What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-08 compared with 2026-02-04 · 34 added, 32 removed, 66 unchanged (50% of the section changed)

48 unchanged sentences

Fee through in-kind transfers of gold to the Sponsor.

On December 31, 2024 the Trust did not have any cash balances.

At March 31, 2025 the Trust did not have any cash balances.

Sheet Arrangements

10 unchanged sentences

of Operations

Quarter Ended December 31, 2025

Trust’s net asset value increased from $1,285,913,636 on September 30, 2025, to $1,492,121,494 on December 31, 2025, a 16.0% increase.

The increase in the Trust’s net asset value was due to a 12.6% increase in gold price from $3,825.30 on September 30, 2025, to

$4,307.95 on December 31, 2025, as well as an increase in the number of shares outstanding from 34,100,000 to 35,150,000 over this period.

The 1,050,000 shares increase was a result of 21 creation orders (50,000 shares per creation and redemption).

There was no redemption

order over the period considered.

12.57% increase in the Trust’s net asset value per share, from $37.71 on September 30, 2025, to $42.45 on December 31, 2025, is

directly related to the 12.6% increase in the price of gold.

Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s

fees, which were $626,724 for the quarter, or 0.044% of the Trust’s average weighted net assets of $1,423,879,427 during the quarter.

The net asset value per share of $44.16 on December 24, 2025, was the highest during the quarter, compared with a low during the quarter

of $38.17 on October 01, 2025.

net increase in net assets resulting from operations for the quarter ended December 31, 2025, was $162,747,321, resulting primarily from

an unrealized gain on investment in gold bullion of $163,047,183, a gain of $326,862 on metal sold to cover the Sponsor’s

fees but decreased by the Sponsor’s fees of $626,724.

Other than the Sponsor’s fees the Trust had no expenses during the

Months Ended December 31, 2025

Trust’s net asset value increased from $1,105,575,430 on June 30, 2025, to $1,492,121,494 on December 31, 2025, a 34.96%

The increase in the Trust’s net asset value was the result of (i) the positive change in gold price, which increased

by 31.0% from $3,287.45 on June 30, 2025, to $4,307.95 on December 31, 2025, and (ii) an increase in the number of shares

outstanding from 34,100,000 to 35,150,000.

The 1,050,000 shares increase was the net result of 31 creation orders and 10 redemption

orders (50,000 shares per creation and redemption order).

30.9% increase in the Trust’s net asset value per share, from $32.42 on June 30, 2025, to $42.45 on December 31, 2025, is directly

Quarter Ended March 31, 2026

Trust’s net asset value increased from $1,492,121,494 on December 31, 2025 to $1,593,242,746 on March 31, 2025, a 6.8% increase.

The increase in the Trust’s net asset value was due to a change in the price of gold, which increased 6.97% from $4,307.95 on December

31, 2025, to $4,608.35 on March 31, 2026.

The Trust’s net asset value was negatively impacted by the decrease in the Trust’s

number of shares outstanding which changed from 35,150,000 on December 31, 2025 to 35,100,000 on March 31, 2026, or 0.1%, as a net result

of 8 creation orders and 9 redemption orders (50,000 shares orders).

6.93% increase in the Trust’s net asset value per share, from $42.45 on December 31, 2025, to $45.39 on March 31, 2026, is related

to the increase in the price of gold.

Trust’s net asset value per share increased less than the price of gold on a percentage basis due to the Sponsor’s fees,

which were $728,496 for the quarter, or 0.043% of the Trust’s average weighted net assets of $1,690,316,820 during the quarter.

The net asset value per share of $53.25 on January 29, 2026 was the highest during the quarter, compared with a low during the quarter

of $42.89 on January 02, 2026.

increase in net assets resulting from operations for the quarter ending March 31, 2026, was $101,342,616, resulting from an unrealized

gain on investment in gold bullion of $89,760,616 increased by a gain of $12,310,496 on metal sold to cover the redemption orders and

the Sponsor’s fees but reduced by the Sponsor’s fees of $728,496.

Other than the Sponsor’s fees the Trust had no expenses

during the quarter.

Months Ended March 31, 2026

Trust’s net asset value increased from $1,105,575,430 on June 30, 2025, to $1,593,242,746 on March 31, 2026, a 44.11%

The increase in the Trust’s net asset value was mainly caused by a 40.18% increase in gold price from $3,287.45 on

June 30, 2025, to $4,608.35 on March 31, 2026.

The Trust’s net asset value was also positively impacted by an increase in the

number of shares outstanding from 34,100,000 on June 30, 2025, to 35,100,000 on March 31, 2026, or +2.9%.

The 1,000,000 shares

increase was the net result of 39 creation orders and 19 redemption orders (50,000 shares per creation and redemption

40.01% increase in the Trust’s net asset value per share, from $32.42 on June 30, 2025, to $45.39 on March 31, 2026 is directly

related to the 40.18% increase in the price of gold.

Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s

fees, which were $1,135,094 for the period, or 0.088% of the Trust’s average weighted net assets of $1,289,512,405 during the six-month

The net asset value per share of $44.16 on December 24, 2025, was the highest during the period, compared with a low during the

Trust’s net asset value per share increased less than the price of gold on a percentage basis due to the Sponsor’s fees,

which were $1,863,590 for the period, or 0.131% of the Trust’s average weighted net assets of $1,421,163,490 during the nine-month

The net asset value per share of $53.25 on January 29, 2026 was the highest during the period, compared with a low during the

period of $32.53 on July 31, 2025.

net increase in net assets resulting from operations for the 6 months period ending December 31, 2025, was $342,186,349, resulting from

an unrealized gain on investment in gold bullion of $334,716,755, increased by a gain of $8,604,688 on metal sold to cover the redemption

net increase in net assets resulting from operations for the 9 months period ending March 31, 2026 was $443,528,965, resulting from an

unrealized gain on investment in gold bullion of $424,477,371, increased by a gain of $20,915,184 on metal sold to cover the redemption

orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,863,590.

Other than the Sponsor’s fees the Trust

had no expenses during the period.

had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk

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 2. Management’s Discussion and Analysis