Fund Description: GraniteShares Gold Trust was formed in 2017 when an initial deposit of gold was made in exchange for the issuance of two Baskets. The purpose of the Trust is to own gold transferred to the Trust in exchange for Shares issued by the Trust. The Trust is not registered as an investment company and is not a commodity pool. <p> INVESTMENT OBJECTIVE: GraniteShares Gold Trust (the Trust) will issue GraniteShares Gold Shares (Shares) which represent units of fractional undivided beneficial interest in the net assets of the Trust. The Trust will seek to reflect generally the performance of the price of gold. The Trust will seek to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust creates and redeems Shares on a continuous basis but only in Baskets of 10,000 Shares. The Basket Amount necessary for the creation of a Basket changes from day to day. The initial Basket Amount at the time of creation of the Trust was 1,000 Fine Ounces of gold. On each day that the Exchange is open for regular trading, the Trustee adjusts the quantity of gold constituting the Basket Amount as appropriate to reflect sales of gold, any loss of gold that may occur, and accrued expenses. The computation is made by the Trustee as promptly as practicable after 4:00 p.m. EST. The Shares are backed primarily by allocated physical gold bullion identified as the Trust’s property in the Custodian’s books. The Trust arrangements contemplate that no Shares can be issued unless the corresponding amount of gold has been deposited into the Trust. Once deposited into the Trust, gold is only removed from the Trust if sold to pay Trust expenses or surrendered for redemption. <p> TRUST MANAGEMENT: GraniteShares LLC is the sponsor of the Trust. The Bank of New York Mellon is the Trustee of the Trust and is responsible for the day-to-day administration of the Trust. ICBC Standard Bank Plc is the custodian of the Trust and is responsible for holding the Trust’s allocated gold at its London vault premises.