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

ThePublic health emergencies, such as the COVID-19 pandemic has adversely affected the economies of many nations and the entire global economy as well as individual issuers, assets and capital markets andpandemic, could continue to, and other future public health emergencies could, have serious negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets. For instance, the suspension of operations of mines, refineries and vaults that extract, produce or store Bullion, restrictions on travel that delay or prevent the transportation of Bullion and an increase in demand for Bullion may disrupt supply chains for Bullion, which could cause secondary market spreads to widen and compromise the Trust’s ability to settle transactions on time. Any inability of the Trust to issue or redeem Shares or the Custodian or any sub-custodian to receive or deliver Bullion as a result of an infectious disease outbreak or public health emergency will negatively affect the Trust’s operations. Future infectious illness outbreaks or other public health emergencies could have similar or other unforeseen impacts and may exacerbate pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the value of the Shares.

A significant resurgence of the COVID-19 pandemic or other future publicPublic health emergencies could increase the Trust’s costs and affect liquidity in the market for Bullion, as well as the correlation between the price of the Shares and the net asset value of the Trust, any of which could adversely affect the value of your Shares. In addition, the COVID-19 pandemic or other future public health emergencies could impair the information technology and other operational systems upon which the Trust’s service providers, including the Sponsor, the Trustee and the Custodian, rely, and could otherwise disrupt the ability of employees of the Trust’s service providers to perform essential tasks on behalf of the Trust. Governmental and quasi-governmental authorities and regulators throughout the world have at times responded to major economic disruptions with a variety of fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies and other issuers, new monetary tools and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility in the market for Bullion, which could adversely affect the price of the Shares.

Further, the COVID-19 pandemic or other future public health emergencies could interfere with or prevent the operation of the electronic auction hosted by IBA to determine the LBMA Gold Price PM, LBMA Silver Price, LBMA Price PM, which the Trustee uses to value the Bullion held by the Trust and calculate the net asset value of the Trust. The COVID-19 pandemic or other future publicPublic health emergencies could also cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares. Each of these outcomes would negatively impact the Trust.

The Sponsor has exercised its right to visit the Custodian in order to examine the Bullion and the records maintained by the Custodian. An inspection was conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained by the Sponsor, as of JulyAugust 26,4, 20242025 and January 4, 2025.5,2026.

Once the value of the gold, silver, platinum and palladium has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the Bullion and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.

The Quarter Ended MarchJune 31,30, 2026

The Trust’s NAV increaseddecreased from $2,577,422,977 at December 31, 2025 to $2,906,491,871 at March 31, 2026 to $2,458,556,688 at June 30, 2026, a 12.77%15.41% increasedecrease for the quarter. The change in the Trust’s NAV resulted from ana increasedecrease in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which rosefell 3.80%15.13% from $225.94 at December 31, 2025 to $234.52 at March 31, 2026 to $199.04 at June 30, 2026 and ana increasedecrease in outstanding Shares, which rosefell from 12,500,000 Shares at December 31, 2025 to 13,600,000 Shares at March 31, 2026 to 13,575,000 Shares at June 30, 2026, as a result of 1,225,00050,000 Shares (492 Baskets) being created and 125,00075,000 Shares (53 Baskets) being redeemed.

The NAV per Share increaseddecreased 3.65%15.25% from $206.19 at December 31, 2025 to $213.71 at March 31, 2026 to $181.11 at June 30, 2026. The Trust’s NAV per Share rose fell slightly lessmore than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $4,471,348$4,305,932 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

The NAV per Share of $129.08$230.50 at MarchMay 31,14, 2025 2026 was the highest during the quarter, compared with a low of $111.04$179.09 at JanuaryJune 2,25, 2025.2026.

The increase decrease in net assets from operations for the quarter ended MarchJune 31,30, 20252026 was $192,008,657,$442,980,491 resulting from a change in unrealized loss on investment in Bullion of $446,756,986 and the Sponsor’s Fee of $4,305,932, offset by a realized gain of $474,226 $2,240,469 on the transfer of Bullion to pay expenses, noexpenses and a realized gain orof loss$5,841,958 on Bullion distributed for the redemption of Shares and a change in unrealized gain on investmentShares. in Bullion of $193,295,754, offset by the Sponsor’s Fee of $1,761,323. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended MarchJune 31,30, 2025.2026.

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee. Fee.The Trust’s only source of liquidity is its transfers and sales of Bullion.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion, only in the specified proportion of gold, silver, platinum and palladium held by the Trust, as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell Bullion to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of Bullion to the Sponsor. At March 31,June 30, 2026, the Trust did not have any cash balances.