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

The TrustTrust, as well as the Sponsor and its service providersproviders, are vulnerable to the effects of geopolitical events, including theongoing conflictand escalating conflicts in the Middle East, the continuation of the war in UkraineUkraine, and otherchanges hostilities.in international trade policy.

Geopolitical events, including theongoing conflictand escalating conflicts in the Middle East, the continuation of the war in UkraineUkraine, and other hostilitiesglobal hostilities, could disrupt and potentially impact the business activities of the Sponsor and its service providers and have an adverse effect on the Trust.

On October 7, 2023, militants from Gaza attackedlaunched a large-scale attack on Israeli towns, killedresulting Israeliin the deaths of civilians and soldiers and tookthe taking of hostages. In response to the attack,response, Israel declared war against Hamas, attackingon Hamas and Islamicinitiated targetsmilitary operations targeting Hamas and other militant groups in Gaza. The continuing conflict has escalatedled into thebroader pastregional yearinstability, andmilitary Israel is fighting adversaries across the Middle East, including Hezbollah in Lebanonescalation, and the Houthis in Yemen and Iran. The responses of countriesglobal political actors—including sanctions, diplomatic interventions, and politicalmilitary bodiesposturing—which has increased volatility in financial markets and may continue to thesedo events,so. theThese largerdevelopments overarchingcould tensions,adversely Israel's military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects onaffect regional and global economic markets,conditions and causecontribute volatilityto fluctuations in the price of gold andand, consequently, the price of the Shares. InAdditional addition,risks include disruptions to global shipping routes, energy markets, and the conflict,broader alongcommodities withsupply anychain, global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansionall of the conflict,which could disturbimpact the gold market.

In the event that one ofor more Authorized Participants which has substantial interests in the Shares withdraws from participation, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares.

As of the date of this annual report, Goldman, Sachs & Co. LLC, Goldman Sachs Execution & Clearing, L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.

Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following chart illustrates the movement in the price of the Shares and the NAV of the Shares against the corresponding gold price (per 1/10 of an oz. of gold) since the day the Shares first began trading on the NYSE and subsequent transfer to 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 the Trust 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 30th. Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by (i) HSBC at its London vault on September 30, 2024,2025, (ii) JPMorgan at its London vault on September 30, 20242025 and (iii) JPMorgan at its New York vault on September 30, 2024.2025. 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 19,14, 2024,2025, JPMorgan's New York vault on AprilMarch 4,24, 20242025 and HSBC's London vault on April 2,1, 2024.2025. During the period in which both the annual 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. 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.

The Trust’s net realized and change in unrealized gainloss on investment in gold for the year ended September 30, 2023 is made up of a gain of $26,600 on the sale of gold to pay expenses, a realized gain of $1,717,329 on gold distributed for the redemption of Shares, and a change in unrealized appreciationdepreciation of $4,025,868 on investment in gold.

As at September 30, 2022,2024, the amount of gold owned by the Trust and held by HSBC,the asCustodians on behalf of the only custodian at the time,Trust in itstheir vaultvaults was 30,323,46828,033,879.111 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $50,693,257,111$73,727,700,367.97 based on the LBMA Gold Price PM on September 30, 20222024 (cost —$49,274,427,022$50,991,703,359.03).

You should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2025, which could materially adversely affect ourthe business,Trust, financialthe conditionvalue orof futurethe results.Shares Thereand an investment in the Shares. Except as described below, there have been no material changes into ourthe risk factors from thosepreviously disclosed in our Annual Report on Form 10-K. The following risk factor supplements those previously disclosed and relates to the Trust's reliance on the LBMA Good Delivery Rules, the Good Delivery List and related London gold market standards.

Share price & NAV v. gold price – November 18, 2004 to MarchJune 31,30, 2026

In the three months ended MarchJune 31,30, 2026, an additional 39,000,00018,500,000 Shares (390185 Baskets) were created in exchange for 3,584,534.31,698,714.7 ounces of gold, 46,800,00032,900,000 Shares (468329 Baskets) were redeemed in exchange for 4,300,883.23,020,610.7 ounces of gold, and 32,336.234,843.1 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. Upon a redemption, GLD delivers gold upon receipt of Shares. These creations and redemptions were completed in the normal course of business.

At MarchJune 31,30, 2026, the amount of gold owned by the Trust and held by the Custodians was 33,634,221.432,314,227.7 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$130,098,696,246 , based on the LBMA Gold Price PM on MarchJune 31,30, 2026 (cost— $96,197,525,739$95,236,108,571).

At MarchJune 31,30, 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. As a consequence, we expect that the Trust 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.

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 MarchJune 31,30, 2026 and is based on the LBMA Gold Price PM when available.

Daily Gold Price – November 12, 2004 – MarchJune 31,30, 2026

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 MarchJune 31,30, 2026, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were: