Gold rally lifts GraniteShares Gold Trust (BAR) to 40% NAV gain

Rhea-AI Filing Summary

GraniteShares Gold Trust reports strong performance for the quarter and nine months ended March 31, 2026, driven by higher gold prices. Net assets rose to $1.59 billion, backed by 345,784.527 ounces of gold bullion valued at $1.59 billion, with 35.1 million shares outstanding.

Net asset value per share increased to $45.39 from $32.42 at June 30, 2025, a 40.01% total return at NAV over nine months, while market-price total return was 41.33%. These gains mainly reflect a 40.18% rise in the gold price to $4,608.35. Expenses consist solely of Sponsor fees, which accrue at an annualized 0.1749% of NAV, producing a 0.17% annualized expense ratio. The Trust reports no debt, no off-balance sheet arrangements, and no legal proceedings.

Insights

ETF and commodities analyst

BAR’s results mirror a sharp gold rally, with low costs and simple structure.

GraniteShares Gold Trust (BAR) functions as a passive gold-holding vehicle, so its performance closely tracks bullion. Net assets increased to $1.59B as of March 31, 2026, supported by 345,784.527 ounces of gold and 35.1M shares.

The filing shows gold’s price climbing from $3,287.45 to $4,608.35, driving a 40.01% NAV total return over nine months. Operating structure remains unchanged: the Trust holds physical gold, finances minimal expenses through an in‑kind Sponsor fee, and carries no leverage or derivatives.

The expense load is modest, with the Sponsor fee accruing at 0.1749% of NAV and an annualized expense ratio of 0.17%. Future outcomes will continue to depend primarily on spot gold moves, while the Trust’s own disclosures emphasize it has no off‑balance sheet arrangements or additional business lines.

Key Figures

Net assets: $1,593,243,000 NAV per share: $45.39 Gold ounces held: 345,784.527 ounces +5 more

8 metrics

Net assets $1,593,243,000 As of March 31, 2026

NAV per share $45.39 As of March 31, 2026

Gold ounces held 345,784.527 ounces Physical bullion backing the Trust at March 31, 2026

Gold fair value $1,593,496,000 Investment in gold bullion at fair value, March 31, 2026

Nine-month total return at NAV 40.01% Nine months ended March 31, 2026

Sponsor’s Fee ratio 0.1749% per year Accrues on adjusted daily NAV, paid monthly

Sponsor fees $1,864,000 Nine months ended March 31, 2026 (in thousands in table)

Gold price change 40.18% increase From $3,287.45 on June 30, 2025 to $4,608.35 on March 31, 2026

Key Terms

grantor trust, Authorized Participants, LBMA PM Gold Price, ASC 820, +2 more

6 terms

grantor trust financial

"The Trust is classified as a “grantor trust” for United States federal income tax purposes."

A grantor trust is a legal arrangement where the person who puts assets into the trust keeps enough control or rights that, for tax and legal purposes, those assets are treated as still belonging to that person. For investors, that matters because income, gains and losses generated by the trust typically flow through to the grantor (or directly to investors) for tax reporting and distributions, affecting after-tax returns and cash flow predictability — think of it like a mailbox that forwards all the mail back to the sender rather than holding it inside.

Authorized Participants financial

"The Trust issues and redeems in one or more blocks of 50,000 Shares only to Authorized Participants."

Authorized participants are a small group of large financial firms that have a formal arrangement with an exchange-traded fund (ETF) or similar product to create and redeem shares directly with the issuer. They act like wholesalers for the fund, supplying or removing shares to keep the market price in line with the value of the underlying assets; their activity affects an ETF’s liquidity, trading costs and how closely it tracks its target holdings.

LBMA PM Gold Price financial

"The fair value is based on the London Bullion Market Association (“LBMA”) PM Gold Price."

ASC 820 financial

"The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”)."

ASC 820 is an accounting standard that tells companies how to measure and report the fair value of assets and liabilities when a clear market price doesn’t exist. It matters to investors because those reported fair values affect a company’s balance sheet and earnings, and the standard requires disclosure about how values were estimated—similar to knowing whether a used car’s listed price came from a recent sale or from an opinion, which helps assess reliability.

