0001690437
2022-07-01
2022-12-31
0001690437
2023-02-03
0001690437
2022-12-31
0001690437
2022-06-30
0001690437
2021-07-01
2022-06-30
0001690437
BAR:GoldBullionMember
2022-12-31
0001690437
BAR:GoldBullionMember
2022-06-30
0001690437
2022-10-01
2022-12-31
0001690437
2021-10-01
2021-12-31
0001690437
2021-07-01
2021-12-31
0001690437
2022-09-30
0001690437
2021-09-30
0001690437
2021-06-30
0001690437
2021-12-31
0001690437
srt:MaximumMember
2022-07-01
2022-12-31
iso4217:USD
shares
iso4217:USD
shares
utr:oz
pure
0001690437
false
Q2
2023
--06-30
Unlimited
Unlimited
10-Q
true
2022-12-31
false
001-38195
GRANITESHARES GOLD TRUST
NY
82-6393903
c/o GraniteShares Inc
205 Hudson Street
7th Floor
New York
NY
10013
(646)
876-5096
No
Yes
Large Accelerated Filer
false
false
false
Shares
BAR
NYSEArca
50100000
886920000
996271000
886920000
996271000
131000
144000
131000
144000
886789000
996127000
49400000
55300000
17.95
18.01
778366000
870362000
489375.649
778366000
886920000
1.0001
778366000
886920000
1.0001
-131000
-0.0001
886789000
1.0000
548305.419
870362000
996271000
1.0001
870362000
996271000
1.0001
-144000
-0.0001
996127000
1.0000
378000
407000
774000
868000
378000
407000
774000
868000
-378000
-407000
-774000
-868000
25000
52000
65000
120000
3562000
23465000
10681000
24065000
3587000
23517000
10746000
24185000
66572000
17987000
-17355000
4515000
70159000
41504000
-6609000
28700000
69781000
41097000
-7383000
27832000
1.39
0.79
-0.14
0.50
50136000
51716000
51180000
55291000
831601000
1041477000
996127000
1009450000
1600000
700000
1600000
3550000
26767000
12542000
26767000
63036000
2400000
10400000
7500000
10700000
-41360000
-183106000
-128722000
-188308000
-378000
-407000
-774000
-868000
25000
52000
65000
120000
3562000
23465000
10681000
24065000
66572000
17987000
-17355000
4515000
886789000
912010000
886789000
912010000
16.57
17.30
18.01
17.51
-0.01
-0.01
-0.02
-0.02
1.39
0.77
-0.04
0.57
1.38
0.76
-0.06
0.55
17.95
18.06
17.95
18.06
0.0833
0.0439
-0.0033
0.0314
886789000
912010000
886789000
912010000
-0.0017
-0.0017
-0.0017
-0.0017
0.0017
0.0017
0.0017
0.0017
<p id="xdx_806_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zdPtJHOk8eZa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
<span id="xdx_829_zi5Ss1bmS1Zi">Organization</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares
Gold Trust (the “Trust”) is an investment trust formed on August 24, 2017 under New York law pursuant to a trust indenture.
The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing the performance
of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation
of financial statements. The Trustee is responsible for the day-to-day administration of the Trust.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust at that
time less the Trust’s accrued expenses and liabilities as of that time. The Shares are intended to constitute a simple and cost-effective
means of making an investment similar to an investment in gold.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fiscal year end for the Trust is June 30.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undefined
capitalized terms shall have the meaning as set forth in the Trust’s registration statement.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_805_eus-gaap--SignificantAccountingPoliciesTextBlock_zT8VZcUCIWsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
<span id="xdx_822_zCqIbG9anc9i">Significant accounting policies</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes,
the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act
of 1940 and is not required to register under such act.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires
those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures.
