Ongoing Expenses of the Trust
The Trust’s estimated ordinary operating expenses
are accrued daily and are reflected in the NAV of the Trust.
ordinary operating expenses of the Trust include (1) fees paid
to the Sponsor, (2) fees paid to the Trustee, (3) fees paid to
the Custodian, (4) fees paid to the Marketing Agent, and (5)
Trust administration fees, including printing and mailing costs,
legal and audit fees, registration fees and exchange listing
For the period ending seven years from the date of the Trust
or upon the earlier termination of the Marketing Agent Agreement,
if at the end of any month during such period the estimated ordinary
expenses of the Trust exceed an amount equal to 0.40% per annum
of the daily ANAV of the Trust for such month, the fees payable
to the Sponsor and the Marketing Agent from the assets of the
Trust for such month will be reduced by the amount of such excess
in equal shares up to the amount of their fees.
The ordinary operating expenses of the Trust accrue daily and
are reflected in the NAV of the Trust. The Trustee sells gold
held by the Trust on an as-needed basis to pay the Trust's expenses.
As a result, the amount of gold represented by each share will
be reduced over time, from an initial 1/10th of one ounce of gold.
Because the expenses of the Trust will be offset by the sale
of Trust gold, the amount of gold backing each share (Ounces Per
Share) will decrease gradually.
Each share will initially represent 1/10th of one ounce of gold,
but this will decline over time. This reduction in ounces per
share will be reflected in the NAV of the Trust.