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Item 1A. Risk Factors

2026-03-27 compared with 2025-03-28 · 350 added, 334 removed, 526 unchanged (57% of the section changed)

Before making an investment decision, you should

consider carefully the risks described below, as well as the other information included in this Report.

Before making an investment decision, you

should consider carefully the risks described below, as well as the other information included in this Report.

RISKS RELATED TO GOLD

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to the Price of Gold

The value of your Shares fluctuates based upon

the price of the gold held by the Trust.

Fluctuations in the price of gold could materially adversely affect your investment in the Shares.

The value of your Shares fluctuates based

upon the price of the gold held by the Trust.

Fluctuations in the price of gold could materially adversely affect your investment in

This creates the potential for losses, regardless of the period of time that you hold the Shares.

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The price of gold has fluctuated widely over the past several years.

This exposes your investment

in Shares to potential losses.

Several factors may affect the price of gold and, as a result, the value of the Shares, including the following:

Global supply and demand, which is influenced by factors including (1) forward selling by gold producers, (2) purchases made by gold producers to unwind gold hedge positions, (3) central bank purchases and sales, (4) production and cost levels in major gold-producing countries and (5) new production projects;

Global or regional political, economic or financial events and situations, especially those unexpected in nature;

This exposes your

investment in Shares to potential losses.

Several factors may affect the price of gold and, as a result, the value of the Shares, including

the following:

Global supply and demand, which is influenced by factors including

(1) forward selling by gold producers, (2) purchases made by gold producers to unwind gold hedge positions, (3) central bank purchases

and sales, (4) production and cost levels in major gold-producing countries and (5) new production projects;

Global or regional political, economic or financial events and situations,

especially those unexpected in nature;

Investors’ expectations regarding future inflation rates;

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Interest rate volatility;

Other economic variables such as income growth, economic output, and monetary policies.

Other economic variables such as income growth, economic output, and

monetary policies.

The Shares have experienced significant price

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Even if you are able to hold Shares for the

long-term, you may never experience a profit, since gold markets have historically experienced extended periods of flat or declining prices,

in addition to sharp fluctuations.

Investors should be advised that there is no assurance

that gold will maintain its long-term value in terms of U.S.

long-term, you may never experience a profit, since gold markets have historically experienced extended periods of flat or declining

prices, in addition to sharp fluctuations.

Investors should be advised that there is no

assurance that gold will maintain its long-term value in terms of U.S.

dollar value in the future.

In the event that the price of gold declines,

the Sponsor expects the value of an investment in the Shares to decline proportionately.

In the event that the price of gold

declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

There is No Guarantee that the High Trading

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will be sustained, there could be significant decreases in the value of net assets and the NAV of the Trust.

Prices in the international gold market have reached

historically high levels in recent years.

The price of physical gold going forward and, in turn, the future value of net assets of the

Trust, may be dependent upon factors that include global gold supply and demand, investors’ inflation expectations, exchange rate

volatility and interest rate volatility.

An adverse development with regard to one or more of these, or other factors may lead to a decrease

in gold bullion currency trading prices.

A decline in prices of gold would decrease the value of net assets and the NAV of the Trust.

Prices in the international gold market have

reached historically high levels in recent years.

The price of physical gold going forward and, in turn, the future value of net assets

of the Trust, may be dependent upon factors that include global gold supply and demand, investors’ inflation expectations, exchange

rate volatility and interest rate volatility.

An adverse development with regard to one or more of these, or other factors may lead to

a decrease in gold bullion currency trading prices.

A decline in prices of gold would decrease the value of net assets and the NAV of

Physical Gold Allocated to the Trust May

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Physical gold allocated to the Trust in connection

with the creation of a Basket may not meet the standards of a London Bar and, if a Basket is issued against such gold, the Trust may suffer

with the creation of a Basket may not meet the standards of a London Bar and, if a Basket is issued against such gold, the Trust may

suffer a loss.

Neither the Trustee nor the Custodian independently

confirms the fineness of the gold allocated to the Trust in connection with the creation of a Basket.

The physical gold allocated to the

Trust by the Custodian may be different from the reported fineness or weight required by the LBMA’s standards for gold bars delivered

in settlement of a gold trade (i.e., London Bars), the standards required by the Trust.

If the Trustee nevertheless issues a Basket against

such gold, and if the Custodian fails to credit the Trust the amount of any deficiency, the Trust may suffer a loss.

The physical gold allocated to

the Trust by the Custodian may be different from the reported fineness or weight required by the LBMA’s standards for gold bars

delivered in settlement of a gold trade (i.e., London Bars), the standards required by the Trust.

If the Trustee nevertheless issues

a Basket against such gold, and if the Custodian fails to credit the Trust the amount of any deficiency, the Trust may suffer a loss.

Value of Gold in Trust Is Limited to the

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Because gold in the Trust is valued at the

price of gold independent of location and type of gold, the value of gold in the Trust is limited to the price of gold multiplied by the

Fine Ounce content of the gold.

price of gold independent of location and type of gold, the value of gold in the Trust is limited to the price of gold multiplied by

the Fine Ounce content of the gold.

Gold in the Trust is valued at the price of gold

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Similarly, when investors exchange their Shares

for physical gold other than London Bars, the Shares also are valued at the price of gold for purposes of calculating their Share in the

for physical gold other than London Bars, the Shares also are valued at the price of gold for purposes of calculating their Share in

The Sponsor may recover this conversion cost as part of the Exchange Fee.

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the Solactive Index on any given date.

Further, any actual or perceived disruptions that result in the perception that the Solactive Index

is vulnerable to actual or attempted manipulation could adversely affect the behavior of investors and traders, which may have an effect

on the price of gold should the Solactive Index be broadly adopted.

Any such disruptions in the determination of the Solactive Index may

also result in an incorrect valuation of the Trust’s gold and an inaccurate computation of the Sponsor’s fee, among other

potential effects.

Further, any actual or perceived disruptions that result in the perception that the Solactive

Index is vulnerable to actual or attempted manipulation could adversely affect the behavior of investors and traders, which may have

an effect on the price of gold should the Solactive Index be broadly adopted.

Any such disruptions in the determination of the Solactive

Index may also result in an incorrect valuation of the Trust’s gold and an inaccurate computation of the Sponsor’s fee, among

other potential effects.