Actual results could differ from those estimates.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of significant accounting policies followed by the Trust.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_849_ecustom--ValuationOfBullionPolicyTextBlock_zJDzDCUAYSxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.1
<span id="xdx_86C_zf81At3vjszb">Valuation of Gold</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair
value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair
value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gold
is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom
vaulting premises. The cost of gold is determined according to the average cost method and the fair value is based on the London Bullion
Market Association (“LBMA”) PM Gold Price. If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use
the most recently announced LBMA Gold Price AM unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate
as a basis for evaluation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable
and auditable over-the-counter auction market with the ability to participate in US Dollars, Euros or British Pounds for LBMA authorized
participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold Price to calculate
the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount
of gold held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are
as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly.
These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar
data.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s
own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based
on the best information available.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee categorizes the Trust’s investment in gold as a level 1 asset within the ASC 820 hierarchy.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_845_ecustom--ExpensesPolicyTextBlock_zrXEh1svhoCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.2
<span id="xdx_868_z5MyR3EiNV29">Expenses, realized gains and losses</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate
equal to <span id="xdx_903_ecustom--FeePaidToSponsor_pid_dp_uPure_c20220701__20221231_zKzWZBHFeTLa" title="Fee paid to sponsor percentage">0.1749</span>% of the adjusted daily net asset value of the Trust, paid monthly in arrears.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and
out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United
States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain
legal expenses.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, the fees payable to the Sponsor were $<span id="xdx_90D_ecustom--FeesPayableToSponsor_iI_c20221231_zPderi5F2BN2" title="Fees payable to sponsor">131,235</span>. As of June 30, 2022, the fees payable to the Sponsor were $<span id="xdx_907_ecustom--FeesPayableToSponsor_iI_c20220630_zNaZYuPAwN0a" title="Fees payable to sponsor">143,857</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust’s gold as necessary to pay these expenses. When selling gold to pay expenses, the Trustee will endeavor to sell
the smallest amounts of gold needed to pay these expenses in order to minimize the Trust’s holdings of assets other than gold.
Other than the Sponsor’s Fee, the Trust had <span id="xdx_90F_eus-gaap--OtherExpenses_do_c20220701__20221231_zMUbFYLgiKMi" title="Other expenses"><span id="xdx_901_eus-gaap--OtherExpenses_do_c20210701__20211231_zPKxudxfVlIb" title="Other expenses">no</span></span> expenses during the three and six months ended December 31, 2022 and 2021.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise directed by the Sponsor, when selling gold the Trustee will endeavor to sell at the price established by the LBMA PM Gold Price.
The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable
price and execution of orders. The Custodian may be the purchaser of such gold only if the sale transaction is made at the next LBMA
PM Gold Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain
or loss is recognized based on the difference between the selling price and the cost of the gold sold. Neither the Trustee nor the Sponsor
is liable for depreciation or loss incurred by reason of any sale.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
gains and losses result from the transfer of gold for Share redemptions and / or to pay expenses and are recognized on a trade date basis
as the difference between the fair value and cost of gold transferred. Gain or loss on sales of gold bullion is calculated on a trade
date basis using the average cost method.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_841_ecustom--ReceivableAndPayablePolicyTextBlock_zHD0NeSY8PBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.3.
