What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2026-02-04 · 85 added, 43 removed, 454 unchanged (22% of the section changed)

1 unchanged sentence

Combined 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$)

Investments in Gold, at fair value (cost $ 16,504,535 and $ 14,202,521 at December 31, 2025 and September 30, 2025, respectively)

Investments in Gold, at fair value (cost $ 19,436,548 and $ 14,202,521 at March 31, 2026 and September 30, 2025, respectively)

$ 29,618,787 $ 20,855,894

10 unchanged sentences

(Amounts in 000’s except for percentages)

December 31, 2025

March 31, 2026

Ounces of gold

3 unchanged sentences

$ 19,436,548 $ 29,618,787 100.01 %

Liabilities in excess of other assets

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

( 2,657 ) ( 0.01 )%

12 unchanged sentences

Unaudited Combined 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$)

1 unchanged sentence

Total expenses

7,531 2,635 13,510 4,975

Net investment loss

2 unchanged sentences

Net realized gain/(loss) from investment in gold sold to pay Sponsor fees

2,818 699 4,723 1,316

Net realized gain/(loss) from gold distributed for the redemption of shares

9 unchanged sentences

Unaudited Combined 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:

9 unchanged sentences

Proceeds from sales of gold to pay expenses

7,013 2,411 12,482 4,696

Net realized (gain)/loss from investment in gold sold to pay Sponsor fees

5 unchanged sentences

Increase/(Decrease) in accounts payable to Sponsor

518 224 1,028 279

Net cash provided by operating activities

$ - $ - $ - $ -

See notes to the unaudited financial statements.

1 unchanged sentence

Unaudited Combined Statements of Changes in Net Assets

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$)

6 unchanged sentences

Net realized gain/(loss) from investment in gold sold to pay Sponsor fees

2,818 699 4,723 1,316

Net realized gain/(loss) from gold distributed for the redemption of shares

4 unchanged sentences

$ 29,616,130 $ 13,226,685 $ 29,616,130 $ 13,226,685

(Amounts are in 000's)

Activity in Number of Shares Created and Redeemed

Opening Balance

296,550 177,950 275,350 174,750

34,900 38,500 74,800 57,300

( 6,700 ) ( 2,100 ) ( 25,400 ) ( 17,700 )

Closing Balance

324,750 214,350 324,750 214,350

See notes to the unaudited financial statements.

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 $ 16,504,535 and $ 14,202,521 at December 31, 2025 and September 30, 2025, respectively)

Investments in Gold, at fair value (cost $ 19,436,548 and $ 14,202,521 at March 31, 2026 and September 30, 2025, respectively)

$ 29,618,787 $ 20,855,894

15 unchanged sentences

(Amounts in 000 ’ s except for percentages)

December 31, 2025

March 31, 2026

Ounces of gold

4 unchanged sentences

$ 19,436,548 $ 29,618,787 100.01 %

Liabilities in excess of other assets

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

( 2,657 ) ( 0.01 )%

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)

1 unchanged sentence

Total expenses

7,531 2,635 13,510 4,975

Net investment loss

2 unchanged sentences

Net realized gain/(loss) from investment in gold sold to pay Sponsor fees

2,818 699 4,723 1,316

Net realized gain/(loss) from gold distributed for the redemption of shares

13 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:

9 unchanged sentences

Proceeds from sales of gold to pay expenses

7,013 2,411 12,482 4,696

Net realized (gain)/loss from investment in gold sold to pay Sponsor fees

5 unchanged sentences

Increase/(Decrease) in accounts payable to Sponsor

518 224 1,028 279

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$)

Net Assets - Opening Balance

$ 25,287,518 $ 9,205,259 $ 20,854,265 $ 9,108,169

3,335,199 2,241,476 6,658,061 3,235,706

( 658,530 ) ( 118,064 ) ( 2,233,429 ) ( 944,204 )

Net investment loss

( 7,531 ) ( 2,635 ) ( 13,510 ) ( 4,975 )

Net realized gain/(loss) from investment in gold sold to pay Sponsor fees

2,818 699 4,723 1,316

Net realized gain/(loss) from gold distributed for the redemption of shares

259,539 34,849 817,154 255,934

Net change in unrealized gain/(loss) on investment in gold

1,397,117 1,865,101 3,528,866 1,574,739

Net Assets - Closing Balance

$ 29,616,130 $ 13,226,685 $ 29,616,130 $ 13,226,685

(Amounts are in 000's)

Activity in Number of Shares Created and Redeemed

Opening Balance

296,550 177,950 275,350 174,750

34,900 38,500 74,800 57,300

( 6,700 ) ( 2,100 ) ( 25,400 ) ( 17,700 )

Closing Balance

324,750 214,350 324,750 214,350

See notes to the unaudited financial statements.

3 unchanged sentences

The Trust is authorized to issue an unlimited number of shares of beneficial interest.

The beneficial interest in the Trust may be divided into one or more series, one of which is operational as of December 31, 2025.

The beneficial interest in the Trust may be divided into one or more series, one of which is operational as of March 31, 2026.

The accompanying financial statements relate to the Trust and its one operational series, SPDR ® Gold MiniShares ® Trust (“GLDM”).

12 unchanged sentences

The Trust had no operations with respect to GLDM prior to June 26, 2018, other than matters relating to GLDM's organization and the registration of the offer and sale of the Shares under the Securities Act of 1933, as amended.

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

In the opinion of management of the Sponsor, 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, Changes in Net Assets and Cash Flows for the three and six months ended March 31, 2026 and 2025 have been prepared without audit.

In the opinion of management of the Sponsor, 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 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

26 unchanged sentences

(Amounts in 000’s of US$)

December 31, 2025

March 31, 2026

Investment in Gold

6 unchanged sentences

$ 20,855,894 $ - $ -

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 Administrator values the gold held by GLDM on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (the “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 (the “LBMA”).

20 unchanged sentences

As the Shares are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes.

Changes in the Shares for the three months ended December 31, 2025 and 2024 are as follows:

Changes in the Shares 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

49,400 39,600

(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 Sponsor expenses on the Statement of Operations.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2025 of $ 2,691,269 is made up of a realized gain/(loss) of $ 1,905 from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $ 557,615 from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $ 2,131,749 on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2024 of $( 68,661 ) is made up of a realized gain/(loss) of $ 616 from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $ 221,085 from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $( 290,362 ) on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2026 of $ 1,659,474 and $ 4,350,743 , respectively, is made up of a realized gain/(loss) of $ 2,818 and $ 4,723 , respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $ 259,539 and $ 817,154 , respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $ 1,397,117 and $ 3,528,866 , respectively, on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2025 of $ 1,900,649 and $ 1,831,988 , respectively, is made up of a realized gain/(loss) of $ 699 and $ 1,316 , respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $ 34,849 and $ 255,934 , respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $ 1,865,101 and $ 1,574,739 , respectively, on investment in gold.

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

3 unchanged sentences

Instead, its income and expenses “flow through” to the shareholders, and the Administrator will report GLDM’s proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether 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.

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.

48 unchanged sentences

Financial Highlights

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

The following presentation includes 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 NYSE Arca during the period.

1 unchanged sentence

Financial Highlights (Unaudited)

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

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

Net Asset Value

4 unchanged sentences

Net Realized and Change in Unrealized Gain/(Loss) (2)

5.95 $ 9.99 15.50 9.62

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

5.93 $ 9.98 15.46 9.59

Net Asset Value per Share, end of period

15 unchanged sentences

8.57 % 19.04 % 21.24 % 18.72 %

Based on average Shares outstanding during the period.

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.

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

12 unchanged sentences

The Trust is sponsored by WGC USA Asset Management Company, LLC (the “Sponsor”).

The beneficial interest in the Trust may be divided into one or more series, of which only SPDR ® Gold MiniShares ® Trust (“GLDM”) is operational as of December 31, 2025.

The beneficial interest in the Trust may be divided into one or more series, of which only SPDR ® Gold MiniShares ® Trust (“GLDM”) is operational as of March 31, 2026.

GLDM commenced operations on June 26, 2018.

10 unchanged sentences

Share price & NAV v.

gold price - June 26, 2018 to December 31, 2025

gold price - June 26, 2018 to March 31, 2026

Critical Accounting Policy

2 unchanged sentences

The Bank of New York Mellon (the “Administrator”) will value any gold bullion held by GLDM on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (the “IBA”).

In determining the NAV, the Administrator will value the gold bullion held by GLDM on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”).

In determining the NAV, the Administrator will value the gold bullion held by GLDM based on the price of an ounce of gold determined by the IBA 3:00 PM auction process (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 of the announcement of the LBMA Gold Price PM for the day or 12:00 PM New York time.

If no LBMA Gold Price (AM or 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.

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.

13 unchanged sentences

Results of Operations

In the three months ended December 31, 2025, 39,900,000 Shares (399 Creation Units) were created in exchange for 789,881.1 ounces of gold, 18,700,000 Shares (187 Creation Units) were redeemed in exchange for 370,179.6 ounces of gold and 1,333.1 ounces of gold were sold to pay Sponsor fees.

In the three months ended March 31, 2026, 34,900,000 Shares (349 Creation Units) were created in exchange for 690,763.3 ounces of gold, 6,700,000 Shares (67 Creation Units) were redeemed in exchange for 132,598.3 ounces of gold and 1,427.1 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.

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 GLDM and held by the Custodian was 5,870,462.1 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $25,289,657,174 based on the LBMA Gold Price PM on December 31, 2025 (cost —$16,504,535,326).

At March 31, 2026, the amount of gold owned by GLDM and held by the Custodian was 6,427,200.0 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $29,618,787,203 based on the LBMA Gold Price PM on March 31, 2026 (cost — $19,436,548,058 ).

At September 30, 2025, the amount of gold owned by GLDM and held by the Custodian 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 of $20,855,893,744 based on the LBMA Gold Price PM on September 30, 2025 (cost — $14,202,521,382).

Cash Resources and Liquidity

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

At March 31, 2026, 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.

4 unchanged sentences

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 June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to December 31, 2025.

Daily Gold Price - June 26, 2018 to December 31, 2025

dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to March 31, 2026.

Daily Gold Price - June 26, 2018 to 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 June 26, 2018 (the first date the Shares began trading on the NYSE Arca) through December 31, 2025, based on the LBMA Gold Price PM, 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 June 26, 2018 (the first date the Shares began trading on the NYSE Arca) through March 31, 2026, based on the LBMA Gold Price PM, 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

June 26, 2018 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

June 26, 2018 to March 31, 2026

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

6 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