Governmental Actions May Affect the Price

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Governmental decisions, such as the executive order issued by the President of the United States in 1933 requiring

all persons in the United States to deliver gold to the Federal Reserve or the abandonment of the gold standard by the United States in

1971, have been viewed as having significant impact on the supply and demand of gold and the price of gold.

all persons in the United States to deliver gold to the Federal Reserve or the abandonment of the gold standard by the United States

in 1971, have been viewed as having significant impact on the supply and demand of gold and the price of gold.

Future governmental decisions

may have an impact on the price of gold, and may result in a significant decrease or increase in the value of the net assets and the NAV

of the Trust.

An Investment in the Trust may be More Volatile

than an Investment in a Diversified Portfolio

may have an impact on the price of gold, and may result in a significant decrease or increase in the value of the net assets and the

NAV of the Trust.

An Investment in the Trust may be More

Volatile than an Investment in a Diversified Portfolio

Because the Trust invests only in gold, an

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The Trust invests only in gold.

As a result, the

Trust’s holding are not diversified.

Accordingly, the Trust’s NAV may be more volatile than another investment vehicle with

a more broadly diversified portfolio and may fluctuate substantially over time.

the Trust’s holding are not diversified.

Accordingly, the Trust’s NAV will in all likelihood be more volatile than another

investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over time.

The price of gold can be volatile.

Fluctuations in the

price of gold are expected to have a direct impact on the value of the Shares.

Loss of or Damage to the Trust’s Gold

Gold owned by the Trust may be subject to loss,

damage, theft or restriction on access.

Fluctuations in the price of gold are expected to have a direct impact on the value of the Shares.

Loss of or Damage to the Trust’s

Gold owned by the Trust may be subject to

loss, damage, theft or restriction on access.

There is a risk that part or all of the Trust’s

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or other responsible third parties ( e.g.

, a thief or terrorist), any of which may not have the financial resources (including liability

insurance coverage) to satisfy a valid claim of the Trust.

Moreover, losses due to nuclear accidents, terrorism, riots, acts of God, insurrections,

strikes and similar causes beyond the control of the Custodian and for which the Custodian would not be liable may be sustained by the

Any loss of gold owned by the Trust will result in a corresponding loss in the NAV, and it is reasonable to expect that such loss

will also result in a decrease in the value at which the Shares are traded on NYSE Arca.

, a thief or terrorist), any of which may not have the financial resources (including

liability insurance coverage) to satisfy a valid claim of the Trust.

Moreover, losses due to nuclear accidents, terrorism, riots, acts

of God, insurrections, strikes and similar causes beyond the control of the Custodian and for which the Custodian would not be liable

may be sustained by the Trust.

Any loss of gold owned by the Trust will result in a corresponding loss in the NAV, and it is reasonable

to expect that such loss will also result in a decrease in the value at which the Shares are traded on NYSE Arca.

Recovery for Damage to the Trust’s

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Gold Market Liquidity and Supply Risks

There is a risk that the Bank of England may experience

delays in delivering gold during periods of high demand.

If market participants providing liquidity in the London gold market (commonly

known as clearing banks) hold gold in the Bank of England’s vaults, such delays could have broader market repercussions.

There is a risk that the Bank of England may

experience delays in delivering gold during periods of high demand.

If market participants providing liquidity in the London gold market

(commonly known as clearing banks) hold gold in the Bank of England’s vaults, such delays could have broader market repercussions.

This risk has been heightened by concerns over

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tariffs on imports from the U.K.

In anticipation of these tariffs, market participants have been relocating gold from London

As of early 2025, much of this gold has first been sent to refiners in Switzerland for conversion into kilobars before being

shipped to COMEX warehouses in the U.S.

In anticipation of these tariffs, market participants have been relocating gold from

London to the U.S.

As of early 2025, much of this gold has first been sent to refiners in Switzerland for conversion into kilobars before

being shipped to COMEX warehouses in the U.S.

Market prices serve as a key clearing mechanism

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multi-lateral institutions buy, sell and hold gold as part of their reserve assets.

This market sector holds a significant amount of gold,

some of which is static, meaning that it is held in vaults and is not bought, sold, leased or swapped or otherwise available in the open

Several central banks and multi-lateral institutions have sold portions of their gold reserves in recent years, with the result

being that this sector, taken as a whole, has been a net supplier of gold to the open market.

In the event that future economic, political

or social conditions or pressures require members of this sector to liquidate their gold assets all at once or in an uncoordinated manner,

the demand for gold may not be sufficient to accommodate the sudden increase in the supply of gold to the market.

Consequently, the price

of gold may decline which may adversely affect an investment in the Shares.

This market sector holds a significant amount of

gold, some of which is static, meaning that it is held in vaults and is not bought, sold, leased or swapped or otherwise available in

the open market.

Several central banks and multi-lateral institutions have sold portions of their gold reserves in recent years, with

the result being that this sector, taken as a whole, has been a net supplier of gold to the open market.

In the event that future economic,

political or social conditions or pressures require members of this sector to liquidate their gold assets all at once or in an uncoordinated

manner, the demand for gold may not be sufficient to accommodate the sudden increase in the supply of gold to the market.

Consequently,

the price of gold may decline which may adversely affect an investment in the Shares.

The Shares May Trade at a Discount or a

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The amount of the discount or premium

in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca and major gold

While the Shares will trade on the NYSE Arca until 4:00 PM (New York time), liquidity in the market for gold may be reduced after

the close of the major world gold markets, including London.

in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca and major

gold markets.

While the Shares will trade on the NYSE Arca until 4:00 PM (New York time), liquidity in the market for gold may be reduced

after the close of the major world gold markets, including London.

As a result, during this time, trading spreads and the resulting discount

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for the Shares does not develop or continue, the market prices and liquidity of the Shares may be adversely affected.

If you need to sell

your Shares at a time when no active market for them exists, the absence of an active market will most likely adversely affect the price

you receive for your Shares (assuming you are able to sell them).

If you need to

sell your Shares at a time when no active market for them exists, the absence of an active market will most likely adversely affect the

price you receive for your Shares (assuming you are able to sell them).

The Trust is Not Actively Managed

The Trust does not actively trade gold to take

advantage of short-term market fluctuations in the price of gold.

An investment in the Trust will yield long-term gains only if the value

of gold increases over time.

The Trust does not actively trade gold to

take advantage of short-term market fluctuations in the price of gold.

An investment in the Trust will yield long-term gains only if

the value of gold increases over time.

The Trust does not actively manage the gold it

This means that the Trust does not sell gold at times when its price is high or acquire gold at low prices in the expectation of

future price increases.

It also means that the Trust does not make use of any of the hedging techniques available to professional gold

investors to attempt to reduce the risks of losses resulting from price decreases.

Any losses sustained by the Trust will adversely affect

the value of your Shares.

This means that the Trust does not sell gold at times when its price is high or acquire gold at low prices in the expectation

of future price increases.

It also means that the Trust does not make use of any of the hedging techniques available to professional

gold investors to attempt to reduce the risks of losses resulting from price decreases.

Any losses sustained by the Trust will adversely

affect the value of your Shares.

The Trust May Suspend Redemptions of Baskets

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the secondary market.

Although Shares are redeemable by Authorized Participants

in exchange for the underlying amount of gold, redemptions by Authorized Participants may be suspended during any period while regular

trading on NYSE Arca is suspended or restricted, or in which an emergency exists that makes it reasonably impracticable to deliver, dispose

of, or evaluate gold.

If any of these events occurs at the time of a redemption by an Authorized Participant, and the price of gold decreases

before the redemption occurs, an Authorized Participant will sustain a loss with respect to the amount that it would have been able to

obtain in exchange for the gold received from the Trust upon the redemption of its Shares, had the redemption taken place when it was

originally intended to occur.

As a consequence, Authorized Participants may reduce their trading in Shares during periods of suspension,

decreasing the number of potential buyers of Shares in the secondary market and the price an investor may receive upon sale.

Although Shares are redeemable by Authorized

Participants in exchange for the underlying amount of gold, redemptions by Authorized Participants may be suspended during any period

while regular trading on NYSE Arca is suspended or restricted, or in which an emergency exists that makes it reasonably impracticable

to deliver, dispose of, or evaluate gold.

If any of these events occurs at the time of a redemption by an Authorized Participant, and

the price of gold decreases before the redemption occurs, an Authorized Participant will sustain a loss with respect to the amount that

it would have been able to obtain in exchange for the gold received from the Trust upon the redemption of its Shares, had the redemption

taken place when it was originally intended to occur.

As a consequence, Authorized Participants may reduce their trading in Shares during

periods of suspension, decreasing the number of potential buyers of Shares in the secondary market and the price an investor may receive

The Trust May Suspend or Reject the Surrender

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The delivery of physical gold shall

be suspended in the event the Sponsor resigns or is otherwise unable or unwilling to perform its obligations relating to the process of

Delivery Applicants taking delivery of physical gold.

If any of these events occurs at the time that a Delivery Application has been received,

and the price of gold decreases before the Delivery Application is processed, a Delivery Applicant will sustain a loss with respect to

the amount of physical gold that it would have been able to obtain from the Trust in connection with the surrender of the Delivery Applicant’s

Shares had the surrender taken place when it was originally intended to occur.

In addition, there may be a reduction in the trading of

Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary market and the price an investor

may receive upon sale.

be suspended in the event the Sponsor resigns or is otherwise unable or unwilling to perform its obligations relating to the process

of Delivery Applicants taking delivery of physical gold.

If any of these events occurs at the time that a Delivery Application has been

received, and the price of gold decreases before the Delivery Application is processed, a Delivery Applicant will sustain a loss with

respect to the amount of physical gold that it would have been able to obtain from the Trust in connection with the surrender of the

Delivery Applicant’s Shares had the surrender taken place when it was originally intended to occur.

In addition, there may be a

reduction in the trading of Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary

market and the price an investor may receive upon sale.

The Withdrawal of an Authorized Participant

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gold, direct investments in gold and investment vehicles similar to the Trust.

Market and financial conditions, and other conditions beyond

the Sponsor’s control, may make it more attractive to invest in other financial vehicles or to invest in gold directly, which could

limit the market for and reduce the liquidity of the Shares.

Market and financial conditions, and other conditions

beyond the Sponsor’s control, may make it more attractive to invest in other financial vehicles or to invest in gold directly,

which could limit the market for and reduce the liquidity of the Shares.

Other Investment Vehicles May Cause a Decline

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A significant increase in gold hedging activity by gold producers.

Should there be an increase in the level of hedge activity of gold producing companies, it could cause a decline in world gold prices, adversely affecting the price of the Shares.

A significant change in the attitude of speculators and investors toward gold.

Should the speculative community take a negative view toward gold, it could cause a decline in world gold prices, negatively impacting the price of the Shares.

A widening of interest rate differentials between the cost of money and the cost of gold could negatively affect the price of gold which, in turn, could negatively affect the price of the Shares.

A combination of rising money interest rates and a continuation of the current low cost of borrowing gold could improve the economics of selling gold forward.

This could result in an increase in hedging by gold mining companies and short selling by speculative interests, which would negatively affect the price of gold.

Under such circumstances, the price of the Shares would be similarly affected.

Should there be an increase in the level of hedge activity of gold producing companies, it could cause a decline in world gold prices,

adversely affecting the price of the Shares.

A significant change in the attitude of speculators and investors toward

Should the speculative community take a negative view toward gold, it could cause a decline in world gold prices, negatively

impacting the price of the Shares.

A widening of interest rate differentials between the cost of money

and the cost of gold could negatively affect the price of gold which, in turn, could negatively affect the price of the Shares.

A combination of rising money interest rates and a continuation of

the current low cost of borrowing gold could improve the economics of selling gold forward.

This could result in an increase in hedging

by gold mining companies and short selling by speculative interests, which would negatively affect the price of gold.

circumstances, the price of the Shares would be similarly affected.

Payment of the Sponsor’s Fee in Shares

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will decrease when the Sponsor’s Fee is paid in Shares and when the Trustee sells the Trust’s gold to pay Trust expenses.

Without increases in the price of gold sufficient to compensate for that decrease, the price of the Shares will also decline and you will

lose money on your investment in Shares.

