What changed in this filing

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Item 1A. Risk Factors

2026-08-13 compared with 2025-08-11 · 15 added, 43 removed, 416 unchanged (12% of the section changed)

379 unchanged sentences

impact the business activities of the Sponsor and its service providers and have an adverse effect on the Trust.

October 7, 2023, militants from Gaza attacked Israeli towns, killed Israeli civilians and soldiers and took hostages.

In response to

the attack, Israel declared war against Hamas, attacking Hamas and Islamic targets in Gaza.

The conflict has escalated in the past year

and Israel is fighting adversaries across the Middle East, including Hezbollah in Lebanon and the Houthis in Yemen and Iran.

The responses

of countries and political bodies to these events, the larger overarching tensions, Israel’s military response and the potential

for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets,

and cause volatility in the price of gold and the price of the Shares.

In addition, the conflict, along with any global political fallout

and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict, could disturb

the gold market.

late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existing geopolitical tensions among Russia

and other countries in the region and in the west.

On March 7, 2022, the LBMA suspended its accreditation of six Russian precious metals

The LBMA stated that existing bars produced by the refiners before their suspension will still be accepted as good delivery.

Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which prohibit the

direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in

Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022.

Similarly, US regulations prohibit the

import of gold of Russian origin into the United States on or after June 28, 2022 and EU regulations prohibit the direct or indirect

import, purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22, 2022.

responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military

response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and

global economic markets, and cause volatility in the price of gold and the price of the Shares.

In addition, the conflict in Ukraine,

along with global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential

expansion of the conflict beyond Ukraine’s borders, could disturb the gold market.

Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises such as the coronavirus

pandemic (the “ COVID-19 pandemic ” ).

and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Sponsor

and its service providers to operate.

The COVID-19 pandemic or a similar public health threat could adversely impact the Trust by causing

operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures).

The COVID-19 pandemic, for example, had substantive effects on social, economic and financial systems, including significant uncertainty

and volatility in the financial markets.

Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events, including the conflict in

the Middle East, the continuation of the war in Ukraine and other hostilities.

events, including the conflict in the Middle East, the continuation of the war in Ukraine and other hostilities could disrupt and potentially

impact the business activities of the Sponsor and its service providers and have an adverse effect on the Trust.

on February 28, 2026, the United States and Israel launched airstrikes against Iran, including strikes that killed Iran’s Supreme

Leader and other senior officials.

Iran responded with military strikes against Israel, US military installations, and US-allied states

in the region, and moved to disrupt shipping through the Strait of Hormuz, a critical corridor for global energy trade.

Ceasefire deals

have been intermittently in place, but hostilities have continued since, including sustained US strikes on Iranian military and infrastructure

targets, retaliatory strikes by Iran and allied militias against US and partner-country installations across the region, and a blockade

declared by Yemen’s Houthi movement against Saudi Arabia.

The International Energy Agency has characterized the resulting disruption

to oil markets as among the most severe in the industry’s history.

The conflict’s effect on broader financial markets, and

its potential to widen further or draw in additional regional and global actors, could increase volatility in the price of gold and the

price of the Shares.

As with the conflicts in the Middle East and Ukraine described above, sanctions, shipping and logistics disruptions,

and broader economic fallout stemming from the conflict could affect the gold market and, in turn, the Trust.

October 7, 2023, militants from Gaza attacked Israeli towns, killed Israeli civilians and soldiers and took hostages.

34 unchanged sentences

and volatility in the financial markets.

Unresolved Staff Comments

Legal Proceedings

Mine Safety Disclosures

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.

What changed 10-K

Item 1A. Risk Factors