What changed in this filing

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Item 1. Financial Statements

2026-02-04 compared with 2025-08-06 · 55 added, 52 removed, 328 unchanged (25% of the section changed)

1 unchanged sentence

Statements of Financial Condition

At June 30, 2025 (unaudited) and September 30, 2024

At December 31, 2025 (unaudited) and September 30, 2025

(Amounts in 000’s of US$ except for share and per share data)

Investments in Gold, at fair value (cost $ 68,087,739 and $ 50,991,703 at June 30, 2025 and September 30, 2024, respectively)

Investments in Gold, at fair value (cost $ 90,954,943 and $ 77,748,740 at December 31, 2025 and September 30, 2025, respectively)

$ 148,476,199 $ 124,430,281

1 unchanged sentence

$ — $ 140,834

$ 148,476,199 $ 124,571,115

Accounts payable to Sponsor

12 unchanged sentences

(Amounts in 000 ’ s except for percentages)

June 30, 2025

December 31, 2025

Ounces of gold

20 unchanged sentences

Unaudited Statements of Operations

For the three and nine months ended June 30, 2025 and June 30, 2024

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

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

13 unchanged sentences

15,634,495 ( 528,641 )

Net income/(loss)

Net increase/(decrease) in net assets resulting from operations

$ 15,494,082 $ ( 604,333 )

Net income/(loss) per share

Net increase/(decrease) in net assets per share

$ 42.49 $ ( 1.98 )

4 unchanged sentences

Unaudited Statements of Cash Flows

For the three and nine months ended June 30, 2025 and June 30, 2024

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

(Amounts in 000’s of US$)

7 unchanged sentences

Cash and cash equivalents at end of period

$ — $ — $ — $ —

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:

4 unchanged sentences

(Amounts in 000’s of US$)

RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Net income/(loss)

RECONCILIATION OF NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Net increase/(decrease) in net assets resulting from operations

$ 15,494,082 $ ( 604,333 )

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

Adjustments to reconcile net increase/(decrease) to net cash provided by operating activities:

Proceeds from sales of gold to pay expenses

7 unchanged sentences

Increase/(Decrease) in accounts payable to Sponsor

3,743 956 9,824 2,486

Net cash provided by operating activities

$ — $ — $ — $ —

See notes to the unaudited financial statements.

1 unchanged sentence

Unaudited Statements of Changes in Net Assets

For the three and nine months ended June 30, 2025 and June 30, 2024

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

(Amounts in 000’s of US$)

23 unchanged sentences

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.

HSBC Bank plc and JPMorgan Chase Bank, N.A.

are the custodians of the Trust (each a "Custodian" and together, the “Custodians”).

6 unchanged sentences

Any losses sustained by the Trust will adversely affect the value of the Shares.

The Statements of Financial Condition and Schedules of Investment at June 30, 2025 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and nine months ended June 30, 2025 and 2024 have been prepared on behalf of the Trust without audit.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and nine months ended June 30, 2025 and for all periods presented have been made.

The Statements of Financial Condition and Schedules of Investment at December 31, 2025 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three months ended December 31, 2025 and 2024 have been prepared on behalf of the Trust without audit.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three months ended December 31, 2025 and for all periods presented have been made.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025.

The results of operations for the three and nine months ended June 30, 2025 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three months ended December 31, 2025 are not necessarily indicative of the operating results for the full fiscal year.

Significant Accounting Policies

21 unchanged sentences

(Amounts in 000’s of US$)

June 30, 2025

December 31, 2025

Investment in Gold

6 unchanged sentences

$ 124,430,281 $ — $ —

There were no transfers between Level 1 and other Levels for the nine months ended June 30, 2025, or for the year ended September 30, 2024.

There were no transfers between Level 1 and other Levels for the three months ended December 31, 2025, or for the year ended September 30, 2025.

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”).

11 unchanged sentences

Gold receivable

$ — $ 140,834

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.

