31 unchanged sentences
Further, the Trust’s holdings and their value based on current market prices are reported on the Trust’s website each business day.
−Removed: The Trustee’s arrangements with the Custodians provide that at the end of each business day only gold bars, and no gold in an unallocated form, is held in the Trust accounts maintained with the Custodians.
+Added: The Trustee’s arrangements with the Custodians provide that at the end of each business day only gold bars, and no gold in an unallocated form, is held in the Trust's accounts maintained with the Custodians.
Accordingly, the Trust’s gold holdings are identified on each of the Custodian’s books as the property of the Trust and held in London, New York or Zurich.
19 unchanged sentences
(2) is a participant in the Depository Trust Company system (“DTC”);
−Removed: (3) has entered into an agreement with the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the gold and any cash required for such creations and redemptions, or a Participant Agreement;
+Added: (3) has entered into an agreement with the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the gold and any cash required for such creations and redemptions (a "Participant Agreement");
and (4) has established an unallocated gold account meeting the requirements of each of the Custodians.
2 unchanged sentences
The ICE Benchmark Administration Limited (the “IBA”) provides the auction platform and methodology as well as the overall independent administration and governance for the LBMA Gold Price.
−Removed: In determining the NAV of the Trust, the Trustee values the gold held by the Trust on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration).
+Added: In determining the NAV of the Trust, the Trustee values the gold held by the Trust based on the price of an ounce of gold determined by the IBA 3:00 PM auction process (“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration).
The auction runs twice daily at 10:30 AM and 3:00 PM London time.
92 unchanged sentences
Market Makers
−Removed: The OTC market provides a relatively flexible market in term of quotes, price, size, destinations for delivery and other factors.
+Added: The OTC market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery and other factors.
Bullion dealers customize transactions to meet their clients’ requirements.
63 unchanged sentences
The Trust creates and redeems Shares from time to time, but only in one or more Baskets.
−Removed: The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.
+Added: The creation and redemption of Baskets are only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.
Creations of Baskets may only be settled after the requisite gold is deposited in the allocated account of the Trust.
5 unchanged sentences
As of the date of this annual report, the Authorized Participants are Goldman, Sachs & Co.
−Removed: LLC, Goldman Sachs Execution & Clearing, L.P., HSBC Securities (USA) Inc., J.P.
+Added: LLC, HSBC Securities (USA) Inc., J.P.
Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.
1 unchanged sentence
An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.
−Removed: Prior to initiating any creation or redemption order, an Authorized Participant must have established an unallocated account with any gold clearing bank of the London Precious Metals Clearing Limited ("LPMCL").
+Added: Prior to initiating any creation or redemption order, an Authorized Participant must have established an unallocated account with a gold clearing bank of the London Precious Metals Clearing Limited ("LPMCL").
An unallocated account is an account with a bullion dealer, which may also be a bank, to which a fine weight amount of gold is credited.
9 unchanged sentences
(1) a DTC Participant;
−Removed: (2) registered as a broker-dealer under the Exchange Act, and regulated by FINRA, or some other self-regulatory organization or will be exempt from being or otherwise not be required to be so regulated or registered;
+Added: (2) registered as a broker-dealer under the Exchange Act, and regulated by FINRA, or some other self-regulatory organization or will be exempt from being, or are otherwise not be required to be, so regulated or registered;
and (3) qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires.
25 unchanged sentences
Acting on instructions given by the Trustee, the selected Custodian will transfer the gold deposit amount from the Trust's unallocated account to the Trust's allocated account on the business day following the purchase order date by allocating to the Trust's allocated account specific bars of gold from unallocated bars which the Custodian holds or instructing a subcustodian to allocate specific bars of gold from unallocated bars held by or for the subcustodian.
−Removed: The gold bars in an allocated gold account are specific to that account and are identified by a list which shows, for each gold bar, the refiner, assay or fineness, serial number and gross and fine weight.
+Added: The gold bars in an allocated account are specific to that account and are identified by a list which shows, for each gold bar, the refiner, assay or fineness, serial number and gross and fine weight.
Gold held in the Trust’s allocated account is the property of the Trust and is not traded, leased or loaned under any circumstances.
1 unchanged sentence
By 2:00 PM (London time), the selected Custodian will advise the Trustee as to the status of the allocation process.
−Removed: Upon Trustee’s receipt of confirmation from the Custodian that the gold deposit amount has been transferred from the Trust's unallocated account to the Trust's allocated account, the Trustee will direct DTC to credit the number of Baskets ordered by the Authorized Participant to the Authorized Participant’s DTC account.
+Added: Upon the Trustee’s receipt of confirmation from the Custodian that the gold deposit amount has been transferred from the Trust's unallocated account to the Trust's allocated account, the Trustee will direct DTC to credit the number of Baskets ordered by the Authorized Participant to the Authorized Participant’s DTC account.
During the period of the transfer, all Shareholders will be exposed to the risks of unallocated gold to the extent of that gold deposit amount until the Custodian completes the allocation process.
90 unchanged sentences
In the absence of such instructions, the Trustee may initiate action to remove the gold from such Custodian.
−Removed: The ability of the Trustee to monitor the performance of the Custodians may be limited because under the Custody Agreements the Trustee only has the right, up to twice a year, visit the premises of the Custodians for the purpose of examining the Trust’s gold and certain related records maintained by the Custodians.
+Added: The ability of the Trustee to monitor the performance of the Custodians may be limited because under the Custody Agreements the Trustee only has the right, up to twice a year, to visit the premises of the Custodians for the purpose of examining the Trust’s gold and certain related records maintained by the Custodians.
Bureau Veritas Commodities UK Ltd.
−Removed: (formerly Inspectorate International Limited) ("Bureau Veritas") conducts two counts each year of the gold bullion stock held on behalf of the Trust at the vaults of the Custodians.
+Added: (formerly Inspectorate International Limited) ("Bureau Veritas") conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodians.
A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30 th .
Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by (i) HSBC at its London vault on September 30, 2025, (ii) JPMorgan at its London vault on September 30, 2025 and (iii) JPMorgan at its New York vault on September 30, 2025.
−Removed: The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently at JPMorgan's London vault on March 19, 2024, JPMorgan's New York vault on April 4, 2024 and HSBC's London vault on April 2, 2024.
+Added: The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently at JPMorgan's London vault on March 14, 2025, JPMorgan's New York vault on March 24, 2025 and HSBC's London vault on April 1, 2025.
+Added: During the period in which both the annual count and the second count took place, JPMorgan did not hold any gold on behalf of the Trust at its Zurich vault and, as a result, counts were not conducted at that vault location.
The Trustee has no right to visit the premises of any subcustodian for the purposes of examining the Trust’s gold or any records maintained by the subcustodian, and no subcustodian is obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such subcustodian.
44 unchanged sentences
HSBC is authorized by the Prudential Regulation Authority (the "PRA") and regulated by the PRA and the FCA in the United Kingdom.
−Removed: JPMorgan operates its custody business out of its London office located at 25 Bank Street, Canary Warf, London, E14 5JP, United Kingdom.
+Added: JPMorgan operates its custody business out of its London office located at 25 Bank Street, Canary Wharf, London, E14 5JP, United Kingdom.
JPMorgan was incorporated in the U.S.
8 unchanged sentences
Custody of the gold bullion deposited with and held by the Trust is provided by HSBC at its London vault and by JPMorgan at its London, New York and Zurich vaults.
−Removed: Each Custodian holds all of the Trust’s gold in its respective vault premises except when the gold has been allocated in the vault of a subcustodian, and in such cases each Custodian has agreed that it will use commercially reasonable efforts to promptly transport or transfer the gold from the subcustodian’s vault to the Custodian’s London vault, at the Custodian’s cost and risk.
+Added: The Custodians hold all of the Trust’s gold in their respective vault premises except when the gold has been allocated in the vault of a subcustodian, and in such cases each Custodian has agreed that it will use commercially reasonable efforts to promptly transport or transfer the gold from the subcustodian’s vault to the Custodian’s London vault, at the Custodian’s cost and risk.
Each Custodian, as instructed by the Trustee, is authorized to accept, on behalf of the Trust, deposits of gold in unallocated form.
1 unchanged sentence
All gold bullion allocated to the Trust must conform to the rules, regulations, practices and customs of the LBMA, and the Custodians must replace any non-conforming gold bullion with conforming bullion as soon as practical.
−Removed: The Trustee has entered into Custody Agreements with each Custodian which establish the Trust's unallocated and allocated accounts with that Custodian.
+Added: The Trustee entered into Custody Agreements with each Custodian which establish the Trust's unallocated and allocated accounts with that Custodian.
The Trust's unallocated accounts are used to facilitate the transfer of gold deposits and gold redemption distributions between Authorized Participants and the Trust in connection with the creation and redemption of Baskets and the sales of gold made by the Trustee for the Trust.
2 unchanged sentences
A subcustodian appointed by a Custodian must be approved by the Trustee and the Sponsor and must be a LBMA member or the Bank of England.
−Removed: Current lists of all gold held by the Custodians, including any held with a subcustodian, is available on the Sponsor’s website at www.spdrgoldshares.com.
+Added: Current lists of all gold held by the Custodians, including any held with a subcustodian, are available on the Sponsor’s website at www.spdrgoldshares.com.
In accordance with LBMA practices and customs, the Custodians do not have written custody agreements with the subcustodians they select.
29 unchanged sentences
Each Custodian accepts deposits into the Trust's unallocated account of gold the Custodian receives from (1) the Trust's allocated account in connection with a redemption of Shares, (2) an Authorized Participant's unallocated account in connection with the creation of Shares, (3) the other Custodian's unallocated account in connection with a book entry or other transfer between the Custodians or (4) an unallocated account with a third-party permitted under the Custody Agreements.
−Removed: A withdrawal from the Trust's unallocated account with a Custodian may be made by (1) transferring gold to an Authorized Participant's unallocated account in connection with a redemption of Shares, (2) allocating gold to the Trust's allocated accounts in connection with a creation of Shares, (3) transferring gold, including by book entry transfers, to the other Custodian's Trust unallocated account or (4) transferring gold to an unallocated account with a third-party as permitted under the Custody Agreements.
+Added: A withdrawal from the Trust's unallocated account with a Custodian may be made by (1) transferring gold to an Authorized Participant's unallocated account in connection with a redemption of Shares, (2) allocating gold to the Trust's allocated accounts in connection with a creation of Shares, (3) transferring gold, including by book entry transfers, to the other Custodian's unallocated account for the Trust or (4) transferring gold to an unallocated account with a third-party as permitted under the Custody Agreements.
The Custody Agreements also allow for the withdrawal of physical gold from the Trust's unallocated account upon the Trustee's instruction.
34 unchanged sentences
The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and have no par value.
−Removed: Any creation and issuance of Shares above the amount registered on the registration statement of which this report is a part will require the registration of such additional Shares.
Description of Limited Rights
244 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.