GraniteShares Gold Trust is an exchange-traded product that holds physical gold bullion for investors. The Trust provides a cost-efficient way to gain exposure to gold prices without the logistical burdens of direct physical ownership, such as storage, insurance, and assay. Each share represents a fractional interest in the gold holdings, and investors buy and sell these shares on a securities exchange. As a passive vehicle, the Trust does not trade gold or make active investment decisions. It stores its physical gold in a London vault maintained by ICBC Standard Bank. The Trust pays a Sponsor's Fee as its sole recurring expense, which it covers by periodically selling small amounts of its gold. To keep the share price aligned with the price of gold, the Trust uses an arbitrage mechanism where Authorized Participants create or redeem large blocks of shares. BNY Mellon serves as the Trustee, calculating the daily NAV based on the LBMA Gold Price PM benchmark. The Trust uses a grantor trust structure for U.S. tax purposes, which treats shareholders as pro rata owners of the underlying bullion. GraniteShares acts as the Sponsor, handling marketing and administrative oversight, while the Custodian maintains records of each gold bar by refiner and serial number.