World Gold Trust 10-K

Item 5. Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities MARKET INFORMATION The Shares are listed on the NYSE Arca under the symbol “GLDM” and have been listed since June 26, 2018. HOLDERS OF RECORD As of October 31, 2025, there were approximately 146 DTC participating shareholders of record of GLDM. Because most of the Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders. ISSUER PURCHASE OF SHARES Although GLDM does not purchase Shares directly from its shareholders, in connection with its redemption of Creation Units, GLDM redeemed 61,400,000 Shares (614 Creation Units) during the year ended September 30, 2025, including 37,000,000 Shares (37 Creation Units) for the three months ended September 30, 2025 as set forth in the table below. Total number of Average ounces Period Shares redeemed of gold per Share 7/1/25 to 7/31/25 1,600,000 0.01980 8/1/25 to 8/31/25 13,600,000 0.01980 9/1/25 to 9/30/25 21,800,000 0.01980 TOTAL 37,000,000 0.01980 Item 6. [Reserved] Item 7. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations Trust Overview The World Gold Trust (the “Trust”) was formed as a Delaware statutory trust on August 27, 2014. The Trust consists of multiple series (each, a “Fund” and collectively, the “Funds”). Each Fund issues common units of beneficial interest that represent units of fractional undivided beneficial interest in and ownership of such Fund. The term of the Trust and each Fund is perpetual (unless terminated earlier in certain circumstances). The Trust was organized in separate series as a Delaware statutory trust rather than as separate statutory trusts to achieve certain administrative and other efficiencies. The Trust is sponsored by WGC USA Asset Management Company, LLC (the “Sponsor”). SPDR ® Gold MiniShares ® Trust (“GLDM”) is the only operational Fund as of September 30, 2025. GLDM commenced operations on June 26, 2018. GLDM’s investment objective is for its shares (the “Shares”) to reflect the performance of the price of gold, less its expenses. 30 Table of Contents Investing in the Shares does not insulate the investor from risks, including price volatility. The following chart illustrates the movement in the market price of the Shares and NAV of the Shares against the corresponding gold price (per 1/100 of an oz. of gold) since the day the Shares first began trading on the NYSE Arca: Share price & NAV v. gold price — June 26, 2018 to September 30, 2025 Critical Accounting Policy Valuation of Gold, Definition of Net Asset Value GLDM values the investment in gold bullion at fair value. The Bank of New York Mellon (the “Administrator”) will value any gold bullion held by GLDM based on the price of an ounce of gold as determined by the ICE Benchmark Administration Limited. In determining the NAV, the Administrator will value the gold bullion held by GLDM based on the LBMA Gold Price PM. The Administrator will calculate the NAV on each day the NYSE Arca is open for regular trading, at the earlier LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM 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 will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination. Gold held by GLDM is reported at fair value on the Statement of Financial Condition. Once the value of the gold has been determined, the Administrator subtracts all estimated accrued expenses and other liabilities of GLDM from the total value of the gold and all other assets of GLDM. The resulting figure is the NAV. The NAV is used to compute the Sponsor’s fee. The Administrator determines the NAV per Share by dividing the NAV of GLDM by the number of Shares outstanding as of the close of trading on NYSE Arca. Bureau Veritas Commodities UK Ltd. (formerly Inspectorate International Limited) ("Bureau Veritas") conducts two counts each year of the gold bullion held on behalf of GLDM at the vaults of the Custodians. A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30 th . On September 30, 2025, Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by JPMorgan at its London vault. 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. During the period in which both the annual count and the second count took place, ICBC did not hold any gold on behalf of GLDM and JPMorgan did not hold any gold on behalf of GLDM at its New York or Zurich vaults and, as a result, counts were not conducted at those vault locations. The results can be found on www.spdrgoldshares.com . The Sponsor generally visits the vaults of the Custodians twice a year as part of its due diligence procedures. 31 Table of Contents The table below summarizes the impact of unrealized appreciation on GLDM’s gold holdings at September 30, 2025 and 2024: (Amount in 000’s of US$) Sep-30, 2025 Sep-30, 2024 Investment in gold – cost $ 14,202,521 $ 6,671,768 Unrealized appreciation/(depreciation) on investment in gold 6,653,373 2,489,255 Investment in gold – market value $ 20,855,894 $ 9,161,023 Review of Financial Results Financial Highlights For the For the For the (All amounts in the following table and the subsequent paragraphs are in year ended year ended year ended 000’s of US$) Sep-30, 2025 Sep-30, 2024 Sep-30, 2023 Net realized and change in unrealized gain/(loss) on investment in gold $ 5,322,281 $ 2,430,120 $ 552,021 Net income $ 5,309,224 $ 2,423,086 $ 546,285 Net cash provided by operating activities $ — $ — $ — GLDM’s net realized and change in unrealized gain on investment in gold for the year ended September 30, 2025 of $5,322,281 is made up of a realized gain of $3,626 from the sale of gold to pay Sponsor fees, a realized gain of $1,154,537 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $4,164,118 on investment in gold. GLDM’s net realized and change in unrealized gain on investment in gold for the year ended September 30, 2024 of $2,430,120 is made up of a realized gain of $1,232 from the sale of gold to pay Sponsor fees, a realized gain of $266,368 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $2,162,520 on investment in gold. GLDM’s net realized and change in unrealized loss on investment in gold for the year ended September 30, 2023 of $552,021 is made up of a realized gain of $393 from the sale of gold to pay Sponsor fees, a realized gain of $52,550 from gold distributed for the redemption of shares, and a change in unrealized depreciation of $499,078 on investment in gold. Selected Supplemental Data Year ended Year ended Year ended (Amounts, except for per ounce and per share, are in 000’s) Sep-30, 2025 Sep-30, 2024 Sep-30, 2023 Ounces of Gold: Opening balance 3,483.3 3,090.0 2,806.9 Creations (excluding gold receivable at September 30, 2025 – 0; September 30, 2024 – 0 and September 30, 2023 – 0) 3,208.5 1,038.9 817.8 Redemptions (excluding gold payable at September 30, 2025 – 0; September 30, 2024 – 19,818.3 and September 30, 2023 – 7,948.2) (1,235.9 ) (642.5 ) (531.7 ) Sales of gold (3.9 ) (3.1 ) (3.0 ) Closing balance 5,452.1 3,483.3 3,090.0 Gold price per ounce – LBMA Gold Price PM $ 3,825.30 $ 2,629.95 $ 1,870.50 Market value of gold holdings (in 000's) $ 20,855,894 $ 9,161,023 $ 5,779,814 Number of Shares (in 000’s): Opening balance 174,750 155,350 139,750 Creations 162,000 52,400 41,200 Redemptions (61,400 ) (33,000 ) (25,600 ) Closing balance 275,350 174,750 155,350 32 Table of Contents In the year ended September 30, 2025, 162,000,000 Shares (1620 Creation Units) were created in exchange for 3,208,532.0 ounces of gold, 61,400,000 Shares (614 Creation Units) were redeemed in exchange for 1,216,045.0 ounces of gold and 3,919.8 ounces of gold were sold to pay Sponsor fees. For accounting purposes, GLDM 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. Upon a redemption, GLDM delivers gold upon receipt of Shares. These creations were completed in the normal course of business. As at September 30, 2025, the amount of gold owned by GLDM and held by the Custodians in their vaults was 5,452,093.6 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value $20,855,893,744 based on the LBMA Gold Price PM on September 30, 2025 (cost—$14,202,521,382). As at September 30, 2024, the amount of gold owned by GLDM and held by ICBC, as the only custodian at the time, in its vault was 3,483,344.7 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value $9,161,022,521 based on the LBMA Gold Price PM on September 30, 2024 (cost—$6,671,767,835). As at September 30, 2023, the amount of gold owned by GLDM and held by ICBC, as the only custodian at the time, in its vault was 3,089,983.5 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value $5,779,814,053 based on the LBMA Gold Price PM on September 30, 2023 (cost—$5,453,079,469). Cash Flow from Operations GLDM had no net cash flow from operations in the years ended September 30, 2025, 2024 and 2023. Cash received in respect of gold sold to pay expenses in the years ended September 30, 2025, 2024 and 2023 was the same as those expenses, resulting in a zero cash balance at September 30, 2025, 2024 and 2023. Off-Balance Sheet Arrangements Neither GLDM nor the Trust is a party to any off-balance sheet arrangements. Cash Resources and Liquidity At September 30, 2025 and 2024, GLDM did not have any cash balances. When selling gold to pay expenses, GLDM endeavors to sell the exact amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold or any gold receivable. As a consequence, we expect that GLDM will not record any net cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Analysis of Movements in the Price of Gold As movements in the price of gold are expected to directly affect the price of the Shares, it is important to understand the recent movements in the price of gold. However, past movements in the price of gold are not indicators of future movements. The following chart shows movements in the price of gold based on the LBMA Gold Price PM in U.S. dollars per ounce over the period from October 1, 2020 to September 30, 2025. 33 Table of Contents Daily Gold Price - October 1, 2020 - September 30, 2025 LBMA Gold Price PM USD The average, high, low and end-of-period gold prices for the three and twelve-month periods for the prior three years and for the period from June 26, 2018 (the date the Shares began trading on the NYSE Arca) to September 30, 2025, based on the LBMA Gold Price were: Last End of business Period Average High Date Low Date period day (1) Three months to December 31, 2022 $ 1,725.85 $ 1,823.55 Dec 13, 2022 $ 1,628.75 Nov 3, 2022 $ 1,812.35 Dec 30, 2022 (2) Three months to March 31, 2023 $ 1,889.92 $ 1,993.80 Mar 24, 2023 $ 1,810.95 Feb 24, 2023 $ 1,979.70 Mar 31, 2023 Three months to June 30, 2023 $ 1,975.93 $ 2,048.45 Apr 13, 2023 $ 1,899.60 Jun 29, 2023 $ 1,912.25 Jun 30, 2023 Three months to September 30, 2023 $ 1,928.23 $ 1,976.10 July 20, 2023 $ 1,870.50 Sep 29, 2023 $ 1,870.50 Sep 29, 2023 Three months to December 31, 2023 $ 1,971.49 $ 2,078.40 Dec 28, 2023 $ 1,818.95 Oct 4, 2023 $ 2,062.40 Dec 29, 2023 (2) Three months to March 31, 2024 $ 2,069.80 $ 2,214.35 Mar 28, 2024 $ 1,985.10 Feb 14, 2024 $ 2,214.35 Mar 28, 2024 Three months to June 30, 2024 $ 2,338.18 $ 2,427.30 May 21, 2024 $ 2,264.50 Apr 2, 2024 $ 2,330.90 Jun 28, 2024 Three months to September 30, 2024 $ 2,474.29 $ 2,663.75 Sep 26, 2024 $ 2,329.10 Jul 1, 2024 $ 2,629.95 Sep 30, 2024 Three months to December 31, 2024 $ 2,663.38 $ 2,777.80 Oct 30, 2024 $ 2,567.30 Nov 14, 2024 $ 2,610.85 Dec 31, 2024 (2) Three months to March 31, 2025 $ 2,859.62 $ 3,115.10 Mar 31, 2025 $ 2,633.35 Jan 6, 2025 $ 3,115.10 Mar 31, 2025 Three months to June 30, 2025 $ 3,280.35 $ 3,435.35 Jun 13, 2025 $ 3,014.75 Apr 7, 2025 $ 3,287.45 Jun 30, 2025 Three months to September 30, 2025 $ 3,456.54 $ 3,826.85 Sep 29, 2025 $ 3,298.85 Jul 31, 2025 $ 3,825.30 Sep 30, 2025 Twelve months ended September 30, 2023 $ 1,879.53 $ 2,048.45 Apr 13, 2023 $ 1,628.75 Nov 3, 2022 $ 1,870.50 Sep 29, 2023 Twelve months ended September 30, 2024 $ 2,216.95 $ 2,663.75 Sep 26, 2024 $ 1,818.95 Oct 4, 2023 $ 2,629.95 Sep 30, 2024 Twelve months ended September 30, 2025 $ 3,067.98 $ 3,826.85 Sep 29, 2025 $ 2,567.30 Nov 14, 2024 $ 3,825.30 Sep 30, 2025 June 26, 2018 to September 30, 2025 $ 1,943.74 $ 3,826.85 Sep 29, 2025 $ 1,178.40 Aug 17, 2018 $ 3,825.30 Sep 30, 2025 (1) The end of period gold price is the LBMA Gold Price PM on the last business day of the period. This is in accordance with the Trust Indenture and the basis used for calculating the Net Asset Value of the Trust. (2) There was no LBMA Gold Price PM on the last business day of December 2024, 2023 or 2022. The LBMA Gold Price AM on the last business day of December 2024, 2023 and 2022 was $2,610.85. $2,062.40, and $1,812.35, respectively. The Net Asset Value of the Trust on December 31, 2024, 2023 and 2022 was calculated using the LBMA Gold Price AM. Item 7A. Quantitative and Qualitative Disclosures about Market Risk GLDM is a passive investment vehicle. Fluctuations in the value of gold bullion will affect the value of Shares which are designed to reflect the performance of the price of gold bullion, less GLDM’s expenses.