48 unchanged sentences
Fee through in-kind transfers of gold to the Sponsor.
−Removed: At March 31, 2024 the Trust did not have any cash balances.
+Added: On September 30, 2025 the Trust did not have any cash balances.
Sheet Arrangements
10 unchanged sentences
of Operations
−Removed: Quarter Ended March 31, 2025
−Removed: Trust’s net asset value increased from $846,562,642 on December 31, 2024 to $1,041,923,470 on March 31, 2025, a 23.08% increase.
−Removed: The increase in the Trust’s net asset value was due to a change in the price of gold, which increased 19.31% from $2,610.85 on
−Removed: December 31, 2024, to $3,115.10 on March 31, 2025.
−Removed: The increase in the Trust’s net asset value was also due to an increase in the
−Removed: Trust’s number of shares outstanding which changed from 32,850,000 in December 31, 2024 to 33,900,000 in March 31, 2025, or +3.2%,
−Removed: as a net result of 37 creation orders and 16 redemption orders (50,000 shares orders).
−Removed: 19.29% increase in the Trust’s net asset value per share, from $25.77 on December 31, 2024, to $30.74 on March 31, 2025, is related
−Removed: to the increase in the price of gold.
−Removed: Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s
−Removed: fees, which were $403,252 for the quarter, or 0.043% of the Trust’s average weighted net assets of $935,047,174 during the quarter.
−Removed: The net asset value per share of $30.74 on March 31, 2025 was the highest during the quarter, compared with a low during the quarter
−Removed: of $25.99 on January 06, 2025.
−Removed: increase in net assets resulting from operations for the quarter ending March 31, 2025, was $165,069,804, resulting from an unrealized
−Removed: gain on investment in gold bullion of $155,323,596 increased by a gain of $10,149,460 on metal sold to cover the redemption orders and
−Removed: the Sponsor’s fees but reduced by the Sponsor’s fees of $403,252.
−Removed: Other than the Sponsor’s fees the Trust had no expenses
−Removed: during the quarter.
−Removed: Months Ended March 31, 2025
−Removed: Trust’s net asset value increased from $790,994,009 on June 30, 2024, to $1,041,923,470 on March 31, 2025, a 31.72% increase.
−Removed: increase in the Trust’s net asset value was mainly caused by a 33.64% increase in gold price from $2,330.90 on June 30, 2024, to
−Removed: $3,115.10 on March 31, 2025.
−Removed: The positive impact of the gold price was negatively impacted the reduction in number of shares outstanding
−Removed: from 34,350,000 on June 30, 2024, to 33,900,000 on March 31, 2025, or -1.3%.
−Removed: The 450,000 shares decrease was the net result of 43 creations
−Removed: orders and 52 redemption orders (50,000 shares per creation and redemption order).
−Removed: 33.48% increase in the Trust’s net asset value per share, from $23.03 on June 30, 2024, to $30.74 on March 31, 2025 is directly
+Added: Quarter Ended September 30, 2025
+Added: Trust’s net asset value increased from $1,105,575,430 on June 30, 2025 to $1,285,913,636 on September 30, 2025, a 16.31% increase.
+Added: The Trust’s number of shares outstanding remained constant over the period at 34,100,000.
+Added: The Trust’s net asset value was
+Added: positively impacted by the change in the price of gold, which increased 16.36% from $3,287.45 on June 30, 2025 to $3,825.3 on September
+Added: 16.32% increase in the Trust’s net asset value per share, from $32.42 on June 30, 2025, to $37.71 on September 30, 2025 is directly
related to the 16.36% increase in the price of gold.
Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s
−Removed: fees, which were $1,155,765 for the period, or 0.131% of the Trust’s average weighted net assets of $880,278,341 during the nine-month
−Removed: The net asset value per share of $30.74 on March 31, 2025 was the highest during the period, compared with a low during the period
+Added: fees, which were $508,370 for the quarter, or 0.1749% of the Trust’s average weighted net assets of $1,153,187,885 during the quarter.
+Added: The net asset value per share of $37.73 on September 29, 2025, was the highest during the quarter, compared with a low during the quarter
of $32.53 on July 31, 2025.
−Removed: net increase in net assets resulting from operations for the 9 months period ending March 31, 2025 was $258,761,849, resulting from an
−Removed: unrealized gain on investment in gold bullion of $233,192,048, increased by a gain of $26,725,566 on metal sold to cover the redemption
−Removed: orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,155,765.
−Removed: Other than the Sponsor’s fees the Trust
−Removed: had no expenses during the quarter.
+Added: increase in net assets resulting from operations for the quarter ended September 30, 2025, was $179,439,028, resulting from an unrealized
+Added: gain on investment in gold bullion of $171,669,572, increased by a gain of $8,277,826 on metal sold to cover redemption orders and Sponsor’s
+Added: fees but decreased by the Sponsor’s fees of $508,370.
+Added: Other than the Sponsor’s fees the Trust had no expenses during the
Quantitative and Qualitative Disclosures About Market Risk
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.