Gold rally lifts SPDR Gold MiniShares (NYSE: GLDM) to 12.58% NAV return

Rhea-AI Filing Summary

World Gold Trust’s SPDR® Gold MiniShares® Trust reported strong results for the three months ended December 31, 2025, driven by higher gold prices and net creations. Net assets rose from $20,854,265 thousand to $25,287,518 thousand.

The Trust held 5,870.5 thousand ounces of gold at fair value of $25,289,657 thousand, up from $20,855,894 thousand. NAV per share increased from $75.74 to $85.27, with a total return at NAV of 12.58% for the period.

Creations totaled $3,322,862 thousand and redemptions $1,574,899 thousand, producing a net increase in net assets from operations of $2,685,290 thousand. The Trust incurred a small net investment loss of $5,979 thousand, reflecting its 0.10% sponsor fee, while gold price gains and redemption-related realized gains dominated results.

Insights

ETF and commodities analyst

Gold price strength drove a double‑digit quarterly NAV gain for SPDR Gold MiniShares, with modest fee drag and sizeable creations.

SPDR® Gold MiniShares® Trust functions as a passive grantor trust holding allocated London Good Delivery gold bars. For the quarter ended December 31, 2025, investments in gold at fair value rose to $25,289,657 thousand, while net assets reached $25,287,518 thousand.

Performance was dominated by gold price movements. Net realized and unrealized gain on investment in gold was $2,691,269 thousand, versus a loss of $68,661 thousand a year earlier. This translated into a 12.58% total return at NAV and NAV per share rising from $75.74 to $85.27. The sponsor fee of 0.10% of NAV produced a net investment loss of $5,979 thousand, a modest drag relative to gold gains.

Flows were also supportive: creations of $3,322,862 thousand and redemptions of $1,574,899 thousand yielded a net increase in shares, with 296,550,000 shares outstanding at December 31, 2025 and 318,050,000 as of February 3, 2026. Future results will continue to track the LBMA Gold Price, with operating metrics chiefly reflecting movements in gold rather than active management decisions.

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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 December 31, 2025

☐ 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: 001-37996

WORLD GOLD TRUST

SPONSORED BY WGC USA ASSET MANAGEMENT COMPANY, LLC

(Exact Name of Registrant as Specified in Its Charter)

Delaware		36-7650517
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

c/o WGC USA Asset Management Company, LLC

685 Third Avenue, Suite 2702

New York, New York 10017

(Address of Principal Executive Offices)

(212) 317-3800

(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
SPDR® Gold MiniShares®		GLDM®		NYSE Arca

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 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).    Yes  ☒    No  ☐

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.

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  ☒

As of February 3, 2026, SPDR^® Gold MiniShares^® Trust had 318,050,000 Shares outstanding.

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WORLD GOLD TRUST

INDEX

PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Combined Statements of Financial Condition of World Gold Trust at December 31, 2025 (unaudited) and September 30, 2025	1
	Combined Schedules of Investment of World Gold Trust at December 31, 2025 (unaudited) and September 30, 2025	2
	Unaudited Combined Statements of Operations of World Gold Trust for the Three Months Ended December 31, 2025 and 2024	3
	Unaudited Combined Statements of Cash Flows of World Gold Trust for the Three Months Ended December 31, 2025 and 2024	4
	Unaudited Combined Statements of Changes in Net Assets of World Gold Trust for the Three Months Ended December 31, 2025 and 2024	5
	Statements of Financial Condition of SPDR® Gold MiniShares® Trust at December 31, 2025 (unaudited) and September 30, 2025	6
	Schedules of Investment of SPDR® Gold MiniShares® Trust at December 31, 2025 (unaudited) and September 30, 2025	7
	Unaudited Statements of Operations of SPDR® Gold MiniShares® Trust for the Three Months Ended December 31, 2025 and 2024	8
	Unaudited Statements of Cash Flows of SPDR® Gold MiniShares® Trust for the Three Months Ended December 31, 2025 and 2024	9
	Unaudited Statements of Changes in Net Assets of SPDR® Gold MiniShares® Trust for the Three Months Ended December 31, 2025 and 2024	10
	Notes to the Unaudited Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	22
PART II - OTHER INFORMATION		23
Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3.	Defaults Upon Senior Securities	23
Item 4.	Mine Safety Disclosures	23
Item 5.	Other Information	23
Item 6.	Exhibits	24
SIGNATURES		25

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World Gold Trust

PART I—FINANCIAL INFORMATION:

Item 1. Financial Statements (Unaudited)

Combined Statements of Financial Condition

At December 31, 2025 (unaudited) and September 30, 2025

(Amounts in 000’s of US$)		Dec-31, 2025				Sep-30, 2025
		(unaudited)
ASSETS
Investments in Gold, at fair value (cost $16,504,535 and $14,202,521 at December 31, 2025 and September 30, 2025, respectively)		$	25,289,657			$	20,855,894
Gold receivable			-				-
Total Assets		$	25,289,657			$	20,855,894
LIABILITIES
Accounts payable to Sponsor		$	2,139			$	1,629
Gold payable			-				-
Total Liabilities		$	2,139			$	1,629
Net Assets		$	25,287,518			$	20,854,265

See notes to the unaudited financial statements.

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World Gold Trust

Combined Schedules of Investment

(Amounts in 000’s except for percentages)
														% of
December 31, 2025		Ounces of gold				Cost				Fair Value				Net Assets
(unaudited)
Investment in Gold			5,870.5			$	16,504,535			$	25,289,657				100.01	%
Total Investment						$	16,504,535			$	25,289,657				100.01	%
Liabilities in excess of other assets											(2,139	)			(0.01	)%
Net Assets										$	25,287,518				100.00	%

														% of
September 30, 2025		Ounces of gold				Cost				Fair Value				Net Assets
Investment in Gold			5,452.1			$	14,202,521			$	20,855,894				100.01	%
Total Investment						$	14,202,521			$	20,855,894				100.01	%
Liabilities in excess of other assets											(1,629	)			(0.01	)%
Net Assets										$	20,854,265				100.00	%

See notes to the unaudited financial statements.

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World Gold Trust

Unaudited Combined Statements of Operations

For the Three Months Ended December 31, 2025 and December 31, 2024

		Three Months				Three Months
		Ended				Ended
(Amounts in 000’s of US$)		Dec-31, 2025				Dec-31, 2024
		(unaudited)				(unaudited)
EXPENSES
Sponsor fees		$	5,979			$	2,340
Total expenses			5,979				2,340
Net investment loss			(5,979	)			(2,340	)
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			1,905				616
Net realized gain/(loss) from gold distributed for the redemption of shares			557,615				221,085
Net change in unrealized gain/(loss) on investment in gold			2,131,749				(290,362	)
Net realized and change in unrealized gain/(loss) on investment in gold		$	2,691,269			$	(68,661	)
Net increase/(decrease) in net assets resulting from operations		$	2,685,290			$	(71,001	)

See notes to the unaudited financial statements.

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World Gold Trust

Unaudited Combined Statements of Cash Flows

For the Three Months Ended December 31, 2025 and December 31, 2024

		Three Months				Three Months
		Ended				Ended
(Amounts in 000’s of US$)		Dec-31, 2025				Dec-31, 2024
		(unaudited)				(unaudited)
INCREASE/DECREASE IN CASH FROM OPERATIONS:
Proceeds from sales of gold to pay expenses		$	5,469			$	2,285
Cash expenses paid			(5,469	)			(2,285	)
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		$	3,322,862			$	973,538
Value of gold distributed for redemption of shares-net of change in gold payable		$	1,574,899			$	878,260

		Three Months				Three Months
		Ended				Ended
(Amounts in 000’s of US$)		Dec-31, 2025				Dec-31, 2024
		(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		$	2,685,290			$	(71,001	)
Adjustments to reconcile net increase/(decrease) to net cash provided by operating activities:
Proceeds from sales of gold to pay expenses			5,469				2,285
Net realized (gain)/loss from investment in gold sold to pay Sponsor fees			(1,905	)			(616	)
Net realized (gain)/loss from gold distributed for the redemption of shares			(557,615	)			(221,085	)
Net change in unrealized (gain)/loss on investment in gold			(2,131,749	)			290,362
Increase/(Decrease) in accounts payable to Sponsor			510				55
Net cash provided by operating activities		$	-			$	-

See notes to the unaudited financial statements.

