48 unchanged sentences
Fee through in-kind transfers of gold to the Sponsor.
−Removed: On September 30, 2025 the Trust did not have any cash balances.
+Added: On December 31, 2024 the Trust did not have any cash balances.
Sheet Arrangements
10 unchanged sentences
of Operations
−Removed: Quarter Ended September 30, 2025
−Removed: 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.
−Removed: The Trust’s number of shares outstanding remained constant over the period at 34,100,000.
−Removed: The Trust’s net asset value was
−Removed: 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
−Removed: 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
−Removed: related to the 16.36% increase in the price of gold.
+Added: Quarter Ended December 31, 2025
+Added: Trust’s net asset value increased from $1,285,913,636 on September 30, 2025, to $1,492,121,494 on December 31, 2025, a 16.0% increase.
+Added: The increase in the Trust’s net asset value was due to a 12.6% increase in gold price from $3,825.30 on September 30, 2025, to
+Added: $4,307.95 on December 31, 2025, as well as an increase in the number of shares outstanding from 34,100,000 to 35,150,000 over this period.
+Added: The 1,050,000 shares increase was a result of 21 creation orders (50,000 shares per creation and redemption).
+Added: There was no redemption
+Added: order over the period considered.
+Added: 12.57% increase in the Trust’s net asset value per share, from $37.71 on September 30, 2025, to $42.45 on December 31, 2025, is
+Added: directly related to the 12.6% 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
fees, which were $626,724 for the quarter, or 0.044% of the Trust’s average weighted net assets of $1,423,879,427 during the quarter.
−Removed: 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
−Removed: of $32.53 on July 31, 2025.
−Removed: increase in net assets resulting from operations for the quarter ended September 30, 2025, was $179,439,028, resulting from an unrealized
−Removed: 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: The net asset value per share of $44.16 on December 24, 2025, was the highest during the quarter, compared with a low during the quarter
+Added: of $38.17 on October 01, 2025.
+Added: net increase in net assets resulting from operations for the quarter ended December 31, 2025, was $162,747,321, resulting primarily from
+Added: an unrealized gain on investment in gold bullion of $163,047,183, a gain of $326,862 on metal sold to cover the Sponsor’s
fees but decreased by the Sponsor’s fees of $626,724.
Other than the Sponsor’s fees the Trust had no expenses during the
+Added: Months Ended December 31, 2025
+Added: Trust’s net asset value increased from $1,105,575,430 on June 30, 2025, to $1,492,121,494 on December 31, 2025, a 34.96%
+Added: The increase in the Trust’s net asset value was the result of (i) the positive change in gold price, which increased
+Added: by 31.0% from $3,287.45 on June 30, 2025, to $4,307.95 on December 31, 2025, and (ii) an increase in the number of shares
+Added: outstanding from 34,100,000 to 35,150,000.
+Added: The 1,050,000 shares increase was the net result of 31 creation orders and 10 redemption
+Added: orders (50,000 shares per creation and redemption order).
+Added: 30.9% increase in the Trust’s net asset value per share, from $32.42 on June 30, 2025, to $42.45 on December 31, 2025, is directly
+Added: related to the 31.0% increase in the price of gold.
+Added: Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s
+Added: fees, which were $1,135,094 for the period, or 0.088% of the Trust’s average weighted net assets of $1,289,512,405 during the six-month
+Added: The net asset value per share of $44.16 on December 24, 2025, was the highest during the period, compared with a low during the
+Added: period of $32.53 on July 31, 2025.
+Added: net increase in net assets resulting from operations for the 6 months period ending December 31, 2025, was $342,186,349, resulting from
+Added: an unrealized gain on investment in gold bullion of $334,716,755, increased by a gain of $8,604,688 on metal sold to cover the redemption
+Added: orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,135,094.
+Added: Other than the Sponsor’s fees the Trust
+Added: had no expenses during the period.
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.