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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