<span id="xdx_865_zyjSdIHUEm0l">Gold Receivable and Payable</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gold
receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares
respectively, where the gold has not yet been transferred to or from the Trust’s account. Generally, ownership of the gold is transferred
within two business days of the trade date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p id="xdx_849_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zi21TFgpYHF9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.4
<span id="xdx_868_zcA9iVTKPrsc">Creations and Redemptions of Shares</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust issues and redeems in one or more blocks of <span id="xdx_90C_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_c20220701__20221231_zSstnTpOQ9Ob" title="Minimum block of shares issued redeemed">50,000</span> Shares (a block of <span id="xdx_904_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_c20220701__20221231_zuFn4ZMFSlhl" title="Minimum block of shares issued redeemed">50,000</span> Shares is called a “Basket”) only to Authorized
Participants. The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution
by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined
Fine Ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order to
create or redeem Baskets is properly received.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orders
to create and redeem Baskets may be placed only by Authorized Participants. An Authorized Participant must: (1) be a registered broker-dealer
or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration,
would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have
an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards
described herein. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor
and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the
delivery of the gold required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached
thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant. A transaction fee
of $<span id="xdx_90D_ecustom--TransactionFeeForCreationsAndRedemptions_c20220701__20221231_zvueUkthDNq5" title="Transaction fee for creations and redemptions">500</span> will be assessed on all creation and redemption transactions. Multiple Baskets may be created on the same day, provided each
Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust Allocated Account such that
the Trust Unallocated Account holds no more than <span id="xdx_907_ecustom--MaximumAmountOfGoldToBeHeldByTrustUnallocatedAccount_iI_uoz_c20221231_zKBUxE0TIps2" title="Trust unallocated account">430</span> Fine Ounces of gold at the close of a business day.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation
or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor
or the Trust to effect any sale or resale of shares.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_849_eus-gaap--IncomeTaxPolicyTextBlock_zPPI5P4in5X4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.5
<span id="xdx_864_zXt3RBBrPKua">Income Taxes</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust itself will
not be subject to United States federal income tax. Instead, the Trust’s income and expenses will “flow through” to
the Shareholders, and the Trustee will report the Trust’s income, gains, losses and deductions to the Internal Revenue Service
on that basis.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that no reserves for uncertain tax positions are required as of December 31, 2022 and June 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether
the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to
meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax
years are those years that are open for examination by the relevant income taxing authority. <span id="xdx_90C_eus-gaap--IncomeTaxExaminationDescription_c20220701__20221231_zXgudd6eMFok" title="Income tax examination description">As of December 31, 2022, the 2022, 2021,
2020 and 2019 tax years remain open for examination.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_849_ecustom--EmergingGrowthCompanyQualificationPolicyTextBlock_zZSjou0f6vu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.6
<span id="xdx_86D_zupgAuqXPeBf">Emerging Growth Company qualification</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the Trust no longer qualifies as an emerging growth company.</span></p>
<p id="xdx_851_zYFE0EgHQX9j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_849_ecustom--ValuationOfBullionPolicyTextBlock_zJDzDCUAYSxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.1
<span id="xdx_86C_zf81At3vjszb">Valuation of Gold</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair
value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair
value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gold
is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom
vaulting premises. The cost of gold is determined according to the average cost method and the fair value is based on the London Bullion
Market Association (“LBMA”) PM Gold Price. If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use
the most recently announced LBMA Gold Price AM unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate
as a basis for evaluation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable
and auditable over-the-counter auction market with the ability to participate in US Dollars, Euros or British Pounds for LBMA authorized
participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold Price to calculate
the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount
of gold held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are
as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly.
These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar
data.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s
own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based
on the best information available.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee categorizes the Trust’s investment in gold as a level 1 asset within the ASC 820 hierarchy.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_845_ecustom--ExpensesPolicyTextBlock_zrXEh1svhoCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.2
<span id="xdx_868_z5MyR3EiNV29">Expenses, realized gains and losses</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate
equal to <span id="xdx_903_ecustom--FeePaidToSponsor_pid_dp_uPure_c20220701__20221231_zKzWZBHFeTLa" title="Fee paid to sponsor percentage">0.1749</span>% of the adjusted daily net asset value of the Trust, paid monthly in arrears.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and
out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United
States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain
legal expenses.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, the fees payable to the Sponsor were $<span id="xdx_90D_ecustom--FeesPayableToSponsor_iI_c20221231_zPderi5F2BN2" title="Fees payable to sponsor">131,235</span>. As of June 30, 2022, the fees payable to the Sponsor were $<span id="xdx_907_ecustom--FeesPayableToSponsor_iI_c20220630_zNaZYuPAwN0a" title="Fees payable to sponsor">143,857</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust’s gold as necessary to pay these expenses. When selling gold to pay expenses, the Trustee will endeavor to sell
the smallest amounts of gold needed to pay these expenses in order to minimize the Trust’s holdings of assets other than gold.
