FGDL 10-K & 10-Q changes, risk factors and insider trading

Market risk refers to the risk that the market price of gold bullion held by the TrustFund may go up and down, sometimes rapidly or unpredictably. The market price of the gold bullion has been historically unpredictable.

Because the Shares are designed to reflect the price of the gold after taking into account the Fund’s expenses, the market price of the Shares will be unpredictable, like the price of gold has historically been. This creates the potential for losses on your investment in the Shares, regardless of whether you hold Shares for a short-, mid- or long-term period. The value of Shares depends on the price of gold, and it is subject to fluctuations similar to those affecting gold prices. This exposes your investment in Shares to potential losses if you need to sell your Shares at a time when the price of gold is lower than it was when you made your investment in Shares. Even if you are able to hold Shares for the mid- or long-term, you may never realize a profit, because gold markets have historically experienced extended periods of flat or declining prices. The following specific factors may have the effect of causing a decline in the prices of gold and a corresponding decline in the price of Shares as discussed further below, including: (i) large scale sales of gold, including those by the official sector (governments, central banks and related institutions), which own a significant portion of the aggregate world gold holdings. If one or more of these institutions decide to sell in amounts large enough to cause a decline in world gold prices, the price of the Shares will be adversely affected; (ii) a significant increase in gold hedging activity by gold producers. Should there be an increase in the level of hedge activity of gold producing companies, it could cause a decline in world gold prices, which would adversely affect the price of the Shares; (iii) a significant change in the outlook of speculators and investors towards gold. Should the speculative community take a negative view towards gold, a decline in world gold prices could occur, negatively impacting the price of the Shares; (iv) global gold supply and demand, which is influenced by such factors as the use of gold in the fabrication of jewelry, as well as technology and industrial applications, purchases made by investors in the form of bars, coins and other gold products, 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, South Africa, the United States and Australia; (v) global or regional political, economic or financial crises, events and situations, including supply chain disruptions, trade disputes and economic sanctions, especially those unexpected in nature; (vi) expectations with respect to the rate of inflation, including actual or perceived changes to expectations; (vii) interest rates; (viii) investment and trading activities of hedge funds and commodity funds; (vivix) other economic variables such as income growth, economic output and monetary policies; and (x) investor confidence.

In addition, certain events may trigger a temporary increase in the price of gold prior to your investment in the Shares. If that is the case, you will be buying Shares at prices affected by the temporarily high prices of gold, and you may incur losses to the extent the causes for the temporary increase disappear. War may cause severe disruptions in global gold markets, supply chains or trade. For example, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and economic impacts are impossible to predict. These and any related events could cause volatility in precious metals prices and have a significant impact on Trust performance and the value of an investment in the Shares. Russia is a significant producer of gold. On March 7, 2022, the LBMA suspended six Russian gold and silver refiners from its Good Delivery List. As a result, while existing gold bars from these refiners are considered acceptable, new gold bars are not. Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022. Similarly, U.S. regulations prohibit the import of gold of Russian origin into the United States on or after June 28, 2022 and European Union regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22, 2022. Although there was an initial increase in gold prices correlated with these events, there has not been a subsequent material impact on gold prices or volatility, the Fund’s performance share price or the NAV. Similar conflicts, particularly within gold producing regions, or geopolitical instability in the future could negatively impact global gold markets and the Fund. In the event the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

An investment in the Fund is not intended as a complete investment plan. Because the Fund principally holds only gold bullion,gold, an investment in the Fund is likely to be more volatile than an investment in a more broadly diversified portfolio and may fluctuate substantially over time. The price of gold can be volatile because gold is comparatively less liquid than certain other commodities. An investment in the Fund may be deemed speculative. An investment in the Fund should be considered only by persons financially able to maintain their investment and who can bear the risk of loss associated with an investment in the Fund. Investors should review closely the objective and strategy, the investment and operating restrictions of the Fund and familiarize themselves with the risks associated with an investment in the Fund.

Adverse developments in gold bullion trading prices may adversely affect the value of an investment in the Fund.

