Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item
3. Quantitative and Qualitative Disclosures About Market Risk
The
Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency
related market risk. The Trust does not invest in any derivative financial instruments or long-term debt instruments. Fluctuations in
the value of gold bullion will affect the value of Shares which are designed to reflect the performance of the price of gold bullion,
less the Trust’s expenses.
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