22 unchanged sentences
The Trust is sponsored by WGC USA Asset Management Company, LLC (the “Sponsor”).
−Removed: The Trust established six separate series, of which only SPDR ® Gold MiniShares ® Trust (“GLDM”) is operational as of September 30, 2024.
+Added: SPDR ® Gold MiniShares ® Trust (“GLDM”) is the only operational Fund as of September 30, 2025.
GLDM commenced operations on June 26, 2018.
8 unchanged sentences
GLDM values the investment in gold bullion at fair value.
−Removed: The Bank of New York Mellon (the “Administrator”) will value any gold bullion held by GLDM on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited.
−Removed: In determining the NAV, the Administrator will value the gold bullion held by GLDM on the basis of the LBMA Gold Price PM.
+Added: The Bank of New York Mellon (the “Administrator”) will value any gold bullion held by GLDM based on the price of an ounce of gold as determined by the ICE Benchmark Administration Limited.
+Added: In determining the NAV, the Administrator will value the gold bullion held by GLDM based on the LBMA Gold Price PM.
The Administrator will calculate the NAV on each day the NYSE Arca is open for regular trading, at the earlier LBMA Gold Price PM for the day or 12:00 PM New York time.
−Removed: If no LBMA Gold Price (AM or PM) is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination.
+Added: If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination.
Gold held by GLDM is reported at fair value on the Statement of Financial Condition.
3 unchanged sentences
The Administrator determines the NAV per Share by dividing the NAV of GLDM 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 GLDM 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 GLDM 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 .
On September 30, 2025, Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by JPMorgan at its London vault.
−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 ICBC's London vault on March 11, 2024 and at JPMorgan's London vault on March 18, 2024.
−Removed: JPMorgan does not hold any gold on behalf of GLDM at its New York or Zurich vaults.
+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.
+Added: During the period in which both the annual count and the second count took place, ICBC did not hold any gold on behalf of GLDM and JPMorgan did not hold any gold on behalf of GLDM at its New York or Zurich vaults and, as a result, counts were not conducted at those vault locations.
The results can be found on www.spdrgoldshares.com .
29 unchanged sentences
Closing balance
−Removed: Share values adjusted per reverse stock split effective Feb.
In the year ended September 30, 2025, 162,000,000 Shares (1620 Creation Units) were created in exchange for 3,208,532.0 ounces of gold, 61,400,000 Shares (614 Creation Units) were redeemed in exchange for 1,216,045.0 ounces of gold and 3,919.8 ounces of gold were sold to pay Sponsor fees.
26 unchanged sentences
Three months to September 30, 2023
+Added: July 20, 2023
Three months to December 31, 2023
2 unchanged sentences
Three months to September 30, 2024
−Removed: July 20, 2023
Three months to December 31, 2024
9 unchanged sentences
There was no LBMA Gold Price PM on the last business day of December 2024, 2023 or 2022.
−Removed: The LBMA Gold Price AM on the last business day of December 2023, 2022 and 2021 was $2,062.40, $1,812.35 and $1,820.10, respectively.
+Added: The LBMA Gold Price AM on the last business day of December 2024, 2023 and 2022 was $2,610.85.
+Added: $2,062.40, and $1,812.35, respectively.
The Net Asset Value of the Trust on December 31, 2024, 2023 and 2022 was calculated using the LBMA Gold Price AM.
3 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.