GLDM 10-Q
World Gold Trust (GLDM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
| | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
for the quarterly period ended
| | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
for the transition period from ________ to ________
Commission file number:
SPONSORED BY WGC USA ASSET MANAGEMENT COMPANY, LLC
(Exact Name of Registrant as Specified in Its Charter)
| | | |
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices)
(
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| | | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | |
| Emerging growth company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
INDEX
| PART I - FINANCIAL INFORMATION |
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| Item 1. |
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| Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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| Item 3. |
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| Item 4. |
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| PART II - OTHER INFORMATION |
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| Item 1. |
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| Item 1A. |
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| Item 2. |
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| Item 3. |
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| Item 4. |
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| Item 5. |
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| Item 6. |
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PART I—FINANCIAL INFORMATION:
| Financial Statements (Unaudited) |
Combined Statements of Financial Condition
At June 30, 2026 (unaudited) and September 30, 2025
| (Amounts in 000’s of US$) | Jun-30, 2026 | Sep-30, 2025 | ||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Investments in Gold, at fair value (cost $ | $ | $ | ||||||
| Gold receivable | ||||||||
| Total Assets | $ | $ | ||||||
| LIABILITIES | ||||||||
| Accounts payable to Sponsor | $ | $ | ||||||
| Gold payable | ||||||||
| Total Liabilities | $ | $ | ||||||
| Net Assets | $ | $ | ||||||
See notes to the unaudited financial statements.
Combined Schedules of Investment
| (Amounts in 000’s except for percentages) | ||||||||||||||||
| % of | ||||||||||||||||
| June 30, 2026 | Ounces of gold | Cost | Fair Value | Net Assets | ||||||||||||
| (unaudited) | ||||||||||||||||
| Investment in Gold | $ | $ | % | |||||||||||||
| Total Investment | $ | $ | % | |||||||||||||
| Assets/(Liabilities) in excess of other assets/liabilities | ( | ) | ( | )% | ||||||||||||
| Net Assets | $ | % | ||||||||||||||
| % of | ||||||||||||||||
| September 30, 2025 | Ounces of gold | Cost | Fair Value | Net Assets | ||||||||||||
| Investment in Gold | $ | $ | % | |||||||||||||
| Total Investment | $ | $ | % | |||||||||||||
| Liabilities in excess of other assets | ( | ) | ( | )% | ||||||||||||
| Net Assets | $ | % | ||||||||||||||
See notes to the unaudited financial statements.
Unaudited Combined Statements of Operations
For the Three and Nine Months Ended June 30, 2026 and June 30, 2025
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Amounts in 000’s of US$) | Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| EXPENSES | ||||||||||||||||
| Sponsor fees | $ | $ | $ | $ | ||||||||||||
| Total expenses | ||||||||||||||||
| Net investment loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net realized and change in unrealized gain/(loss) on investment in gold | ||||||||||||||||
| Net realized gain/(loss) from investment in gold sold to pay Sponsor fees | ||||||||||||||||
| Net realized gain/(loss) from gold distributed for the redemption of shares | ||||||||||||||||
| Net change in unrealized gain/(loss) on investment in gold | ( | ) | ( | ) | ||||||||||||
| Net realized and change in unrealized gain/(loss) on investment in gold | $ | ( | ) | $ | $ | $ | ||||||||||
| Net increase/(decrease) in net assets resulting from operations | $ | ( | ) | $ | $ | $ | ||||||||||
See notes to the unaudited financial statements.
