This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report. This Quarterly Report, including the exhibits hereto and the information incorporated by reference herein, 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. Except for historical information, statements about future gold prices, gold bullion sales, foreign currencies (including the Reference Currencies), foreign currency exchange rates, costs, plans, or objectives are forward-looking statements based on our estimates, beliefs, assumptions and projections. Words such as “could,” “would,” “may,” “expect,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” and “predict,” and variations on such words, and similar expressions that reflect our current views with respect to future events and 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. Important factors that we believe could affect performance and cause results to differ materially from our expectations are described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as updated from time to time in World Gold Trust’s Securities and Exchange Commission filings.
Trust Overview
The World Gold Trust (the “Trust”) was formed as a Delaware statutory trust on August 27, 2014. The Trust consists of multiple series (each, a “Fund” and collectively, the “Funds”). Each Fund issues common units of beneficial interest that represent units of fractional undivided beneficial interest in and ownership of such Fund. The term of the Trust and each Fund is perpetual (unless terminated earlier in certain circumstances). The Trust was organized in separate series as a Delaware statutory trust rather than as separate statutory trusts to achieve certain administrative and other efficiencies. 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 June 30, 2026. GLDM commenced operations on June 26, 2018. GLDM’s investment objective is for its shares (the “Shares”) to reflect the performance of the price of gold, less its expenses.
Gold is held by JPMorgan Chase Bank, N.A. ("JPMorgan" or the "Custodian") on behalf of GLDM.
As of the date of this quarterly report, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, HSBC Securities (USA) Inc., and Virtu Americas LLC are the only Authorized Participants. An updated list of Authorized Participants can be obtained from the Sponsor.
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Investing in the Shares does not insulate the investor from risks, including price volatility. The following chart illustrates the movement in the market price of the Shares and NAV of the Shares against the corresponding gold price (per 1/100 of an oz. of gold) since the day the Shares first began trading on the NYSE Arca:
Share price & NAV v. gold price - June 26, 2018 to June 30, 2026
Critical Accounting Policy
Valuation of Gold, Definition of NAV
GLDM values the investment in gold bullion at fair value. 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 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 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.
Once the value of the gold has been determined, the Administrator subtracts all estimated accrued fees, expenses and other liabilities of GLDM from the total value of the gold and all other assets of GLDM. The resulting figure is the NAV. The NAV is used to compute the Sponsor’s fee. The Administrator determines the NAV per Share by dividing the NAV of GLDM by the number of Shares outstanding as of the close of trading on 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 GLDM at the vaults of the Custodian. A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30th. On September 30, 2025, Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by JPMorgan at its London vault. During the period in which the annual full count took place, JPMorgan did not hold any gold on behalf of GLDM at its New York or Zurich vaults and, as a result, counts were not conducted at those vault locations. 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 17, 2026. During the period in which the second count took place, JPMorgan did not hold any gold on behalf of GLDM at its New York or Zurich vaults and, as a result, counts were not conducted at those vault locations. The results can be found on www.spdrgoldshares.com. The Sponsor generally visits the vaults of the Custodian twice a year as part of its due diligence procedures.
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Results of Operations
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. Upon a redemption, GLDM delivers gold upon receipt of Shares. These creations and redemptions were completed in the normal course of business.
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 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. As a consequence, we expect that GLDM 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.
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Movements in the Price of Gold
As movements in the price of gold are expected to directly affect the price of the Shares, it is important to understand the recent movements in the price of gold. However, past movements in the price of gold are not indicators of future movements.
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 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 June 30, 2026, based on the LBMA Gold Price PM, were:
Last
End of business
Period Average High Date Low Date period day (1)
Three months ended September 30, 2023 $ 1,928.23 $ 1,976.10 Jul 20, 2023 $ 1,870.50 Sep 29, 2023 $ 1,870.50 Sep 29, 2023
Three months ended December 31, 2023 $ 1,971.49 $ 2,078.40 Dec 28, 2023 $ 1,818.95 Oct 4, 2023 $ 2,062.40 Dec 29, 2023 (2)
Three months ended March 31, 2024 $ 2,069.80 $ 2,214.35 Mar 28, 2024 $ 1,985.10 Feb 14, 2024 $ 2,214.35 Mar 28, 2024
Three months ended June 30, 2024 $ 2,338.18 $ 2,427.30 May 21, 2024 $ 2,264.50 Apr 2, 2024 $ 2,330.90 Jun 28, 2024
Three months ended September 30, 2024 $ 2,474.29 $ 2,663.75 Sep 26, 2024 $ 2,329.10 Jul 1, 2024 $ 2,629.95 Sep 30, 2024
Three months ended December 31, 2024 $ 2,663.38 $ 2,777.80 Oct 30, 2024 $ 2,567.30 Nov 14, 2024 $ 2,610.85 Dec 31, 2024 (2)
Three months ended March 31, 2025 $ 2,859.62 $ 3,115.10 Mar 31, 2025 $ 2,633.35 Jan 6, 2025 $ 3,115.10 Mar 31, 2025
Three months ended June 30, 2025 $ 3,280.35 $ 3,435.35 Jun 13, 2025 $ 3,014.75 Apr 7, 2025 $ 3,287.45 Jun 30, 2025
Three months ended September 30, 2025 $ 3,456.54 $ 3,826.85 Sep 29, 2025 $ 3,298.85 Jul 31, 2025 $ 3,825.30 Sep 30, 2025
Three months ended December 31, 2025 $ 4,135.24 $ 4,449.40 Dec 23, 2025 $ 3,872.00 Oct 1, 2025 $ 4,307.95 Dec 31, 2025 (2)
Three months ended March 31, 2026 $ 4,872.89 $ 5,405.00 Jan 29, 2026 $ 4,352.95 Jan 2, 2026 $ 4,608.35 Mar 31, 2026
Three months ended June 30, 2026 $ 4,506.29 $ 4,870.50 Apr 17, 2026 $ 4,001.80 Jun 25, 2026 $ 4,026.05 Jun 30, 2026
Twelve months ended June 30, 2024 $ 2,076.19 $ 2,427.30 May 21, 2024 $ 1,818.95 Oct 4, 2023 $ 2,330.90 Jun 28, 2024
Twelve months ended June 30, 2025 $ 2,813.61 $ 3,435.35 Jun 13, 2025 $ 2,329.10 Jul 1, 2024 $ 3,287.45 Jun 30, 2025
Twelve months ended June 30, 2026 $ 4,234.80 $ 5,405.00 Jan 29, 2026 $ 3,298.85 Jul 31, 2025 $ 4,026.05 Jun 30, 2026
June 26, 2018 to June 30, 2026 $ 2,181.15 $ 5,405.00 Jan 29, 2026 $ 1,178.40 Aug 17, 2018 $ 4,026.05 Jun 30, 2026
(1) The end of period gold price is the LBMA Gold Price PM on the last business day of the period.
(2) There was no LBMA Gold Price PM on the last business day of December 2025, 2024 or 2023. The LBMA Gold Price AM on the last business day of December 2025, 2024 and 2023 was $4,307.95, $2,610.85 and $2,062.40, respectively. The Net Asset Value of GLDM on December 31, 2025, 2024 and 2023 was calculated using the LBMA Gold Price AM.
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