7 unchanged sentences

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 nine months ended June 30, 2025 and 2024 are as follows:

Activity in the number and value of Shares created and redeemed for the three months ended December 31, 2025 and 2024 are as follows:

(Amounts are in 000’s)

3 unchanged sentences

Net Change in Number of Shares Created and Redeemed

29,000 ( 14,600 )

(Amounts in 000’s of US$)

9 unchanged sentences

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 three and nine months ended June 30, 2025 of $ 5,154,348 and $ 18,977,858 , respectively, is made up of a realized gain/(loss) of $ 32,750 and $ 79,185 , respectively, from the sale of gold to pay expenses, a realized gain/(loss) of $ 4,165,367 and $ 8,802,621 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 956,231 and $ 10,096,052 , respectively, on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three and nine months ended June 30, 2024 of $ 3,082,261 and $ 12,385,042 , respectively, is made up of a realized gain/(loss) of $ 15,794 and $ 32,838 , respectively, from the sale of gold to pay expenses, a realized gain/(loss) of $ 977,749 and $ 2,480,434 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 2,088,718 and $ 9,871,770 , respectively, on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2025 of $ 15,634,495 is made up of a realized gain/(loss) of $ 49,740 from the sale of gold to pay expenses, a realized gain/(loss) of $ 4,745,040 from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 10,839,715 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2024 of $( 528,641 ) is made up of a realized gain/(loss) of $ 22,306 from the sale of gold to pay expenses, a realized gain/(loss) of $ 2,152,869 from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $( 2,703,816 ) on investment in gold.

The Trust is classified as a “grantor trust” for U.S.

3 unchanged sentences

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 June 30, 2025 or September 30, 2024.

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.

2 unchanged sentences

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

As of June 30, 2025, the 2024, 2023 and 2022 tax years remain open for examination.

As of December 31, 2025, the 2024, 2023 and 2022 tax years remain open for examination.

There were no examinations in progress at period end.

Segment Reporting

The Principal Financial and Accounting Officer of the Sponsor performs the functions of the Trust’s chief operating decision maker (“CODM”).

The CODM monitors the operating results of the Trust as a whole, and the Trust's asset allocation is managed in accordance with its Prospectus.

The Trust operates as a single operating and reporting segment pursuant to its investment objective.

The Trust's Prospectus describes the Trust's fees, investment objective, and principal risks, among other items.

The Trust's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Trust's financial statements.

The accompanying financial statements detail the Trust's segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the Trust's Statements of Financial Condition as “Total Assets” and significant segment expenses are listed on the Statements of Operations.

Related Parties – Sponsor and Trustee

2 unchanged sentences

Concentration of Risk

The Trust’s sole business activity is the investment of gold.

The Trust’s primary business activity is the investment of gold and the issuance and sale of Shares.

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;

16 unchanged sentences

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.

Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses.

The Trust's maximum exposure under these arrangements is unknown as this would involve future potential claims that may be made against the Trust that have not yet occurred.

Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and nine months ended June 30, 2025 and 2024, respectively.

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three months ended December 31, 2025 and 2024, 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.

1 unchanged sentence

Financial Highlights (Unaudited)

For the three and nine months ended June 30, 2025 and 2024

For the three months ended December 31, 2025 and 2024

Net Asset Value

5 unchanged sentences

44.42 ( 1.76 )

Net Income/(Loss)

Net increase/(decrease) in net assets resulting from operations

44.03 ( 2.01 )

19 unchanged sentences

Subsequent Events

There are no known events that have occurred subsequent to June 30, 2025 that require additional disclosure in these financial statements.

New Accounting Pronouncement

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, which introduced new annual and interim disclosure requirements for all public entities and modified some existing disclosures.

The ASU was issued in response to investor requests for more detailed segment expense information and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The Trust is currently evaluating the impact the ASU will have on its financial statements.

