The Trust's Net Asset Value (NAV) increased from $1,039,953,142 at December 31, 2024, to $2,577,422,977 at December 31, 2025, representing a 147.84% increase. Outstanding Shares in the Trust grew from 9,500,000 at December 31, 2024, to 12,500,000 at December 31, 2025, with 3,500,000 Shares created and 500,000 Shares redeemed during the year. The proportionate price of the Bullion held by the Trust (gold, silver, platinum, and palladium) rose 89.50% from $119.23 at December 31, 2024, to $225.94 at December 31, 2025. The NAV per Share increased 88.35% from $109.47 at December 31, 2024, to $206.19 at December 31, 2025. Net assets from operations for the year ended December 31, 2025, totaled $1,066,234,670. The Sponsor's Fee for 2025 was $9,539,023, representing an annualized rate of 0.60% of the Trust's Adjusted Net Asset Value (ANAV). Individual precious metal spot prices saw substantial gains in 2025: Gold increased 65% to $4,307.95 per ounce, Silver increased 149% to $71.99 per ounce, Platinum increased 121.8% to $2,027 per ounce, and Palladium increased 72.4% to $1,567 per ounce. Bullion inspections were conducted by Bureau Veritas Commodities UK Ltd as of August 4, 2025, and January 5, 2026.