What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2024-06-07 compared with 2023-12-08 · 94 added, 146 removed, 198 unchanged (55% 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 Value

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

24 unchanged sentences

in lieu of the LBMA Gold Price.

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

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.

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.

The Solactive Index is a U.S.

Dollar denominated index that aims to provide a price fixing for the gold spot price quoted

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 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 ( 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 becomes

53 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

Authorized Participant Agreements

On March 22, 2017, the Securities and Exchange

Commission adopted an amendment to reduce by one business day the standard settlement cycle for most broker-dealer securities transactions.

Prior to the implementation of the shorter settlement cycle, the standard settlement cycle for such transactions was three business days,

known as T+3.

The amended rule shortens the settlement cycle to two business days, or T+2.

This change in the settlement cycle affects

both the creation and redemption procedures for Baskets and trading in the Shares.

Compliance with the new settlement cycle went into

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.

Effective May 28, 2024, the creation and redemption of new Baskets for the Trust typically will be settled on a “T+1” basis

(i.e., one business day after the trade date), unless the Trust and Authorized Participant agree to a different settlement date.

the Trust reserves the right to settle such transactions on a basis other than T+1 effective May 28, 2024, including in order to accommodate

market holiday schedules, and closures and settlement cycles.

Further, an Authorized Participant and the Trust may agree

in advance of order acceptance to a different settlement cycle than the standard securities transaction settlement cycle of one business

day if the allocation or de-allocation, as the case may be, of Trust’s bullion would be expected to be delayed and prevent a one

business day settlement cycle for the order.

Results from Operations

11 unchanged sentences

of the Trust.

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

Ended October 31, 2022

The Three Months Ended April 30, 2024 Compared

to the Three Months Ended April 30, 2023

The Trust’s NAV increased from $780,184,347

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

on January 31, 2024 to $904,160,052 on April 30, 2024, a 15.89% increase, compared to an 8.46% increase from $656,592,798 on January 31,

2023 to $712,154,665 on April 30, 2023.

The increase in the Trust’s NAV in the quarter ended April 30, 2024 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

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 number of outstanding Shares increased from 39,626,030

Shares on January 31, 2024 to 40,835,640 Shares on April 30, 2024 due to the creation of Shares by Authorized Participants and the creation

of 24,407 Shares in the quarter for Sponsor’s fees, as compared to 21,897 Shares for such purpose in the quarter ended April 30,

The number of outstanding Shares on April 30, 2023 was 37,075,156.

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 12.44%

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.

during the quarter ended April 30, 2024, starting at $19.69 per Share and ending at $22.14 per Share, compared to an increase of 3.00%,

from $18.65 to $19.21 during the quarter ended April 30, 2023.

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.

per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 24,407 Shares in total for the quarter ended April

30, 2024, compared with 21,897 Shares paid as Sponsor’s fees in the quarter ended April 30, 2023.

The NAV per share of $23.10 on

April 16, 2024 was the highest during the quarter, compared with a low of $19.25 on February 14, 2024.

The change in net assets from operations for the

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

quarter ended April 30, 2024 was $97,496,969, resulting from the Sponsor’s fees of $(516,393), a net realized gain of $62,679 from

gold bullion distributed for redemptions, and a net change in unrealized appreciation on investment in gold bullion of $97,950,683.

comparison, 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.

Other than the Sponsor’s fee, the Trust

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 $742,611,876 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 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

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 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.

had no expenses during the quarter ended April 30, 2024 or the quarter ended April 30, 2023.

For the calendar quarter ended March 31, 2024,

the Marketing Agent earned a fee of $82,041 which was paid by the Sponsor on May 14, 2024;

since the initiation of the Marketing Agent’s

efforts on behalf of the Trust on October 22, 2015, a total of $1,118,370 in Fees has been paid, representing 1.24% 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 October 31, 2022, the Trust did not have any cash balances.

30, 2024 and April 30, 2023, 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