Other than the Sponsor’s Fee, the Trust had <span id="xdx_90F_eus-gaap--OtherExpenses_do_c20220701__20221231_zMUbFYLgiKMi" title="Other expenses"><span id="xdx_901_eus-gaap--OtherExpenses_do_c20210701__20211231_zPKxudxfVlIb" title="Other expenses">no</span></span> expenses during the three and six months ended December 31, 2022 and 2021.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise directed by the Sponsor, when selling gold the Trustee will endeavor to sell at the price established by the LBMA PM Gold Price.
The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable
price and execution of orders. The Custodian may be the purchaser of such gold only if the sale transaction is made at the next LBMA
PM Gold Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain
or loss is recognized based on the difference between the selling price and the cost of the gold sold. Neither the Trustee nor the Sponsor
is liable for depreciation or loss incurred by reason of any sale.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
gains and losses result from the transfer of gold for Share redemptions and / or to pay expenses and are recognized on a trade date basis
as the difference between the fair value and cost of gold transferred. Gain or loss on sales of gold bullion is calculated on a trade
date basis using the average cost method.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
0.001749
131235
143857
0
0
<p id="xdx_841_ecustom--ReceivableAndPayablePolicyTextBlock_zHD0NeSY8PBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.3.
<span id="xdx_865_zyjSdIHUEm0l">Gold Receivable and Payable</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gold
receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares
respectively, where the gold has not yet been transferred to or from the Trust’s account. Generally, ownership of the gold is transferred
within two business days of the trade date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p id="xdx_849_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zi21TFgpYHF9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.4
<span id="xdx_868_zcA9iVTKPrsc">Creations and Redemptions of Shares</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust issues and redeems in one or more blocks of <span id="xdx_90C_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_c20220701__20221231_zSstnTpOQ9Ob" title="Minimum block of shares issued redeemed">50,000</span> Shares (a block of <span id="xdx_904_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_c20220701__20221231_zuFn4ZMFSlhl" title="Minimum block of shares issued redeemed">50,000</span> Shares is called a “Basket”) only to Authorized
Participants. The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution
by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined
Fine Ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order to
create or redeem Baskets is properly received.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orders
to create and redeem Baskets may be placed only by Authorized Participants. An Authorized Participant must: (1) be a registered broker-dealer
or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration,
would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have
an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards
described herein. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor
and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the
delivery of the gold required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached
thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant. A transaction fee
of $<span id="xdx_90D_ecustom--TransactionFeeForCreationsAndRedemptions_c20220701__20221231_zvueUkthDNq5" title="Transaction fee for creations and redemptions">500</span> will be assessed on all creation and redemption transactions. Multiple Baskets may be created on the same day, provided each
Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust Allocated Account such that
the Trust Unallocated Account holds no more than <span id="xdx_907_ecustom--MaximumAmountOfGoldToBeHeldByTrustUnallocatedAccount_iI_uoz_c20221231_zKBUxE0TIps2" title="Trust unallocated account">430</span> Fine Ounces of gold at the close of a business day.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation
or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor
or the Trust to effect any sale or resale of shares.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
50000
50000
500
430
<p id="xdx_849_eus-gaap--IncomeTaxPolicyTextBlock_zPPI5P4in5X4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.5
<span id="xdx_864_zXt3RBBrPKua">Income Taxes</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust itself will
not be subject to United States federal income tax. Instead, the Trust’s income and expenses will “flow through” to
the Shareholders, and the Trustee will report the Trust’s income, gains, losses and deductions to the Internal Revenue Service
on that basis.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that no reserves for uncertain tax positions are required as of December 31, 2022 and June 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether
the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to
meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax
years are those years that are open for examination by the relevant income taxing authority. <span id="xdx_90C_eus-gaap--IncomeTaxExaminationDescription_c20220701__20221231_zXgudd6eMFok" title="Income tax examination description">As of December 31, 2022, the 2022, 2021,
2020 and 2019 tax years remain open for examination.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
As of December 31, 2022, the 2022, 2021,
2020 and 2019 tax years remain open for examination.
