23 unchanged sentences
As of the date of this annual report, 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.
−Removed: LLC, RBC Capital Markets LLC, UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants.
+Added: LLC, RBC Capital Markets LLC, UBS Securities LLC and Virtu Americas LLC are the Authorized Participants.
An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.
Investing in the Shares does not insulate the investor from certain risks, including price volatility.
−Removed: The following chart illustrates the movement in the price of the Shares and NAV of the Shares against the corresponding gold price (per 1/10 of an oz.
+Added: The following chart illustrates the movement in the price of the Shares and the NAV of the Shares against the corresponding gold price (per 1/10 of an oz.
of gold) since the day the Shares first began trading on the NYSE and subsequent transfer to NYSE Arca:
12 unchanged sentences
The Trustee determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding as of the close of trading on NYSE Arca.
−Removed: Bureau Veritas conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodians.
+Added: Bureau Veritas Commodities UK Ltd.
+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 results can be found on www.spdrgoldshares.com .
64 unchanged sentences
Three months to September 30, 2023
+Added: July 20, 2023
Three months to December 31, 2023
16 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.