There are no known events that have occurred subsequent to December 31, 2025 that require additional disclosure in these financial statements.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations

19 unchanged sentences

Share price & NAV v.

gold price – November 18, 2004 to June 30, 2025

gold price – November 18, 2004 to December 31, 2025

The divergence of the price of the Shares and NAV of the Shares from the gold price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

14 unchanged sentences

The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently at JPMorgan's London vault on March 14, 2025, JPMorgan's New York vault on March 24, 2025 and HSBC's London vault on April 1, 2025.

During the period in which the second count took place, JPMorgan did not hold any gold on behalf of GLD at its Zurich vault and, as a result, a count was not conducted at that vault location.

During the period in which both the annual full count and the second count took place, JPMorgan did not hold any gold on behalf of the Trust at its Zurich vault and, as a result, counts were not conducted at that vault location.

The results can be found on www.spdrgoldshares.com .

1 unchanged sentence

Results of Operations

In the three months ended June 30, 2025, an additional 47,100,000 Shares (471 Baskets) were created in exchange for 4,341,804.7 ounces of gold, 40,100,000 Shares (401 Baskets) were redeemed in exchange for 3,696,680.7 ounces of gold, and 29,284.8 ounces of gold were sold to pay expenses.

In the three months ended December 31, 2025, an additional 53,300,000 Shares (533 Baskets) were created in exchange for 4,903,850.2 ounces of gold, 32,800,000 Shares (328 Baskets) were redeemed in exchange for 3,017,850.2 ounces of gold, and 31,405.9 ounces of gold were sold to pay expenses.

For accounting purposes, GLD reflects creations and redemptions on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of gold is received.

1 unchanged sentence

These creations and redemptions were completed in the normal course of business.

At June 30, 2025, the amount of gold owned by the Trust and held by the Custodians was 30,698,501.3 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $100,919,788,194 based on the LBMA Gold Price PM on June 30, 2025 (cost— $68,087,738,745).

At December 31, 2025, the amount of gold owned by the Trust and held by the Custodians was 34,465,627.3 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $148,476,199,205 based on the LBMA Gold Price PM on December 31, 2025 (cost— $90,954,943,426).

At September 30, 2025, the amount of gold owned by the Trust and held by the Custodians was 32,528,241.132 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $124,430,280,803 based on the LBMA Gold Price PM on September 30, 2025 (cost— $77,748,740,273).

Cash Resources and Liquidity

At June 30, 2025, the Trust did not have any cash balances.

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

When selling gold to pay expenses, the Trustee endeavors to sell the exact amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold.

4 unchanged sentences

The following chart provides historical background on the price of gold.

The chart illustrates movements in the price of gold in US dollars per ounce over the period from November 12, 2004 to June 30, 2025 and is based on the LBMA Gold Price PM when available.

Daily Gold Price – November 12, 2004 – June 30, 2025

The chart illustrates movements in the price of gold in US dollars per ounce over the period from November 12, 2004 to December 31, 2025 and is based on the LBMA Gold Price PM when available.

Daily Gold Price – November 12, 2004 – December 31, 2025

LBMA Gold Price PM USD

The average, high, low and end-of-period gold prices for the three and twelve-month periods over the prior three years and for the period from the Date of Inception through June 30, 2025, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:

Three months ended September 30, 2022

Three months ended December 31, 2022

The average, high, low and end-of-period gold prices for the three and twelve-month periods over the prior three years and for the period from the Date of Inception through December 31, 2025, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:

Three months ended March 31, 2023

8 unchanged sentences

Three months ended June 30, 2025

Twelve months ended June 30, 2023

Twelve months ended June 30, 2024

June 28, 2024

Twelve months ended June 30, 2025

November 12, 2004 to June 30, 2025

Three months ended September 30, 2025

Three months ended December 31, 2025

Twelve months ended December 31, 2023

Twelve months ended December 31, 2024

Twelve months ended December 31, 2025

November 12, 2004 to December 31, 2025

The end of period gold price is the LBMA Gold Price PM on the last business day of the period.

4 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