<p id="xdx_849_ecustom--EmergingGrowthCompanyQualificationPolicyTextBlock_zZSjou0f6vu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">2.6
<span id="xdx_86D_zupgAuqXPeBf">Emerging Growth Company qualification</span></span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the Trust no longer qualifies as an emerging growth company.</span></p>
<p id="xdx_80D_eus-gaap--InvestmentHoldingsTextBlock_zWOyv2mM31B5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
<span id="xdx_828_z3I4AIO17V7i">Investment in gold</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_890_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_zQUffcx9rAc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in ounces of gold and their respective values for the six months ended December 31, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_z9n5J6kzWk13" style="display: none">Schedule of Investment in Gold</span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-style: italic">Amounts in 000’s of US$, except for ounces data</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ounces</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%">Opening balance as of June 30, 2022</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp3d_uoz_c20220701__20221231_zno4eEW014pi" style="width: 16%; text-align: right" title="Opening balance (in Ounces)">548,305.419</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220701__20221231_z8CbPxsS3dz2" style="width: 16%; text-align: right" title="Investment in gold, fair value, opening balance">996,271</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Gold bullion contributed</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_981_ecustom--ContributedOuncesOfBullion_pp3d_uoz_c20220701__20221231_zeBRExeTt162" style="text-align: right" title="Gold bullion contributed (in Ounces)">15,852.329</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_980_ecustom--ContributedValueOfBullion_pn3n3_c20220701__20221231_zrVCyCO3bwq4" style="text-align: right" title="Gold bullion contributed">26,767</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gold bullion distributed</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_985_ecustom--DistributedOuncesOfBullion_pp3p0_uoz_c20220701__20221231_zyMRUCdElFca" style="text-align: right" title="Gold bullion distributed (in Ounces)">(74,782.099</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_98E_ecustom--DistributedValueOfBullion_pn3n3_c20220701__20221231_zCKx1ftUdnpi" style="text-align: right" title="Gold bullion distributed">(118,763</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Change in unrealized appreciation (depreciation)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--ChangeInUnrealizedApppreciation_pid_uoz_c20220701__20221231_zgOfk5iFQS86" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in unrealized appreciation (depreciation) (in Ounces)"><span style="-sec-ix-hidden: xdx2ixbrl0352">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--ChangeInUnrealizedAppreciationOnInvestmentInGold_pn3n3_c20220701__20221231_zq5IhjFjO2Gd" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in unrealized appreciation (depreciation)">(17,355</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Ending balance as of December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp3d_uoz_c20220701__20221231_zL0uSc1ykjJj" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance (in Ounces)">489,375.649</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220701__20221231_z7pivNWihfh8" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in gold, fair value, ending balance">886,920</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in ounces of gold and their respective values for the fiscal year ended June 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-style: italic">Amounts in 000’s of US$, except for ounces data</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ounces</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%">Opening balance as of June 30, 2021</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp3d_uoz_c20210701__20220630_zuVaTJi9IYKi" style="width: 16%; text-align: right" title="Opening balance (in Ounces)">572,613.665</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20210701__20220630_zVDUjbmeb31h" style="width: 16%; text-align: right" title="Investment in gold, fair value, opening balance">1,009,604</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Gold bullion contributed</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_98A_ecustom--ContributedOuncesOfBullion_pp3d_uoz_c20210701__20220630_z8q0iBWiYZPc" style="text-align: right" title="Gold bullion contributed (in Ounces)">90,785.069</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_986_ecustom--ContributedValueOfBullion_pn3n3_c20210701__20220630_zXUNBnsGpBYl" style="text-align: right" title="Gold bullion contributed">169,861</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gold bullion distributed</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_981_ecustom--DistributedOuncesOfBullion_pp3d_uoz_c20210701__20220630_zGF3F0kkRAdk" style="text-align: right" title="Gold bullion distributed (in Ounces)">(115,093.315</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_987_ecustom--DistributedValueOfBullion_pn3n3_c20210701__20220630_zafwEi5WxaM2" style="text-align: right" title="Gold bullion distributed">(178,298</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Change in unrealized appreciation (depreciation)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_ecustom--ChangeInUnrealizedApppreciation_pid_uoz_c20210701__20220630_zxnLuoHo64ul" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in unrealized appreciation (depreciation) (in Ounces)"><span style="-sec-ix-hidden: xdx2ixbrl0372">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_980_ecustom--ChangeInUnrealizedAppreciationOnInvestmentInGold_pn3n3_c20210701__20220630_zUzv5uDKvD23" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in unrealized appreciation (depreciation)">(4,896</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Ending balance as of June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp3d_uoz_c20210701__20220630_zYulc6vlFLNl" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance (in Ounces)">548,305.419</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20210701__20220630_zk8J3l1xI8N9" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in