What changed in this filing

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Item 1. Financial Statements

2026-05-08 compared with 2026-02-04 · 70 added, 79 removed, 237 unchanged (39% of the section changed)

1 unchanged sentence

of Assets and Liabilities

December 31, 2025 (unaudited) and June 30, 2025

March 31, 2026 (unaudited) and June 30, 2025

Amounts in 000’s of US$, except share and per share data

December 31, 2025

March 31, 2026

June 30, 2025

9 unchanged sentences

of Investments

December 31, 2025 (unaudited) and June 30, 2025

March 31, 2026 (unaudited) and June 30, 2025

in 000’s of US$, except for ounces and percentages

December 31, 2025 (unaudited)

March 31, 2026 (unaudited)

Total investment

5 unchanged sentences

of Operations (unaudited)

the three and six months ended December 31, 2025 and 2024

Amounts in 000’s of US$, except per share data

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Total expenses

Net investment loss

Net realized and unrealized gain (loss)

Net realized gain (loss) from:

Gold bullion sold to pay expenses

Gold bullion distributed for the redemption of Shares

Net realized gain (loss)

Net change in unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

Net increase (decrease) in net assets per share

Weighted average number of shares (in 000’s)

the three and nine months ended March 31, 2026 and 2025

in 000’s of US$, except per share data

investment loss

realized and unrealized gain (loss)

realized gain (loss) from:

bullion sold to pay expenses

bullion distributed for the redemption of Shares

realized gain (loss)

change in unrealized appreciation (depreciation)

realized and unrealized gain (loss)

increase (decrease) in net assets resulting from operations

increase (decrease) in net assets per share

average number of shares (in 000’s)

Notes to the Financial Statements

of Changes in Net Assets (unaudited)

the three and six months ended December 31, 2025, and 2024

the three and nine months ended March 31, 2026 and 2025

Amounts in 000’s of US$

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Net Assets – beginning of the period

1 unchanged sentence

Redemptions of 450,000 , 800,000 , 950,000 and 2,600,000 shares respectively

Net investment income / (loss)

Net investment loss

Net realized gain (loss) from gold bullion sold to pay expenses

4 unchanged sentences

Highlights (unaudited)

the three and six months ended December 31, 2025, and 2024

the three and nine months ended March 31, 2026 and 2025

Per Share Performance

(for a Share outstanding throughout each period)

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Net asset value per Share at beginning of period

investment income (loss) (1)

Net investment loss (1)

Net realized and unrealized gain (loss) on investment in gold bullion

1 unchanged sentence

Net asset value per Share at end of period

Market value per Share at end of period

return ratio, at net asset value (2)

Marlet Value per Share at end of period

Total return ratio, at net asset value (2)

Total return ratio, at market price

2 unchanged sentences

Net investment loss (3)

Calculated using the average

shares outstanding method.

Percentage not annualized.

Percentage annualized.

using the average shares outstanding method.

not annualized.

Notes to the Financial Statements

31 unchanged sentences

vaulting premises.

99.90 % and 99.95 % of gold is allocated gold in the form of good delivery gold bars as of December 31, 2025 and 2024,

99.98 % and 99.92 % of gold is allocated gold in the form of good delivery gold bars as of March 31, 2026 and 2025,

respectively.

20 unchanged sentences

Schedule of Trust’s Investments at Fair Value

December 31, 2025

(Amounts in 000’s of US$)

December 31, 2025

Investment in Gold

3 unchanged sentences

Investment in Gold

were no transfers between Level 1 and other Levels for the period ended December 31, 2025, and the fiscal year ended June 30, 2025.

were no transfers between Level 1 and other Levels for the period ended March 31, 2026, and the fiscal year ended June 30, 2025.

Expenses, realized gains and losses

5 unchanged sentences

legal expenses.

of period ended December 31, 2025, the fees payable to the Sponsor was $ 222,334 .

As of the fiscal year, ended June 30, 2025, the fees

payable to the Sponsor were $ 161,986 .

of period ended March 31, 2026, the fees payable to the Sponsor was $ 253,379 .

As of the fiscal year ended June 30, 2025, the fees payable

to the Sponsor were $ 161,986 .

respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,

2 unchanged sentences

the smallest amounts of gold needed to pay these expenses in order to minimize the Trust’s holdings of assets other than gold.

Other than the Sponsor’s Fee, the Trust had no expenses during the six months and 6 months ended December 31, 2025, and 2024.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended March 31, 2026 and 2025.

otherwise directed by the Sponsor, when selling gold, the Trustee will endeavor to sell at the price established by the LBMA PM Gold

22 unchanged sentences

create or redeem Baskets is properly received.

to create and redeem Baskets may be placed only by Authorized Participants.

An Authorized Participant must:

(1) be a registered broker-dealer

or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration,

would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have

an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards

described herein.

To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor

and the Trustee.

The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the

delivery of the gold required for such creations and redemptions.

The Authorized Participant Agreement and the related procedures attached

thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant.

A transaction fee

of $ 500 will be assessed on all creation and redemption transactions.

Multiple Baskets may be created on the same day, provided each

Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust Allocated Account such that

the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the close of a business day.

Orders to create and redeem Baskets may be placed only by Authorized Participants.

Authorized Participant must:

(1) be a registered broker-dealer or other securities market participant, such as a bank or other financial

institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities

transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London

or have an existing unallocated account meeting the standards described herein.

To become an Authorized Participant, a person must enter

into an Authorized Participant Agreement with the Sponsor and the Trustee.

The Authorized Participant Agreement provides the procedures

for the creation and redemption of Baskets and for the delivery of the gold required for such creations and redemptions.

The Authorized

Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent

of any investor or Authorized Participant.

A transaction fee of $500 will be assessed on all creation and redemption transactions.

Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is able to

allocate gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the

close of a business day.

Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation

7 unchanged sentences

Service on that basis.

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined

that no reserves for uncertain tax positions are required as of December 31, 2025 and June 30, 2025.

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has

determined that no

reserves for uncertain tax positions are required as of March 31, 2026 and June 30, 2025.

Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether

4 unchanged sentences

years are those years that are open for examination by the relevant income taxing authority.

As of December 31, 2025, the 2025, 2024

As of March 31, 2026, the 2025, 2024, 2023

and 2022 tax years remain open for examination.

11 unchanged sentences

within the Trust’s financial statements.

Recently Issued Accounting Pronouncement

December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements

to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure

consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial.

ASU 2023-09 is effective

for annual periods beginning after December 15, 2024, and early adoption is permitted.

The Trust’s Management is evaluating the impacts of

these changes on the Trust’s financial statements.

2.7 Recently Adopted Accounting Pronouncement

The Trust adopted the FASB Accounting Standards

Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes

new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions.

The amendments in this

ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income

tax disclosures.

The Trust’s adoption of ASU 2023-09 did not have a material impact on the Trust’s financial statements.

Investment in Gold

in ounces of gold and their respective values for the period ended December 31, 2025:

in ounces of gold and their respective values for the period ended March 31, 2026:

Schedule of Investment in Gold

5 unchanged sentences

Change in unrealized appreciation (depreciation)

Ending balance as of December 31, 2025

Ending balance as of March 31, 2026

in ounces of gold and their respective values for the fiscal year ended June 30, 2025:

60 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.

What changed 10-Q

Item 1. Financial Statements