Basket financial

"The Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”)."

A basket is a collection of securities or assets grouped and traded together as a single unit—like buying a mixed fruit basket instead of one apple. Investors use baskets to spread risk across many holdings, gain broad exposure to a sector, index or investment idea, or execute large trades more efficiently; the basket’s performance shows how that group behaves and affects portfolio diversification, costs and risk.

Sponsor’s Fee financial

"The Sponsor’s fee is payable at an annualized rate of 0.1749% of the Trust’s Net Asset Value."

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FAQ

How did GraniteShares Gold Trust (BAR) perform through March 31, 2026?

GraniteShares Gold Trust delivered a strong period, with net asset value rising to $1.59 billion and NAV per share climbing to $45.39. A 40.01% total return at NAV over nine months largely reflected a substantial increase in the underlying gold price.

What gold holdings back GraniteShares Gold Trust (BAR) shares?

As of March 31, 2026, the Trust held 345,784.527 ounces of physical gold bullion valued at about $1.59 billion. This gold, mainly in allocated good delivery bars, underpins the Trust’s 35.1 million shares and drives performance alongside changes in gold prices.

What were the total returns for BAR over the nine months ended March 31, 2026?

For the nine months ended March 31, 2026, GraniteShares Gold Trust generated a 40.01% total return based on NAV and 41.33% based on market price. These returns closely track a 40.18% rise in gold from $3,287.45 to $4,608.35 per ounce.

How much does GraniteShares Gold Trust (BAR) charge in fees?

BAR’s only recurring fee is the Sponsor’s Fee, accruing at an annualized 0.1749% of the Trust’s adjusted daily NAV. For the nine months ended March 31, 2026, Sponsor fees totaled about $1.86 million, corresponding to a 0.17% annualized expense ratio on average net assets.

Did GraniteShares Gold Trust (BAR) change its share count during the period?

Yes. Shares outstanding increased from 34.1 million on June 30, 2025 to 35.1 million on March 31, 2026, a 2.9% rise. This change reflected creations and redemptions in 50,000‑share Baskets made by Authorized Participants in exchange for physical gold.

Does GraniteShares Gold Trust (BAR) use derivatives or have off-balance sheet arrangements?

No. The Trust states it holds only physical gold bullion and does not trade commodity futures or operate as a commodity pool. It reports no off-balance sheet arrangements, no borrowings, and no other business activities beyond holding gold to back its shares.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026

Or

☐ 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: 001-38195

GRANITESHARES GOLD TRUST

(Exact name of registrant as specified in its charter)

New York		82-6393903
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

c/o GraniteShares Inc

250 Broadway, 24^th floor

New York, New York 10007

(Address of principal executive offices)

Registrant’s telephone number, including area code:

(646) 876-5096

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.

Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

Large accelerated filer	☒	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 ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Shares		BAR		NYSE Arca, Inc.

As of May 08, 2026, the Registrant had 34,200,000 Shares outstanding.

GRANITESHARES GOLD TRUST

FORM 10-Q

FOR THE QUARTER ENDED March 31, 2026

INDEX

PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14
Item 4.	Controls and Procedures	14
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	15
Item 1A.	Risk Factors	15
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	15
Item 3.	Defaults Upon Senior Securities	15
Item 4.	Mine Safety Disclosures	15
Item 5.	Other Information	15
Item 6.	Exhibits	15
SIGNATURES		16

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Statements of Assets and Liabilities

At March 31, 2026 (unaudited) and June 30, 2025

Amounts in 000’s of US$, except share and per share data		March 31, 2026				June 30, 2025
		(unaudited)
Assets
Investment in gold bullion, at fair value(1)		$	1,593,496			$	1,105,737
Total Assets		$	1,593,496			$	1,105,737
Liabilities
Fees payable to Sponsor			253				162
Total Liabilities			253				162
Net Assets		$	1,593,243			$	1,105,575
Shares issued and outstanding(2)			35,100,000				34,100,000
Net asset value per Share		$	45.39			$	32.42

(1)	Cost of investment in gold bullion: $651,945 and $588,663, respectively.
(2)	No par value, unlimited amount authorized.

See Notes to the Financial Statements

3

Schedules of Investments

At March 31, 2026 (unaudited) and June 30, 2025

Amounts in 000’s of US$, except for ounces and percentages

March 31, 2026 (unaudited)		Ounces of gold				Cost				Value				% of Net Assets
Gold bullion			345,784.527			$	651,945			$	1,593,496				100.02	%
Total investment						$	651,945			$	1,593,496				100.02	%
Liabilities in excess of other assets										$	(253	)			(0.02	)%
Net assets										$	1,593,243				100.00	%

June 30, 2025		Ounces of gold				Cost				Value				% of Net Assets
Gold bullion			336,351.098			$	588,663			$	1,105,737				100.01	%
Total investment						$	588,663			$	1,105,737				100.01	%
Liabilities in excess of other assets										$	(162	)			(0.01	)%
Net assets										$	1,105,575				100.00	%

See Notes to the Financial Statements

4

Statements of Operations (unaudited)

For the three and nine months ended March 31, 2026 and 2025

Amounts in 000’s of US$, except per share data		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025				Nine Months Ended March 31, 2026				Nine Months Ended March 31, 2025
Expenses
Sponsor fees		$	729			$	403			$	1,864			$	1,156
Total expenses		$	729			$	403			$	1,864			$	1,156
Net investment loss		$	(729	)		$	(403	)		$	(1,864	)		$	(1,156	)
Net realized and unrealized gain (loss)
Net realized gain (loss) from:
Gold bullion sold to pay expenses			435				159				1,004				427
Gold bullion distributed for the redemption of Shares			11,875				9,991				19,911				26,299
Net realized gain (loss)		$	12,310			$	10,150			$	20,915			$	26,726
Net change in unrealized appreciation (depreciation)		$	89,761			$	155,323			$	424,477			$	233,192
Net realized and unrealized gain (loss)		$	102,071			$	165,473			$	445,392			$	259,918
Net increase (decrease) in net assets resulting from operations		$	101,342			$	165,070			$	443,528			$	258,762
Net increase (decrease) in net assets per share		$	2.87			$	4.97			$	12.79			$	7.72
Weighted average number of shares (in 000’s)			35,333				33,220				34,673				33,514

See Notes to the Financial Statements

5

Statements of Changes in Net Assets (unaudited)

For the three and nine months ended March 31, 2026 and 2025

Amounts in 000’s of US$		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025				Nine Months Ended March 31, 2026				Nine Months Ended March 31, 2025
Net Assets – beginning of the period		$	1,492,121			$	846,563			$	1,105,575			$	790,994
Creations of 400,000, 1,850,000, 1,950,000, and 2,150,000 shares respectively			20,012				53,709				81,037				60,989
Redemptions of 450,000, 800,000, 950,000 and 2,600,000 shares respectively			(20,232	)			(23,419	)			(36,897	)			(68,822	)
Net investment loss			(729	)			(403	)			(1,864	)			(1,156	)
Net realized gain (loss) from gold bullion sold to pay expenses			435				159				1,004				427
Net realized gain (loss) from gold bullion distributed for redemptions			11,875				9,991				19,911				26,299
Net change in unrealized appreciation (depreciation) on investment in gold bullion			89,761				155,323				424,477				233,192
Net Assets – end of period		$	1,593,243			$	1,041,923			$	1,593,243			$	1,041,923

See Notes to the Financial Statements

6

Financial Highlights (unaudited)

For the three and nine months ended March 31, 2026 and 2025

Per Share Performance (for a Share outstanding throughout each period)		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025				Nine Months Ended March 31, 2026				Nine Months Ended March 31, 2025
Net asset value per Share at beginning of period		$	42.45			$	25.77			$	32.42			$	23.03
Net investment loss (1)			(0.02	)			(0.01	)			(0.05	)			(0.03	)
Net realized and unrealized gain (loss) on investment in gold bullion			2.96				4.98				13.02				7.74
Net change in net assets from operations			2.94				4.97				12.97				7.71
Net asset value per Share at end of period		$	45.39			$	30.74			$	45.39			$	30.74
Marlet Value per Share at end of period		$	46.13			$	30.84			$	46.13			$	30.84
Total return ratio, at net asset value(2)			6.93	%			19.29	%			40.01	%			33.48	%
Total return ratio, at market price			8.57	%			19.12	%			41.33	%			34.32	%
Net assets ($000’s)		$	1,593,243			$	1,041,923			$	1,593,243			$	1,041,923
Ratio to average net assets
Net investment loss (3)			(0.17	)%			(0.17	)%			(0.17	)%			(0.17	)%
Expenses (3)			0.17	%			0.17	%			0.17	%			0.17	%

(1)	Calculated using the average shares outstanding method.
(2)	Percentage not annualized.
(3)	Percentage annualized.

See Notes to the Financial Statements

7

Notes to the Financial Statements (unaudited)

1. Organization

GraniteShares Gold Trust (the “Trust”) is an investment trust formed on August 24, 2017 under New York law pursuant to a trust indenture. The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation of financial statements. The Trustee is responsible for the day-to-day administration of the Trust.

The objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust at that time less the Trust’s accrued expenses and liabilities as of that time. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in gold.

The fiscal year end for the Trust is June 30.

Undefined capitalized terms shall have the meaning as set forth in the Trust’s registration statement.

2. Basis of Accounting and Significant Accounting Policies

The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 the Trust.

2.1 Custody and Fair Valuation of Gold

The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Gold is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom vaulting premises. 99.98% and 99.92% of gold is allocated gold in the form of good delivery gold bars as of March 31, 2026 and 2025, respectively. A current list of all gold held by the Custodian is available on the sponsor’s website. The cost of gold is determined according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) PM Gold Price. If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced LBMA Gold Price AM unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to participate in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading.

The per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold Price to calculate the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount of gold held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

8

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2: Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

Level 3: Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The following table summarizes the Trust’s investments at fair value:

Schedule of Trust’s Investments at Fair Value 

May 31, 2026

Level 1

Level 2

Level 3

(Amounts in 000’s of US$)

May 31, 2026

Level 1

Level 2

Level 3

Investment in Gold

$

1,593,496

$

–

$

–

Total

$

1,593,496

$

–

$

–

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)
June 30, 2025		Level 1				Level 2				Level 3
Investment in Gold		$	1,105,737			$	–			$	–
Total		$	1,105,737			$	–			$	–

There were no transfers between Level 1 and other Levels for the period ended March 31, 2026, and the fiscal year ended June 30, 2025.

2.2 Expenses, realized gains and losses

The Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate equal to 0.1749% of the adjusted daily net asset value of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.

As of period ended March 31, 2026, the fees payable to the Sponsor was $253,379. As of the fiscal year ended June 30, 2025, the fees payable to the Sponsor were $161,986.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay these expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amounts of gold needed to pay these expenses in order to minimize the Trust’s holdings of assets other than gold. Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended March 31, 2026 and 2025.

Unless otherwise directed by the Sponsor, when selling gold, the Trustee will endeavor to sell at the price established by the LBMA PM Gold Price. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such gold only if the sale transaction is made at the next LBMA PM Gold Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the cost of the gold sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

9

Realized gains and losses result from the transfer of gold for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and cost of gold transferred. Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method.

2.3 Gold Receivable and Payable

Gold receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares respectively, where the gold has not yet been transferred to or from the Trust’s account. Generally, ownership of the gold is transferred within two business days of the trade date.

2.4 Creations and Redemptions of Shares

The Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”) only to Authorized Participants. The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined Fine Ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. Orders to create and redeem Baskets may be placed only by Authorized Participants. An Authorized Participant must: (1) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards described herein. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the gold required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant. A transaction fee of $500 will be assessed on all creation and redemption transactions. Multiple Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is able to allocate gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the close of a business day.

Authorized Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of shares.

2.5 Income Taxes

The Trust is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, gains, losses and deductions to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2026 and June 30, 2025.

The Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of March 31, 2026, the 2025, 2024, 2023 and 2022 tax years remain open for examination.

2.6 Segment Reporting

The Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The Trust operates in one segment. The segment derives its revenues from Trust investments made in accordance with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus. The Chief Operating Decision Maker (“CODM”) is the Sponsor. The CODM monitors the operating results of the Trust. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Trust’s single segment, is consistent with that presented within the Trust’s financial statements.

2.7 Recently Adopted Accounting Pronouncement

The Trust adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions.  The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures.  The Trust’s adoption of ASU 2023-09 did not have a material impact on the Trust’s financial statements.

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3. Investment in Gold

Changes in ounces of gold and their respective values for the period ended March 31, 2026:

 Schedule of Investment in Gold

Amounts in 000’s of US$, except for ounces data		Ounces				Fair Value
Opening balance as of June 30, 2025			336,351.098			$	1,105,737
Gold bullion contributed			19,219.952				81,036
Gold bullion distributed			(9,786.523	)			(17,754	)
Change in unrealized appreciation (depreciation)			-				424,477
Ending balance as of March 31, 2026			345,784.527			$	1,593,496

Changes in ounces of gold and their respective values for the fiscal year ended June 30, 2025:

Amounts in 000’s of US$, except for ounces data		Ounces				Fair Value
Opening balance as of June 30, 2024			339,410.178			$	791,131
Gold bullion contributed			30,097.409				90,054
Gold bullion distributed			(33,156.489	)			(55,580	)
Change in unrealized appreciation (depreciation)			-				280,132
Ending balance as of June 30, 2025			336,351.098			$	1,105,737

4. Related parties – Sponsor and Trustee

A fee is paid to the Sponsor as compensation for services performed under the Trust Agreement. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee and out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. The Sponsor’s fee is payable at an annualized rate of 0.1749% of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior Business Day’s Net Asset Value and paid monthly in arrears.

The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of time. Presently, the Sponsor does not intend to waive any part of its fee.

Affiliates of the Trustee may from time-to-time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

5. Concentration of risk

In accordance with Statement of Position No. 94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole business activity is the investment in gold bullion. Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as 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; (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; and (vi) global or regional political, economic or financial events and situations. In addition, 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 the Trust’s financial position and results of operations.

6. Indemnification

Under the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents and affiliates) and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified against any liability, loss or expense it incurs without (i) gross negligence, bad faith, willful misconduct or willful misfeasance on its part in connection with the performance of its obligations under the Trust Agreement or any such other agreement or any actions taken in accordance with the provisions of the Trust Agreement or any such other agreement and (ii) reckless disregard on its part of its obligations and duties under the Trust Agreement or any such other agreement. Such indemnity shall also include payment from the Trust of the reasonable costs and expenses incurred by the indemnified party in investigating or defending itself against any such loss, liability or expense or any claim therefore. In addition, the Sponsor may, in its sole discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and in such event, the reasonable legal expenses and costs and other disbursements of any such actions shall be expenses and costs of the Trust and the Sponsor shall be entitled to reimbursement by the Trust. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosures.

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Item 2. 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 to financial statements included in Item 1 of Part I of this Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. Except as required by applicable disclosure laws, neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of any forward-looking statements. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on August 24, 2017. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

The Trust holds gold and is expected to issue Baskets in exchange for deposits of gold, and to distribute gold in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in gold.

The Trust issues and redeems Shares only with Authorized Participants in exchange for gold and only in aggregations of 50,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “BAR”.

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Valuation of Gold; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the gold held by the Trust and determines the net asset value of the Trust and the NAV. The Trustee values the gold held by the Trust using that day’s LBMA Gold Price PM. If there is no announced LBMA Gold Price PM on a business day, the Trustee is authorized to use that day’s LBMA Gold Price AM. Having valued the gold held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the gold and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Liquidity and Capital Resources

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.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of gold to the Sponsor. At March 31, 2025 the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

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 Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below, the Trust describes the valuation of gold bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Results of Operations

The Quarter Ended March 31, 2026

The Trust’s net asset value increased from $1,492,121,494 on December 31, 2025 to $1,593,242,746 on March 31, 2025, a 6.8% increase. The increase in the Trust’s net asset value was due to a change in the price of gold, which increased 6.97% from $4,307.95 on December 31, 2025, to $4,608.35 on March 31, 2026. The Trust’s net asset value was negatively impacted by the decrease in the Trust’s number of shares outstanding which changed from 35,150,000 on December 31, 2025 to 35,100,000 on March 31, 2026, or 0.1%, as a net result of 8 creation orders and 9 redemption orders (50,000 shares orders).

The 6.93% increase in the Trust’s net asset value per share, from $42.45 on December 31, 2025, to $45.39 on March 31, 2026, is related to the increase in the price of gold.

The Trust’s net asset value per share increased less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $728,496 for the quarter, or 0.043% of the Trust’s average weighted net assets of $1,690,316,820 during the quarter. The net asset value per share of $53.25 on January 29, 2026 was the highest during the quarter, compared with a low during the quarter of $42.89 on January 02, 2026.

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Net increase in net assets resulting from operations for the quarter ending March 31, 2026, was $101,342,616, resulting from an unrealized gain on investment in gold bullion of $89,760,616 increased by a gain of $12,310,496 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $728,496. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Nine Months Ended March 31, 2026

The Trust’s net asset value increased from $1,105,575,430 on June 30, 2025, to $1,593,242,746 on March 31, 2026, a 44.11% increase. The increase in the Trust’s net asset value was mainly caused by a 40.18% increase in gold price from $3,287.45 on June 30, 2025, to $4,608.35 on March 31, 2026. The Trust’s net asset value was also positively impacted by an increase in the number of shares outstanding from 34,100,000 on June 30, 2025, to 35,100,000 on March 31, 2026, or +2.9%. The 1,000,000 shares increase was the net result of 39 creation orders and 19 redemption orders (50,000 shares per creation and redemption order).

The 40.01% increase in the Trust’s net asset value per share, from $32.42 on June 30, 2025, to $45.39 on March 31, 2026 is directly related to the 40.18% increase in the price of gold.

The Trust’s net asset value per share increased less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $1,863,590 for the period, or 0.131% of the Trust’s average weighted net assets of $1,421,163,490 during the nine-month period. The net asset value per share of $53.25 on January 29, 2026 was the highest during the period, compared with a low during the period of $32.53 on July 31, 2025.

The net increase in net assets resulting from operations for the 9 months period ending March 31, 2026 was $443,528,965, resulting from an unrealized gain on investment in gold bullion of $424,477,371, increased by a gain of $20,915,184 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,863,590. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The duly authorized officers of the Sponsor, performing functions equivalent to those 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, 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 a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, and to 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 that occurred during the fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

You should carefully consider the factors discussed from Page 8 “Risk Factors” in our prospectus dated March 14, 2025, filed pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended, with the U.S. Securities and Exchange Commission, file number 333-285296, which could materially affect our business, financial condition or future results. The risks described in the prospectus are not the only risks facing the Trust. 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.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

c) For the three months ended March 31, 2026: 9 baskets were redeemed.

Period		Total Baskets Redeemed				Total Shares Redeemed				Average ounces of gold per Share
January 2026			-				-				-
February 2026			-				-				-
March 2026			9				450,000				0.0098501
Total			9				450,000				0.0098501

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

(a)		Exhibits
31.1		Chief Executive Officer and Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Chief Accounting Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Chief Executive Officer and Chief Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Chief Accounting Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculations Document
101.DEF		Inline XBRL Taxonomy Extension Definition Document
101.LAB		Inline XBRL Taxonomy Extension Labels Document
101.PRE		Inline XBRL Taxonomy Presentation Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

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 thereunto duly authorized.

	GraniteShares LLC
	Sponsor of the GraniteShares Gold Trust
	(Registrant)
Date: May 08, 2026	/s/ William Rhind
	William Rhind*
	CEO and CFO
Date: May 08, 2026	/s/ Benoit Autier
	Benoit Autier*
	Chief Accounting Officer

*The Registrant is a trust and the persons are signing in their capacities as officers of GraniteShares LLC, the Sponsor of the Registrant.

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