gold, fair value, ending balance">996,271</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A2_zVBuhJTpuGKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_890_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_zQUffcx9rAc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in ounces of gold and their respective values for the six months ended December 31, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_z9n5J6kzWk13" style="display: none">Schedule of Investment in Gold</span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-style: italic">Amounts in 000’s of US$, except for ounces data</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ounces</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%">Opening balance as of June 30, 2022</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp3d_uoz_c20220701__20221231_zno4eEW014pi" style="width: 16%; text-align: right" title="Opening balance (in Ounces)">548,305.419</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220701__20221231_z8CbPxsS3dz2" style="width: 16%; text-align: right" title="Investment in gold, fair value, opening balance">996,271</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Gold bullion contributed</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_981_ecustom--ContributedOuncesOfBullion_pp3d_uoz_c20220701__20221231_zeBRExeTt162" style="text-align: right" title="Gold bullion contributed (in Ounces)">15,852.329</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_980_ecustom--ContributedValueOfBullion_pn3n3_c20220701__20221231_zrVCyCO3bwq4" style="text-align: right" title="Gold bullion contributed">26,767</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gold bullion distributed</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_985_ecustom--DistributedOuncesOfBullion_pp3p0_uoz_c20220701__20221231_zyMRUCdElFca" style="text-align: right" title="Gold bullion distributed (in Ounces)">(74,782.099</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_98E_ecustom--DistributedValueOfBullion_pn3n3_c20220701__20221231_zCKx1ftUdnpi" style="text-align: right" title="Gold bullion distributed">(118,763</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Change in unrealized appreciation (depreciation)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--ChangeInUnrealizedApppreciation_pid_uoz_c20220701__20221231_zgOfk5iFQS86" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in unrealized appreciation (depreciation) (in Ounces)"><span style="-sec-ix-hidden: xdx2ixbrl0352">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--ChangeInUnrealizedAppreciationOnInvestmentInGold_pn3n3_c20220701__20221231_zq5IhjFjO2Gd" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in unrealized appreciation (depreciation)">(17,355</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Ending balance as of December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp3d_uoz_c20220701__20221231_zL0uSc1ykjJj" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance (in Ounces)">489,375.649</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220701__20221231_z7pivNWihfh8" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in gold, fair value, ending balance">886,920</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in ounces of gold and their respective values for the fiscal year ended June 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-style: italic">Amounts in 000’s of US$, except for ounces data</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ounces</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%">Opening balance as of June 30, 2021</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp3d_uoz_c20210701__20220630_zuVaTJi9IYKi" style="width: 16%; text-align: right" title="Opening balance (in Ounces)">572,613.665</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20210701__20220630_zVDUjbmeb31h" style="width: 16%; text-align: right" title="Investment in gold, fair value, opening balance">1,009,604</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Gold bullion contributed</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_98A_ecustom--ContributedOuncesOfBullion_pp3d_uoz_c20210701__20220630_z8q0iBWiYZPc" style="text-align: right" title="Gold bullion contributed (in Ounces)">90,785.069</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_986_ecustom--ContributedValueOfBullion_pn3n3_c20210701__20220630_zXUNBnsGpBYl" style="text-align: right" title="Gold bullion contributed">169,861</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gold bullion distributed</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_981_ecustom--DistributedOuncesOfBullion_pp3d_uoz_c20210701__20220630_zGF3F0kkRAdk" style="text-align: right" title="Gold bullion distributed (in Ounces)">(115,093.315</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_987_ecustom--DistributedValueOfBullion_pn3n3_c20210701__20220630_zafwEi5WxaM2" style="text-align: right" title="Gold bullion distributed">(178,298</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Change in unrealized appreciation (depreciation)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_ecustom--ChangeInUnrealizedApppreciation_pid_uoz_c20210701__20220630_zxnLuoHo64ul" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in unrealized appreciation (depreciation) (in Ounces)"><span style="-sec-ix-hidden: xdx2ixbrl0372">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_980_ecustom--ChangeInUnrealizedAppreciationOnInvestmentInGold_pn3n3_c20210701__20220630_zUzv5uDKvD23" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in unrealized appreciation (depreciation)">(4,896</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Ending balance as of June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp3d_uoz_c20210701__20220630_zYulc6vlFLNl" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance (in Ounces)">548,305.419</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20210701__20220630_zk8J3l1xI8N9" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in gold, fair value, ending balance">996,271</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
548305.419
996271000
15852.329
26767000
-74782.099
-118763000
-17355000
489375.649
886920000
572613.665
1009604000
90785.069
169861000
-115093.315
-178298000
-4896000
548305.419
996271000
<p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zWBwTHFWZIkf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.