Without increases in the price of gold sufficient to compensate for that decrease, the price of the Shares will also decline and you

will lose money on your investment in Shares.

Although the Sponsor has agreed to assume all

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by the Sponsor.

For example, most taxes and other governmental charges that may be imposed on the Trust’s property will not be paid

by the Sponsor.

For example, most taxes and other governmental charges that may be imposed on the Trust’s property will not be

paid by the Sponsor.

As part of its agreement to assume some of the Trust’s ordinary administrative expenses, the Sponsor has agreed

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of gold represented by each Share results in a decrease in the price of a Share even if the price of gold has not changed.

To retain the

Share’s original price, the price of gold would have to increase.

Without that increase, the lesser amount of gold represented by

the Share will have a correspondingly lower price.

the Share’s original price, the price of gold would have to increase.

Without that increase, the lesser amount of gold represented

by the Share will have a correspondingly lower price.

If these increases do not occur, or are not sufficient to counter the lesser amount

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fees or expenses in excess of the amount the Sponsor has agreed to bear and the Shares trade at the same price as the Trust’s NAV,

the price of the gold represented by your Shares would need to increase by the amount of the Sponsor’s Fee between the date of your

purchase and one year later so that your Shares would have the same value on both dates, not including any transaction costs you may incur

to purchase your Shares.

the price of the gold represented by your Shares would need to increase by the amount of the Sponsor’s Fee between the date of

your purchase and one year later so that your Shares would have the same value on both dates, not including any transaction costs you

may incur to purchase your Shares.

The Sponsor’s Fee is currently 0.25% of the NAV of the Trust.

The value of your investment also may decline

if the price of the Shares is negatively affected by the Sponsor’s sale in the open market of the Shares that the Sponsor has received

from the Trust as payment of the Sponsor’s Fee.

The value of your investment also

may decline if the price of the Shares is negatively affected by the Sponsor’s sale in the open market of the Shares that the Sponsor

has received from the Trust as payment of the Sponsor’s Fee.

Operational Problems May Cause a Decline

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of at least 75% of the Shares have the right to require the Trustee to terminate the Trust Agreement.

This power may be exercised by a

relatively small number of holders of Shares.

Upon any such exercise, investors who would have elected to continue to invest in gold through

ownership of Shares will be compelled to find another vehicle for such investment and may not be able to identify another vehicle that

offers the same features as the Trust.

This power may be exercised by

a relatively small number of holders of Shares.

Upon any such exercise, investors who would have elected to continue to invest in gold

through ownership of Shares will be compelled to find another vehicle for such investment and may not be able to identify another vehicle

that offers the same features as the Trust.

A Share Submission is Irrevocable

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May Take Considerable Time

The Custodian or a precious metals dealer will

deliver physical gold to Delivery Applicants in exchange for their Shares.

A delay in the delivery of physical gold to Delivery Applicants

could result in losses if the price of gold declines.

The Custodian or a precious metals dealer

will deliver physical gold to Delivery Applicants in exchange for their Shares.

A delay in the delivery of physical gold to Delivery

Applicants could result in losses if the price of gold declines.

The Custodian or a precious metals dealer will

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Applicant or, if the Delivery Applicant requests physical gold other than London Bars, the Sponsor will enter into an over-the-counter

transaction on the business day following the Share Submission Day with a precious metals dealer to exchange physical gold the Trust holds

for physical gold specified by the Delivery Applicant.

transaction on the business day following the Share Submission Day with a precious metals dealer to exchange physical gold the Trust

holds for physical gold specified by the Delivery Applicant.

Because delivery time depends on many factors, including the types of physical

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Result in a Decline in the Price of Shares

If the process of creation and redemption of

Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions intended to keep the price of the Shares

If the process of creation and redemption

of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions intended to keep the price of the Shares

closely linked to the price of gold may not exist, and as a result, the price of the Shares may fall.

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and the price of the Shares may fluctuate independently of the price of gold and may fall.

A Delivery Applicant Bears the Risk of Loss

in Connection with the Delivery of Physical Gold

A Delivery Applicant Bears the Risk of

Loss in Connection with the Delivery of Physical Gold

A Delivery Applicant that suffers loss of,

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Delivery Applicant will have five business days, or such shorter or longer period as may be specified in the Delivery Application from

time to time, following the receipt of the physical gold to notify the Sponsor in writing of any complaints or objections concerning the

shipment, delivery or receipt of the physical gold.

In the absence of any such objection or complaint, the Delivery Applicant will be

deemed to have accepted receipt of the physical gold in full satisfaction of the physical gold due the Delivery Applicant and to have

time to time, following the receipt of the physical gold to notify the Sponsor in writing of any complaints or objections concerning

the shipment, delivery or receipt of the physical gold.

In the absence of any such objection or complaint, the Delivery Applicant will

be deemed to have accepted receipt of the physical gold in full satisfaction of the physical gold due the Delivery Applicant and to have

waived any and all claims the Delivery Applicant may have concerning the physical gold received by the Delivery Applicant.

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gold under a Transaction and Shipping Agreement between the Sponsor and the precious metals dealer.

In addition, the Trust may enter into

exchange transactions with only one or a limited number of precious metals dealers, which may increase the Trust’s exposure to counterparty

Further, there is a risk that no suitable precious metals dealers will be willing to enter into, or continue to enter into, transactions

with the Trust, and as a result, the Trust may not be able to exchange London Bars for physical gold of different specifications.

In addition, the Trust may enter

into exchange transactions with only one or a limited number of precious metals dealers, which may increase the Trust’s exposure

to counterparty risk.

Further, there is a risk that no suitable precious metals dealers will be willing to enter into, or continue to

enter into, transactions with the Trust, and as a result, the Trust may not be able to exchange London Bars for physical gold of different

specifications.

Default of a Precious Metals Dealer

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During those times, the Trust will have no proprietary rights to any specific bars of gold held by the precious metals dealer,

may not have possession of the physical gold held on its behalf by the precious metals dealer and will be an unsecured creditor of a precious

metals dealer.

In the event the precious metals dealer becomes insolvent or a claim of misconduct is made against the precious metals

dealer, the precious metals dealer’s assets might not be adequate to satisfy a claim by the Trust.

may not have possession of the physical gold held on its behalf by the precious metals dealer and will be an unsecured creditor of a

precious metals dealer.