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World Gold Trust

Unaudited Combined Statements of Changes in Net Assets

Three Months Ended December 31, 2025 and December 31, 2024

		Three Months				Three Months
		Ended				Ended
(Amounts in 000’s of US$)		Dec-31, 2025				Dec-31, 2024
		(unaudited)				(unaudited)
Net Assets - Opening Balance		$	20,854,265			$	9,108,169
Creations			3,322,862				994,230
Redemptions			(1,574,899	)			(826,139	)
Net investment loss			(5,979	)			(2,340	)
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees			1,905				616
Net realized gain/(loss) from gold distributed for the redemption of shares			557,615				221,085
Net change in unrealized gain/(loss) on investment in gold			2,131,749				(290,362	)
Net Assets - Closing Balance		$	25,287,518			$	9,205,259

See notes to the unaudited financial statements.

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SPDR^® Gold MiniShares^® Trust

Statements of Financial Condition

At December 31, 2025 (unaudited) and September 30, 2025

(Amounts in 000’s of US$ except for share and per share data)		Dec-31, 2025				Sep-30, 2025
		(unaudited)
ASSETS
Investments in Gold, at fair value (cost $16,504,535 and $14,202,521 at December 31, 2025 and September 30, 2025, respectively)		$	25,289,657			$	20,855,894
Gold receivable			-				-
Total Assets		$	25,289,657			$	20,855,894
LIABILITIES
Accounts payable to Sponsor		$	2,139			$	1,629
Gold payable			-				-
Total Liabilities		$	2,139			$	1,629
Net Assets			25,287,518				20,854,265
Shares issued and outstanding (1)			296,550,000				275,350,000
Net asset value per Share		$	85.27			$	75.74

(1) Authorized share capital is unlimited and the par value of the Shares is $0.00.

See notes to the unaudited financial statements.

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SPDR^® Gold MiniShares^® Trust

Schedules of Investment

(Amounts in 000’s except for percentages)

December 31, 2025		Ounces of gold				Cost				Fair Value				% of Net Assets
(unaudited)
Investment in Gold			5,870.5			$	16,504,535			$	25,289,657				100.01	%
Total Investment						$	16,504,535			$	25,289,657				100.01	%
Liabilities in excess of other assets											(2,139	)			(0.01	)%
Net Assets										$	25,287,518				100.00	%

September 30, 2025		Ounces of gold				Cost				Fair Value				% of Net Assets
Investment in Gold			5,452.1			$	14,202,521			$	20,855,894				100.01	%
Total Investment						$	14,202,521			$	20,855,894				100.01	%
Liabilities in excess of other assets											(1,629	)			(0.01	)%
Net Assets										$	20,854,265				100.00	%

See notes to the unaudited financial statements.

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SPDR^® Gold MiniShares^® Trust

Unaudited Statements of Operations

For the Three Months Ended December 31, 2025 and December 31, 2024

		Three Months				Three Months
		Ended				Ended
(Amounts in 000’s of US$, except per share data)		Dec-31, 2025				Dec-31, 2024
		(unaudited)				(unaudited)
EXPENSES
Sponsor fees		$	5,979			$	2,340
Total expenses			5,979				2,340
Net investment loss			(5,979	)			(2,340	)
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			1,905				616
Net realized gain/(loss) from gold distributed for the redemption of shares			557,615				221,085
Net change in unrealized gain/(loss) on investment in gold			2,131,749				(290,362	)
Net realized and change in unrealized gain/(loss) on investment in gold			2,691,269				(68,661	)
Net increase/(decrease) in net assets resulting from operations		$	2,685,290			$	(71,001	)
Net increase/(decrease) in net assets per Share		$	9.30			$	(0.40	)
Weighted average number of shares (in 000’s)			288,635				176,051

See notes to the unaudited financial statements.