One or more factors such as global gold supply and demand, exchange rate and interest rate volatility and inflation expectations may lead to a decrease in gold bullion trading prices. A decline in prices of gold wouldwill have a negative impact on the Fund’s NAV and Shares.

Large redemptions of the securities of existing ETFs or other exchange-traded vehicles tracking gold markets, which represent a significant proportion of demand for physical gold bullion, could negatively affect gold bullion prices and the price and NAV of the value of the Fund’s Shares.

Substantial sales of gold by the “official” sector could adversely affect the value of an investment in the Shares.

Potential discrepancies in the calculationcalculation, accuracy or reliability of the LBMA Gold Price PM, as well as any future changes to the LBMA Gold Price PM, could offsetadversely affect the value of the gold bullion held by the Fund and could have an adverse effect on the methodology used to calculate the value of an investment in the Fund.

If concerns about the integrityaccuracy or reliability of the LBMA Gold Price PM arise, even if eventually showndetermined to be without merit, such concerns could adversely affect investor interest in gold and therefore adversely affect the price of gold and the value of an investment in the Shares. Because the Fund’s NAV is determined using the LBMA Gold Price PM, discrepancies in or manipulation of the calculation of the LBMA Gold Price PM could have an adverse impact on the value of an investment in the Shares. Furthermore, any concern about the integrity or reliability of the pricing mechanism could disrupt trading in gold and products using the LBMA Gold Price PM, such as the Shares. In addition, these concerns could potentially lead to both changes in the manner in which the LBMA Gold Price PM is calculated and/or the discontinuance of the LBMA Gold Price PM altogether. Each of these factors could lead to less liquidity or greater price volatility for gold and products using the LBMA Gold Price PM, such as the Shares, or otherwise could have an adverse impact on the trading price of the Shares.

RISKS RELATED TO THE FUND AND THE SHARES

The Fund is a passive investment vehicle and is not actively managed.managed

The Fund is not actively managed, meaning it does not manage its portfolio to sell gold bullion at times when its price is high, or to acquire gold bullion at low prices in the expectation of future price increases. Also, the Fund does not use any of hedging techniques to attempt to reduce the risks of losses resulting from gold price decreases.

While the Fund endeavors to hold only responsibly sourced gold, from time to time, in certain circumstances the Fund may hold pre-2012 gold, including, for example, due to a temporary supply constraint or lack of availability. In those circumstances, the Custodian will seek to replace any pre-2012 gold in the Fund’s allocated account with post-2012 gold as soon as reasonably practicable. With respect to gold bars refined by a LBMA Good Delivery refiner, to the extent that the gold bars are refined during the period of time that the refiner is on the LBMA Good Delivery current list, the subsequent removal of that refiner from the LBMA Good Delivery Current List to the LBMA Good Delivery Former List does not impact the status of those gold bars as London Good Delivery bars (i.e., such bars continue to be deemed London Good Delivery bars) and, therefore, those bars can continue to be held by the Fund. Neither the Sponsor nor the Fund is responsible for setting, implementing or enforcing the LBMA’s Good Delivery standards and may have limited or no ability to independently verify gold sourcing due diligence undertaken by the LBMA. Similarly, the Fund and the Sponsor cannot guarantee all gold held by the Fund, including gold derived from recycled sources, is 100% ethically sourced or compliant with the Gold Guidance. The Fund is not an actively managed investment vehicle. The Sponsor does not make any decision or assessment related to gold sourcing based on its subjective judgment.

Although the Shares are listed for trading on NYSE Arca, there is no guarantee that an active trading market will develop. Shareholders therefore have limited access to information about prior market history on which to base their investment decision. If an active trading market for the Shares doesis not develop,sustained, the market prices and liquidity of the Shares may be adversely affected. If an investor needs to sell Shares at a time when no active market for Shares exists, or there is a halt in trading of securities generally or of the Shares, this will most likely adversely affect the price the investor receives for the Shares (assuming the investor is able to sell them). Even if an active trading market for the Shares develops, theThe market value for the Shares may be highly volatile and could be subject to wide fluctuations after this offering, and therefore, it is difficult to predict the price at which the Shares will trade.trade at any given time.