<span id="xdx_826_z17cuijkDBv5">Related parties – Sponsor and Trustee</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
fee is paid to the Sponsor as compensation for services performed under the Trust Agreement. In exchange for the Sponsor’s fee,
the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee and
out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees, SEC registration
fees, printing and mailing costs, audit fees and expenses, and up to $<span id="xdx_905_eus-gaap--LegalFees_c20220701__20221231__srt--RangeAxis__srt--MaximumMember_zZ3zs5l5EiQd" title="Legal fees and expenses">100,000</span> per annum in legal fees and expenses. The Sponsor’s
fee is payable at an annualized rate of <span id="xdx_90B_ecustom--FeePaidToSponsor_pid_dp_uPure_c20220701__20221231_znmflNW3eevf" title="Fee paid to sponsor percentage">0.1749</span>% of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior
Business Day’s Net Asset Value and paid monthly in arrears.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of
time. Presently, the Sponsor does not intend to waive any part of its fee.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affiliates
of the Trustee, may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent
for their customers and for accounts over which they exercise investment discretion.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
100000
0.001749
<p id="xdx_80E_eus-gaap--ConcentrationRiskDisclosureTextBlock_zoPySPoXSwMb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
<span id="xdx_82D_zeczOjOrwiPf">Concentration of risk</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Statement of Position No. 94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole business
activity is the investment in gold bullion. Several factors could affect the price of gold: (i) global gold supply and demand, which
is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions,
central bank purchases and sales, and production and cost levels in major gold-producing countries; (ii) investors’ expectations
with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge
funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is
no assurance that gold will maintain its long-term value in terms of purchasing power 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. Each of these events could have a
material effect on the Trust’s financial position and results of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_80A_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z7SA1NJuQtxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.<span id="xdx_824_zzeRkUHzZEEi">
Indemnification</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents and affiliates)
and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified against any liability,
loss or expense it incurs without (i) gross negligence, bad faith, willful misconduct or willful misfeasance on its part in connection
with the performance of its obligations under the Trust Agreement or any such other agreement or any actions taken in accordance with
the provisions of the Trust Agreement or any such other agreement and (ii) reckless disregard on its part of its obligations and duties
under the Trust Agreement or any such other agreement. Such indemnity shall also include payment from the Trust of the reasonable costs
and expenses incurred by the indemnified party in investigating or defending itself against any such loss, liability or expense or any
claim therefore. In addition, the Sponsor may, in its sole discretion, undertake any action that it may deem necessary or desirable in
respect of the Trust Agreement and in such event, the reasonable legal expenses and costs and other disbursements of any such actions
shall be expenses and costs of the Trust and the Sponsor shall be entitled to reimbursement by the Trust. The Trust’s maximum exposure
under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
<p id="xdx_807_eus-gaap--SubsequentEventsTextBlock_zTFASqrjN058" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.
<span id="xdx_821_zwpEUy2O0Gzb">Subsequent events</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items
requiring adjustment of the financial statements or additional disclosures.</span></p>