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SPDR^® Gold MiniShares^® Trust 

Unaudited Statements of Cash Flows

For the Three Months Ended December 31, 2025 and December 31, 2024

		Three Months				Three Months
		Ended				Ended
(Amounts in 000’s of US$)		Dec-31, 2025				Dec-31, 2024
		(unaudited)				(unaudited)
INCREASE/DECREASE IN CASH FROM OPERATIONS:
Proceeds from sales of gold to pay expenses		$	5,469			$	2,285
Cash expenses paid			(5,469	)			(2,285	)
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		$	3,322,862			$	973,538
Value of gold distributed for redemption of shares-net of change in gold payable		$	1,574,899			$	878,260

		Three Months				Three Months
		Ended				Ended
(Amounts in 000’s of US$)		Dec-31, 2025				Dec-31, 2024
		(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		$	2,685,290			$	(71,001	)
Adjustments to reconcile net increase/(decrease) to net cash provided by operating activities:
Proceeds from sales of gold to pay expenses			5,469				2,285
Net realized (gain)/loss from investment in gold sold to pay Sponsor fees			(1,905	)			(616	)
Net realized (gain)/loss from gold distributed for the redemption of shares			(557,615	)			(221,085	)
Net change in unrealized (gain)/loss on investment in gold			(2,131,749	)			290,362
Increase/(Decrease) in accounts payable to Sponsor			510				55
Net cash provided by operating activities		$	-			$	-

See notes to the unaudited financial statements.

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SPDR^® Gold MiniShares^® Trust

Unaudited Statements of Changes in Net Assets

For the Three Months Ended December 31, 2025 and December 31, 2024

		Three Months				Three Months
		Ended				Ended
(Amounts in 000’s of US$)		Dec-31, 2025				Dec-31, 2024
		(unaudited)				(unaudited)
Net Assets - Opening Balance		$	20,854,265			$	9,108,169
Creations			3,322,862				994,230
Redemptions			(1,574,899	)			(826,139	)
Net investment loss			(5,979	)			(2,340	)
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees			1,905				616
Net realized gain/(loss) from gold distributed for the redemption of shares			557,615				221,085
Net change in unrealized gain/(loss) on investment in gold			2,131,749				(290,362	)
Net Assets - Closing Balance		$	25,287,518			$	9,205,259

See notes to the unaudited financial statements.

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WORLD GOLD TRUST

Notes to the Unaudited Financial Statements

1. Organization

The World Gold Trust (the “Trust”) was organized as a Delaware statutory trust on August 27, 2014 and is governed by the Fourth Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”), dated as of April 16, 2018 and amended on February 6, 2020 and December 1, 2023, between WGC USA Asset Management Company, LLC (the “Sponsor”) and the Delaware Trust Company (the “Trustee”). The Trust is authorized to issue an unlimited number of shares of beneficial interest. The beneficial interest in the Trust may be divided into one or more series, one of which is operational as of December 31, 2025.

The accompanying financial statements relate to the Trust and its one operational series, SPDR^® Gold MiniShares^® Trust (“GLDM”). The shares of GLDM (the “Shares”) began publicly trading on June 26, 2018 on the NYSE Arca, Inc. (the “NYSE Arca”). The Shares are also listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores). The fiscal year-end of GLDM is September 30th.

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 0.10% of its net asset value (“NAV”). The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold.

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 December 31, 2025, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three months ended December 31, 2025 and 2024 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 months ended December 31, 2025 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 months ended December 31, 2025 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.

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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 at fair value:

(Amounts in 000’s of US$)
December 31, 2025		Level 1				Level 2				Level 3
Investment in Gold		$	25,289,657			$	-			$	-
Total		$	25,289,657				-				-

(Amounts in 000’s of US$)
September 30, 2025		Level 1				Level 2				Level 3
Investment in Gold		$	20,855,894			$	-			$	-
Total		$	20,855,894			$	-			$	-

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There were no transfers between Level 1 and other Levels for the three months ended December 31, 2025 or for the year ended September 30, 2025.

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 Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.