In the event the precious metals dealer becomes insolvent or a claim of misconduct is made against the precious

metals dealer, the precious metals dealer’s assets might not be adequate to satisfy a claim by the Trust.

A Failure by a Precious Metals Dealer to

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and Shipping Agreement, the precious metals dealer is responsible to the Trust for any deficiency in the amount or quality of physical

Although the Transaction and Shipping Agreement requires the precious metals dealer to maintain insurance to protect the Trust in

the event of a loss associated with physical gold, the Trust has no input regarding the amount, validity or adequacy of such insurance.

Any failure by the precious metals dealer to exercise due care with respect to the exchange and delivery of physical gold may not be detectable

or controllable by the Sponsor or the Trustee and, assuming the Delivery Applicant seeks recourse against the Trust, could result in a

loss to the Trust.

Although the Transaction and Shipping Agreement requires the precious metals dealer to maintain insurance to protect the Trust

in the event of a loss associated with physical gold, the Trust has no input regarding the amount, validity or adequacy of such insurance.

Any failure by the precious metals dealer to exercise due care with respect to the exchange and delivery of physical gold may not be

detectable or controllable by the Sponsor or the Trustee and, assuming the Delivery Applicant seeks recourse against the Trust, could

result in a loss to the Trust.

The Trust’s Ability to Recover Losses

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limited under the Transaction and Shipping Agreement.

Under the Transaction and Shipping Agreement, the precious metals dealer shall exercise

the same degree of care and diligence in safeguarding the Trust’s gold as any reasonably prudent person acting as a custodian would

exercise in the same circumstances and is liable for losses associated with the failure of physical gold to be in the amount and of the

quality specified by the Sponsor in an over-the-counter transaction and for physical loss or destruction of gold that results from fraud,

theft, negligence or otherwise and regardless of culpability of the precious metals dealer.

However, any such liability is limited to

the market value of physical gold held by the precious metals dealer at the time such negligence, fraud or willful default is discovered

and is subject to the precious metals dealer honoring its contractual obligations.

Under the Transaction and Shipping Agreement, the precious metals dealer shall

exercise the same degree of care and diligence in safeguarding the Trust’s gold as any reasonably prudent person acting as a custodian

would exercise in the same circumstances and is liable for losses associated with the failure of physical gold to be in the amount and

of the quality specified by the Sponsor in an over-the-counter transaction and for physical loss or destruction of gold that results

from fraud, theft, negligence or otherwise and regardless of culpability of the precious metals dealer.

However, any such liability is

limited to the market value of physical gold held by the precious metals dealer at the time such negligence, fraud or willful default

is discovered and is subject to the precious metals dealer honoring its contractual obligations.

Physical Gold May not be Available in the

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The Trust holds London Bars.

To facilitate a Delivery

Applicant’s ability to exchange Shares for physical gold, the Sponsor will engage in an over-the-counter transaction with a precious

metals dealer to exchange the Trust’s London Bars for physical gold of different specifications.

There is no guarantee that at the

time that the Sponsor seeks to exchange the Trust’s London Bars for physical gold of different specifications such physical gold

will be available.

To facilitate a

Delivery Applicant’s ability to exchange Shares for physical gold, the Sponsor will engage in an over-the-counter transaction with

a precious metals dealer to exchange the Trust’s London Bars for physical gold of different specifications.

There is no guarantee

that at the time that the Sponsor seeks to exchange the Trust’s London Bars for physical gold of different specifications such

physical gold will be available.

As a result, it may be necessary for a Delivery Applicant to wait for such physical gold to be available.

If the precious

metals dealer advises the Sponsor that the desired physical gold is not available, the Sponsor will advise the Delivery Applicant.

that time, the Sponsor may offer the Delivery Applicant physical gold that is different from the physical gold specified in the Delivery

Application that comprises the same Fine Ounce content.

If the Delivery Applicant accepts different physical gold than that specified

in the Delivery Application, a new Delivery Application would need to be completed and it may result in higher or lower processing fees.

However, it is unlikely that the cash proceeds (i.e., the difference between the value of a Delivery Applicant’s Shares and the

value of physical gold to be delivered to the Delivery Applicant) will change because the total Fine Ounce component of the physical gold

will not change unless otherwise agreed to by the Delivery Applicant.

During times of high demand for coins in the market, Processing

Fees may be updated frequently and may be updated after the time a Delivery Applicant submits an application before it is pre-approved;

If the precious metals dealer advises the Sponsor that the desired physical gold is not available, the Sponsor will advise the Delivery

At that time, the Sponsor may offer the Delivery Applicant physical gold that is different from the physical gold specified

in the Delivery Application that comprises the same Fine Ounce content.

If the Delivery Applicant accepts different physical gold than

that specified in the Delivery Application, a new Delivery Application would need to be completed and it may result in higher or lower

processing fees.

However, it is unlikely that the cash proceeds (i.e., the difference between the value of a Delivery Applicant’s

Shares and the value of physical gold to be delivered to the Delivery Applicant) will change because the total Fine Ounce component of

the physical gold will not change unless otherwise agreed to by the Delivery Applicant.

During times of high demand for coins in the

market, Processing Fees may be updated frequently and may be updated after the time a Delivery Applicant submits an application before

it is pre-approved;

in this case, the Delivery Applicant may have to pay a higher Processing Fee to have the Delivery Application pre-approved.

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the chain of integrity may need to be re-assayed.

In addition to the costs associated with assaying, there may be significant delays in

assaying gold, especially during times when gold may be in high demand, due to potential backlogs.

In addition to the costs associated with assaying, there may be significant delays

in assaying gold, especially during times when gold may be in high demand, due to potential backlogs.

If, upon exchanging Shares for physical gold,

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This may make a future sale of such gold more difficult and expensive.

In addition, the

value of any London Bars that have left the chain of integrity are likely to be at a discount from the spot price of gold.

the value of any London Bars that have left the chain of integrity are likely to be at a discount from the spot price of gold.

Physical gold other than London Bars also may

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Exchange Act.

The Trust is not registered as an investment company

under the 1940 Act and is not required to register thereunder.

Consequently, investors do not have the regulatory protections provided

to investors in investment companies.