Unaudited Combined Statements of Cash Flows
For the Three and Nine Months Ended June 30, 2026 and June 30, 2025
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Amounts in 000’s of US$) | Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| INCREASE/DECREASE IN CASH FROM OPERATIONS: | ||||||||||||||||
| Proceeds from sales of gold to pay expenses | $ | $ | $ | $ | ||||||||||||
| Cash expenses paid | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Increase/(Decrease) in cash resulting from operations | ||||||||||||||||
| Cash and cash equivalents at beginning of period | ||||||||||||||||
| Cash and cash equivalents at end of period | $ | $ | $ | $ | ||||||||||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | ||||||||||||||||
| Value of gold received for creation of shares-net of change in gold receivable | $ | $ | $ | $ | ||||||||||||
| Value of gold distributed for redemption of shares-net of change in gold payable | $ | $ | $ | $ | ||||||||||||
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Amounts in 000’s of US$) | Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| RECONCILIATION OF NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||||||||||||||||
| Net increase/(decrease) in net assets resulting from operations | $ | ( | ) | $ | $ | $ | ||||||||||
| Adjustments to reconcile net increase/(decrease) to net cash provided by operating activities: | ||||||||||||||||
| Proceeds from sales of gold to pay expenses | ||||||||||||||||
| Net realized (gain)/loss from investment in gold sold to pay Sponsor fees | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net realized (gain)/loss from gold distributed for the redemption of shares | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net change in unrealized (gain)/loss on investment in gold | ( | ) | ( | ) | ||||||||||||
| Increase/(Decrease) in accounts payable to Sponsor | ( | ) | ||||||||||||||
| Net cash provided by operating activities | $ | $ | $ | $ | ||||||||||||
See notes to the unaudited financial statements.
Unaudited Combined Statements of Changes in Net Assets
For the Three and Nine Months Ended June 30, 2026 and June 30, 2025
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Amounts in 000’s of US$) | Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Net Assets - Opening Balance | $ | $ | $ | $ | ||||||||||||
| Creations | ||||||||||||||||
| Redemptions | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net investment loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net realized gain/(loss) from investment in gold sold to pay Sponsor fees | ||||||||||||||||
| Net realized gain/(loss) from gold distributed for the redemption of shares | ||||||||||||||||
| Net change in unrealized gain/(loss) on investment in gold | ( | ) | ( | ) | ||||||||||||
| Net Assets - Closing Balance | $ | $ | $ | $ | ||||||||||||
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Amounts are in 000's) | Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | ||||||||||||
| Activity in Number of Shares Created and Redeemed | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Opening Balance | ||||||||||||||||
| Creations | ||||||||||||||||
| Redemptions | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Closing Balance | ||||||||||||||||
See notes to the unaudited financial statements.
Statements of Financial Condition
At June 30, 2026 (unaudited) and September 30, 2025
| (Amounts in 000’s of US$ except for share and per share data) | Jun-30, 2026 | Sep-30, 2025 | ||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Investments in Gold, at fair value (cost $ | $ | $ | ||||||
| Gold receivable | ||||||||
| Total Assets | $ | $ | ||||||
| LIABILITIES | ||||||||
| Accounts payable to Sponsor | $ | $ | ||||||
| Gold payable | ||||||||
| Total Liabilities | $ | $ | ||||||
| Net Assets | ||||||||
| Shares issued and outstanding (1) | ||||||||
| Net asset value per Share | $ | $ | ||||||
| (1) |
Authorized share capital is unlimited and the par value of the Shares is $ |
See notes to the unaudited financial statements.
Schedules of Investment
(Amounts in 000’s except for percentages)
| June 30, 2026 | Ounces of gold | Cost | Fair Value | % of Net Assets | ||||||||||||
| (unaudited) | ||||||||||||||||
| Investment in Gold | $ | $ | % | |||||||||||||
| Total Investment | $ | $ | % | |||||||||||||
| Assets/(Liabilities) in excess of other assets/liabilities | ( | ) | ( | )% | ||||||||||||
| Net Assets | $ | % | ||||||||||||||
| September 30, 2025 | Ounces of gold | Cost | Fair Value | % of Net Assets | ||||||||||||
| Investment in Gold | $ | $ | % | |||||||||||||
| Total Investment | $ | $ | % | |||||||||||||
| Liabilities in excess of other assets | ( | ) | ( | )% | ||||||||||||
| Net Assets | $ | % | ||||||||||||||
See notes to the unaudited financial statements.
Unaudited Statements of Operations
For the Three and Nine Months Ended June 30, 2026 and June 30, 2025
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Amounts in 000’s of US$, except per share data) | Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| EXPENSES | ||||||||||||||||
| Sponsor fees | $ | $ | $ | $ | ||||||||||||
| Total expenses | ||||||||||||||||
| Net investment loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net realized and change in unrealized gain/(loss) on investment in gold | ||||||||||||||||
| Net realized gain/(loss) from investment in gold sold to pay Sponsor fees | ||||||||||||||||
| Net realized gain/(loss) from gold distributed for the redemption of shares | ||||||||||||||||
| Net change in unrealized gain/(loss) on investment in gold | ( | ) | ( | ) | ||||||||||||
| Net realized and change in unrealized gain/(loss) on investment in gold | ( | ) | ||||||||||||||
| Net increase/(decrease) in net assets resulting from operations | $ | ( | ) | $ | $ | $ | ||||||||||
| Net increase/(decrease) in net assets per Share | $ | ( | ) | $ | $ | $ | ||||||||||
| Weighted average number of shares (in 000’s) | ||||||||||||||||
See notes to the unaudited financial statements.
Unaudited Statements of Cash Flows
For the Three and Nine Months Ended June 30, 2026 and June 30, 2025
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Amounts in 000’s of US$) | Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| INCREASE/DECREASE IN CASH FROM OPERATIONS: | ||||||||||||||||
| Proceeds from sales of gold to pay expenses | $ | $ | $ | $ | ||||||||||||
| Cash expenses paid | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Increase/(Decrease) in cash resulting from operations | ||||||||||||||||
| Cash and cash equivalents at beginning of period | ||||||||||||||||
| Cash and cash equivalents at end of period | $ | $ | $ | $ | ||||||||||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | ||||||||||||||||
| Value of gold received for creation of shares-net of change in gold receivable | $ | $ | $ | $ | ||||||||||||
| Value of gold distributed for redemption of shares-net of change in gold payable | $ | $ | $ | $ | ||||||||||||
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Amounts in 000’s of US$) | Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| RECONCILIATION OF NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||||||||||||||||
| Net increase/(decrease) in net assets resulting from operations | $ | ( | ) | $ | $ | $ | ||||||||||
| Adjustments to reconcile net increase/(decrease) to net cash provided by operating activities: | - | |||||||||||||||
| Proceeds from sales of gold to pay expenses | ||||||||||||||||
| Net realized (gain)/loss from investment in gold sold to pay Sponsor fees | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net realized (gain)/loss from gold distributed for the redemption of shares | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net change in unrealized (gain)/loss on investment in gold | ( | ) | ( | ) | ||||||||||||
| Increase/(Decrease) in accounts payable to Sponsor | ( | ) | ||||||||||||||
| Net cash provided by operating activities | $ | $ | $ | $ | ||||||||||||
See notes to the unaudited financial statements.
Unaudited Statements of Changes in Net Assets
For the Three and Nine Months Ended June 30, 2026 and June 30, 2025
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Amounts in 000’s of US$) | Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Net Assets - Opening Balance | $ | $ | $ | $ | ||||||||||||
| Creations | ||||||||||||||||
| Redemptions | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net investment loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net realized gain/(loss) from investment in gold sold to pay Sponsor fees | ||||||||||||||||
| Net realized gain/(loss) from gold distributed for the redemption of shares | ||||||||||||||||
| Net change in unrealized gain/(loss) on investment in gold | ( | ) | ( | ) | ||||||||||||
| Net Assets - Closing Balance | $ | $ | $ | $ | ||||||||||||
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Amounts are in 000's) | Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | ||||||||||||
| Activity in Number of Shares Created and Redeemed | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Opening Balance | ||||||||||||||||
| Creations | ||||||||||||||||
| Redemptions | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Closing Balance | ||||||||||||||||
See notes to the unaudited financial statements.
Notes to the Unaudited Financial Statements
| 1. | Organization |
The World Gold Trust (the “Trust”) was organized as a Delaware statutory trust on
The accompanying financial statements relate to the Trust and its
The investment objective of GLDM is for its Shares to reflect the performance of the price of gold, less its expenses. GLDM’s only ordinary recurring expense is the Sponsor’s annual fee of
The Bank of New York Mellon (“BNY” or the “Administrator”) is the administrator and transfer agent. BNY also serves as the custodian of GLDM’s cash, if any. JPMorgan Chase Bank, N.A. ("JPMorgan") is the custodian of GLDM's gold (the "Custodian"). State Street Global Advisors Funds Distributors, LLC is the marketing agent (the “Marketing Agent”).
