<SEC-DOCUMENT>0001387131-19-004035.txt : 20190530
<SEC-HEADER>0001387131-19-004035.hdr.sgml : 20190530
<ACCEPTANCE-DATETIME>20190530092505
ACCESSION NUMBER:		0001387131-19-004035
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190530
DATE AS OF CHANGE:		20190530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aberdeen Standard Gold ETF Trust
		CENTRAL INDEX KEY:			0001450923
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-217028
		FILM NUMBER:		19864812

	BUSINESS ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		712 FIFTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-446-2020

	MAIL ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		712 FIFTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ETFS Gold Trust
		DATE OF NAME CHANGE:	20081126
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>sgol-424b3_053019.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">Filed pursuant
to Rule 424(b)(3)</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">Registration
Statement No. 333-217028</FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aberdeen
Standard Gold ETF Trust</B></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(the &ldquo;Trust&rdquo;)</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Supplement
dated May 30, 2019 to the Prospectus dated March 30, 2017</FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><I>This Supplement dated May
30, 2019 amends and supplements the prospectus for the Trust dated March 30, 2017, as supplemented to date (the &ldquo;Prospectus&rdquo;),
and should be read in conjunction with, and must be delivered with, the Prospectus. </I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Effective
as of the close of business June 20, 2019, Aberdeen Standard Investments ETFs Sponsor LLC, the sponsor of the Trust (the &ldquo;Sponsor&rdquo;),
has approved: (1) the addition of London, England as a location where the Trust&rsquo;s Custodian, JPMorgan Chase Bank, N.A. (the
&ldquo;Custodian&rdquo;), may custody allocated gold bullion deposited with and held by the Trust, and (2) the change in the name
of the shares issuable by the Trust (the &ldquo;Shares&rdquo;) to remove the reference to &ldquo;Swiss&rdquo;, as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Old
    Name of Shares of Trust</B></FONT></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
    Name of Shares of Trust</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aberdeen
    Standard Physical Swiss Gold Shares ETF </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aberdeen
    Standard Physical Gold Shares ETF</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The addition
of London as a location where the Trust&rsquo;s allocated gold may be held does not limit the ability of the Custodian, and/or
a firm selected by the Custodian, to continue to hold the Trust&rsquo;s allocated gold bullion at vaults located in Zurich, Switzerland.
The ticker symbol and the CUSIP number for the Trust and its Shares will not change as a result of the name change.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In connection
with the above changes, effective as of the close of business June 20, 2019, the Prospectus is hereby amended as follows:</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">All
references in the Prospectus to &ldquo;Aberdeen Standard Physical Swiss Gold Shares ETF&rdquo; are replaced with &ldquo;Aberdeen
Standard Physical Gold Shares ETF&rdquo;, including on the front and back cover pages and in the definition set forth after the
defined term &ldquo;Shares&rdquo; under &ldquo;<B>GLOSSARY OF DEFINED TERMS</B>&rdquo;.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>PROSPECTUS SUMMARY &ndash; Trust Structure</B>&rdquo;, the fourth sentence of the fifth paragraph is deleted in its
entirety and replaced with the following:</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Custodian holds the Trust&rsquo;s loco London and loco Zurich allocated gold at the Custodian&rsquo;s London, England or Zurich,
Switzerland vaults on a segregated basis.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>PROSPECTUS SUMMARY &ndash; Trust Overview</B>&rdquo;, the second sentence of the second paragraph is deleted in its
entirety and replaced with the following:</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Some
of the distinguishing features of the Trust and its Shares include holding of physical gold bullion, vaulting of Trust gold in
London or Zurich, the experience of the Sponsor&rsquo;s management team, the use of JPMorgan Chase Bank, N.A. as Custodian, third-party
vault inspection and the allocation of almost all of the Trust&rsquo;s gold.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>BUSINESS OF THE TRUST &ndash; Strategy Behind the Shares</B>&rdquo;, the &ldquo;<I>Location of Gold Vault</I>&rdquo;
section is deleted in its entirety and replaced with the following:</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-top: 6pt; text-align: justify; line-height: 115%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;Location
    of Gold Vault.</I>&nbsp;The Trust&rsquo;s custodian holds gold bullion in a secure vault in London or Zurich. This custodial
    arrangement differentiates the Trust from other Gold ETPs, which may custody gold in locations such as the United States,
    Canada, the United Kingdom or Singapore or which may use financial instruments to seek their investment objectives. The geographic
    and political considerations of owning gold in London or Zurich may appeal to certain investors.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>BUSINESS OF THE TRUST &ndash; Strategy Behind the Shares</B>&rdquo;, the first sentence of the &ldquo;<I>Allocated Gold</I>&rdquo;
section is deleted in its entirety and replaced with the following:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 99%; font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Trust holds physical gold in allocated form with the Custodian in the Custodian&rsquo;s London or Zurich vaulting premises
    or at the Zurich vault premises of the Zurich Sub-Custodian. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>THE CUSTODIAN &ndash; </B><I>The Custodian&rsquo;s Role</I>&rdquo;, the fourth sentence of the first paragraph is deleted
in its entirety and replaced with the following:</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Custodian holds at its London, England vault premises that portion of the Trust&rsquo;s allocated gold to be held in London. The
Custodian and/or the Zurich Sub-Custodian hold at their Zurich, Switzerland vault premises that portion of the Trust&rsquo;s allocated
gold to be held in Zurich.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>CUSTODY OF THE TRUST&rsquo;S GOLD</B>&rdquo;, the first sentence of the first paragraph is deleted in its entirety and
replaced with the following:</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Custody
of the gold bullion deposited with and held by the Trust is provided by the Custodian at the London, England vaults of the Custodian
or at the Zurich, Switzerland vaults of the Custodian and/or the Zurich Sub-Custodian, and by other sub-custodians on a temporary
basis.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>DESCRIPTION OF THE CUSTODY AGREEMENTS &ndash; Zurich Sub-Custodian</B>&rdquo;, the second and third sentences of the
first paragraph are deleted in their entirety.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>DESCRIPTION OF THE CUSTODY AGREEMENTS &ndash; Location and Segregation of Gold; Access</B>&rdquo;, the first paragraph
is deleted in its entirety and replaced with the following:</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Gold
bullion held for the Trust Allocated Account by the Custodian is held at the Custodian&rsquo;s London or Zurich vault premises
and/or the Zurich Sub-Custodian&rsquo;s Zurich vault premises. Gold bullion may be temporarily held for the Trust Allocated Account
by other sub-custodians selected by the Custodian and by sub-custodians of sub-custodians in vaults located in England, Zurich
or in other locations. Where the gold bullion is held for the Trust Allocated Account by any sub-custodian, the Custodian agrees
to use commercially reasonable efforts to promptly arrange for the delivery of any such gold bullion held on behalf of the Trust
(generally via a loco bullion swap arrangement) to the Custodian&rsquo;s London or Zurich vault premises or the Zurich Sub-Custodian&rsquo;s
Zurich vault premises at the Custodian&rsquo;s own cost and risk.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>CREATION AND REDEMPTION OF SHARES &ndash; </B><I>Loco London and Loco Zurich Gold Delivery Elections</I>&rdquo;, the
first and second paragraphs are deleted in their entirety and replaced with the following:</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Authorized
Participants can elect to deliver gold loco London or loco Zurich in connection with the creation of a Basket. Authorized Participants
can also elect to receive delivery of gold loco London or loco Zurich in connection with the redemption of a Basket. A Basket
creation order that elects a loco London or loco Zurich delivery of gold will cause the Custodian to effect an allocation of such
gold to the Trust Allocated Account maintained by the Custodian in its London or Zurich vault premises or by the Zurich Sub-Custodian
in its Zurich vault premises. Likewise, a Basket redemption order that elects a loco London or loco Zurich delivery of gold will
cause the Custodian to effect a de-allocation of gold necessary to satisfy such redemption requests from the Trust Allocated Account
maintained by the Custodian or by the Zurich Sub-Custodian to the Trust Unallocated Account. In the event that there is not sufficient
gold in the Trust Allocated Account in London to satisfy loco London redemptions, the Custodian shall de-allocate, or shall cause
the Zurich Sub-Custodian to de-allocate, sufficient gold held in the Trust Allocated Account in Zurich and cause a transfer of
gold from the Trust Unallocated Account maintained by the Custodian in Zurich to the Authorized Participant Unallocated Account
maintained in London. Likewise, in the event that there is not sufficient gold in the Trust Allocated Account in Zurich to satisfy
loco Zurich redemptions, the Custodian will initiate the reverse procedure to transfer gold from London to Zurich. These transfers
between the London and Zurich unallocated accounts will generally occur pursuant to loco swap arrangements and will not expose
the Authorized Participant or the Trust to any additional expense. The Custodian has assumed the responsibility and expenses for
loco swap transfers and shall bear any risk of loss related to the gold being transferred. If no loco swap counterparty is available,
the Custodian shall arrange, at its own expense and risk, for the physical transportation of gold between the Custodian&rsquo;s
Zurich vault premises and the Custodian&rsquo;s London vault premises. If such a loco swap or physical transfer is necessary to
effect a loco London or loco Zurich redemption, the settlement of loco London or loco Zurich redemption deliveries may be delayed
more than two, but not more than five, business days.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>CREATION AND REDEMPTION OF SHARES &ndash; Redemption Procedures &ndash; </B><I>Delivery of redemption distribution</I>&rdquo;,
the following is added immediately following the second sentence of the first paragraph.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">If
a loco swap or physical transfer is necessary to effect a loco London or loco Zurich redemption, the redemption distribution due
from the Trust will be delivered to the Authorized Participant on or before the fifth business day following such a loco London
or loco Zurich redemption order date if, by 10:00 a.m. New York time on the second business day after the loco London or loco
Zurich redemption order date, the Trustee&rsquo;s DTC account has been credited with the Baskets to be redeemed.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
&ldquo;<B>CREATION AND REDEMPTION OF SHARES &ndash; Creation and Redemption Transaction Fee</B>&rdquo;, the last sentence of the
first paragraph is deleted in its entirety.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The Prospectus remains unchanged
in all other respects. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Prospectus.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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