The Trust will not hold or trade in commodity futures contracts regulated by the Commodity Exchange

Act, as administered by the CFTC.

Furthermore, the Trust is not a commodity pool for purposes of the Commodity Exchange Act, and the Sponsor

is not subject to regulation by the CFTC as a commodity pool operator, or a commodity trading advisor, in connection with the Shares.

Therefore, investors will not have the regulatory protections provided to investors in instruments or commodity pools regulated by the

Commodity Exchange Act.

The Trust is not registered as an investment

company under the 1940 Act and is not required to register thereunder.

Consequently, investors do not have the regulatory protections

provided to investors in investment companies.

The Trust will not hold or trade in commodity futures contracts regulated by the Commodity

Exchange Act, as administered by the CFTC.

Furthermore, the Trust is not a commodity pool for purposes of the Commodity Exchange Act,

and the Sponsor is not subject to regulation by the CFTC as a commodity pool operator, or a commodity trading advisor, in connection

with the Shares.

Therefore, investors will not have the regulatory protections provided to investors in instruments or commodity pools

regulated by the Commodity Exchange Act.

Termination and Liquidation May Be Required

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If the Trust is required to terminate and liquidate,

such termination and liquidation could occur at a time that is disadvantageous to investors, such as when gold prices are lower than the

gold prices at the time when investors purchased their Shares.

In such a case, the Trust’s gold may be sold as part of the Trust’s

liquidation and the resulting proceeds distributed to investors will be less than if gold prices were higher at the time of the sale.

such termination and liquidation could occur at a time that is disadvantageous to investors, such as when gold prices are lower than

the gold prices at the time when investors purchased their Shares.

In such a case, the Trust’s gold may be sold as part of the

Trust’s liquidation and the resulting proceeds distributed to investors will be less than if gold prices were higher at the time

RISKS RELATED TO THE CUSTODY OF GOLD

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the agreement with the Trust and U.K.

law may impair the ability of the Trust to recover losses concerning its gold and any recovery may

be limited, even in the event of fraud, to the market value of the gold at the time the fraud is discovered.

law may impair the ability of the Trust to recover losses concerning its gold and any recovery

may be limited, even in the event of fraud, to the market value of the gold at the time the fraud is discovered.

The liability of the Custodian is limited under

the Custody Agreement.

Under the agreements between the Trustee and the Custodian that establishes the Trust Unallocated Account and the

Trust Allocated Account, the Custodian is liable only for losses that are the direct result of its own negligence, fraud or willful default

in the performance of its duties.

Any such liability is further limited to the market value of the gold held in the Trust Allocated Account

and the Trust Unallocated Account at the time such negligence, fraud or willful default is discovered by the Custodian or notified to

the Custodian by the Trustee.

Under the agreements between the Trustee and the Custodian that establishes the Trust Unallocated Account and

the Trust Allocated Account, the Custodian is liable only for losses that are the direct result of its own negligence, fraud or willful

default in the performance of its duties.

Any such liability is further limited to the market value of the gold held in the Trust Allocated

Account and the Trust Unallocated Account at the time such negligence, fraud or willful default is discovered by the Custodian or notified

to the Custodian by the Trustee.

In addition, under an unallocated account agreement between the Authorized Participant and the Custodian

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The Trust is a New York common law trust.

Any United States, New York or other court situated in the

United States may have difficulty interpreting U.K.

law (which, insofar as it relates to custody arrangements, is largely derived from

court rulings rather than statute), LBMA rules or the customs and practices in the London custody market.

It may be difficult or impossible

for the Trust to sue the Custodian in a United States, New York or other court situated in the United States.

In addition, it may be difficult,

time consuming and/or expensive for the Trust to enforce in a foreign court a judgment rendered by a United States, New York or other

court situated in the United States.

Any United States, New York or other court situated in

the United States may have difficulty interpreting U.K.

law (which, insofar as it relates to custody arrangements, is largely derived

from court rulings rather than statute), LBMA rules or the customs and practices in the London custody market.

It may be difficult or

impossible for the Trust to sue the Custodian in a United States, New York or other court situated in the United States.

it may be difficult, time consuming and/or expensive for the Trust to enforce in a foreign court a judgment rendered by a United States,

New York or other court situated in the United States.

Investors Do Not have the Right to Assert

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may only be asserted by the Trustee on behalf of the Trust.

A Failure by the Custodian to Exercise Due

Care with Respect to Gold Could Result in a Loss to the Trust

A Failure by the Custodian to Exercise

Due Care with Respect to Gold Could Result in a Loss to the Trust

The Trust will rely on the Custodian for the

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pursuant to the Custody Agreement.

In addition, the ability to monitor the performance of the Custodian may be limited because under the

Custody Agreement the Trustee and the Sponsor and any accountants or other inspectors selected by the Sponsor have only limited rights

to visit the premises of the Custodian for the purpose of examining the Trust’s gold and certain related records maintained by the

As a result of the above, any failure by the Custodian to exercise due care in the safekeeping of the Trust’s gold may

not be detectable or controllable by the Trustee and could result in a loss to the Trust.

In addition, the ability to monitor the performance of the Custodian may be limited because under

the Custody Agreement the Trustee and the Sponsor and any accountants or other inspectors selected by the Sponsor have only limited rights

to visit the premises of the Custodian for the purpose of examining the Trust’s gold and certain related records maintained by

the Custodian.

As a result of the above, any failure by the Custodian to exercise due care in the safekeeping of the Trust’s gold

may not be detectable or controllable by the Trustee and could result in a loss to the Trust.

The Trust Would Be An Unsecured Creditor

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Gold which is part of a deposit for a purchase

order or part of a redemption distribution will be held for a time in the Trust Unallocated Account and, previously or after, in the unallocated

gold account of the purchasing Authorized Participant.

During those times, the Trust and the Authorized Participant, as the case may be,

will have no proprietary rights to any specific bars of gold held by the Custodian and will each be an unsecured creditor of the Custodian

with respect to the amount of gold held in such unallocated accounts.

In addition, if the Custodian fails to segregate gold held by it

on behalf of the Trust, unallocated gold will not be segregated from the Custodian’s assets, and the Trust will be an unsecured

creditor of the Custodian with respect to the amount so held in the event of the insolvency of the Custodian.

