What changed in this filing

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Item 1. Financial Statements

2025-05-08 compared with 2025-02-03 · 85 added, 87 removed, 216 unchanged (44% of the section changed)

1 unchanged sentence

of Assets and Liabilities

December 31, 2024 (unaudited) and June 30, 2024

March 31, 2025 (unaudited) and June 30, 2024

Amounts in 000’s of US$, except share and per share data

December 31, 2024

March 31, 2025

June 30, 2024

Investment in gold bullion, at fair value (1)

8 unchanged sentences

of Investments

December 31, 2024 (unaudited) and June 30, 2024

March 31, 2025 (unaudited) and June 30, 2024

in 000’s of US$, except for ounces and percentages

31, 2024 (unaudited)

in excess of other assets

March 31, 2025 (unaudited)

Total investment

Liabilities in excess of other assets

June 30, 2024

Total investment

Liabilities in excess of other assets

Notes to the Financial Statements

of Operations (unaudited)

the three and six months ended December 31, 2024 and 2023

the three and nine months ended March 31, 2025 and 2024

Amounts in 000’s of US$, except per share data

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

March 31, 2025

March 31, 2024

March 31, 2025

March 31, 2024

Total expenses

12 unchanged sentences

of Changes in Net Assets (unaudited)

the three and six months ended December 31, 2024, and 2023

the three and nine months ended March 31, 2025 and 2024

Amounts in 000’s of US$

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

March 31, 2025

March 31, 2024

March 31, 2025

March 31, 2024

Net Assets – beginning of the period

1 unchanged sentence

Redemptions of 800,000 , 1,250,000 , 2,600,000 and 4,400,000 shares respectively

Net investment income / (loss)

Net investment loss

Net realized gain (loss) from gold bullion sold to pay expenses

4 unchanged sentences

Highlights (unaudited)

the three and six months ended December 31, 2024, and 2023

the three and nine months ended March 31, 2025 and 2024

Per Share Performance

a Share outstanding throughout each period)

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

(for a Share outstanding throughout each period)

March 31, 2025

March 31, 2024

March 31, 2025

March 31, 2024

Net asset value per Share at beginning of period

Net investment income (loss) (1)

Net investment 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

Market value per Share at end of period

Marlet Value per Share at end of period

Total return ratio, at net asset value (2)

38 unchanged sentences

vaulting premises.

99.95 % and 100.0 0% of gold is allocated gold in the form of good delivery gold bars as of December 31, 2024 and 2023,

respectively.

99.92 % and 97.29 % of gold is allocated gold in the form of good delivery gold bars as of March 31, 2025 and 2024, respectively.

A current list of all gold held by the Custodian is available on the sponsor’s website.

The cost of gold is determined

according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) PM Gold

If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced LBMA Gold Price AM

unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

The cost of gold is determined according

to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) PM Gold Price.

there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced LBMA Gold Price AM unless the

Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable

12 unchanged sentences

on the best information available.

following table summarizes the Trust’s investments at fair value:

The following table summarizes the Trust’s investments at fair value:

of Trust’s Investments at Fair Value

December 31, 2024

(Amounts in 000’s of US$)

December 31, 2024

March 31, 2025

Investment in Gold

following table summarizes the Trust’s investments at fair value:

June 30, 2024

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

1 unchanged sentence

Investment in Gold

were no transfers between Level 1 and other Levels for the period ended December 31, 2024 and the fiscal year ended June 30, 2024.

transfers between Level 1 and other Levels for the period ended March 31, 2025, and the fiscal year ended June 30, 2024.

Expenses, realized gains and losses

5 unchanged sentences

legal expenses.

of period ended December 31, 2024, the fees payable to the Sponsor was $ 127,772 .

As of the fiscal year, ended June 30, 2024, the fees

payable to the Sponsor were $ 137,175 .

of period ended March 31, 2025, the fees payable to the Sponsor was $ 147,293 .

As of the fiscal year, ended June 30, 2024, the fees payable to the Sponsor were $ 137,175 .

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.

Other than the Sponsor’s Fee, the Trust had no expenses during the three months and 6 months ended December 31, 2024 and 2023.

otherwise directed by the Sponsor, when selling gold, the Trustee will endeavor to sell at the price established by the LBMA PM Gold

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the

most favorable price and execution of orders.

