iShares COMEX Gold Trust (the Trust) is a grantor trust. The purpose of the Trust is to own gold transferred to the Trust in exchange for shares issued by the Trust. The objective of the Trust is for the value of its shares to reflect, at any given time, the price of gold owned by the Trust at that time, less the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in gold bullion. Each iShare represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of gold held by the custodian on behalf of the Trust.