3 unchanged sentences
On June 15, 2021, the Shares commenced trading on NYSE Arca under the ticker symbol IAUM.
−Removed: As of December 31, 2021, there were approximately 32 DTC participating shareholders of record of the Trust.
+Added: As of December 31, 2022, there were approximately 51 DTC participating shareholders of record of the Trust.
Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
−Removed: The Trust did not declare any cash distributions to Shareholders during the period from June 15, 2021 (Date of Inception) to December 31, 2021.
+Added: The Trust did not declare any cash distributions to Shareholders during the fiscal year ended December 31, 2022 and the period from June 15, 2021 (Date of Inception) to December 31, 2021.
The Trust has no obligation to make periodic distributions to Shareholders.
2 unchanged sentences
Purchases of Equity Securities by the Issuers and Affiliated Purchaser
−Removed: 2,000,000 Shares (40 Baskets) were redeemed during the fourth quarter ended December 31, 2021.
+Added: 2,550,000 Shares (51 Baskets) were redeemed during the fourth quarter of the year ended December 31, 2022.
Total Number of Shares
10 unchanged sentences
The discussion and analysis that follows may contain statements that relate to future events or future performance.
−Removed: In some cases, such forward-looking statements can be identified by terminology such as “
−Removed: may, ”
−Removed: should, ”
−Removed: could, ”
−Removed: expect, ”
−Removed: plan, ”
−Removed: anticipate, ”
−Removed: believe, ”
−Removed: estimate, ”
−Removed: predict, ”
−Removed: potential” or the negative of these terms or other comparable terminology.
+Added: In some cases, such forward-looking statements can be identified by terminology such as “may,”
+Added: “should,”
+Added: “could,”
+Added: “expect,”
+Added: “plan,”
+Added: “anticipate,”
+Added: “believe,”
+Added: “estimate,”
+Added: “predict,”
+Added: “potential”
+Added: or the negative of these terms or other comparable terminology.
These statements are only predictions.
14 unchanged sentences
Shares of the Trust trade on NYSE Arca, Inc.
−Removed: under the ticker symbol IAUM.
+Added: (“NYSE Arca”) under the ticker symbol IAUM.
Valuation of Gold Bullion ;
21 unchanged sentences
A description of the valuation of gold bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Gold Bullion;
−Removed: Computation of Net Asset Value”
+Added: Computation of Net Asset Value” above.
In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.
9 unchanged sentences
Results of Operations
−Removed: The Period from June 15, 2021 (Date of Inception) through December 31, 2021
+Added: The Year Ended December 31, 2022
+Added: The Trust’s net asset value increased from $872,384,122 at December 31, 2021 to $1,127,844,172 at December 31, 2022, a 29.28% increase.
+Added: The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 47,950,000 at December 31, 2021 to 62,300,000 at December 31, 2022, a consequence of 31,300,000 Shares (626 Baskets) being created and 16,950,000 Shares (339 Baskets) being redeemed during the year.
+Added: The increase in the Trust’s net asset value was partially offset by a decrease in the LBMA Gold Price, which fell 0.43% from $1,820.10 at December 31, 2021 to $1,812.35 at December 31, 2022.
+Added: The 0.49% decrease in the NAV from $18.19 at December 31, 2021 to $18.10 at December 31, 2022 is directly related to the 0.43% decrease in the price of gold.
+Added: The NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fees, which were $773,425 for the year, or 0.07% of the Trust’s average weighted assets of $1,105,463,005 during the year.
+Added: The NAV of $20.38 on March 8, 2022 was the highest during the year, compared with a low of $16.27 on November 3, 2022.
+Added: Net increase in net assets resulting from operations for the year ended December 31, 2022 was $2,422,092, resulting from an unrealized loss on investment in gold bullion of $6,619,441 and a net realized gain of $9,817,439, on gold bullion distributed for the redemption of Shares, a net realized loss of $2,481 from gold bullion sold to pay expenses, and a net investment loss of $773,425.
+Added: Other than the Sponsor’s fees of $773,425, the Trust had no expenses during the year.
+Added: The Period from June 15, 2021 (Date of Inception) to December 31, 2021
The Trust’s net asset value increased from $9,325,500 at June 15, 2021 (Date of inception) to $872,384,122 at December 31, 2021, a 9,254.82% increase.
4 unchanged sentences
The NAV of $18.64 on November 17, 2021 was the highest during the period, compared with a low during the period of $17.23 on August 10, 2021.
−Removed: Net increase in net assets resulting from operations for the period from June 15, 2021 (Date of Inception) through December 31, 2021 was $13,664,266, resulting from an unrealized gain on investment in gold bullion of $13,796,050 and a net realized gain of $101,713 on gold bullion distributed for the redemption of Shares, partially offset by a net realized loss of $392 from gold bullion sold to pay expenses during the period, and a net investment loss of $233,105.
+Added: Net increase in net assets resulting from operations for the period from June 15, 2021 (Date of Inception) through December 31, 2021 was $13,664,266, resulting from an unrealized gain on investment in gold bullion of $13,796,050 and a net realized gain of $101,713 on gold bullion distributed for the redemption of Shares, partially offset by a net realized loss of $392 from gold bullion sold to pay expenses during the period, and a net investment loss of $233,105.
Other than the Sponsor’s fees of $233,105, the Trust had no expenses during the period.
2 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.