However, because Shares can be created and redeemed in Creation Units at NAV, the Sponsor believesdoes thatnot expect large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long term. While the creation/redemption feature is designed to make it more likely that Shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to creations and redemptions, including disruptions at market makers or Authorized Participants, or to market participants or during periods of significant market volatility, may result in trading prices for Shares that differ significantly from NAV.

The Trust or the Fund may have a limited duration in certain circumstances. Upon termination of the Fund or the Trust, the Trustee will sell gold in the amount necessary to cover all expenses of liquidation, and to pay any outstanding liabilities of the Fund. Sales of gold in connection with the liquidation of the Fund at a time of low prices will likely result in losses, or adversely affect your gains, on your investment in Shares. The Fund may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.

The Fund has the right, but not the obligation, to reject any Redemptionredemption Orderorder if (i) the order is not in proper form as described in the Participant Agreement, (ii) the fulfillment of the order, in the opinion of its counsel, might be unlawful, (iii) if the Fund determines that acceptance of the order from an Authorized Participant would expose it to credit risk, or (iv) circumstances outside the control of the Administrator, the Sponsor or the Custodian make the redemption, for all practical purposes, not feasible to process.

If one or more Authorized Participants that have substantial interests in the Fund withdraws from participation, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares. The liquidity of the Shares also may be affected by substantial redemptions by Authorized Participants related to or independent of the withdrawal from participation of Authorized Participants. In the event that there are substantial redemptions of Shares or one or more Authorized Participants with a substantial interest in the Shares withdrawswithdraw from participation, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares and result in your incurring a loss on your investment.

The Trust is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”). For as long as the Trust continues to be an emerging growth company it may choose to take advantage of certain exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies, which include, among other things:

• exemption from the auditor attestation requirements under Section 404(b) of the Sarbanes-Oxley Act;

• reduced disclosure obligations regarding executive compensation in the Trust’s periodic reports and audited financial statements;

•exemptions from the requirements of holding advisory “say-on-pay” votes on executive compensation and shareholder advisory votes on “golden parachute” compensation; and exemption from any rules requiring mandatory audit firm rotation and auditor discussion and analysis and, unless otherwise determined by the SEC, any new audit rules adopted by the Public Company Accounting Oversight Board.

The Trust expects to remain an emerging growth company until the earliest of: (i) the last day of the fiscal year following the fifth anniversary after its initial public offering of Shares occurs, (ii) the last day of the fiscal year in which it has annual gross revenue of $1.235 billion or more, or (iii) the date on which it is deemed to be a large accelerated filer under the federal securities laws.

A U.SU.S. investor will be required to recognize gain or loss upon a sale of gold by the Fund (as discussed above), even though some or all of the proceeds of such sale are used by the Sponsor to pay the Fund’s expenses. U.S. investors may deduct their respective pro rata shares of each expense incurred by the Fund to the same extent as if they directly incurred such an expense. U.S. investors who are individual, estateestate, or trust, however, may be required to treat some or all of the expenses of the Fund as miscellaneous itemized deductions. An individual U.S. investor may not deduct miscellaneous itemized deductions for tax years beginning after December 31, 2017 and before January 1, 2026. For tax years beginning after December 31, 2025, an individual U.S. investor may deduct certain miscellaneous itemized deductions only to the extent they exceed 2% of adjusted gross income. In addition, such deductions may be subject to phase-outs and other limitations under applicable provisions of the Internal Revenue Code of 1986, as amended, and the Treasury regulations thereunder and, if the U.S. investor is an individual subject to the U.S. federal alternative minimum tax, may not be deductible at all.

From time to time, unexpected events may disrupt the operations of the Fund. These events are referred to as either “Market Disruption Events” or “Extraordinary Events” depending largely on their significance and potential impact on the Fund. The occurrence of any Market Disruption Event or Extraordinary Event could have a material adverse impact on the Fund, the trading of Shares, and the value of an investment in the Shares. Examples of Market Disruption Events or Extraordinary Events include disruptions in the trading of gold, as well as delays or disruptions in the publication of the LBMA Gold Price. The occurrence of a Market Disruption Event or Extraordinary Event may result in, among other things (i) a disruption or change in the calculation of the LBMA Gold Price, (ii) the suspension or cancellation of creation and redemption transactions, and/or (iii) disruptions or halts in secondary market trading. Market Disruption Events and Extraordinary Events could also cause secondary market trading of Shares to be disrupted or halted for short or eventeven long periods of time. To the extent trading continues during a Market Disruption Event or Extraordinary Event, it is expected that trading would be more volatile and that Shares would trade at wider discounts or premiums to net asset value. The occurrence of any Market Disruption Event or Extraordinary Event could have a material adverse impact on the Fund or its performance.

• The Trust, on behalf of the Fund, has agreed to indemnify the Sponsor and its affiliates pursuant to the terms of the Declaration of Trust.

• The Sponsor, its affiliates and their officers and employees are not prohibited from engaging in other businesses or activities, including those that might be in direct competition with the Fund.

The following discussion should be read in conjunction with the condensed financial statements and the notes thereto of the Trust and the Fund, included elsewhere in this annual report on Form 10-K.

This annual report on Form 10-K, including this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statementsthat involve risks and uncertainties. All statements (other than statements of historical fact) included in this Form 10-K that address activities, eventsevents, or developments that may occur in the future, including such matters as future gold prices, gold sales, costs, objectives, changes in commodity prices and market conditions (for gold and the sharesShares), the Trust’soperations of the Trust and the Fund’s operations,Fund, the Sponsors’Sponsor’s plans andplans, references to the Trust’sfuture success of the Trust and the Fund’s future successFund, and other similar mattersmatters, are forward-looking statements. Words such as “could,” “would,” “may,” “expect,” “intend,” “estimate,” and “predict,” and variations onof such words or negativestheir thereof,negatives, and similar expressions that reflect our current views with respect to future events and the performance of the Trust and the Fund performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions,predictions and are subject to risks and uncertaintiesuncertainties, thatmany of which are difficult to predict and many of which are outside of our control,control. and actualActual results could differ materially from those discussed.expressed or implied in these forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed therein. We express our estimates, expectations, beliefs, and projections in good faith and believe them to have a reasonable basis. However, we make no assurances that management’sthese estimates, expectations, beliefs, or projections will be achieved or accomplished. These forward-looking statements are based on assumptions about many important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such factors are discussed in: Part II, Item 7.7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-K”; Part I, Item 1A.1A, “Risk Factors of this Form 10-K,”; and other parts of this Form 10-K. We do not intend to update any forward-looking statementsstatements, even if new information becomes available or other events occur in the future, except as required by the federal securities laws.

The Fund issues and offers Shares on a continuous basis. Shares are issued by the Fund only in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Creation Unit”) in exchange for gold from Authorized Participants, which is then allocated to the Fund and stored safely by the Custodian. The Fund issues and redeems Creation Units on an ongoing basis at Net Asset Value to Authorized Participants who have entered into an agreement with the Sponsor and the Administrator.

Critical Accounting PolicyPolicies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s as well asand the Trust’s financial position and results of operations. These estimates and assumptions affect the Fund’s as well as and the Trust’s application of accounting policies. Earlier in this report under the heading “Valuation of Gold and Computation of Net Asset Value” we describe the valuation of gold bullion, a critical accounting policy that we believe is important to understanding the results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further discussion of the accounting policies followed by the Fund and the Trust.

The gold bullion held on behalf of the Fund at the vaults of the Custodian is audited each year generally coinciding with the Fund’s financial year end at March 31.31 and/or the preparation of the Fund's annual report on Form 10-K. On AprilJune 1, 2025,2026, Bureau Veritas Commodities UK LTD concluded the audit inspection procedures with respect to the Fund’s gold bullion held by the Custodian. The audit findings did not identify non-conformities.

At March 31, 2025,2026, the Custodian held 60,016.277103,215.624 ounces of gold on behalf of the Fund, with a market value of $186,956,705$475,653,721 (cost:$145,309,087 $319,559,905) based on the LBMA Gold Price PM at period end.

ForResults of Operations for the Yearyear Endedended March 31, 20252026

For the year ended March 3131, 2025,2026, 3,150,0004,300,000 Shares were issued in exchange for 42,022.50457,308.239 ounces of gold and 750,0001,050,000 Shares were redeemed in exchange for 10,005.28513,988.775 ounces of gold. The Fund’s NAV per Share began the period at $29.57$41.54 and ended the period at $41.54.$61.37. The 40.48%47.74% increase in the Fund's NAV per share from $29.57 at March 31, 2024 to $41.54 at March 31, 2025 to $61.37 at March 31, 2026 is directly related to the 40.68%47.94% increase in the price of gold. The Fund's NAV per share increased slightly less than the price of gold on a percentage basis due to the Sponsor's fee, which was $142,813$540,465 for the year.year ended March 31, 2026.

The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund will beis responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. The Fund will sell gold on an as-needed basis to pay the Sponsor’s fee.

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

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Form 10-Q. This Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements involve risks and uncertainties. All statements (other than statements of historical fact) included in this Form 10-Q that address activities, events or developments that may occur in the future, includingthe such matters as future gold prices, gold sales, costs, objectives, changes in commodity prices and market conditions (for goldTrust's and the shares), the Trust’s and the Fund’sFund's operations, the Sponsors’Sponsor's plans and references to the Trust’sTrust's and the Fund’sFund's future success and other similar matters are forward-looking statements. Words such as “could,” “would,” “may,” “expect,” “intend,” “estimate,” “predict,” and variations on such words or negatives thereof, and similar expressions that reflect our current views with respect to future events and Trust and the Fund performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties that are difficult to predict and many of which are outside of our control, and actual results could differ materially from those discussed. Forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed therein. We express our estimates, expectations, beliefs, and projections in good faith and believe them to have a reasonable basis. However, we make no assurances that management’smanagement's estimates, expectations, beliefs, or projections will be achieved or accomplished. These forward-looking statements are based on assumptions about many important factors that could cause actual results to differ materially from those in the forward-looking statements. Such factors are discussed in: Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-Q; Part I, Item 1A. Risk Factors of this Form 10-K, and other parts of this Form 10-Q. We do not intend to update any forward-looking statements even if new information becomes available or other events occur in the future, except as required by the federal securities laws.

The Fund issues and offers Shares on a continuous basis. Shares are issued by the Fund only in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Creation Unit”) in exchange for gold from Authorized Participants, which is then allocated to the Fund and stored in a vault maintained by the Gold Custodian. The Fund issues and redeems Creation Units on an ongoing basis at Net Asset Value to Authorized Participants who have entered into an agreement with the Sponsor and the Administrator.

Critical Accounting PolicyPolicies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s as well asand the Trust’s financial position and results of operations. These estimates and assumptions affect the Fund’s as well asand the Trust’s application of accounting policies. A description of the valuation of gold, a critical accounting policy that is important to understanding the results of operations and financial position of the Trust and the Fund is presented in the Trust’s Annual Report on Form 10-K in the section entitled “Valuation of Gold and Computation of Net Asset Value”. In addition, please refer to Note 2 to the Financial Statements for further discussion of the accounting policies followed by the Fund and the Trust.

The gold bullion held on behalf of the Fund at the vaults of the Gold Custodian is audited each year generally coinciding with the Fund's financial year end at March 31.31 and/or the preparation of the Fund's annual report on Form 10-K. On AprilJune 1, 2025,2026, Bureau Veritas Commodities UK LTD concluded the audit inspection procedures with respect to the Fund's gold bullion held by the Gold Custodian. The audit findings did not identify non-conformities.

At DecemberJune 31,30, 2025,2026, the Custodian held 107,912.458103,173.477 ounces of gold on behalf of the Fund in its vault, with a market value of $464,881,473$415,381,577 (cost: $326,196,160$319,429,416) based on the LBMA Gold Price PM at quarter end.