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 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 nine months ended June 30, 2026 are not necessarily indicative of the operating results for the full fiscal year.
| 2. | Significant Accounting Policies |
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by GLDM and the Trust.
2.1. | Basis of Accounting |
For accounting purposes, GLDM is an investment company within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies, and therefore applies the specialized accounting and reporting guidance therein. It is not registered as an investment company under the Investment Company Act of 1940, as amended.
These financial statements present the financial condition, results of operations and cash flows of the Trust combined with its operating series and GLDM separately. For the periods presented, there were no balances or activity for the Trust and the footnotes accordingly relate to GLDM, unless stated otherwise.
2.2 | Basis of Presentation |
The financial statements are presented for the Trust, as the SEC registrant, combined with GLDM and for GLDM individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GLDM are enforceable only against the assets of GLDM and not against the assets of the Trust generally or any other series that the Trust may establish.
2.3 | Cash and Cash Equivalents |
Cash and cash equivalents, when outstanding, include highly liquid investments of sufficient credit quality with an original maturity of three months or less.
2.4. | Fair Value Measurement |
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. GLDM’s policy is to value its investments at fair value.
Various inputs are used in determining the fair value of GLDM’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and
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 in gold at fair value:
| (Amounts in 000’s of US$) | ||||||||||||
| June 30, 2026 | Level 1 | Level 2 | Level 3 | |||||||||
| Investment in Gold | $ | $ | $ | |||||||||
| Total | $ | $ | $ | |||||||||
| (Amounts in 000’s of US$) | ||||||||||||
| September 30, 2025 | Level 1 | Level 2 | Level 3 | |||||||||
| Investment in Gold | $ | $ | $ | |||||||||
| Total | $ | $ | $ | |||||||||
There were
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”). In determining the NAV of GLDM, the Administrator values the gold held on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. 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 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.
2.5. | Custody of Gold |
Gold is held by the Custodian on behalf of GLDM,
2.6. | Gold Receivable |
Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to GLDM’s account. Generally, ownership of the gold is transferred within business day of the trade date.
| Jun-30, | Sep-30, | |||||||
| (Amounts in 000’s of US$) | 2026 | 2025 | ||||||
| Gold receivable | $ | $ | ||||||
2.7. | Gold Payable |
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of GLDM’s account. Generally, ownership of the gold is transferred within business day of the trade date.
| Jun-30, | Sep-30, | |||||||
| (Amounts in 000’s of US$) | 2026 | 2025 | ||||||
| Gold payable | $ | $ | ||||||
2.8. | Creations and Redemptions of Shares |
GLDM creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of
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.
| Nine Months | Nine Months | |||||||
| Ended | Ended | |||||||
| (Amounts are in 000’s) | Jun-30, 2026 | Jun-30, 2025 | ||||||
| Activity in Number of Shares Created and Redeemed: | ||||||||
| Creations | ||||||||
| Redemptions | ( | ) | ( | ) | ||||
| Net Change in Number of Shares Created and Redeemed | ||||||||
| Nine Months | Nine Months | |||||||
| Ended | Ended | |||||||
| (Amounts in 000’s of US$) | Jun-30, 2026 | Jun-30, 2025 | ||||||
| Activity in Value of Shares Created and Redeemed: | ||||||||
| Creations | $ | $ | ||||||
| Redemptions | ( | ) | ( | ) | ||||
| Net change in Value of Shares Created and Redeemed | $ | $ | ||||||
2.9. | Income and Expense (Amounts in 000’s of US$) |
The Administrator will, at the direction of the Sponsor, sell GLDM’s gold as necessary to pay its expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Administrator will give a sell order and sell gold to the Custodian at the LBMA Gold Price PM following the sell order. 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 nine months ended June 30, 2026 of $(
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 $
2.10. | Income Taxes |
GLDM is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, it is not subject to U.S. federal income tax. 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
2.11. | Segment Reporting |
The Principal Financial and Accounting Officer of the Sponsor performs the functions of GLDM's chief operating decision maker (“CODM”). The CODM monitors the operating results of GLDM as a whole, and GLDM's asset allocation is managed in accordance with its Prospectus. GLDM operates as a single operating and reporting segment pursuant to its investment objective. GLDM's Prospectus describes GLDM's fees, investment objective, and principal risks, among other items. GLDM's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within GLDM's financial statements. The accompanying financial statements detail GLDM's segment assets, liabilities, revenues, and expenses. 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.
