at October 31, 2022 was 33,332,198.

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 3% during

the nine months ended October 31, 2023, starting at $18.65 per Share and ending at $19.21 per Share, compared to a decrease of 8.9%, from

$17.45 to $15.90 during the nine months ended October 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 70,474 Shares in total for the nine months ended October

31, 2023, compared with 67,892 Shares paid as Sponsor’s fees in the nine months ended October 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.

on April 13, 2023 was the highest during the nine months ended October 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).

nine months ended October 31, 2023 was $19,501,674, resulting from the Sponsor’s fees of $(1,319,825), a net realized gain from

gold bullion distributed for redemptions of $1,545,325 and a net change in unrealized appreciation on investment in gold bullion of $19,276,174.

In comparison, the change in net assets from operations for the nine months ended October 31, 2022 was $(61,487,062), resulting from the

Sponsor’s fees of $(1,184,211), a net realized gain from gold bullion distributed for redemptions of $1,178,406 and a net change

in unrealized depreciation on investment in gold bullion of $(61,481,257).

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

efforts on behalf of the Trust on October 22, 2015, a total of $869,700 in Fees has been paid, representing 1.0971% 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.

had no expenses during the nine months ended October 31, 2023 or the nine months ended October 31, 2022.

For the calendar quarter ended September 30, 2023,

the Marketing Agent earned a fee of $87,061 which was paid by the Sponsor on November 27, 2023;

since the initiation of the Marketing

Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $956,760 in Fees has been paid, representing 1.13% 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

8 unchanged sentences

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.

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

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

Off-Balance Sheet Arrangements

16 unchanged sentences

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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis