1 unchanged sentence
of Assets and Liabilities
−Removed: September 30, 2025 (unaudited) and June 30, 2025
+Added: December 31, 2025 (unaudited) and June 30, 2025
Amounts in 000’s of US$, except share and per share data
−Removed: September 30, 2025
+Added: December 31, 2025
June 30, 2025
9 unchanged sentences
of Investments
−Removed: September 30, 2025 (unaudited) and June 30, 2025
+Added: December 31, 2025 (unaudited) and June 30, 2025
in 000’s of US$, except for ounces and percentages
−Removed: September 30, 2025 (unaudited)
+Added: December 31, 2025 (unaudited)
Total investment
1 unchanged sentence
June 30, 2025
−Removed: % of Net Assets
Total investment
2 unchanged sentences
of Operations (Unaudited)
−Removed: the three months ended September 30, 2025 and 2024
+Added: the three and six months ended December 31, 2025 and 2024
Amounts in 000’s of US$, except per share data
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: December 31, 2025
+Added: December 31, 2024
+Added: December 31, 2025
+Added: December 31, 2024
Total expenses
Net investment loss
−Removed: Net realized and unrealized gains (losses)
+Added: Net realized and unrealized gain (loss)
Net realized gain (loss) from:
9 unchanged sentences
of Changes in Net Assets (Unaudited)
−Removed: the three months ended September 30, 2025 and 2024
+Added: the three and six months ended December 31, 2025, and 2024
Amounts in 000’s of US$
−Removed: Three Months Ended
−Removed: September 30,
−Removed: Three Months Ended
−Removed: September 30,
+Added: December 31, 2025
+Added: December 31, 2024
+Added: December 31, 2025
+Added: December 31, 2024
Net Assets – beginning of the period
1 unchanged sentence
Redemptions of 0 , 1,000,000 , 500,000 and 1,800,000 shares respectively
−Removed: Net investment loss
+Added: Net investment income / (loss)
Net realized gain (loss) from gold bullion sold to pay expenses
4 unchanged sentences
Highlights (Unaudited)
−Removed: the three months ended September 30, 2025 and 2024
+Added: the three and six months ended December 31, 2025, and 2024
Per Share Performance
−Removed: (for a Share outstanding throughout the entire period)
−Removed: Three Months Ended
−Removed: September 30,
−Removed: Three Months Ended
−Removed: September 30, 2024
+Added: (for a Share outstanding throughout each period)
+Added: December 31, 2025
+Added: December 31, 2024
+Added: December 31, 2025
+Added: December 31, 2024
Net asset value per Share at beginning of period
−Removed: Net investment loss (1)
+Added: investment income (loss) (1)
Net realized and unrealized gain (loss) on investment in gold bullion
1 unchanged sentence
Net asset value per Share at end of period
−Removed: Market price per Share at end of period
−Removed: Total return ratio, at net asset value (2)
+Added: Market value per Share at end of period
+Added: return ratio, at net asset value (2)
Total return ratio, at market price (2)
2 unchanged sentences
Net investment loss (3)
−Removed: using the average shares outstanding method.
−Removed: not annualized.
+Added: Calculated using the average
+Added: shares outstanding method.
+Added: Percentage not annualized.
+Added: Percentage annualized.
Notes to the Financial Statements
31 unchanged sentences
vaulting premises.
−Removed: 99.94 % and 99.94 % of gold is allocated gold in the form of good delivery gold bars as of September 30, 2025 and 2024,
+Added: 99.90 % and 99.95 % of gold is allocated gold in the form of good delivery gold bars as of December 31, 2025 and 2024,
respectively.
18 unchanged sentences
on the best information available.
