What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2026-02-04 · 49 added, 35 removed, 348 unchanged (19% of the section changed)

1 unchanged sentence

Statements of Financial Condition

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

At March 31, 2026 (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 $ 90,954,943 and $ 77,748,740 at December 31, 2025 and September 30, 2025, respectively)

Investments in Gold, at fair value (cost $ 96,197,526 and $ 77,748,740 at March 31, 2026 and September 30, 2025, respectively)

$ 154,998,265 $ 124,430,281

16 unchanged sentences

(Amounts in 000 ’ s except for percentages)

December 31, 2025

March 31, 2026

Ounces of gold

4 unchanged sentences

$ 96,197,526 $ 154,998,265 99.93 %

Liabilities in excess of other assets

Assets/(Liabilities) in excess of other assets/liabilities

112,560 0.07 %

13 unchanged sentences

Unaudited Statements of Operations

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

For the three and six months ended March 31, 2026 and March 31, 2025

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

22 unchanged sentences

Unaudited Statements of Cash Flows

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

For the three and six months ended March 31, 2026 and March 31, 2025

(Amounts in 000’s of US$)

7 unchanged sentences

Cash and cash equivalents at end of period

$ — $ — $ — $ —

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:

17 unchanged sentences

Increase/(Decrease) in accounts payable to Sponsor

6,898 4,541 18,520 6,081

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 months ended December 31, 2025 and December 31, 2024

For the three and six months ended March 31, 2026 and March 31, 2025

(Amounts in 000’s of US$)

13 unchanged sentences

$ 155,110,825 $ 93,451,272 $ 155,110,825 $ 93,451,272

Activity in Number of Shares Created and Redeemed

Ended Ended Ended Ended

(Amounts are in 000's)

Shares issued and outstanding- Opening Balance

374,200 303,800 353,700 303,300

39,000 51,900 92,300 81,500

( 46,800 ) ( 30,400 ) ( 79,600 ) ( 59,500 )

Shares issued and outstanding- Closing Balance

366,400 325,300 366,400 325,300

See notes to the unaudited financial statements.

17 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 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.

The Statements of Financial Condition and Schedules of Investment at March 31, 2026 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and six months ended March 31, 2026 and 2025 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 six months ended March 31, 2026 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 months ended December 31, 2025 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three and six months ended March 31, 2026 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$)

December 31, 2025

March 31, 2026

Investment in Gold

6 unchanged sentences

$ 124,430,281 $ — $ —

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.

There were no transfers between Level 1 and other Levels for the six months ended March 31, 2026, 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”).

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).

In determining the net asset value (“NAV”) of the Trust, the Trustee values the gold held by the Trust based on 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.

13 unchanged sentences

(Amounts in 000’s of US$)

$ 198,060 $ —

Creations and Redemptions of Shares

3 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 three months ended December 31, 2025 and 2024 are as follows:

Activity in the number and value of Shares created and redeemed for the six months ended March 31, 2026 and 2025 are as follows:

(Amounts are in 000’s)

3 unchanged sentences

Net Change in Number of Shares Created and Redeemed

12,700 22,000

(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 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’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2026 of $ 10,388,881 and $ 26,023,376 , respectively, is made up of a realized gain/(loss) of $ 70,453 and $ 120,193 , respectively, from the sale of gold to pay expenses, a realized gain/(loss) of $ 9,038,945 and $ 13,783,985 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 1,279,483 and $ 12,119,198 , respectively, on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2025 of $ 14,352,151 and $ 13,823,510 , respectively is made up of a realized gain/(loss) of $ 24,129 and $ 46,435 , respectively, from the sale of gold to pay expenses, a realized gain/(loss) of $ 2,484,386 and $ 4,637,254 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 11,843,636 and $ 9,139,821 , respectively, 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 December 31, 2025 or September 30, 2025.

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

As of March 31, 2026, the 2025, 2024, and 2023 tax years remain open for examination.

There were no examinations in progress at period end.

36 unchanged sentences

Financial Highlights

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 Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and six months ended March 31, 2026 and 2025, 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 months ended December 31, 2025 and 2024

For the three and six months ended March 31, 2026 and 2025

Net Asset Value

24 unchanged sentences

8.57 % 19.00 % 21.05 % 18.55 %

(1) Based on average Shares outstanding during the period.

(2) The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust's underlying investment.

(3) Percentages are annualized.

1 unchanged sentence

Subsequent Events

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

There are no known events that have occurred subsequent to March 31, 2026 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 December 31, 2025

gold price – November 18, 2004 to March 31, 2026

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.

13 unchanged sentences

Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by (i) HSBC at its London vault on September 30, 2025, (ii) JPMorgan at its London vault on September 30, 2025 and (iii) JPMorgan at its New York vault on September 30, 2025.

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.

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 25, 2026, JPMorgan's New York vault on March 19, 2026 and HSBC's London vault on March 25, 2026.

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.

2 unchanged sentences

Results of Operations

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.

In the three months ended March 31, 2026, an additional 39,000,000 Shares (390 Baskets) were created in exchange for 3,584,534.3 ounces of gold, 46,800,000 Shares (468 Baskets) were redeemed in exchange for 4,300,883.2 ounces of gold, and 32,336.2 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 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 March 31, 2026, the amount of gold owned by the Trust and held by the Custodians was 33,634,221.4 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $154,998,264,698 based on the LBMA Gold Price PM on March 31, 2026 (cost— $96,197,525,739).

At September 30, 2025, the amount of gold owned by the Trust and held by the Custodians was 32,528,241.1 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 December 31, 2025, the Trust did not have any cash balances.

At March 31, 2026, 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 December 31, 2025 and is based on the LBMA Gold Price PM when available.

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

The chart illustrates movements in the price of gold in US dollars per ounce over the period from November 12, 2004 to March 31, 2026 and is based on the LBMA Gold Price PM when available.

Daily Gold Price – November 12, 2004 – March 31, 2026

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 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

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 March 31, 2026, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were:

Three months ended June 30, 2023

9 unchanged sentences

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

Three months ended March 31, 2026

Twelve months ended March 31, 2024

Twelve months ended March 31, 2025

Twelve months ended March 31, 2026

November 12, 2004 to March 31, 2026

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