What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-12-08 compared with 2025-09-08 · 83 added, 81 removed, 256 unchanged (39% 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

42 unchanged sentences

at net asset 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

110 unchanged sentences

change on its website.

Prior to July 24, 2020, the Sponsor’s fee accrued at an annualized rate of 0.40% of the Trust’s NAV.

Effective July 24, 2020, the Sponsor’s fee is 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.

Effective July 24, 2020, the Sponsor’s fee is 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.

As of the Index Change Date, the Sponsor has

40 unchanged sentences

of the Trust.

The Three Months Ended July 31, 2025 Compared

to the Three Months Ended July 31, 2024

The Three Months Ended October 31, 2025 Compared to the Three Months

Ended October 31, 2024

The Trust’s NAV increased from $1,763,218,226

at April 30, 2025 to $1,763,218,226 at July 31, 2025, a 6.08% increase, compared to a 12.60% increase from $904,160,052 at April 30,

2024 to $1,018,106,177 at July 31, 2024.

The increase in the Trust’s NAV in the quarter ended July 31, 2025 resulted from an increase

in gold bullion held by the Trust.

The number of outstanding Shares increased from 52,339,392 Shares at April 30, 2025 to 55,607,168

Shares at July 31, 2025 due to the creation of Shares by Authorized Participants and the creation of 33,986 Shares in the quarter for

Sponsor’s fees, as compared to 26,497 Shares for such purpose in the quarter ended July 31, 2024.

The number of outstanding Shares

on July 31, 2024 was 43,037,292.

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.

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 0.16%

during the quarter ended July 31, 2025, starting at $31.76 per Share and ending at $31.71 per Share, compared to an increase of 6.87%,

from $22.14 to $23.66 during the quarter ended July 31, 2024.

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 33,986 Shares in total for the quarter ended July

31, 2025, compared with 26,497 Shares paid as Sponsor’s fees in the quarter ended July 31, 2024.

The NAV per share of $33.08 on

June 13, 2025 was the highest during the quarter, compared with a low of $30.66 on May 14, 2025.

at July 31, 2025 to $2,282,329,658 at October 31, 2025, a 29.44% increase, compared to a 21.96% increase from $1,018,106,177 at July

31, 2024 to $1,241,717,488 at October 31, 2024.

The increase in the Trust’s NAV in the quarter ended October 31, 2025 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 55,607,168 Shares at July 31, 2025 to 59,260,422 Shares at October 31, 2025 due to the creation of Shares by Authorized Participants

and the creation of 35,234 Shares in the quarter for Sponsor’s fees, as compared to 27,459 Shares for such purpose in the quarter

ended October 31, 2024.

The number of outstanding Shares on October 31, 2024 was 46,838,224.

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.

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 21.44%

during the quarter ended October 31, 2025, starting at $31.71 per Share and ending at $38.51 per Share, compared to an increase of 12.05%,

from $23.66 to $26.51 during the quarter ended October 31, 2024.

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 35,234 Shares in total for the quarter ended October

31, 2025, compared with 27,459 Shares paid as Sponsor’s fees in the quarter ended October 31, 2024.

The NAV per share of $42.16

on October 20, 2025 was the highest during the quarter, compared with a low of $31.94 on August 19, 2025.

The change in net assets from operations for

the quarter ended July 31, 2025 was $(4,813,216), resulting from the Sponsor’s fees of $(1,079,987), a net realized gain of $816,815

from gold bullion distributed for redemptions, and a net change in unrealized depreciation on investment in gold bullion of $(4,550,044).

In comparison, the change in net assets from operations for the quarter ended July 31, 2024 was $63,741,436, resulting from the Sponsor’s

fees of $(606,009), a net realized gain of $133,437 from gold bullion distributed for redemptions, and a net change in unrealized appreciation

the quarter ended October 31, 2025 was $387,960,218, resulting from the Sponsor’s fees of $(1,280,422), a net realized gain from

gold bullion distributed for redemptions of $7,405,308 and a net change in unrealized appreciation on investment in gold bullion of $381,835,332.

In comparison, the change in net assets from operations for the quarter ended October 31, 2024 was $127,858,849, resulting from the Sponsor’s

fees of $(695,993), a net realized gain from gold bullion distributed for redemptions of $216,650, and a net change in unrealized appreciation

on investment in gold bullion of $128,338,192.

Other than the Sponsor’s fee, the Trust

had no expenses during the quarter ended July 31, 2025 or the quarter ended July 31, 2024.

The Six Months Ended July 31, 2025 Compared to the Six Months Ended

July 31, 2024

had no expenses during the quarter ended October 31, 2025 or the quarter ended October 31, 2024.

