The GraniteShares Gold Trust is a passive exchange-traded product (ETP) that holds physical gold bullion and issues shares representing fractional ownership of that gold. The Trust exists solely to give investors exposure to the gold price without the complexity of directly buying, storing, and insuring physical gold. The Trust generates no revenue — it is a pass-through vehicle where share value rises and falls with the gold price. The Trust's only material expense is the Sponsor's Fee, charged at an annualized rate of 0.1749% of NAV, paid by gradually selling small amounts of the Trust's gold over time, which slowly reduces the gold backing each share. GraniteShares, as Sponsor, earns this fee and covers the Trust's operating expenses in return. Shares are created and redeemed in large blocks called Baskets by a small group of Authorized Participants — J.P. Morgan Securities, Merrill Lynch Professional Clearing, Morgan Stanley, and Virtu Americas — who deposit or receive physical gold, keeping the share price aligned with NAV through arbitrage. Retail and institutional investors then buy and sell shares on a stock exchange like any publicly traded security. The Trust's physical gold is held in allocated form at ICBC Standard Bank's London vault, consistent with London's role as the global center for physical gold trading.