35 unchanged sentences
A list of the current Authorized Participants is available from the Sponsor or the Trustee.
−Removed: Shares of the Trust trade on NYSE Arca under the ticker symbol IAUM.
+Added: Shares of the Trust trade on NYSE Arca, Inc.
+Added: under the ticker symbol IAUM.
Valuation of Gold Bullion ; Computation of Net Asset Value
11 unchanged sentences
In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.
−Removed: As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.
+Added: As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fees.
The Trust’s only source of liquidity is its sales of gold.
17 unchanged sentences
The Year Ended December 31, 2025
+Added: The Trust’s net asset value increased from $1,359,466,882 at December 31, 2024 to $6,029,172,796 at December 31, 2025, a 343.50% 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 52,200,000 Shares at December 31, 2024 to 140,400,000 Shares at December 31, 2025, a consequence of 105,000,000 Shares (2,100 Baskets) being created and 16,800,000 Shares (336 Baskets) being redeemed during the year.
+Added: The increase in the Trust’s net asset value also benefitted from an increase in the price of gold, which rose 65.00% from $2,610.85 at December 31, 2024 to $4,307.95 at December 31, 2025.
+Added: The 64.90% increase in the NAV from $26.04 at December 31, 2024 to $42.94 at December 31, 2025 is directly related to the 65.00% increase in the price of gold.
+Added: The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $2,350,779 for the year, or 0.07% of the Trust’s average weighted assets of $3,358,344,407 during the year.
+Added: The NAV of $44.67 on December 24, 2025 was the highest during the year, compared with a low during the year of $26.27 on January 6, 2025.
+Added: Net increase in net assets resulting from operations for the year ended December 31, 2025 was $1,598,557,846, resulting from a net realized gain of $541,887 from gold bullion sold to pay expenses, a net realized gain of $174,763,427 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $1,425,603,311, partially offset by a net investment loss of $2,350,779.
+Added: Other than the Sponsor’s fees of $2,350,779, the Trust had no expenses during the year.
+Added: The Year Ended December 31, 2024
The Trust’s net asset value increased from $1,221,830,170 at December 31, 2023 to $1,359,466,882 at December 31, 2024, an 11.26% increase.
3 unchanged sentences
The NAV of $27.71 on October 30, 2024 was the highest during the year, compared with a low of $19.81 on February 14, 2024.
−Removed: Net increase in net assets resulting from operations for the year ended December 31, 2024 was $284,556,077, resulting from an unrealized gain on investment in gold bullion of $204,861,131, a net realized gain of $80,394,076 on gold bullion distributed for the redemption of Shares and a net realized gain of $162,376 from gold bullion sold to pay expenses, partially offset by a net investment loss of $861,506.
+Added: Net increase in net assets resulting from operations for the year ended December 31, 2024 was $284,556,077, resulting from a net realized gain of $162,376 from gold bullion sold to pay expenses, a net realized gain of $80,394,076 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $204,861,131, partially offset by a net investment loss of $861,506.
Other than the Sponsor’s fees of $861,506, the Trust had no expenses during the year.
5 unchanged sentences
The NAV of $20.75 on December 28, 2023 was the highest during the year, compared with a low of $18.09 on February 24, 2023.
−Removed: Net increase in net assets resulting from operations for the year ended December 31, 2023 was $137,591,766, resulting from an unrealized gain on investment in gold bullion of $109,176,583, a net realized gain of $29,060,925 on gold bullion distributed for the redemption of Shares and a net realized gain of $40,838 from gold bullion sold to pay expenses, partially offset by a net investment loss of $686,580.
−Removed: Other than the Sponsor’s fees of $686,580, the Trust had no expenses during the year.
−Removed: The Year Ended December 31, 2022
−Removed: 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.
−Removed: 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.
−Removed: The increase in the Trust’s net asset value was partially offset by a decrease in the price of gold, which fell 0.43% from $1,820.10 at December 31, 2021 to $1,812.35 at December 31, 2022.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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, 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: Net increase in net assets resulting from operations for the year ended December 31, 2023 was $137,591,766, resulting from a net realized gain of $40,838 from gold bullion sold to pay expenses, a net realized gain of $29,060,925 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $109,176,583, partially offset by a net investment loss of $686,580.
Other than the Sponsor’s fees of $686,580, the Trust had no expenses during the year.
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.