The Nine Months Ended October 31, 2025 Compared to the Nine Months

Ended October 31, 2024

The Trust’s NAV increased from $1,314,597,389

at January 31, 2025 to $1,763,218,226 at July 31, 2025, a 34.13% increase, compared to a 30.50% increase from $780,184,347 at January

31, 2024 to $1,018,106,177 at July 31, 2024.

The increase in the Trust’s NAV in the six months ended July 31, 2025 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.

of outstanding Shares increased from 48,664,686 Shares at January 31, 2025 to 55,607,168 Shares at July 31, 2025 due to the redemption

of 371,502 Shares offset by the creation of 7,313,984 Shares which include 63,984 Shares created for Sponsor’s fees in the six

months ended July 31, 2025, as compared to 39,642 Shares redeemed, offset by 3,450,904 shares created which include 50,904 Shares created

for Sponsor’s fees in the six months ended July 31, 2024.

The number of outstanding Shares on July 31, 2024 was 43,037,292.

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.

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

17.40% during the six months ended July 31, 2025, starting at $27.01 per Share and ending at $31.71 per Share, compared to an increase

of 20.16%, from $19.69 to $23.66 during the six months ended July 31, 2024.

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 63,984 Shares in total for the six months

ended July 31, 2025, compared with 50,904 Shares paid as Sponsor’s fees in the six months ended July 31, 2024.

The NAV per share

of $33.08 on June 13, 2025 was the highest during the six months ended July 31, 2025, compared with a low of $27.17 on February 3, 2025.

at January 31, 2025 to $2,282,329,658 at October 31, 2025, a 73.61% increase, compared to a 59.16% increase from $780,184,347 at January

31, 2024 to $1,241,717,488 at October 31, 2024.

The increase in the Trust’s NAV in the nine months ended October 31, 2025 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 48,664,686 Shares at January 31, 2025 to 59,260,422 Shares at October 31, 2025 due to the creation of Shares by Authorized Participants,

and the creation of 99,218 Shares for Sponsor’s fees, as compared to 78,363 Shares for such purpose in the nine months ended October

The number of outstanding Shares at October 31, 2024 was 46,838,224.

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.

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 42.58%

during the nine months ended October 31, 2025, starting at $27.01 per Share and ending at $38.51 per Share, compared to an increase of

34.64%, from $19.69 to $26.51 during the nine months ended October 31, 2024.

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 99,218 Shares in total for the nine

months ended October 31, 2025, compared with 78,363 Shares paid as Sponsor’s fees in the nine months ended October 31, 2024.

NAV per share of $42.16 on October 20, 2025 was the highest during the nine months ended October 31, 2025, compared with a low of $27.17

on February 3, 2025.

The change in net assets from operations for

the six months ended July 31, 2025 was $233,147,494, resulting from the Sponsor’s fees of $(1,973,954), a net realized gain of

$4,040,610 from gold bullion distributed for redemptions and a net change in unrealized appreciation on investment in gold bullion of

$231,080,838.

In comparison, the change in net assets from operations for the six months ended July 31, 2024 was $161,238,405, resulting

from the Sponsor’s fees of $(1,122,402), a net realized gain of $196,116 from gold bullion distributed for redemptions and a net

change in unrealized appreciation on investment in gold bullion of $162,164,691.

the nine months ended October 31, 2025 was $621,107,712, resulting from the Sponsor’s fees of $(3,254,376), a net realized gain

from gold bullion distributed for redemptions of $11,445,918 and a net change in unrealized appreciation on investment in gold bullion

of $612,916,170.

In comparison, the change in net assets from operations for the nine months ended October 31, 2024 was $289,097,254,

resulting from the Sponsor’s fees of $(1,818,395), a net realized gain from gold bullion distributed for redemptions of $412,766

and a net change in unrealized appreciation on investment in gold bullion of $290,502,883.

Other than the Sponsor’s fee, the Trust

had no expenses during the six months ended July 31, 2025 or the six months ended July 31, 2024.

For the calendar quarter ended July 31 2025, the Marketing Agent earned a fee of $222,448 which was paid by the Sponsor on August 21,

since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $2,079,897 in

Fees has been paid, representing 1.59% 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, 2025 or the nine months ended October 31, 2024.

For the calendar quarter ended October 31, 2025,

the Marketing Agent earned a fee of $391,454 which was paid by the Sponsor on November 25, 2025;

since the initiation of the Marketing

Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $2,471,351 in Fees has been paid, representing 1.69% 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, 2025 and July 31, 2024, the Trust did not have any cash balances.

31, 2025 and October 31, 2024, 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.

“ERISA and Related Considerations.”

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