arcee-ai/sec-data-mini · Datasets at Hugging Face

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and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding
at any time. Under the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and
trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC
Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the
Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC.
Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their
Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares.
Transfers will be made in accordance with standard securities industry practice. Custody
of the Trust’s Gold Custody
of the gold bullion deposited with and held by the Trust is provided by the Custodian at the London, England vaults of the Custodian
or at the Zurich, Switzerland vaults of the Custodian and/or the Zurich Sub-Custodian, and by other sub-custodians on a temporary
basis. The Custodian is a market maker, clearer and approved weigher under the rules of the LBMA. The
Custodian is the custodian of the gold bullion credited to the Trust Allocated Account in accordance with the Custody Agreements.
The Custodian segregates the gold bullion credited to the Trust Allocated Account from any other precious metal it holds or holds
for others by entering appropriate entries in its books and records, and requires the Zurich Sub-Custodian to also segregate the
gold bullion that it holds from the other gold held by them for other customers of the Custodian and the Zurich Sub-Custodians’
other customers. The Custodian requires the Zurich Sub-Custodian to identify in its books
and records the Trust as having the rights to the gold bullion credited to its Trust Allocated Account. Under the Custody Agreements,
the Trustee, the Sponsor and the Trust’s auditors and inspectors may inspect the vaults of the Custodian and the Zurich
Sub-Custodian. See “ Inspection of Gold ”. The
Custodian, as instructed by the Trustee on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of gold
in unallocated form. Acting on standing instructions given by the Trustee specified in the Custody Agreements, the Custodian allocates
or requires the Zurich Sub-Custodian to allocate gold deposited in unallocated form with the Trust by selecting bars of gold bullion
for deposit to the Trust Allocated Account. All gold bullion allocated to the Trust must conform to the rules, regulations, practices
and customs of the LBMA, and the Custodian must replace any non-conforming gold bullion with conforming gold bullion as soon as
practical upon a determination by the Custodian any gold bullion is non-conforming. The
process of withdrawing gold from the Trust for a redemption of a Basket follows the same general procedure as for depositing gold
with the Trust for a creation of a Basket, only in reverse. Each transfer of gold between the Trust Allocated Account and
the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small amount of gold being
held in the Trust Unallocated Account after the completion of the transfer. In making deposits and withdrawals between the Trust
Allocated Account and the Trust Unallocated Account, the Custodian will use commercially reasonable efforts to minimize the amount
of gold held in the Trust Unallocated Account as of the close of each business day. See "Creation and Redemption of Shares.” United
States Federal Income Tax Consequences The
following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and disposition
of Shares by a US Shareholder (as defined below) and certain US federal income tax consequences that may apply to an investment in
Shares by a Non-US Shareholder (as defined below). The discussion is based on the United States Internal Revenue Code of 1986 as
amended (the “Code”). The discussion below is based on the Code, United States Treasury Regulations (“Treasury
Regulations”) promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on the
date of this annual report and all of which are subject to change either prospectively or retroactively. The tax treatment of
Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including broker-dealers, traders,
banks and other financial institutions, insurance companies, real estate investment trusts, tax-exempt entities, Shareholders whose
functional currency is not the U.S. Dollar or other investors with special circumstances) may be subject to special rules not
discussed below. In addition, the following discussion applies only to investors who hold Shares as “capital assets”
within the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale
transaction. Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer tax
on an owner of Shares. Purchasers of Shares are urged to consult their own tax advisors with respect to all federal, state, local
and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares. 20 For
purposes of this discussion, a “US Shareholder” is a Shareholder that is: • An
individual who is a citizen or resident of the United States; • A
corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of
the United States or any political subdivision thereof; • An
estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source; or • A
trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one
or more US persons have the authority to control all substantial decisions of the trust. A
Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for
US federal tax purposes) generally is considered a “Non-US Shareholder” for purposes of this discussion. For US federal
income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a
partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the activities of the
partnership. Partnerships and partners in partnerships should consult their tax advisors about the US federal income tax consequences
of purchasing, owning and disposing of Shares. Taxation
of the Trust The
Trust is classified as a “grantor trust” for US federal income tax purposes. As a result, the Trust itself is not
subject to US federal income tax. Instead, the Trust’s income and expenses “flow through” to the Shareholders,
and the Trustee reports the Trust’s income, gains, losses and deductions to the Internal Revenue Service (“IRS”)
on that basis. Taxation
of US Shareholders Shareholders
generally are treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets
held by the Trust. Shareholders are also treated as if they directly received their respective pro rata share of the Trust’s
income, if any, and as if they directly incurred their respective pro rata share of the Trust’s expenses. In the case of
a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held by the Trust at the
time it acquires its Shares is equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares
as part of a creation of a Basket, the delivery of gold to the Trust in exchange for the Shares is not a taxable event to
the Shareholder, and the Shareholder’s tax basis and holding period for the Shares are the same as its tax basis and holding
period for the gold delivered in exchange therefore (except to the extent of any cash contributed for such Shares). For purposes
of this discussion, it is assumed that all of a Shareholder’s Shares are acquired on the same date and at the same price
per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should
consult their tax advisors. 21 When
the Trust sells or transfers gold, for example to pay expenses, a Shareholder generally will recognize gain or loss in an amount
equal to the difference between (1) the Shareholder’s pro rata share of the amount realized by the Trust upon the sale or
transfer and (2) the Shareholder’s tax basis for its pro rata share of the gold that was sold or transferred. Such gain
or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a holding period
in its Shares of longer than one year. A Shareholder’s tax basis for its share of any gold sold by the Trust generally will
be determined by multiplying the Shareholder’s total basis for its Shares immediately prior to the sale, by a fraction the
numerator of which is the amount of gold sold, and the denominator of which is the total amount of the gold held by the Trust
immediately prior to the sale. After any such sale, a Shareholder’s tax basis for its pro rata share of the gold remaining
in the Trust will be equal to its tax basis for its Shares immediately prior to the sale, less the portion of such basis allocable
to its share of the gold that was sold. Upon
a Shareholder’s sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the gold
held in the Trust at the time of the sale. Accordingly, the Shareholder generally will recognize a gain or loss on the sale
in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder’s
tax basis for the Shares sold, as determined in the manner described in the preceding paragraph. A
redemption of some or all of a Shareholder’s Shares in exchange for the underlying gold represented by the Shares redeemed
generally will not be a taxable event to the Shareholder. The Shareholder’s tax basis for the gold received in the
redemption generally will be the same as the Shareholder’s tax basis for the Shares redeemed. The Shareholder’s holding
period with respect to the gold received should include the period during which the Shareholder held the Shares redeemed.
A subsequent sale of the gold received by the Shareholder will be a taxable event. An
Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received
from exchange-traded products that are substantially similar to the Trust in the Trust’s Shares. Authorized Participants
and other investors should consult their tax advisors as to whether and under what circumstances the reinvestment in the Shares
of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis. Under