2.5. Custody of Gold

Gold is held by the Custodian on behalf of GLDM, 100% of which is allocated gold in the form of good delivery gold bars. A current list of all gold held by the Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.

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 one business day of the trade date.

		Dec-31,				Sep-30,
(Amounts in 000’s of US$)		2025				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 one business day of the trade date.

		Dec-31,				Sep-30,
(Amounts in 000’s of US$)		2025				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 100,000 Shares). GLDM issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the amount of gold and any cash represented by the Creation Units being created or redeemed. This amount will be based on the combined net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received.

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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. Changes in the Shares for the three months ended December 31, 2025 and 2024 are as follows:

		Three Months				Three Months
		Ended				Ended
(Amounts are in 000’s)		Dec-31, 2025				Dec-31, 2024
Activity in Number of Shares Created and Redeemed:
Creations			39,900				18,800
Redemptions			(18,700	)			(15,600	)
Net Change in Number of Shares Created and Redeemed			21,200				3,200

		Three Months				Three Months
		Ended				Ended
(Amounts in 000’s of US$)		Dec-31, 2025				Dec-31, 2024
Activity in Value of Shares Created and Redeemed:
Creations		$	3,322,862			$	994,230
Redemptions			(1,574,899	)			(826,139	)
Net change in Value of Shares Created and Redeemed		$	1,747,963			$	168,091

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 months ended December 31, 2025 of $2,691,269 is made up of a realized gain/(loss) of $1,905 from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $557,615 from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $2,131,749 on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2024 of $(68,661) is made up of a realized gain/(loss) of $616 from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $221,085 from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $(290,362) on investment in gold.

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 no reserves for uncertain tax positions are required as of December 31, 2025. As of December 31, 2025, the 2024, 2023 and 2022 tax years remain open for examination. There were no examinations in progress at period end.

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 the GLDM's Statements of Financial Condition as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

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3. Related Parties – Sponsor

Effective February 23, 2022, the Sponsor reduced its annual fee of 0.18% of the NAV of GLDM to 0.10% of the NAV of GLDM and implemented a one-for-two reverse stock split of the Shares which now represent 1/50th of an ounce of gold. The Sponsor’s annual fee equal to 0.10% of the NAV of GLDM is calculated daily. The Sponsor is responsible for the payment of all GLDM’s ordinary fees and expenses, including but not limited to the following: fees charged by GLDM’s Administrator, Custodian, Marketing Agent and Trustee; exchange listing fees; typical maintenance and transaction fees of The Depository Trust Company; SEC registration fees; printing and mailing costs; audit fees and expenses; and legal fees not in excess of $100,000 per annum and expenses and applicable license fees. The Sponsor is not, however, required to pay any extraordinary expenses incurred in the ordinary course of GLDM’s business as outlined in the Sponsor’s agreement with the Trust.

4. GLDM Expenses

GLDM’s only ordinary recurring operating expense is the Sponsor’s annual fee of 0.10% of the NAV of GLDM. The Sponsor’s fee is payable monthly in arrears.

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.

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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 and operations of a Share outstanding for the three months ended December 31, 2025 and 2024, 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 three months ended December 31, 2025 and 2024

		Three Months				Three Months
		Ended				Ended
		Dec-31, 2025				Dec-31, 2024
		(unaudited)				(unaudited)
Net Asset Value
Net Asset Value per Share, beginning of period		$	75.74			$	52.12
Net Investment income/(loss)			(0.02	)			(0.01	)
Net Realized and Change in Unrealized Gain/(Loss)			9.55			$	0.38
Net increase/(decrease) in net assets resulting from operations			9.53			$	0.39
Net Asset Value per Share, end of period		$	85.27			$	51.73
Market Value per Share, beginning of period		$	76.45			$	52.13
Market Value per Share, end of period		$	85.37			$	51.99
Ratio to average net assets
Net Investment loss(1)			(0.10	)%			(0.10	)%
Gross expenses(1)			0.10	%			0.10	%
Net expenses(1)			0.10	%			0.10	%
Total Return, at Net Asset Value(2)			12.58	%			(0.75	)%
Total Return, at Market Value(2)			11.67	%			(0.27	)%

(1) Percentages are annualized.

(2) Percentages are not annualized.

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9. Subsequent Events

There are no known events that have occurred subsequent to December 31, 2025 that require additional disclosure in these financial statements. 

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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 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 December 31, 2025. GLDM commenced operations on June 26, 2018. GLDM’s investment objective is for its shares (the “Shares”) to reflect the performance of the price of gold, less its expenses.

Gold is held by JPMorgan Chase Bank, N.A. ("JPMorgan" or the "Custodian") on behalf of GLDM.

As of the date of this quarterly report, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, HSBC Securities (USA) Inc., and Virtu Americas LLC are the only Authorized Participants. An updated list of Authorized Participants can be obtained from the Sponsor.

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Investing in the Shares does not insulate the investor from risks, including price volatility. The following chart illustrates the movement in the market price of the Shares and NAV of the Shares against the corresponding gold price (per 1/100 of an oz. of gold) since the day the Shares first began trading on the NYSE Arca:

Share price & NAV v. gold price - June 26, 2018 to December 31, 2025

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 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”). 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 (AM or 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. 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 14, 2025. During the period in which the second count took place, JPMorgan did not hold any gold on behalf of GLDM at its New York or Zurich vaults and, as a result, counts were not conducted at those vault locations. The results can be found on www.spdrgoldshares.com. The Sponsor generally visits the vaults of the Custodian twice a year as part of its due diligence procedures.

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Results of Operations

In the three months ended December 31, 2025, 39,900,000 Shares (399 Creation Units) were created in exchange for 789,881.1 ounces of gold, 18,700,000 Shares (187 Creation Units) were redeemed in exchange for 370,179.6 ounces of gold and 1,333.1 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 December 31, 2025, the amount of gold owned by GLDM and held by the Custodian was 5,870,462.1 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $25,289,657,174 based on the LBMA Gold Price PM on December 31, 2025 (cost —$16,504,535,326).

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 December 31, 2025, GLDM did not have any cash balances. When selling gold to pay expenses, GLDM endeavors to sell the exact amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold or any gold receivable. As a consequence, we expect that GLDM will not record any net cash flow from its operations and that its cash balance will be zero at the end of each reporting period.

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Movements in the Price of Gold

As movements in the price of gold are expected to directly affect the price of the Shares, it is important to understand the recent movements in the price of gold. However, past movements in the price of gold are not indicators of future movements.

The following chart shows movements in the price of gold based on the LBMA Gold Price PM in U.S. dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to December 31, 2025.

Daily Gold Price - June 26, 2018 to December 31, 2025

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 December 31, 2025, based on the LBMA Gold Price PM, were:

																										Last
																						End of				business
Period		Average				High				Date				Low				Date				period				day (1)
Three months ended March 31, 2023		$	1,889.92			$	1,993.80			Mar 24, 2023				$	1,810.95			Feb 24, 2023				$	1,979.70			Mar 31, 2023
Three months ended June 30, 2023		$	1,975.93			$	2,048.45			Apr 13, 2023				$	1,899.60			Jun 29, 2023				$	1,912.25			Jun 30, 2023
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)
Twelve months ended December 31, 2023		$	1,940.54			$	2,078.40			Dec 28, 2023				$	1,810.95			Feb 24, 2023				$	2,062.40			Dec 29, 2023			(2)
Twelve months ended December 31, 2024		$	2,386.20			$	2,777.80			Oct 30, 2024				$	1,985.10			Feb 14, 2024				$	2,610.85			Dec 31, 2024			(2)
Twelve months ended December 31, 2025		$	3,431.54			$	4,449.40			Dec 23, 2025				$	2,633.35			Jan 6, 2025				$	4,307.95			Dec 31, 2025			(2)
June 26, 2018 to December 31, 2025		$	2,015.86			$	4,449.40			Dec 23, 2025				$	1,178.40			Aug 17, 2018				$	4,307.95			Dec 31, 2025			(2)

(1) The end of period gold price is the LBMA Gold Price PM on the last business day of the period.