| 3. | Related Parties – Sponsor |
Effective February 23, 2022, the Sponsor reduced its annual fee of
| 4. | GLDM Expenses |
GLDM’s only ordinary recurring operating expense is the Sponsor’s annual fee of
Expenses payable will reduce the NAV of GLDM.
| 5. | Concentration of Risk |
GLDM’s primary business activities are the investment in gold and the issuance and sale of Shares. Various factors could affect the price of gold including: (i) global gold supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other gold products, forward selling by gold producers, 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, Australia, Canada and the United States; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; (vi) other economic variables such as income growth, economic output, and monetary policies; and (vii) global or regional political, economic or financial events and situations, especially those that are unexpected in nature. In addition, while gold is used to preserve wealth by investors around the world, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on GLDM’s financial position and results of operations.
| 6. | Indemnification |
The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith or willful misconduct. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.
| 7. | Commitments and Contingent Liabilities |
In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future potential claims that may be made against the Trust that have not yet occurred.
The Trustee and each of its officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence. The Sponsor will not be liable to the Trust, the Trustee or any shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any gold or other assets held in trust under the Declaration of Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.
| 8. | Financial Highlights |
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. An individual investor’s return and ratios may vary based on the timing of capital transactions.
Financial Highlights (Unaudited)
For the three and nine months ended June 30, 2026 and 2025
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| Jun-30, 2026 | Jun-30, 2025 | Jun-30, 2026 | Jun-30, 2025 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Net Asset Value | ||||||||||||||||
| Net Asset Value per Share, beginning of period | $ | $ | $ | $ | ||||||||||||
| Net Investment income/(loss) (1) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net Realized and Change in Unrealized Gain/(Loss) (2) | ( | ) | ||||||||||||||
| Net increase/(decrease) in net assets resulting from operations | ( | ) | ||||||||||||||
| Net Asset Value per Share, end of period | $ | $ | $ | $ | ||||||||||||
| Market Value per Share, beginning of period | $ | $ | $ | $ | ||||||||||||
| Market Value per Share, end of period | $ | $ | $ | $ | ||||||||||||
| Ratio to average net assets | ||||||||||||||||
| Net Investment loss(3) | ( | )% | ( | )% | ( | )% | ( | )% | ||||||||
| Gross expenses(3) | % | % | % | % | ||||||||||||
| Net expenses(3) | % | % | % | % | ||||||||||||
| Total Return, at Net Asset Value(4) | ( | )% | % | % | % | |||||||||||
| Total Return, at Market Value(4) | ( | )% | % | % | % | |||||||||||
| (1) | Based on the average number of Shares outstanding during the period. |
| (2) | 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. |
| (3) | Percentages are annualized. |
| (4) | Percentages are not annualized. |
| 9. | Subsequent Events |
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 |
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.
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.
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.
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. |
| Quantitative and Qualitative Disclosures About Market Risk |
GLDM is a passive investment vehicle. Fluctuations in the value of gold bullion will affect the value of Shares which are designed to reflect the performance of the price of gold bullion, less GLDM’s expenses.
| Controls and Procedures |
Disclosure Controls and Procedures
The duly authorized officers of the Sponsor, performing functions equivalent to those that a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report. Such disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are recorded, processed, summarized and reported, within the time period specified in the applicable rules and forms, and that such information is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those that a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, and to the Audit Committee of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure.
The duly authorized officers of the Sponsor, performing functions equivalent to those that a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of GLDM’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of GLDM were effective as of the end of the period covered by this report. Such disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Exchange Act on behalf of GLDM are recorded, processed, summarized and reported, within the time period specified in the applicable rules and forms, and that such information is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those that a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, and to the Audit Committee of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure.
Internal Control Over Financial Reporting
There has been no change in the internal control over financial reporting of the Trust that occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
There has been no change in the internal control over financial reporting of GLDM that occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, GLDM’s internal control over financial reporting.
| Legal Proceedings |
None.
| Risk Factors |
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 GLDM, the value of the Shares and an investment in the Shares. Except as described below, there have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K. The following risk factor supplements those previously disclosed and relates to GLDM's reliance on the LBMA Good Delivery Rules, the Good Delivery List and related London gold market standards.
GLDM's ability to create and redeem Shares, custody gold bullion and operate efficiently depends on continued market acceptance of the LBMA Good Delivery Rules, the Good Delivery List and related London gold market standards.
GLDM depends on the LBMA’s Good Delivery Rules, the Good Delivery List and related London market standards for the acceptance, transfer, custody and liquidity of gold bullion. Changes to the Good Delivery Rules, the Good Delivery List or other London market acceptance standards could adversely affect GLDM’s operations and the value of the Shares. GLDM can create and redeem Shares only if gold bullion that satisfies applicable standards can be accepted, transferred, held and delivered through the custodial and authorized participant arrangements upon which GLDM relies. If the LBMA ceases to publish or maintain the Good Delivery Rules or the Good Delivery List, if those standards change materially, or if the custodians, authorized participants or other market participants do not accept a successor or substitute standard, GLDM may be unable to accept gold for creations, deliver gold for redemptions, value or hold gold in the ordinary course, or otherwise continue normal operations without disruption. As a result, creations or redemptions could be delayed, rejected or suspended, and the Shares could trade at a premium or discount to NAV that could be significant. In addition, any transition to a successor or substitute standard or procedure could require operational changes, amendments to agreements, counterparty coordination, regulatory or exchange consultation and revised disclosure, and there can be no assurance that any such transition could be completed promptly, on favorable terms or without material disruption.
The risks described in our Annual Report on Form 10-K are not the only risks facing the Trust and GLDM. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
| Unregistered Sales of Equity Securities and Use of Proceeds |
| a) |
None. |
| b) |
Not applicable. |
| c) |
Although GLDM does not purchase shares directly from its shareholders, in connection with the redemption of Creation Units, GLDM redeemed 5,000,000 Shares (50 Creation Units) during the quarter ended June 30, 2026 as set forth in the table below. |
| Total Number of |
Average Ounces of |
|||||||
| Shares |
Gold |
|||||||
| Period |
Redeemed |
Per Share |
||||||
| 4/1/26 to 4/30/26 |
800,000 | 0.01979 | ||||||
| 5/1/26 to 5/31/26 |
1,500,000 | 0.01979 | ||||||
| 6/1/26 to 6/30/26 |
2,700,000 | 0.01979 | ||||||
| Total |
5,000,000 | 0.01979 | ||||||
| Defaults Upon Senior Securities |
None.
| Mine Safety Disclosures |
Not applicable.
| Other Information |
| a) |
None. |
| b) |
Not applicable. |
| c) |
No officers or directors of the Sponsor have adopted, modified or terminated trading plans relating to the Trust under either a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as such terms are defined in Item 408 of Regulation S-K under the Securities Act of 1933, as amended) for the quarter ended June 30, 2026. |
| Exhibits |
The exhibits listed on the accompanying Exhibit Index, and such Exhibit Index, are filed or incorporated by reference as a part of this report.
EXHIBIT INDEX
| Exhibit No. |
Description of Exhibit |
|
| 31.1 |
||
| 31.2 |
||
| 32.1 |
||
| 32.2 |
||
| 101.INS* |
Inline XBRL Instance Document |
|
| 101.SCH* |
Inline XBRL Taxonomy Extension Schema Document |
|
| 101.CAL* |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
|
| 101.LAB* |
Inline XBRL Taxonomy Extension Label Linkbase Document |
|
| 101.PRE* |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
|
| 101.DEF* |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
|
| 104.1 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
| * |
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.
| WGC USA Asset Management Company, LLC Sponsor of the World Gold Trust |
|||
| (Registrant) |
|||
| By: |
/s/ Jonathan Spiegel |
||
| Jonathan Spiegel |
|||
| Principal Executive Officer* |
|||
| By: | /s/ Amanda Krichman | ||
| Amanda Krichman | |||
| Principal Financial and Accounting Officer* | |||
Date: August 4, 2026
| * |
The Registrant is a trust and the persons are signing in their capacities as officers of WGC USA Asset Management Company, LLC, the Sponsor of the Registrant. |