In the event the Custodian

becomes insolvent, the Custodian’s assets might not be adequate to satisfy a claim by the Trust or the Authorized Participant for

the amount of gold held in their respective unallocated gold accounts.

Baskets May Be Issued for More or Less Gold

than Required

In issuing Baskets, the Trustee will rely on

certain information received from the Custodian which is subject to confirmation after the Trustee has relied on the information.

information turns out to be incorrect, Baskets may be issued in exchange for an amount of gold that is more or less than the amount of

gold required to be deposited with the Trust.

The Custodian’s definitive records are prepared

after the close of its business day.

However, when issuing Baskets, the Trustee will rely on information reporting the amount of gold

credited to the Trust’s accounts that it receives from the Custodian during the business day and which is subject to correction

order or part of a redemption distribution will be held for a time in the Trust Unallocated Account and, previously or after, in the

unallocated gold account of the purchasing Authorized Participant.

During those times, the Trust and the Authorized Participant, as the

case may be, will have no proprietary rights to any specific bars of gold held by the Custodian and will each be an unsecured creditor

of the Custodian with respect to the amount of gold held in such unallocated accounts.

In addition, if the Custodian fails to segregate

gold held by it on behalf of the Trust, unallocated gold will not be segregated from the Custodian’s assets, and the Trust will

be an unsecured creditor of the Custodian with respect to the amount so held in the event of the insolvency of the Custodian.

event the Custodian becomes insolvent, the Custodian’s assets might not be adequate to satisfy a claim by the Trust or the Authorized

Participant for the amount of gold held in their respective unallocated gold accounts.

Baskets May Be Issued for More or Less

Gold than Required

In issuing Baskets, the Trustee will rely

on certain information received from the Custodian which is subject to confirmation after the Trustee has relied on the information.

If such information turns out to be incorrect, Baskets may be issued in exchange for an amount of gold that is more or less than the

amount of gold required to be deposited with the Trust.

The Custodian’s definitive records are

prepared after the close of its business day.

However, when issuing Baskets, the Trustee will rely on information reporting the amount

of gold credited to the Trust’s accounts that it receives from the Custodian during the business day and which is subject to correction

during the preparation of the Custodian’s definitive records after the close of business.

If the information relied upon by the

Trustee is incorrect, the amount of gold actually received by the Trust may be more or less than the amount required to be deposited for

the issuance of Baskets.

Trustee is incorrect, the amount of gold actually received by the Trust may be more or less than the amount required to be deposited

for the issuance of Baskets.

Any Indemnification that the Trust is Required

to Pay May Adversely Affect the Value of the Shares

The value of the Shares will be adversely affected

if the Trust is required to indemnify the Sponsor, the Trustee or the Custodian as contemplated in the Trust Agreement and the Custody

The value of the Shares will be adversely

affected if the Trust is required to indemnify the Sponsor, the Trustee or the Custodian as contemplated in the Trust Agreement and the

Custody Agreement.

Under the Trust Agreement, each of the Sponsor

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or willful misconduct on its part.

Similarly, the Custody Agreement provides for indemnification of the Custodian by the Trust under certain

circumstances.

That means that it may be necessary to sell assets of the Trust to cover losses or liability suffered by the Sponsor, the

Trustee or the Custodian.

Similarly, the Custody Agreement provides for indemnification of the Custodian by the Trust under

certain circumstances.

That means that it may be necessary to sell assets of the Trust to cover losses or liability suffered by the Sponsor,

the Trustee or the Custodian.

Any sale of that kind would reduce the NAV of the Trust and the value of the Shares.

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The Custodian is responsible for the safekeeping

of the Trust’s gold bullion that the Custodian allocates to the Trust in connection with the creation of Baskets by Authorized Participants.

of the Trust’s gold bullion that the Custodian allocates to the Trust in connection with the creation of Baskets by Authorized

Participants.

The Custodian also facilitates the transfer of gold in and out of the Trust.

Although the Custodian is a market maker, clearer and approved

weigher under the rules of the LBMA (which sets out good practices for participants in the bullion market), the LBMA is not an official

or governmental regulatory body.

Furthermore, although the Custodian is subject to general banking regulations by U.S.

regulators and

is generally regulated in the U.K.

by the Prudential Regulation Authority and the FCA, such regulations do not directly cover the Custodian’s

gold bullion custody operations in the U.K.

Accordingly, the Trust is dependent on the Custodian to comply with the best practices of

the LBMA and to implement satisfactory internal controls for its gold bullion custody operations in order to keep the Trust’s gold

Although the Custodian is a market maker,

clearer and approved weigher under the rules of the LBMA (which sets out good practices for participants in the bullion market), the

LBMA is not an official or governmental regulatory body.

Furthermore, although the Custodian is subject to general banking regulations

regulators and is generally regulated in the U.K.

by the Prudential Regulation Authority and the FCA, such regulations do not

directly cover the Custodian’s gold bullion custody operations in the U.K.

Accordingly, the Trust is dependent on the Custodian

to comply with the best practices of the LBMA and to implement satisfactory internal controls for its gold bullion custody operations

in order to keep the Trust’s gold secure.

The Trust’s Service Providers May

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service providers are vulnerable to the effects of public health crises, such as the coronavirus pandemic (the “COVID-19 pandemic”).

Pandemics and other public health crises may cause

a curtailment of business activities which may potentially impact the ability of the Sponsor and its service providers to operate.

COVID-19 pandemic or a similar public health threat could adversely impact the Trust by causing operating delays and disruptions, market

disruption and shutdowns (including as a result of government regulation and prevention measures).

The COVID-19 pandemic, for example,

had substantive effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets.

Pandemics and other public health crises may

cause a curtailment of business activities which may potentially impact the ability of the Sponsor and its service providers to operate.

The COVID-19 pandemic or a similar public health threat could adversely impact the Trust by causing operating delays and disruptions,

market disruption and shutdowns (including as a result of government regulation and prevention measures).

The COVID-19 pandemic, for

example, had substantive effects on social, economic and financial systems, including significant uncertainty and volatility in the financial

The Trust as well as the Sponsor and its

service providers are vulnerable to the effects of geopolitical events, including the conflict in the Middle East, the continuation of

the war in Ukraine and other hostilities.