Results of Operations for the quarter Endedended DecemberJune 31,30, 20252026

For the three months ended DecemberJune 31,30, 2025,2026, 700,000no Shares were issued in exchange for 9,326.172 ounces of gold and no Shares wereor redeemed. The Fund’s NAV per Share began the period at $50.97$61.37 and ended the period at $57.39.$53.59. The 12.60%12.68% increasedecrease in the Fund's NAV from $50.97$61.37 at SeptemberMarch 31, 2026 to $53.59 at June 30, 2025 to $57.39 at December 31, 20252026 is directly related to the 12.62%12.64% increasedecrease in the price of gold. The Fund's NAV increaseddecreased slightly lessmore than the price of gold on a percentage basis due to the Sponsor Fee, which was $160,945$174,426 for the period.quarter.

Net realized and change in unrealized gainloss on investment in gold for the ninethree months ended DecemberJune 31,30, 2025,2026, was approximately $99,986,265$60,077,977 which includes a realized gain of $79,328$63,678 on the sale of gold to pay the Sponsor Fee, realized gain of $2,869,242 on the sale of gold for redemptions, and net change in unrealized appreciationdepreciation on investment in gold of approximately $97,037,695.$60,141,655. Net realized and change in unrealized gainloss on investment in gold for the period was driven by gold price appreciationdepreciation from $3,115.10$4,608.35 per ounce as of March 31, 20252026 to $4,307.95$4,026.05 per ounce as of DecemberJune 31,30, 2025.2026. Net increasedecrease in net assets resulting from operations was approximately $99,643,508$60,252,403 for the ninethree months ended DecemberJune 31,30, 2025,2026, which consisted of the net realized and change in unrealized gainloss on investment in gold of $99,986,265,$60,077,977 offset byand the Sponsor Fee of $342,757.$174,426. Net assets increaseddecreased to approximately $464,824,868$415,331,632 onas Decemberof 31,June 2025.30, 2026. The increasedecrease in net assets primarily resulted from net capital share transactions of approximately $178,245,599, in addition to the aforementioned gold price appreciation.depreciation. Other than the Sponsor Fee the Fund had no expenses during the ninethree months ended DecemberJune 31,30, 2025.2026.

Results of Operations for the Ninequarter Monthsended EndedJune December30, 31, 20242025

For the ninethree months ended DecemberJune 31,30, 2024,2025, 1,750,0001,050,000 Shares were issued in exchange for 23,350.56014,001.581 ounces of gold and 750,000350,000 Shares were redeemed in exchange for 10,005.2854,666.909 ounces of gold. The Fund’s NAV per Share began the period at $29.57$41.54 and ended the period at $34.83.$43.82. The 5.49% increase in the Fund's NAV perfrom Share$41.54 wasat dueMarch 31, 2025 to a$43.82 higherat June 30, 2025 is directly related to the 5.53% increase in the price of gold during the same period. The Fund's NAV increased slightly less than the price of $2,610.85gold peron finea ouncepercentage atbasis perioddue end,to the Sponsor's fee, which representedwas an$84,273 increasefor ofthe 17.91% from $2,214.35 per fine ounce at March 31, 2024.quarter.

The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund will beis responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. The Fund will sell gold on an as-needed basis to pay the Sponsor’s fee.

The Administrator will, at the direction of the Sponsor, sell the Fund’s gold as necessary to pay the Fund’s expenses not otherwise assumed by the Sponsor. When selling gold to pay the Sponsor’s fee and other expenses, if any, the Administrator endeavors to sell the exact amount of gold needed to pay expenses to minimize the Fund’s holdings of cash. At DecemberJune 31,30, 2025,2026, the Trust and the Fund did not have any cash balances.

At DecemberJune 31,30, 20252026 and March 31, 2025,2026, the Trust and the Fund did not have any off-balanceoff balance sheet arrangements.

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 OctoberApril 1,01, 20252026 to DecemberJune 31,30, 2025.2026.