What changed in this filing

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Item 1. Financial Statements

2026-08-04 compared with 2026-05-05 · 46 added, 44 removed, 495 unchanged (15% of the section changed)

1 unchanged sentence

Combined Statements of Financial Condition

At March 31, 2026 (unaudited) and September 30, 2025

At June 30, 2026 (unaudited) and September 30, 2025

(Amounts in 000’s of US$)

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

Investments in Gold, at fair value (cost $ 21,239,188 and $ 14,202,521 at June 30, 2026 and September 30, 2025, respectively)

$ 27,303,440 $ 20,855,894

10 unchanged sentences

(Amounts in 000’s except for percentages)

March 31, 2026

June 30, 2026

Ounces of gold

18 unchanged sentences

Unaudited Combined Statements of Operations

For the Three and Six Months Ended March 31, 2026 and March 31, 2025

For the Three and Nine Months Ended June 30, 2026 and June 30, 2025

(Amounts in 000’s of US$)

18 unchanged sentences

Unaudited Combined Statements of Cash Flows

For the Three and Six Months Ended March 31, 2026 and March 31, 2025

For the Three and Nine Months Ended June 30, 2026 and June 30, 2025

(Amounts in 000’s of US$)

33 unchanged sentences

Unaudited Combined Statements of Changes in Net Assets

For the Three and Six Months Ended March 31, 2026 and March 31, 2025

For the Three and Nine Months Ended June 30, 2026 and June 30, 2025

(Amounts in 000’s of US$)

24 unchanged sentences

Statements of Financial Condition

At March 31, 2026 (unaudited) and September 30, 2025

At June 30, 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 $ 19,436,548 and $ 14,202,521 at March 31, 2026 and September 30, 2025, respectively)

Investments in Gold, at fair value (cost $ 21,239,188 and $ 14,202,521 at June 30, 2026 and September 30, 2025, respectively)

$ 27,303,440 $ 20,855,894

15 unchanged sentences

(Amounts in 000 ’ s except for percentages)

March 31, 2026

June 30, 2026

Ounces of gold

20 unchanged sentences

Unaudited Statements of Operations

For the Three and Six Months Ended March 31, 2026 and March 31, 2025

For the Three and Nine Months Ended June 30, 2026 and June 30, 2025

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

22 unchanged sentences

Unaudited Statements of Cash Flows

For the Three and Six Months Ended March 31, 2026 and March 31, 2025

For the Three and Nine Months Ended June 30, 2026 and June 30, 2025

(Amounts in 000’s of US$)

33 unchanged sentences

Unaudited Statements of Changes in Net Assets

For the Three and Six Months Ended March 31, 2026 and March 31, 2025

For the Three and Nine Months Ended June 30, 2026 and June 30, 2025

(Amounts in 000’s of US$)

26 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 March 31, 2026.

The beneficial interest in the Trust may be divided into one or more series, one of which is operational as of June 30, 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 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.

The Statements of Financial Condition and Schedules of Investment at June 30, 2026, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three and nine months ended June 30, 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 nine months ended June 30, 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 and six months ended March 31, 2026 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three and nine months ended June 30, 2026 are not necessarily indicative of the operating results for the full fiscal year.

Significant Accounting Policies

24 unchanged sentences

Level 3 – Inputs that are unobservable for the asset and liability, including a fund’s assumptions (if any) used in determining the fair value of investments.

The following table summarizes GLDM’s investment at fair value:

The following table summarizes GLDM’s investment in gold at fair value:

(Amounts in 000’s of US$)

March 31, 2026

June 30, 2026

Investment in Gold

6 unchanged sentences

$ 20,855,894 $ - $ -

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.

There were no transfers between Level 1 and other Levels for the nine months ended June 30, 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”).

2 unchanged sentences

The Administrator calculates the NAV of GLDM on each day the NYSE Arca is open for regular trading, generally as of 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 is used in the determination of the NAV of GLDM, unless the Administrator, in consultation with 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 is used in the determination of the NAV of GLDM, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination.

If the Sponsor determines that such price is inappropriate to use, it shall identify an alternate basis for evaluating the gold held by GLDM.

Custody of Gold

15 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 six months ended March 31, 2026 and 2025 are as follows:

Changes in the number and value of Shares Created and Redeemed for the nine months ended June 30, 2026 and 2025 are as follows:

(Amounts are in 000’s)

15 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 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’s net realized and change in unrealized gain/(loss) on investment in gold for the three and nine months ended June 30, 2026 of $( 3,987,885 ) and $ 362,858 , respectively, is made up of a realized gain/(loss) of $ 2,581 and $ 7,304 , respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $ 127,521 and $ 944,675 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $( 4,117,987 ) and $( 589,121 ), respectively, on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and nine months ended June 30, 2025 of $ 712,635 and $ 2,544,624 , respectively, is made up of a realized gain/(loss) of $ 1,073 and $ 2,389 , respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $ 127,783 and $ 383,717 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 583,779 and $ 2,158,518 , 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 March 31, 2026.

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

As of June 30, 2026, the 2025, 2024 and 2023 tax years remain open for examination.

There were no examinations in progress at period end.

6 unchanged sentences

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

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

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

Related Parties – Sponsor

9 unchanged sentences

and legal fees not in excess of $ 100,000 per annum and expenses and applicable license fees.

The Sponsor is not, however, required to pay any extraordinary expenses incurred in the ordinary course of GLDM’s business as outlined in the Sponsor’s agreement with the Trust.

The Sponsor is not, however, required to pay any extraordinary expenses not incurred in the ordinary course of GLDM’s business as outlined in the Sponsor’s agreement with the Trust.

GLDM Expenses

27 unchanged sentences

Financial Highlights

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 following presentation includes financial highlights related to investment performance of a Share outstanding for the three and nine months ended June 30, 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 six months ended March 31, 2026 and 2025

For the three and nine months ended June 30, 2026 and 2025

Net Asset Value

24 unchanged sentences

( 14.32 )% 5.87 % 3.88 % 25.69 %

Based on average Shares outstanding during the period.

Based on the average number of 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.

2 unchanged sentences

Subsequent Events

There are no known events that have occurred subsequent to March 31, 2026 that require additional disclosure in these financial statements.

There are no known events that have occurred subsequent to June 30, 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 March 31, 2026.

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 June 30, 2026.

GLDM commenced operations on June 26, 2018.

10 unchanged sentences

Share price & NAV v.

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

gold price - June 26, 2018 to June 30, 2026

Critical Accounting Policy

5 unchanged sentences

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.

If the Sponsor determines that such price is inappropriate to use, it shall identify an alternate basis for evaluating the gold held by GLDM.

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 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.

In the three months ended June 30, 2026, 22,500,000 Shares (225 Creation Units) were created in exchange for 445,231.5 ounces of gold, 5,000,000 Shares (50 Creation Units) were redeemed in exchange for 98,930.9 ounces of gold and 1,698.9 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 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 June 30, 2026, the amount of gold owned by GLDM and held by the Custodian was 6,781,694.0 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $27,303,439,244,based on the LBMA Gold Price PM on June 30, 2026 (cost — $21,239,187,689 ).

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 March 31, 2026, GLDM did not have any cash balances.

At June 30, 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 March 31, 2026.

Daily Gold Price - June 26, 2018 to March 31, 2026

dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to June 30, 2026.

Daily Gold Price - June 26, 2018 to June 30, 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 March 31, 2026, based on the LBMA Gold Price PM, were:

Three months ended June 30, 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 June 30, 2026, based on the LBMA Gold Price PM, were:

Three months ended September 30, 2023

9 unchanged sentences

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

Three months ended June 30, 2026

Twelve months ended June 30, 2024

Twelve months ended June 30, 2025

Twelve months ended June 30, 2026

June 26, 2018 to June 30, 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