41 unchanged sentences
of gold) since inception:
−Removed: per Share(1) vs.
−Removed: 1/100th gold price from August 30, 2017 to June 30, 2025
+Added: NAV per Share(1) vs.
+Added: 1/100th gold price from August
+Added: 30, 2017 to June 30, 2026
Adjusted for effect of stock split.
46 unchanged sentences
Trust’s NAV increased from $1,105,575,430 on June 30, 2025, to $1,333,805,586 on June 30, 2026, a 20.64% increase for the year.
−Removed: 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: The increase in the Trust’s NAV resulted primarily from an increase in gold price from $3,287.45 per ounce on June 30, 2025, to
$4,026.05 on June 30, 2026, a 22.47% increase.
−Removed: The positive impact of the change in gold price was negatively affected by a reduction in the number
−Removed: of shares outstanding from 34,350,000 shares on June 30, 2024 to 34,100,000 shares on June 30, 2025 (a -0.73$% decrease) as a result
−Removed: of 3,050,000 shares (61 baskets) being created and 3,300,000 shares (66 baskets) being redeemed during that period.
+Added: The positive impact of the change in gold price was negatively affected by a reduction
+Added: in the number of shares outstanding from 34,100,000 shares on June 30, 2025 to 33,650,000 shares on June 30, 2026 (a -1.32% decrease)
+Added: as a result of 1,950,000 shares (39 baskets) being created and 2,400,000 shares (48 baskets) being redeemed during that period.
NAV per Share increased 22.27% from $32.42 on June 30, 2025, to $39.64 on June 30, 2026.
5 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: decrease in the Trust’s NAV resulted primarily from a reduction in outstanding Shares from 49,450,000 Shares on June 30, 2023,
−Removed: 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 Baskets) being
−Removed: 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.
Sheet Arrangements
1 unchanged sentence
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.