and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding

at any time. Under the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and

trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC

Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the

Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC.

Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their

Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares.

Transfers will be made in accordance with standard securities industry practice. Custody

of the Trust’s Gold Custody

of the gold bullion deposited with and held by the Trust is provided by the Custodian at the London, England vaults of the Custodian

or at the Zurich, Switzerland vaults of the Custodian and/or the Zurich Sub-Custodian, and by other sub-custodians on a temporary

basis. The Custodian is a market maker, clearer and approved weigher under the rules of the LBMA. The

Custodian is the custodian of the gold bullion credited to the Trust Allocated Account in accordance with the Custody Agreements.

The Custodian segregates the gold bullion credited to the Trust Allocated Account from any other precious metal it holds or holds

for others by entering appropriate entries in its books and records, and requires the Zurich Sub-Custodian to also segregate the

gold bullion that it holds from the other gold held by them for other customers of the Custodian and the Zurich Sub-Custodians’

other customers. The Custodian requires the Zurich Sub-Custodian to identify in its books

and records the Trust as having the rights to the gold bullion credited to its Trust Allocated Account. Under the Custody Agreements,

the Trustee, the Sponsor and the Trust’s auditors and inspectors may inspect the vaults of the Custodian and the Zurich

Sub-Custodian. See “ Inspection of Gold ”. The

Custodian, as instructed by the Trustee on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of gold

in unallocated form. Acting on standing instructions given by the Trustee specified in the Custody Agreements, the Custodian allocates

or requires the Zurich Sub-Custodian to allocate gold deposited in unallocated form with the Trust by selecting bars of gold bullion

for deposit to the Trust Allocated Account. All gold bullion allocated to the Trust must conform to the rules, regulations, practices

and customs of the LBMA, and the Custodian must replace any non-conforming gold bullion with conforming gold bullion as soon as

practical upon a determination by the Custodian any gold bullion is non-conforming. The

process of withdrawing gold from the Trust for a redemption of a Basket follows the same general procedure as for depositing gold

with the Trust for a creation of a Basket, only in reverse. Each transfer of gold between the Trust Allocated Account and

the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small amount of gold being

held in the Trust Unallocated Account after the completion of the transfer. In making deposits and withdrawals between the Trust

Allocated Account and the Trust Unallocated Account, the Custodian will use commercially reasonable efforts to minimize the amount

of gold held in the Trust Unallocated Account as of the close of each business day. See "Creation and Redemption of Shares.” United

States Federal Income Tax Consequences The

following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and disposition

of Shares by a US Shareholder (as defined below) and certain US federal income tax consequences that may apply to an investment in

Shares by a Non-US Shareholder (as defined below). The discussion is based on the United States Internal Revenue Code of 1986 as

amended (the “Code”). The discussion below is based on the Code, United States Treasury Regulations (“Treasury

Regulations”) promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on the

date of this annual report and all of which are subject to change either prospectively or retroactively. The tax treatment of

Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including broker-dealers, traders,

banks and other financial institutions, insurance companies, real estate investment trusts, tax-exempt entities, Shareholders whose

functional currency is not the U.S. Dollar or other investors with special circumstances) may be subject to special rules not

discussed below. In addition, the following discussion applies only to investors who hold Shares as “capital assets”

within the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale

transaction. Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer tax

on an owner of Shares. Purchasers of Shares are urged to consult their own tax advisors with respect to all federal, state, local

and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares. 20 For

purposes of this discussion, a “US Shareholder” is a Shareholder that is: • An

individual who is a citizen or resident of the United States; • A

corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of

the United States or any political subdivision thereof; • An

estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source; or • A

trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one

or more US persons have the authority to control all substantial decisions of the trust. A

Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for

US federal tax purposes) generally is considered a “Non-US Shareholder” for purposes of this discussion. For US federal

income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a

partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the activities of the

partnership. Partnerships and partners in partnerships should consult their tax advisors about the US federal income tax consequences

of purchasing, owning and disposing of Shares. Taxation

of the Trust The

Trust is classified as a “grantor trust” for US federal income tax purposes. As a result, the Trust itself is not

subject to US federal income tax. Instead, the Trust’s income and expenses “flow through” to the Shareholders,

and the Trustee reports the Trust’s income, gains, losses and deductions to the Internal Revenue Service (“IRS”)

on that basis. Taxation

of US Shareholders Shareholders

generally are treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets

held by the Trust. Shareholders are also treated as if they directly received their respective pro rata share of the Trust’s

income, if any, and as if they directly incurred their respective pro rata share of the Trust’s expenses. In the case of

a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held by the Trust at the

time it acquires its Shares is equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares

as part of a creation of a Basket, the delivery of gold to the Trust in exchange for the Shares is not a taxable event to

the Shareholder, and the Shareholder’s tax basis and holding period for the Shares are the same as its tax basis and holding

period for the gold delivered in exchange therefore (except to the extent of any cash contributed for such Shares). For purposes

of this discussion, it is assumed that all of a Shareholder’s Shares are acquired on the same date and at the same price

per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should

consult their tax advisors. 21 When

the Trust sells or transfers gold, for example to pay expenses, a Shareholder generally will recognize gain or loss in an amount

equal to the difference between (1) the Shareholder’s pro rata share of the amount realized by the Trust upon the sale or

transfer and (2) the Shareholder’s tax basis for its pro rata share of the gold that was sold or transferred. Such gain

or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a holding period

in its Shares of longer than one year. A Shareholder’s tax basis for its share of any gold sold by the Trust generally will

be determined by multiplying the Shareholder’s total basis for its Shares immediately prior to the sale, by a fraction the

numerator of which is the amount of gold sold, and the denominator of which is the total amount of the gold held by the Trust

immediately prior to the sale. After any such sale, a Shareholder’s tax basis for its pro rata share of the gold remaining

in the Trust will be equal to its tax basis for its Shares immediately prior to the sale, less the portion of such basis allocable

to its share of the gold that was sold. Upon

a Shareholder’s sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the gold

held in the Trust at the time of the sale. Accordingly, the Shareholder generally will recognize a gain or loss on the sale

in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder’s

tax basis for the Shares sold, as determined in the manner described in the preceding paragraph. A

redemption of some or all of a Shareholder’s Shares in exchange for the underlying gold represented by the Shares redeemed

generally will not be a taxable event to the Shareholder. The Shareholder’s tax basis for the gold received in the

redemption generally will be the same as the Shareholder’s tax basis for the Shares redeemed. The Shareholder’s holding

period with respect to the gold received should include the period during which the Shareholder held the Shares redeemed.

A subsequent sale of the gold received by the Shareholder will be a taxable event. An

Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received

from exchange-traded products that are substantially similar to the Trust in the Trust’s Shares. Authorized Participants

and other investors should consult their tax advisors as to whether and under what circumstances the reinvestment in the Shares

of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis. Under