Geopolitical events, including the conflict in

the Middle East, the continuation of the war in Ukraine and other hostilities could disrupt and potentially impact the business activities

of the Sponsor and its service providers and have an adverse effect on the Trust.

On October 7, 2023, militants from Gaza attacked

Israeli towns, killed Israeli civilians and soldiers and took hostages.

In response to the attack, Israel declared war against Hamas,

attacking Hamas and Islamic targets in Gaza.

The conflict has escalated in the past year, and Israel is fighting adversaries across the

Middle East, including Hezbollah in Lebanon and the Houthis in Yemen and Iran.

The responses of countries and political bodies to these

events, the larger overarching tensions, Israel’s military response and the potential for wider conflict may increase financial

market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and

service providers are vulnerable to the effects of geopolitical events, including the ongoing and escalating conflicts in the Middle

East, the continuation of the war in Ukraine, and changes in international trade policy.

Geopolitical events, including the ongoing and

escalating conflicts in the Middle East, the continuation of the war in Ukraine and other global hostilities could disrupt and potentially

impact the business activities of the Sponsor and its service providers and have an adverse effect on the Trust.

On October 7, 2023, militants from Gaza launched

a large-scale attack on Israeli towns, resulting in the deaths of civilians and soldiers and the taking of hostages.

In response, Israel

declared war on Hamas and initiated military operations targeting Hamas and other militant groups in Gaza.

The continuing conflict has

led to broader regional instability, military escalation, and the responses of global political actors-including sanctions, diplomatic

interventions, and military posturing-which has increased volatility in financial markets and may continue to do so.

These developments

could adversely affect regional and global economic conditions and contribute to fluctuations in the price of gold and, consequently,

the price of the Shares.

In addition, the conflict, along with any global political fallout and implications including sanctions, collateral

war damage, and a potential expansion of the conflict, could disturb the gold market.

Russia launched a large-scale invasion of Ukraine

on February 24, 2022.

The extent and duration of the military action, resulting sanctions and economic impacts are impossible to predict.

These and any related events could cause volatility in precious metals prices and have significant impact on Trust performance and the

value of an investment in the Shares.

Russia is a significant producer of gold.

On March 7, 2022, in response to the Russian hostilities

in the Ukraine, LBMA suspended six Russian refiners;

as a result, new production by such refiners were no longer be accepted as “Good

Delivery” by the London Bullion market.

The bars these refiners previously produced will still be considered Good Delivery, consistent

with past suspensions of refiners by the LBMA.

However, fewer suppliers to the LBMA may lead to a lower supply of Good Delivery gold and

further volatility in the price of gold.

Following an announcement at the G7 Summit to

collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i) import of gold that originated

in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated

in Russia, all after July 21, 2022.

Similarly, U.S.

regulations prohibit the import of gold of Russian origin into the United States on

or after June 28, 2022 and European Union regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates

in Russia and has been exported from Russia after July 22, 2022.

On August 3, 2022, Switzerland announced sanctions that ban buying, importing

or transporting gold and gold products from Russia, as well as services in connection with said gold and gold products.

Although it is

not possible to predict the impact that these sanctions may have, such sanctions could impact the operations of the Trust and its service

providers and could significantly harm the value of the Trust’s Shares.

Additional risks include disruptions to global shipping routes, energy markets, and the broader commodities

supply chain, all of which could impact the gold market.

Similarly, the war in Ukraine, which began with Russia’s invasion in February 2022, continues to pose geopolitical and economic

In response to the invasion, the London Bullion Market Association (LBMA) suspended the accreditation of six Russian precious

metals refiners on March 7, 2022, although bars produced prior to that date remain accepted as good delivery.

Further, the United States,

United Kingdom, and European Union have imposed restrictions on the import, purchase, and transfer of Russian-origin gold.

These measures

regulations prohibiting the import of Russian-origin

gold as of June 28, 2022;

regulations banning the import, acquisition, and delivery

of Russian-origin gold after July 21, 2022;

regulations prohibiting the import, purchase, or transfer

of Russian-origin gold exported after July 22, 2022.

The responses of countries and political bodies

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In addition, the conflict in Ukraine, along with global political fallout and implications

including sanctions, collateral war damage, and a potential expansion of the conflict beyond Ukraine’s borders, could disturb the

including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine’s borders,

could disturb the gold market.

In addition to the risks posed by armed conflict and sanctions, changes in international trade policy, including the imposition of tariffs

or other trade barriers, could impact the price of gold and the value of the Shares.

The price of gold is subject to fluctuations due

to a variety of geopolitical and macroeconomic factors, including changes in trade policy.

The imposition of tariffs or other trade barriers

by major gold-importing or -exporting countries may disrupt global supply chains, reduce cross-border demand, or increase the cost of

gold production.

In addition, trade disputes and related policy uncertainty may contribute to increased market volatility, which could

affect investor sentiment and the market price of gold.

Trade tensions and related policy uncertainty may also lead to currency fluctuations,

particularly in the U.S.

dollar, which could impact the price of gold as it is typically denominated in U.S.

These developments

may positively or negatively impact the price of gold and the value of the Shares.

Information system disruptions could adversely

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They may result in any of the following:

financial losses (including loss or theft of Trust assets), interference

with the Trust’s ability to calculate its NAV, disclosure of confidential information, impediments to trading, submission of erroneous

trades or erroneous creation or redemption orders, the inability of the Trust or the Service Providers to transact business, violations

of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and

other legal and compliance costs.

In addition, cyber incidents may render records of Trust assets and transactions, Shareholder ownership

of the Shares, and other data integral to the functioning of the Trust inaccessible, inaccurate or incomplete.

The Trust may incur substantial

costs in order to resolve or prevent cyber incidents.

financial losses (including loss or theft of Trust assets),

interference with the Trust’s ability to calculate its NAV, disclosure of confidential information, impediments to trading, submission

of erroneous trades or erroneous creation or redemption orders, the inability of the Trust or the Service Providers to transact business,

violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation

costs, and other legal and compliance costs.

In addition, cyber incidents may render records of Trust assets and transactions, Shareholder

ownership of the Shares, and other data integral to the functioning of the Trust inaccessible, inaccurate or incomplete.

The Trust may

incur substantial costs in order to resolve or prevent cyber incidents.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors