67 unchanged sentences
Investment in gold - fair value
−Removed: the Custody Agreements, the Trustee, the Sponor and the Sponsor’s auditors and inspectors may, only up to twice a year, visit the
−Removed: premises of the Custodian for the purpose of examining the Trust’s gold and certain related records maintained by the Custodian.
+Added: the Custody Agreements, the Trustee, the Sponsor and the Sponsor’s auditors and inspectors may, only up to twice a year, visit
+Added: the premises of the Custodian for the purpose of examining the Trust’s gold and certain related records maintained by the Custodian.
Sponsor has exercised its right to visit the Custodian in order to examine the gold and the records maintained by them.
1 unchanged sentence
inspection by Bureau Veritas, a leading commodity inspection and testing company retained by the Sponsor, of the Custodian was conducted
−Removed: as of July 01, 2024.
+Added: as of June 30, 2025.
Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity
15 unchanged sentences
year ended June 30, 2025
−Removed: Trust’s NAV decreased from $935,811,456 on June 30, 2023, to $790,994,009 on June 30, 2024, a 15.48% decrease for the year.
−Removed: The decrease in the Trust’s NAV resulted primarily from a reduction in outstanding Shares from 49,450,000 Shares on June 30,
−Removed: 2023, to 34,350,000 Shares on June 30, 2024, a result of 1,900,000 Shares (38 Baskets) being created and 17,000,000 Shares (340
−Removed: Baskets) being redeemed during that period.
+Added: Trust’s NAV increased from $790,994,009 on June 30, 2024, to $1,105,575,430 on June 30, 2025, a 39.77% increase for the year.
+Added: increase in the Trust’s NAV resulted primarily from an increase in gold price from $2,330.90 per ounce on June 30, 2024, to $3,287.45
+Added: on June 30, 2025, a 41.04% increase.
+Added: The positive impact of the change in gold price was negatively affected by a reduction in the number
+Added: of shares outstanding from 34,350,000 shares on June 30, 2024 to 34,100,000 shares on June 30, 2025 (a -0.73$% decrease) as a result
+Added: of 3,050,000 shares (61 baskets) being created and 3,300,000 shares (66 baskets) being redeemed during that period.
NAV per Share increased 40.77% from $23.03 on June 30, 2024, to $32.42 on June 30, 2025.
12 unchanged sentences
21.89% from $1,912.25 on June 30, 2023, to $2,330.90 on June 30, 2024.
−Removed: The Trust’s NAV per Share increased slightly less than the price
−Removed: per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,602,240 for the fiscal year, or 0.1749% of the Trust’s
−Removed: assets on an annualized basis.
+Added: The Trust’s NAV per Share increased slightly less than the
+Added: price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,671,742 for the fiscal year, or 0.1749% of
+Added: the Trust’s assets on an annualized basis.
year ended June 30, 2023
12 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.