(2) There was no LBMA Gold Price PM on the last business day of December 2025, 2024 or 2023. The LBMA Gold Price AM on the last business day of December 2025, 2024 and 2023 was $4,307.95, $2,610.85 and $2,062.40, respectively. The Net Asset Value of GLDM on December 31, 2025, 2024 and 2023 was calculated using the LBMA Gold Price AM.

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Item 3. 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.

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 (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 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 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 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.

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PART II—OTHER INFORMATION:

Item 1. Legal Proceedings

None.

Item 1A. 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 affect our business, financial condition or future results. There have been no material changes in our risk factors from those disclosed in our 2025 Annual Report on Form 10-K.

The risks described in our Annual Report on Form 10-K 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) Although GLDM does not purchase shares directly from its shareholders, in connection with the redemption of Creation Units, GLDM redeemed 18,700,000 Shares (187 Creation Units) during the quarter ended December 31, 2025 as set forth in the table below.

		Total Number of				Average Ounces of
		Shares				Gold
Period		Redeemed				Per Share
10/1/25 to 10/31/25			2,800,000				0.01980
11/1/25 to 11/30/25			3,600,000				0.01980
12/1/25 to 12/31/25			12,300,000				0.01979
Total			18,700,000				0.01980

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. 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 December 31, 2025.

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Item 6. 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
4.2		Form of Authorized Participant Agreement
31.1		Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2025.
31.2		Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2025.
32.1		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2025.
32.2		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2025.
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 and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

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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* indicated thereunto duly authorized.

	WGC USA Asset Management Company, LLC Sponsor of the World Gold Trust
	(Registrant)
	By:		/s/ Joseph R. Cavatoni
			Joseph R. Cavatoni
			Principal Executive Officer*
	By:		/s/ Amanda Krichman
			Amanda Krichman
			Principal Financial and Accounting Officer*

Date: February 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.

25

FAQ

How did SPDR Gold MiniShares (GLDM) perform in the quarter ended December 31, 2025?

SPDR Gold MiniShares delivered a strong quarter, with total return at net asset value of 12.58%. NAV per share rose from $75.74 to $85.27, reflecting significant realized and unrealized gains on gold holdings as bullion prices increased during the period.

How much gold does SPDR Gold MiniShares (GLDM) hold and what is its value?

At December 31, 2025, the Trust held 5,870.5 thousand ounces of gold. The fair value of this gold was $25,289,657 thousand based on the LBMA Gold Price, compared with cost of $16,504,535 thousand, highlighting substantial embedded gains in the bullion portfolio.

What were SPDR Gold MiniShares’ (GLDM) net assets and shares outstanding?

Net assets reached $25,287,518 thousand at December 31, 2025, up from $20,854,265 thousand. Shares issued and outstanding were 296,550,000 at that date, and 318,050,000 shares were outstanding as of February 3, 2026, indicating net creations over time.

What fees and expenses does SPDR Gold MiniShares (GLDM) charge investors?

The Trust’s only ordinary recurring operating expense is the Sponsor’s annual fee of 0.10% of NAV. For the quarter ended December 31, 2025, this produced sponsor fees of $5,979 thousand, resulting in a small net investment loss while gold price gains drove overall returns.

How did creations and redemptions affect SPDR Gold MiniShares (GLDM) this quarter?

During the three months ended December 31, 2025, creations totaled $3,322,862 thousand and redemptions $1,574,899 thousand. This net positive flow increased shares outstanding and contributed to net assets rising alongside strong gold price performance in the period.

How closely does SPDR Gold MiniShares (GLDM) track gold prices?

The Trust aims for its shares to reflect the price of gold, less expenses. Gold is valued using the LBMA Gold Price set by ICE Benchmark Administration. The quarter’s 12.58% NAV total return and detailed bullion holdings show performance tied directly to movements in the underlying gold price.

What were SPDR Gold MiniShares’ (GLDM) financial highlights per share?

For the three months ended December 31, 2025, net investment loss was $(0.02) per share, while net realized and unrealized gains added $9.55 per share. Overall, net assets increased $9.53 per share, lifting NAV from $75.74 to $85.27.