The Custodian may be the purchaser of such gold only if the sale transaction is made at

the next LBMA PM Gold Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale

A gain or loss is recognized based on the difference between the selling price and the cost of the gold sold.

Neither the Trustee

nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended March 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 Price.

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable

price and execution of orders.

The Custodian may be the purchaser of such gold only if the sale transaction is made at the next LBMA

PM Gold Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order.

or loss is recognized based on the difference between the selling price and the cost of the gold sold.

Neither the Trustee nor the Sponsor

is liable for depreciation or loss incurred by reason of any sale.

gains and losses result from the transfer of gold for Share redemptions and / or to pay expenses and are recognized on a trade date basis

14 unchanged sentences

create or redeem Baskets is properly received.

to create and redeem Baskets may be placed only by Authorized Participants.

An Authorized Participant must:

(1) be a registered broker-dealer

or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration,

would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have

an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards

described herein.

To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor

and the Trustee.

The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the

delivery of the gold required for such creations and redemptions.

The Authorized Participant Agreement and the related procedures attached

thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant.

A transaction fee

of $ 500 will be assessed on all creation and redemption transactions.

Multiple Baskets may be created on the same day, provided each

Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust Allocated Account such that

the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the close of a business day.

Orders to create and redeem Baskets may be placed only by Authorized Participants.

Authorized Participant must:

(1) be a registered broker-dealer or other securities market participant, such as a bank or other financial

institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities

transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London

or have an existing unallocated account meeting the standards described herein.

To become an Authorized Participant, a person must enter

into an Authorized Participant Agreement with the Sponsor and the Trustee.

The Authorized Participant Agreement provides the procedures

for the creation and redemption of Baskets and for the delivery of the gold required for such creations and redemptions.

The Authorized

Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent

of any investor or Authorized Participant.

A transaction fee of $ 500 will be assessed on all creation and redemption transactions.

Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is able to

allocate gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the

close of a business day.

Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation

2 unchanged sentences

Trust is classified as a “grantor trust” for United States federal income tax purposes.

As a result, the Trust itself will

not be subject to United States federal income tax.

Instead, the Trust’s income and expenses will “flow through” to

the Shareholders, and the Trustee will report the Trust’s proceeds, income, gains, losses and deductions to the Internal Revenue

Service on that basis.

As a result, the Trust itself

will not be subject to United States federal income tax.

Instead, the Trust’s income and expenses will “flow

through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, gains, losses and deductions to

the Internal Revenue Service on that basis.

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined

that no reserves for uncertain tax positions are required as of December 31, 2024 and June 30, 2024.

that no reserves for uncertain tax positions are required as of March 31, 2025 and June 30, 2024.

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.

As of December 31, 2024, the 2024, 2023

As of March 31, 2025, the 2024, 2023, 2022

and 2021 tax years remain open for examination .

Recently Issued Accounting Pronouncement

The Trust adopted FASB Accounting Standards Update

2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

The Trust operates

in one segment.

The segment derives its revenues from Trust investments made in accordance with the defined investment strategy of the

Trust, as prescribed in the Trust's prospectus.

The Chief Operating Decision Maker (“CODM”) is the Sponsor.

The CODM monitors

the operating results of the Trust.

The financial information the CODM leverages 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.

Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -Improvements to Reportable Segment Disclosures

(“ASU 2023-07”).

The Trust operates in one segment.

The segment derives its revenues from Trust investments made in accordance

with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus.

The Chief Operating Decision Maker (“CODM”)

is the Sponsor.

The CODM monitors the operating results of the Trust.

The financial information the CODM leverages 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.

Investment in Gold

in ounces of gold and their respective values for the period ended December 31, 2024:

in ounces of gold and their respective values for the period ended March 31, 2025:

of Investment in Gold

5 unchanged sentences

Change in unrealized appreciation (depreciation)

Ending balance as of December 31, 2024

Ending balance as of March 31, 2025

in ounces of gold and their respective values for the fiscal year ended June 30, 2024:

60 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.

What changed 10-Q

Item 1. Financial Statements