IAUM — what changed in the latest 10-Q
A section-by-section comparison of IAUM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +2 | −6 | ~2 | 6 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Legal proceedings, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fee, which was $1,280,271 for the quarter, or 0.02% of the Trust’s average weighted assets of $7,417,916,182 during the quarter. The NAV of $53.88 on January 29, 2026 was the highest during the quarter,…
The net increase in net assets resulting from operations for the quarter ended March 31, 2026 was $362,111,337, resulting from a net realized gain of $394,945 from gold bullion sold to pay expenses, a net realized gain of $54,549,203 on gold bullion distributed for the redemption of Shares and an un…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
The Trust’s net asset value increased from $3,040,481,372 at June 30, 2025 to $4,721,517,228 at September 30, 2025, a 55.29% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 92,750,000 Shares at June 30, 20…
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $627,002 for the quarter, or 0.02% of the Trust’s average weighted assets of $3,554,078,804 during the quarter. The NAV of $38.15 on September 29, 2025 was the highest during the quarte…
The net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $576,237,017, resulting from a net realized gain of $128,990 from gold bullion sold to pay expenses and an unrealized gain on investment in gold bullion of $576,735,029 partially offset by a net inv…
The Trust’s net asset value increased from $1,359,466,882 at December 31, 2024 to $4,721,517,228 at September 30, 2025, a 247.31% increase. 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 Decemb…
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $1,370,760 for the period, or 0.05% of the Trust’s average weighted assets of $2,618,425,116 during the period. The NAV of $38.15 on September 29, 2025 was the highest during the period…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice