SPDR GOLD TRUST 10-K

Item 9A. Controls and Procedures Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor, and to the audit committee of the Board of Directors of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of the Principal Executive Officer and the Principal Financial and Accounting Officer of the Sponsor, the Sponsor conducted an evaluation of the Trusts disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e). Based on this evaluation, the Principal Executive Officer and the Principal Financial and Accounting Officer of the Sponsor concluded that, as of September 30, 2024, the Trust’s disclosure controls and procedures were effective. 32 Table of Contents Change in Internal Control Over Financial Reporting There was no change in the Trust’s internal controls over financial reporting that occurred during the Trust’s most recently completed fiscal quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, these internal controls. Management ’ s Report on Internal Control over Financial Reporting The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of September 30, 2024. In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria, the Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of September 30, 2024. KPMG LLP, the independent registered public accounting firm that audited and reported on the financial statements as of and for the year ended September 30, 2024 included in this Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust’s internal control over financial reporting as of September 30, 2024. November 25, 2024 33 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and the Trustee of SPDR® Gold Trust and the Board of Directors of World Gold Trust Services, LLC: Opinion on Internal Control Over Financial Reporting We have audited SPDR® Gold Trust’s (the Trust) internal control over financial reporting as of September 30, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of September 30, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of financial condition of the Trust, including the schedules of investment, as of September 30, 2024 and 2023, the related statements of operations, cash flows, and changes in net assets for each of the years in the three-year period ended September 30, 2024, and the related notes (collectively, the financial statements), and our report dated November 25, 2024 expressed an unqualified opinion on those financial statements. Basis for Opinion The management of World Gold Trust Services, LLC (the Trust’s sponsor) is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Trust’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP New York, New York November 25, 2024 34 Table of Contents Item 9B. Other Information Not applicable. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. 35 Table of Contents PART III Item 10. Directors, Executive Officers and Corporate Governance The Trust does not have any directors, officers or employees. The following persons, in their respective capacities as directors or executive officers of the Sponsor, a Delaware limited liability company, perform certain functions with respect to the Trust that, if the Trust had directors or executive officers, would typically be performed by them. Joseph R. Cavatoni is the Principal Executive Officer and Amanda Krichman is the Principal Financial and Accounting Officer of the Sponsor. The Board of Directors of the Sponsor consists of four individuals, of whom three serve on its Audit Committee. The Audit Committee has the responsibility for overseeing the financial reporting process of the Trust, including the risks and controls of that process and such other oversight functions as are typically performed by an audit committee of a public company. Joseph R. Cavatoni , age 56, is the Principal Executive Officer of the Sponsor. Mr. Cavatoni is also the Principal Executive Officer of WGC USA Asset Management Company, LLC, an affiliate of the Sponsor (“WGCAM”), and the Chief Market Strategist (North America) at World Gold Council (“WGC”). Prior to joining WGC as Managing Director USA and ETFs in September 2016, from April 2009 to December 2015, Mr. Cavatoni served with BlackRock Investments, LLC, as part of BlackRock, Inc., a publicly traded investment management firm, first as the head of iShares Capital Markets in Asia Pacific (2009) and as Head of iShares Capital Markets and Product Development in the same region (2009-2011). From November 2011 to December 2015, Mr. Cavatoni served as a BlackRock Managing Director and Head of iShares Capital Markets, Americas. From August 2003 to April 2009, Mr. Cavatoni served with UBS Securities Asia Limited, first as Executive Director, Head of Swaps, Asia (2003-2006) and then as Managing Director, Head of Equity Finance APAC (2006-2009). Prior to that, he served with Merrill Lynch & Company, Inc. from June 1994 to May 2003 as Senior Credit Analyst, Credit and Risk Management Team in New York (1994-1995), Vice President, Credit and Risk Management Team, Hong Kong (1995-2000) and Director, Head of Prime Brokerage Asia, Japan and Australia (2000-2003). Mr. Cavatoni received his Bachelor of Business Administration degree from The George Washington University and his Master of Business Administration degree from Northwestern University and the Hong Kong University of Science and Technology. Amanda Krichman , age 33, is the is the Principal Financial and Accounting Officer of the Sponsor. Ms. Krichman is also the Principal Financial and Accounting Officer of WGCAM and the Funds Chief Operating Officer at WGC. Prior to joining WGC in October 2022, Ms. Krichman was Vice President and Head of US Registered Funds Services at Goldman Sachs Asset Management from December 2021 to October 2022. Ms. Krichman was Director of ETF Product Development from September 2021 to December 2021, and Senior Associate of ETF Product Development from December 2018 to September 2021 at New York Life Investments. Prior to that she held various roles at Goldman Sachs Asset Management from July 2013 to November 2018. Ms. Krichman received her Bachelor degree from Syracuse University and her Master of Business Administration degree from New York University. William J. Shea , age 76, has served as Chairman of the Board of Directors of the Sponsor since January 2013 and is a member of the Board’s Audit Committee. Mr. Shea has also served as a Director on the Board of Directors of WGCAM since January 2017 and is a member of that board’s Audit Committee. He has more than 35 years of experience in the financial services industry and in business restructurings. He was elected to the Board of Directors of Caliber ID, Inc. in 2001 and was appointed Chairman in December 2010. Prior to his appointment to the Board of Caliber ID, he served as Executive Chairman of Royal & Sun Alliance (RSA), USA from January 2005 to December 2006, and oversaw its divestiture from RSA, a large public insurance company headquartered in the United Kingdom. From 2001 to 2004, he was Chief Executive Officer of Conseco, Inc., a publicly held diversified insurance and financial services firm that he guided through the federal bankruptcy and restructuring process. From January 1997 to February 2001, he oversaw the turnaround of Centennial Technologies, Inc., a high technology manufacturing company in the flash memory business. Mr. Shea served as Vice Chairman of BankBoston Corporation from January 1993 to August 1998. He was the Vice Chairman and a Senior Partner of Coopers & Lybrand (now PricewaterhouseCoopers), an international public accounting firm, for whom he worked from June 1974 to December 1992. Mr. Shea sits on the boards of AIG SunAmerica, a mutual funds company, and is Chairman of the Board of Demoulas Supermarkets, Inc., a privately held retail grocery store chain in New England. He was a board member of Boston Private Financial Holdings, a public bank holding company, and its related bank from June 2004 to May 2014. Mr. Shea has served on the boards of the Boston Children’s Hospital, Northeastern University, NASDAQ OMXBX, and the Boston Stock Exchange. Mr. Shea holds both a Bachelor of Arts degree and a Master of Arts degree in Economics. The Sponsor has concluded that Mr. Shea should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles with different financial institutions and an international public accounting firm, his extensive experience in business restructurings, and the experience he has gained serving as a director of WGCAM. 36 Table of Contents Molly Duffy , age 55, has served as a Director on the Board of Directors of the Sponsor since April 2022, and is a member of the Board’s Audit Committee. Ms. Duffy has also served as a Director on the Board of Directors of WGCAM since April 2022 and is a member of that board’s Audit Committee. Ms. Duffy is the Head of Financial Markets, Europe and Americas at Standard Chartered Bank. Based in New York, Ms. Duffy leads the strategy and governance of the Europe and Americas regions across Foreign Exchange, Rates, Credit, Commodities, Debt Capital Markets, Loan Syndication, Leveraged & Acquisition Finance, Project & Export Finance, Aviation Finance, and Securities Services businesses. In addition, Ms. Duffy is responsible for delivering coordinated solutions and senior relationship management to the Bank’s most complex and significant financial institutions and corporate clients across Europe and Americas. Ms. Duffy is a member of the Global Financial Markets Management Team, UK/Europe Regional Management Team, and US Management Team. Ms. Duffy is also CEO of the US Broker Dealer, Standard Chartered Securities North America LLC. Prior to joining Standard Chartered in 2017, Ms. Duffy was a Managing Director in the Global Markets Key Account Management Group at Credit Suisse. During her career at Credit Suisse, Ms. Duffy also held several senior production and management roles, including Head of Macro Sales Americas and Head of Global Currencies & Emerging Markets Sales Americas. Ms. Duffy holds a bachelor’s degree in Political Science from Boston College. The Sponsor has concluded that Ms. Duffy should serve as Director because of her knowledge and extensive experience in leadership roles at Standard Chartered Bank and the experience she has gained serving as a director of WGCAM. Carlos Rodriguez , age 52, has served as a Director on the Board of Directors of the Sponsor since February 2019 and is Chairman of the Board’s Audit Committee. Mr. Rodriguez has also served as a Director on the Board of Directors of WGCAM since February 2019 and is a member of that board’s Audit Committee. Mr. Rodriguez began his career on Wall Street in the Public Finance Department of Merrill Lynch in 1996, where he focused on interest rate hedging strategies for municipal clients and non-for-profit institutions. After working several years covering banking clients, he shifted his focus to trading, where he rose to manage Merrill Lynch’s proprietary municipal investments portfolio until December 2000. Mr. Rodriguez has since worked at WestLB, from December 2000 to May 2003, where he managed the bank’s complex guaranteed reinvestment contract business, and BNP Paribas, from May 2003 to May 2004, where he served as Director and Head of Municipals. From May 2004 to August 2010, Mr. Rodriguez served as Director and Managing Director of Deutsche Bank and worked to establish the bank’s public finance efforts. As Managing Director, Mr. Rodriguez subsequently led Credit Suisse’s global rates structuring effort in London from August 2010 until June 2016. Mr. Rodriguez retired from banking in June 2016, and remained retired until March 2017, when he launched a private equity fund that focuses on lower middle market companies. He also devotes his time to personal investing as well as volunteering for local causes and mentoring local entrepreneurs. The Sponsor has concluded that Mr. Rodriguez should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles with different financial institutions and the experience he has gained serving as a director of WGCAM. David Tait , age 62, has served as a Director on the Board of Directors of the Sponsor and WGCAM since February 25, 2019. Mr. Tait has also served as the Chief Executive Officer of WGC since January 2019. Prior to joining WGC, Mr. Tait served as Executive Producer with EMU Films from April 2016 to January 2019. Mr. Tait served as the Global Head of Fixed Income Macro Products at Credit Suisse from January 2012 until April 2016. Mr. Tait also served as a Managing Director of Union Bank of Switzerland from October 2009 until December 2011. He is currently an Independent Member of the Bank of England’s FICC Market Standards Board, which he joined in July 2017. Mr. Tait is also a major supporter of the National Society for the Prevention of Cruelty to Children and has raised over £1 million by climbing Mount Everest on five occasions. He was awarded an MBE by the Queen for his services to the charity. The Sponsor has concluded that Mr. Tait should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles with different financial institutions and the experience he has gained serving as the Chief Executive Officer of World Gold Council and director of WGCAM. 37 Table of Contents The Sponsor has a code of ethics (the “Code of Ethics”) that applies to its executive officers and agents, including its Principal Executive Officer and Principal Financial and Accounting Officer, who perform certain functions with respect to the Trust that, if the Trust had executive officers would typically be performed by them. The Code of Ethics is available by writing the Sponsor at 685 Third Avenue, Suite 2702, New York, NY 10017 or calling the Sponsor at (212) 317-3800. The Sponsor’s Code of Ethics is intended to be a codification of the business and ethical principles that guide the Sponsor, and to deter wrongdoing, to promote honest and ethical conduct, to avoid conflicts of interest, and to foster compliance with applicable governmental laws, rules and regulations, the prompt internal reporting of violations and accountability for adherence to this code. Item 11. Executive Compensation Not applicable. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Securities Authorized for Issuance under Equity Compensation Plans and Related Stockholder Matters Not applicable. Security Ownership of Certain Beneficial Owners and Management Not applicable. Item 13. Certain Relationships and Related Transactions and Director Independence Not applicable. Item 14. Principal Accounting Fees and Services Our independent registered public accounting firm is KPMG LLP , New York, NY , Auditor Firm ID: 185 Fees for services performed by KPMG LLP for the years ended September 30, 2024 and 2023 were: Years Ended September 30, 2024 2023 Audit fees $ 393,500 $ 387,000 Audit-related fees 124,200 122,000 Total $ 517,700 $ 509,000 In the table above, in accordance with the SEC’s definitions and rules, Audit Fees are fees paid to KPMG LLP for professional services for the audit of the Trust’s financial statements included in the annual report on Form 10-K and review of financial statements included in the quarterly reports on Form 10-Q, and for services that are normally provided by the accountants in connection with regulatory filings or engagements. Audit Related Fees are fees for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s financial statements. As our Shares are also listed on the Hong Kong Exchanges and Clearing Limited, KPMG LLP is a Public Interest Entity Auditor recognized in accordance with the Financial Reporting Council Ordinance. Pre-Approved Policies and Procedures The Trust has no board of directors, and as a result, has no audit committee or pre-approval policy with respect to fees paid to its principal accounting firm. Such determinations, including for the fiscal year ended September 30, 2024, are made by the Sponsor’s Board of Directors and Audit Committee. 38 Table of Contents PART IV Item 15. Exhibits and Financial Statements Schedules 1. Financial Statements See Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein. 2. Financial Statement Schedules Schedules have been omitted since they are either not required, not applicable, or the information has otherwise been included. 3. Exhibits Exhibit Number Exhibit Description Incorporated by Reference Form Exhibit Filing Date/Period End Date 4.1 Trust Indenture dated November 12, 2004 10-K 4.1 9/30/07 4.1.1 Amendment No. 1 to Trust Indenture dated November 26, 2007 8-K 4.1 12/13/07 4.1.2 Amendment No. 2 to Trust Indenture dated May 20, 2008 10-K 4.1.2 9/30/08 4.1.3 Amendment No. 3 to Trust Indenture dated June 1, 2011 8-K 4.1 6/1/11 4.1.4 Amendment No. 4 to Trust Indenture dated June 18, 2014 8-K 4.1 6/19/14 4.1.5 Amendment No. 5 to Trust Indenture dated March 20, 2015 8-K 4.1.5 3/20/15 4.1.6 Amendment No. 6 to Trust Indenture dated April 14, 2015 8-K 4.1.6 7/14/15 4.1.7 Amendment No. 7 to Trust Indenture dated September 5, 2017 8-K 4.1.7 9/11/17 4.1.8 Amendment No. 8 to Trust Indenture dated February 6, 2020 10-Q 4.1.8 2/7/20 4.1.9 Amendment No. 9 to Trust Indenture dated November 30, 2022 8-K 4.1.9 11/30/22 4.1.10 Amendment No. 10 to Trust Indenture dated May 28, 2024 8-K 4.1.0 5/29/24 4.2* Form of Participant Agreement 4.3 Sponsor Payment and Reimbursement Agreement dated November 12, 2004 10-K 4.3 9/30/07 4.4 Description of the Securities Registered under Section 12 of the Securities Exchange Act of 1934 10-K 4.4 11/22/23 39 Table of Contents Exhibit Number Exhibit Description Incorporated by Reference Form Exhibit Filing Date/Period End Date 10.1 Fifth Amended and Restated Allocated Bullion Account Agreement dated May 28, 2024 between HSBC Bank plc and The Bank of New York Mellon 8-K 10.1 5/29/24 10.2 Third Amended and Restated Unallocated Bullion Account Agreement dated May 28, 2024 between HSBC Bank plc and The Bank of New York Mellon 8-K 10.2 5/29/24 10.4 Depository Agreement dated November 11, 2004 10-K 10.4 9/30/07 10.5 License Agreement S-1 10.5 9/26/03 10.6 Amended and Restated Marketing Agent Agreement dated July 17, 2015 8-K 10.6 7/17/15 10.6.1 First Amendment to the Amended and Restated Marketing Agent Agreement dated May 4, 2018 10-Q 10.6.1 8/7/18 10.6.2 Second Amendment to the Amended and Restated Marketing Agent Agreement dated November 30, 2022 8-K 10.6.2 11/30/22 10.8 WGC/WGTS License Agreement dated November 16, 2004 10-K 10.8 9/30/07 10.8.1 Amendment No. 1 to WGC/WGTS License Agreement dated May 20, 2008 10-K 10.8.1 9/30/08 10.10 Marketing Agent Reimbursement Agreement dated November 16, 2004 10-K 10.10 9/30/07 10.12 SPDR Sublicense Agreement dated May 20, 2008 10-K 10.12 9/30/08 10.13 Novation Agreement dated June 4, 2014 8-K 10.13 11/21/14 10.14 Allocated Precious Metal Account Agreement dated November 30, 2022 between JPMorgan Chase Bank, N.A. and The Bank of New York Mellon 8-K 11.1 11/30/22 10.15 Unallocated Precious Metal Account Agreement dated November 30, 2022 between JPMorgan Chase Bank, N.A. and The Bank of New York Mellon 8-K 11.2 11/30/22 23.1* Consent of KPMG LLP 23.2* Consent of Carter Ledyard & Milburn LLP 31.1* Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended 31.2* Certification of Principal Financial and Accounting Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended 32.1* Certification of Principal Executive Officer Pursuant to Section 1350 of the Sarbanes-Oxley Act of 2002 32.2* Certification of Principal Financial and Accounting Officer Pursuant to Section 1350 of the Sarbanes-Oxley Act of 2002 40 Table of Contents Exhibit Number Exhibit Description Incorporated by Reference Form Exhibit Filing Date/Period End Date 101.INS* Inline XBRL Instance Document 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104.1 Cover Page Interactive Data File – The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. * Filed herewith. Item 16. Form 10-K Summary . Not applicable. 41 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized. WORLD GOLD TRUST SERVICES, LLC Sponsor of the SPDR® Gold Trust (Registrant) /s/ Joseph R. Cavatoni Joseph R. Cavatoni Principal Executive Officer* /s/ Amanda Krichman Amanda Krichman Principal Financial and Accounting Officer* /s/ William J. Shea William J. Shea Director* /s/ Molly Duffy Molly Duffy Director* /s/ Carlos Rodriguez Carlos Rodriguez Director* /s/ David Tait David Tait Director* Date: November 25, 2024 * The registrant is a trust and the persons are signing in their capacities as officers or directors of World Gold Trust Services, LLC, the Sponsor of the registrant. 42 Table of Contents SPDR ® GOLD TRUST FINANCIAL STATEMENTS AS OF September 30, 2024 INDEX Page Report of Independent Registered Public Accounting Firm F-2 Statements of Financial Condition at September 30, 2024 and 2023 F-4 Schedules of Investment at September 30, 2024 and 2023 F-5 Statements of Operations for the years ended September 30, 2024, 2023 and 2022 F-6 Statements of Cash Flows for the years ended September 30, 2024, 2023 and 2022 F-7 Statements of Changes in Net Assets for the years ended September 30, 2024, 2023 and 2022 F-8 Notes to the Financial Statements F-9 F-1 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and the Trustee of SPDR® Gold Trust and the Board of Directors of World Gold Trust Services, LLC: Opinion on the Financial Statements We have audited the accompanying statements of financial condition of SPDR® Gold Trust (the Trust), including the schedules of investment, as of September 30, 2024 and 2023, the related statements of operations, cash flows, and changes in net assets for each of the years in the three-year period ended September 30, 2024 and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of September 30, 2024 and 2023, and the results of its operations, its cash flows, and changes in its net assets for each of the years in the three-year period ended September 30, 2024, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s internal control over financial reporting as of September 30, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated November 25, 2024 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of World Gold Trust Services, LLC (the Trust’s sponsor). Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Evaluation of the evidence pertaining to the existence of the gold holdings As disclosed in the schedule of investment, as of September 30, 2024, the Trust’s market value of gold holdings was $73.7 billion, representing 100% of the Trust’s total assets. All of the gold holdings, which were 28.0 million ounces as of September 30, 2024, were held by third-party custodians (the custodians). F-2 Table of Contents We identified the evaluation of the evidence pertaining to the existence of the gold holdings as a critical audit matter. Given the nature and volume of the gold holdings, subjective auditor judgment was required to evaluate the extent and nature of evidence obtained to assess the quantity of gold held by the Trust as of September 30, 2024. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Trust’s gold holdings process, including controls over (1) the comparison of the Trust’s records of gold held to the custodians' records and (2) the approval of gold deposits and withdrawals by the trustee of the Trust. We obtained schedules directly from the custodians of the Trust’s gold holdings held by the custodians as of September 30, 2024. We compared the total ounces on such schedules to the Trust’s record of gold holdings. We also attended and observed part of the physical count of the Trust’s gold holdings performed at the custodians' locations by a third party engaged by the Trust’s sponsor. We obtained the physical count results of that third party and reconciled them to both the Trust’s and the custodians' records. /s/ KPMG LLP We have served as the Trust’s auditor since 2010. New York, New York November 25, 2024 F-3 Table of Contents SPDR ® GOLD TRUST Statements of Financial Condition at September 30, 2024 and 2023 (Amounts in 000’s of US$ except for share and per share data) Sep-30, 2024 Sep-30, 2023 ASSETS Investments in Gold, at fair value (cost $ 50,991,703 and $ 47,094,463 at September 30, 2024 and 2023, respectively) $ 73,727,700 $ 52,539,161 Total Assets $ 73,727,700 $ 52,539,161 LIABILITIES Accounts payable to Sponsor $ 23,553 $ 17,892 Gold payable — — Total Liabilities $ 23,553 $ 17,892 Net Assets $ 73,704,147 $ 52,521,269 Shares issued and outstanding(1) 303,300,000 302,700,000 Net asset value per Share $ 243.01 $ 173.51 (1) Authorized share capital is unlimited and the par value of the Shares is $ 0.00 . See notes to the financial statements. F-4 Table of Contents SPDR ® GOLD TRUST Schedules of Investment (Amounts in 000 ’ s except for percentages) September 30, 2024 Ounces of gold Cost Fair Value % of Net Assets Investment in Gold 28,033.9 $ 50,991,703 $ 73,727,700 100.03 % Total Investment $ 50,991,703 $ 73,727,700 100.03 % Liabilities in excess of other assets ( 23,553 ) ( 0.03 )% Net Assets $ 73,704,147 100.00 % September 30, 2023 Ounces of gold Cost Fair Value % of Net Assets Investment in Gold 28,088.3 $ 47,094,463 $ 52,539,161 100.03 % Total Investment $ 47,094,463 $ 52,539,161 100.03 % Liabilities in excess of other assets ( 17,892 ) ( 0.03 )% Net Assets $ 52,521,269 100.00 % See notes to the financial statements. F- 5 Table of Contents SPDR ® GOLD TRUST Statements of Operations For the years ended September 30, 2024 and 2023, and 2022 Year Ended Year Ended Year Ended (Amounts in 000’s of US$, except per share data) Sep-30, 2024 Sep-30, 2023 Sep-30, 2022 EXPENSES Sponsor fees $ 242,094 $ 221,609 $ 238,497 Total expenses 242,094 221,609 238,497 Net investment loss ( 242,094 ) ( 221,609 ) ( 238,497 ) Net realized and change in unrealized gain/(loss) on investment in gold Net realized gain/(loss) from investment in gold sold to pay expenses 51,161 26,600 30,323 Net realized gain/(loss) from gold distributed for the redemption of shares 3,262,627 1,717,329 2,091,493 Net change in unrealized gain/(loss) on investment in gold 17,291,299 4,025,868 ( 4,827,849 ) Net realized and change in unrealized gain/(loss) on investment in gold 20,605,087 5,769,797 ( 2,706,033 ) Net income/(loss) $ 20,362,993 $ 5,548,188 $ ( 2,944,530 ) Net income/(loss) per share $ 69.02 $ 17.50 $ ( 8.39 ) Weighted average number of shares (in 000’s) 295,044 316,955 350,920 See notes to the financial statements. F-6 Table of Contents SPDR ® GOLD TRUST Statements of Cash Flows For the years ended September 30, 2024 and 2023, and 2022 Year Ended Year Ended Year Ended (Amounts in 000’s of US$) Sep-30, 2024 Sep-30, 2023 Sep-30, 2022 INCREASE/DECREASE IN CASH FROM OPERATIONS: Cash proceeds received from sales of gold $ 236,433 $ 220,791 $ 240,172 Cash expenses paid ( 236,433 ) ( 220,791 ) ( 240,172 ) Increase/(Decrease) in cash resulting from operations — — — Cash and cash equivalents at beginning of period — — — Cash and cash equivalents at end of period $ — $ — $ — SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: Value of gold received for creation of shares-net of change in gold receivable $ 17,135,501 $ 11,487,838 $ 17,115,534 Value of gold distributed for redemption of shares-net of change in gold payable $ 16,315,616 $ 15,190,940 $ 18,950,095 Year Ended Year Ended Year Ended (Amounts in 000’s of US$) Sep-30, 2024 Sep-30, 2023 Sep-30, 2022 RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES Net income/(loss) $ 20,362,993 $ 5,548,188 $ ( 2,944,530 ) Adjustments to reconcile net income/(loss) to net cash provided by operating activities: Proceeds from sales of gold to pay expenses 236,433 220,791 240,172 Net realized (gain)/loss from investment in gold sold to pay expenses ( 51,161 ) ( 26,600 ) ( 30,323 ) Net realized (gain)/loss from gold distributed for the redemption of shares ( 3,262,627 ) ( 1,717,329 ) ( 2,091,493 ) Net change in unrealized (gain)/loss on investment in gold ( 17,291,299 ) ( 4,025,868 ) 4,827,849 Increase/(Decrease) in accounts payable to Sponsor 5,661 818 ( 1,675 ) Net cash provided by operating activities $ — $ — $ — See notes to the financial statements. F-7 Table of Contents SPDR ® GOLD TRUST Statements of Changes in Net Assets For the years ended September 30, 2024 and 2023, and 2022 Year Ended Year Ended Year Ended (Amounts in 000’s of US$) Sep-30, 2024 Sep-30, 2023 Sep-30, 2022 Net Assets - Opening Balance $ 52,521,269 $ 50,490,460 $ 55,455,274 Creations 17,135,501 11,487,838 17,115,534 Redemptions ( 16,315,616 ) ( 15,005,217 ) ( 19,135,818 ) Net investment loss ( 242,094 ) ( 221,609 ) ( 238,497 ) Net realized gain/(loss) from investment in gold sold to pay expenses 51,161 26,600 30,323 Net realized gain/(loss) from gold distributed for the redemption of shares 3,262,627 1,717,329 2,091,493 Net change in unrealized gain/(loss) on investment in gold 17,291,299 4,025,868 ( 4,827,849 ) Net Assets - Closing Balance $ 73,704,147 $ 52,521,269 $ 50,490,460 See notes to the financial statements. F-8 Table of Contents Notes to the Financial Statements 1. Organization The SPDR® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 under New York law pursuant to a trust indenture (the “Trust Indenture”). The fiscal year end for the Trust is September 30 th . The Trust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations of 100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and to distribute gold in connection with redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. World Gold Trust Services, LLC is the sponsor of the Trust (the “Sponsor”). The Bank of New York Mellon, is the trustee of the Trust (the “Trustee”). State Street Global Advisors Funds Distributors, LLC is the marketing agent of the Trust (the “Marketing Agent”). HSBC Bank plc ("HSBC") and JPMorgan Chase Bank, N.A. ("JPMorgan") are the custodians of the Trust (each a "Custodian" and together, the “Custodians”). The Shares trade on the NYSE Arca, Inc. (the “NYSE Arca”) under the symbol “GLD”, providing investors with an efficient means to obtain market exposure to the price of gold bullion. The Shares are also listed on the Hong Kong Exchanges and Clearing Limited, the Mexican Stock Exchange (Bolsa Mexicana de Valores), the Singapore Exchange Limited and the Tokyo Stock Exchange. The Trustee does not actively manage the gold held by the Trust. This means that the Trustee does not sell gold at times when its price is high or acquire gold at low prices in the expectation of future price increases. It also means that the Trustee does not make use of any of the hedging techniques available to professional gold investors to attempt to reduce the risk of losses resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of the Shares. 2. Significant Accounting Policies The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. 2.1. Basis of Accounting For accounting purposes only, the Trust is an investment company and, therefore, applies the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended. 2.2. Fair Value Measurement FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments. The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and, from time to time, (i) gold receivable, representing gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account and (ii) cash, which is used to pay expenses. U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. F- 9 Table of Contents The following table summarizes the Trust’s investments at fair value: (Amounts in 000’s of US$) September 30, 2024 Level 1 Level 2 Level 3 Investment in Gold $ 73,727,700 $ — $ — Total $ 73,727,700 $ — $ — (Amounts in 000’s of US$) September 30, 2023 Level 1 Level 2 Level 3 Investment in Gold $ 52,539,161 $ — $ — Total $ 52,539,161 $ — $ — There were no transfers between Level 1 and other Levels for the years ended September 30, 2024 and 2023. The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently administered auction process as well as the overall administration and governance for the London Bullion Market Association (“LBMA”). In determining the net asset value (“NAV”) of the Trust, the Trustee values the gold held by the Trust on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price is made on a particular evaluation day or if the LBMA Gold Price has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the NAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price is inappropriate to use as the basis for such determination. 2.3. Custody of Gold Gold is held by the Custodians on behalf of the Trust, 100 % of which is allocated gold in the form of good delivery gold bars. A current list of all gold held by the Custodians, including any held with a subcustodian, is available on the Sponsor’s website at www.spdrgoldshares.com. 2.4. Gold Receivable Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred within one business day of the trade date. (Amounts in 000’s of US$) Sep-30, 2024 Sep-30, 2023 Gold receivable $ — $ — 2.5. Gold Payable Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is transferred within one business day of the trade date. (Amounts in 000’s of US$) Sep-30, 2024 Sep-30, 2023 Gold payable $ — $ — 2.6. Creations and Redemptions of Shares The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. F- 10 Table of Contents As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Net Assets for financial reporting purposes. Activity in the number and value of Shares created and redeemed for the years ended September 30, 2024, 2023 and 2022 are as follows: Year Ended Year Ended Year Ended (Amounts are in 000’s) Sep-30, 2024 Sep-30, 2023 Sep-30, 2022 Activity in Number of Shares Created and Redeemed: Creations 82,600 65,000 97,800 Redemptions ( 82,000 ) ( 86,600 ) ( 113,800 ) Net Change in Number of Shares Created and Redeemed 600 ( 21,600 ) ( 16,000 ) Year Ended Year Ended Year Ended (Amounts in 000’s of US$) Sep-30, 2024 Sep-30, 2023 Sep-30, 2022 Activity in Value of Shares Created and Redeemed: Creations $ 17,135,501 $ 11,487,838 $ 17,115,534 Redemptions ( 16,315,616 ) ( 15,005,217 ) ( 19,135,818 ) Net change in Value of Shares Created and Redeemed $ 819,885 $ ( 3,517,379 ) $ ( 2,020,284 ) 2.7. Income and Expense (Amounts in 000 ’ s of US$) The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Trustee will sell gold to the Custodians at the next LBMA Gold Price PM following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay expenses on the Statements of Operations. The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the year ended September 30, 2024 of $ 20,605,087 is made up of a realized gain of $ 51,161 from the sale of gold to pay expenses, a realized gain of $ 3,262,627 from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 17,291,299 on investment in gold. The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the year ended September 30, 2023 of $ 5,769,797 is made up of a realized gain of $ 26,600 from the sale of gold to pay expenses, a realized gain of $ 1,717,329 from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 4,025,868 on investment in gold. 2.8. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor of the Trust 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 September 30, 2024 or 2023. The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of September 30, 2024, the 2023, 2022, and 2021 tax years remain open for examination. There were no examinations in progress at period end. F- 11 Table of Contents 3. Quarterly Statements of Operations Year Ended September 30, 2024 Three Months Ended (unaudited) Year Ended (Amounts in 000’s of US$, except per share data) Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Sep 30, 2024 EXPENSES Sponsor fees $ 55,748 $ 55,883 $ 62,137 $ 68,326 $ 242,094 Total expenses 55,748 55,883 62,137 68,326 242,094 Net investment loss ( 55,748 ) ( 55,883 ) ( 62,137 ) ( 68,326 ) ( 242,094 ) Net realized and change in unrealized gain/(loss) on investment in gold Net realized gain/(loss) from investment in gold sold to pay expenses 7,218 9,826 15,794 18,323 51,161 Net realized gain/(loss) from gold distributed for the redemption of shares 509,360 993,325 977,749 782,193 3,262,627 Net change in unrealized gain/(loss) on investment in gold 4,809,937 2,973,115 2,088,718 7,419,529 17,291,299 Net realized and change in unrealized gain/(loss) on investment in gold 5,326,515 3,976,266 3,082,261 8,220,045 20,605,087 Net income/(loss) $ 5,270,767 $ 3,920,383 $ 3,020,124 $ 8,151,719 $ 20,362,993 Net income/(loss) per share $ 17.44 $ 13.40 $ 10.46 $ 27.48 $ 69.02 Weighted average number of shares (in 000’s) 302,248 292,492 288,724 296,616 295,044 Year Ended September 30, 2023 Three Months Ended (unaudited) Year Ended (Amounts in 000’s of US$, except per share data) Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Sep 30, 2023 EXPENSES Sponsor fees $ 51,496 $ 54,875 $ 59,093 $ 56,145 $ 221,609 Total expenses 51,496 54,875 59,093 56,145 221,609 Net investment loss ( 51,496 ) ( 54,875 ) ( 59,093 ) ( 56,145 ) ( 221,609 ) Net realized and change in unrealized gain/(loss) on investment in gold Net realized gain/(loss) from investment in gold sold to pay expenses 2,693 6,534 9,804 7,569 26,600 Net realized gain/(loss) from gold distributed for the redemption of shares 175,717 312,163 674,988 554,461 1,717,329 Net change in unrealized gain/(loss) on investment in gold 3,903,862 4,559,082 ( 2,708,536 ) ( 1,728,540 ) 4,025,868 Net realized and change in unrealized gain/(loss) on investment in gold 4,082,272 4,877,779 ( 2,023,744 ) ( 1,166,510 ) 5,769,797 Net income/(loss) $ 4,030,776 $ 4,822,904 $ ( 2,082,837 ) $ ( 1,222,655 ) $ 5,548,188 Net income/(loss) per share $ 12.70 $ 15.21 $ 6.46 $ 3.93 $ 17.50 Weighted average number of shares (in 000’s) 317,265 317,031 322,625 310,962 316,955 F- 12 Table of Contents 4. Related Parties – Sponsor and Trustee The Trust’s only recurring fixed expense is the Sponsor’s fee which accrues daily at an annual rate equal to 0.40 % of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all ordinary fees and expenses of the Trust which include fees and expenses of the Trustee, fees and expenses of the Custodians for the custody of the Trust’s gold bars, fees and expenses of the Sponsor, certain taxes, fees of the Marketing Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and other marketing costs and expenses. Additionally, under a separate agreement with JPMorgan, the Sponsor has agreed to pay or reimburse JPMorgan for any value added, sales or similar tax chargeable on the services provided by JPMorgan as a Custodian, including any such taxes otherwise payable by the Trust. Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. 5. Concentration of Risk The Trust’s sole business activity is the investment of gold. Various factors could affect the price of gold including: (i) global supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other gold products, forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, and the United States; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; (vi) other economic variables such as income growth, economic output, and monetary policies; and (vii) global or regional political, economic or financial events and situations, especially those that are unexpected in nature. In addition, while gold is used to preserve wealth by investors around the world, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations. 6. Indemnification The Sponsor, and its shareholders, members, directors, officers, employees, affiliates and subsidiaries, are indemnified by the Trust and held harmless against certain losses, liabilities or expenses incurred in the performance of their duties under the Trust Indenture without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of the indemnified party’s obligations and duties under the Trust Indenture. Such indemnity includes payment by the Trust of the costs and expenses incurred in defending against any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek indemnification by the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture. The Sponsor is also indemnified by the Trust and held harmless against any loss, liability or expense arising under the Amended and Restated Marketing Agent Agreement between the Sponsor and the Marketing Agent effective July 17, 2015, as amended, or any agreement entered into with an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor by the Trustee. Any amounts payable to the Sponsor are secured by a lien on the Trust’s assets. The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments that such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will succeed to the rights of the party so reimbursed against the Sponsor. F- 13 Table of Contents 7. Financial Highlights The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the years ended September 30, 2024, 2023 and 2022, respectively. The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on the NYSE Arca during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions. Year Ended Year Ended Year Ended Sep-30, 2024 Sep-30, 2023 Sep-30, 2022 Net Asset Value Net asset value per Share, beginning of period $ 173.51 $ 155.69 $ 162.96 Net investment income/(loss) ( 0.82 ) ( 0.70 ) ( 0.68 ) Net Realized and Change in Unrealized Gain/(Loss) 70.32 18.52 ( 6.59 ) Net Income/(Loss) 69.50 17.82 ( 7.27 ) Net asset value per Share, end of period $ 243.01 $ 173.51 $ 155.69 Market value per Share, beginning of period $ 171.45 $ 154.67 $ 164.22 Market value per Share, end of period $ 243.06 $ 171.45 $ 154.67 Ratio to average net assets Net investment loss ( 0.40 )% ( 0.40 )% ( 0.40 )% Gross expenses 0.40 % 0.40 % 0.40 % Net expenses 0.40 % 0.40 % 0.40 % Total Return, at net asset value 40.06 % 11.45 % ( 4.46 )% Total Return, at market value 41.77 % 10.85 % ( 5.82 )% F-14