−Removed: The following table summarizes the Trust’s investments at fair value:
+Added: following table summarizes the Trust’s investments at fair value:
Schedule of Trust’s Investments at Fair Value
−Removed: September 30, 2025
+Added: December 31, 2025
(Amounts in 000’s of US$)
−Removed: September 30, 2025
+Added: December 31, 2025
Investment in Gold
−Removed: The following table summarizes the Trust’s investments at fair value:
+Added: following table summarizes the Trust’s investments at fair value:
(Amounts in 000’s of US$)
1 unchanged sentence
Investment in Gold
−Removed: transfers between Level 1 and other Levels for the period ended September 30, 2025 and the year ended June 30, 2025.
+Added: were no transfers between Level 1 and other Levels for the period ended December 31, 2025, and the fiscal year ended June 30, 2025.
Expenses, realized gains and losses
5 unchanged sentences
legal expenses.
−Removed: of September 30, 2025, the fees payable to the Sponsor were $ 175,769 .
−Removed: As of the year ended June 30, 2025, the fees payable to the Sponsor
−Removed: were $ 161,986 .
+Added: of period ended December 31, 2025, the fees payable to the Sponsor was $ 222,334 .
+Added: As of the fiscal year, ended June 30, 2025, the fees
+Added: payable to the Sponsor were $ 161,986 .
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
2 unchanged sentences
the smallest amounts of gold needed to pay these expenses in order to minimize the Trust’s holdings of assets other than gold.
−Removed: than the Sponsor’s Fee, the Trust had no expenses during the three months ended September 30, 2025 and 2024.
+Added: Other than the Sponsor’s Fee, the Trust had no expenses during the six months and 6 months ended December 31, 2025, and 2024.
otherwise directed by the Sponsor, when selling gold, the Trustee will endeavor to sell at the price established by the LBMA PM Gold
50 unchanged sentences
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
−Removed: that no reserves for uncertain tax positions are required as of September 30, 2025 and June 30, 2025.
+Added: that no reserves for uncertain tax positions are required as of December 31, 2025 and June 30, 2025.
Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether
4 unchanged sentences
years are those years that are open for examination by the relevant income taxing authority.
−Removed: As of September 30, 2025, the 2025, 2024,
+Added: As of December 31, 2025, the 2025, 2024
and 2023 tax years remain open for examination .
−Removed: Recently Issued Accounting Pronouncement
+Added: Segment Reporting
Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures
1 unchanged sentence
The Trust operates in one segment.
−Removed: The segment derives its revenues from Trust investments made
−Removed: in accordance with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus.
−Removed: The Chief Operating Decision
−Removed: Maker (“CODM”) is the Sponsor.
+Added: The segment derives its revenues from Trust investments made in accordance
+Added: with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus.
+Added: The Chief Operating Decision Maker
+Added: (“CODM”) is the Sponsor.
The CODM monitors the operating results of the Trust.
−Removed: The financial information the
−Removed: CODM leverages to assess the segment’s performance and to make decisions for the Trust’s single segment, is consistent with that presented
+Added: The financial information the CODM leverages
+Added: to assess the segment’s performance and to make decisions for the Trust’s single segment, is consistent with that presented
within the Trust’s financial statements.
+Added: Recently Issued Accounting Pronouncement
+Added: December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements
+Added: to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure
+Added: consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial.
+Added: ASU 2023-09 is effective
+Added: for annual periods beginning after December 15, 2024, and early adoption is permitted.
+Added: The Trust’s Management is evaluating the impacts of
+Added: these changes on the Trust’s financial statements.
Investment in Gold
−Removed: in ounces of gold and their respective values for the period ended September 30, 2025:
+Added: in ounces of gold and their respective values for the period ended December 31, 2025:
Schedule of Investment in Gold
5 unchanged sentences
Change in unrealized appreciation (depreciation)
−Removed: Ending balance as of September 30, 2025
−Removed: in ounces of gold and their respective values for the year ended June 30, 2025:
+Added: Ending balance as of December 31, 2025
+Added: in ounces of gold and their respective values for the fiscal year ended June 30, 2025:
Amounts in 000’s of US$, except for ounces data
59 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.