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jbell on DSKJLSW7X2PROD with NOTICES

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Federal Register / Vol. 86, No. 171 / Wednesday, September 8, 2021 / Notices
made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold represented by the Creation Units being created or redeemed. The amount of gold required to be delivered to the Fund in connection with any creation, or paid out upon redemption, is based on the combined NAV of the number of Shares included in the Creation Units being created or redeemed as determined on the day the order to create or redeem Creation Units is properly received and accepted. Orders must be placed by 3:59:59 p.m. New York time. The day on which the Administrator receives a valid purchase or redemption order is the order date. Creation Units may only be issued or redeemed on a day that the Exchange is open for regular trading.
According to the Registration Statement, the total deposit required to create each Creation Unit, or a Creation Unit Gold Delivery Amount, is an amount of gold and cash, if any, that is in the same proportion to the total assets of the Fund net of estimated accrued expenses and other liabilities on the date the order to purchase is properly received as the number of Shares to be created under the purchase order is in proportion to the total number of Shares outstanding on the date the order is received. An Authorized Participant who places a purchase order is responsible for transferring the Creation Unit Gold Delivery Amount to the Fund Unallocated Account. Upon receipt, the Administrator will direct DTC to credit the number of Creation Units ordered to the Authorized Participants DTC
account. The Gold Custodian will transfer the Creation Unit Gold Delivery Amount from the Fund Unallocated Account to the Fund Allocated Account by allocating to the Fund Allocated Account specific bars of gold which the Gold Custodian holds, or instructing a sub-custodian to allocate specific bars of gold held by or for the sub-custodian.
The redemption distribution from the Fund consists of a credit to the redeeming Authorized Participants unallocated account in the amount of the Creation Unit Gold Delivery Amount. The Creation Unit Gold Delivery Amount for redemptions is the number of ounces of gold held by the Fund to be paid out upon redemption of a Creation Unit. The Gold Custodian will transfer the redemption amount from the Fund Allocated Account to the Fund Unallocated Account and, thereafter, to the redeeming Authorized Participants unallocated account.
Net Asset Value To determine the Funds NAV, the Administrator will value the gold held
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by the Fund on the basis of the LBMA
Gold Price PM, as published by the ICE
Benchmark Administration Limited the IBA. IBA operates electronic auctions for spot, unallocated loco London gold, providing a market-based platform for buyers and sellers to trade. The auctions are run at 10:30 a.m. and 3:00 p.m.
London time for gold. The final auction prices are published to the market as the LBMA Gold Price AM and the LBMA
Gold Price PM, respectively.
The Administrator will calculate the NAV on each day the Exchange is open for regular trading, at the earlier LBMA
Gold Price PM for the day or 12:00 p.m.
New York time. If no LBMA Gold Price AM or PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 p.m. New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination.
Once the value of the gold has been determined, the Administrator will subtract all estimated accrued expenses and other liabilities of the Fund from the total value of the gold and all other assets of the Fund. The resulting figure is the NAV. The Administrator will determine the NAV per Share by dividing the NAV of the Fund by the number of Shares outstanding as of the close of trading on the Exchange.
Availability of Information Regarding Gold Currently, the Consolidated Tape Plan does not provide for dissemination of the spot price of a commodity such as gold over the Consolidated Tape.
However, there will be disseminated over the Consolidated Tape the last sale price for the Shares, as is the case for all equity securities traded on the Exchange including exchange-traded funds. In addition, there is a considerable amount of information about gold and gold markets available on public websites and through professional and subscription services.
Investors may obtain gold pricing information on a 24-hour basis based on the spot price for an ounce of gold from various financial information service providers, such as Reuters and Bloomberg.
Reuters and Bloomberg, for example, provide at no charge on their websites delayed information regarding the spot price of gold and last sale prices of gold futures, as well as information about news and developments in the gold market. Reuters and Bloomberg also offer a professional service to
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subscribers for a fee that provides information on gold prices directly from market participants. Complete real-time data for gold futures and options prices traded on the COMEX are available by subscription from Reuters and Bloomberg. There are a variety of other public websites providing information on gold, ranging from those specializing in precious metals to sites maintained by major newspapers. In addition, the LBMA Gold Price is publicly available at no charge at www.lbma.org.uk.
Availability of Information The intraday indicative value IIV
per Share for the Shares will be disseminated by one or more major market data vendors. The IIV will be calculated based on the amount of gold held by the Fund and a price of gold derived from updated bids and offers indicative of the spot price of gold.26
The Funds website will contain the following information, on a per Share basis: a The Official Closing Price 27
and a calculation of the premium or discount of such Official Closing Price against the Funds NAV; and b data in chart format displaying the frequency distribution of discounts and premiums of the Official Closing Price against the NAV, within appropriate ranges, for each of the four previous calendar quarters. The website for the Fund will also provide its prospectus. In addition, information regarding market price and trading volume of the Shares will be continually available on a real-time basis throughout the day on brokers computer screens and other electronic services. Information regarding the previous days closing price and trading volume information for the Shares will be published daily in the financial section of newspapers.
Criteria for Initial and Continued Listing The Fund will be subject to the criteria in NYSE Arca Rule 8.201Ee for initial and continued listing of the Shares.
A minimum of 100,000 Shares will be required to be outstanding at the start of trading, which is equivalent to 1,384
fine ounces of gold or approximately $2,500,000 as of July 22, 2021. The Exchange believes that the anticipated minimum number of Shares outstanding 26 The IIV on a per Share basis disseminated during the Exchanges Core Trading Session, as defined in NYSE Arca Rule 7.34E, should not be viewed as a real-time update of the NAV, which is calculated once a day.
27 The term Official Closing Price is defined in NYSE Arca Rule 1.1ll as the reference price to determine the closing price in a security for purposes of Rule 7E Equities Trading, and the procedures for determining the Official Closing Price are set forth in that rule.

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