ADDED
ICE BENCHMARK ADMINISTRATION IS A TRADEMARK OF IBA AND/OR ITS AFFILIATES.
The largest portion of gold supplied to the market is from mine production, which averaged approximately 3,601 tonnes per year from 2020 through 2024.
Recycled gold averaged approximately 1,233 tonnes annually between 2020 through 2024.
The largest source of demand comes from jewelry fabrication, which accounted for approximately 47% of the identifiable demand from 2020 through 2024 followed by net physical investment, which represents identifiable investment demand, which accounted for approximately 27% of the demand.
Between 2020 and 2024, according to Gold Focus 2025 , central bank purchases averaged 784 tonnes.
The Sponsor s fees were $363,083,124 for the year ended September 30, 2025.
Bureau Veritas concluded the annual full count of the Trust s gold bullion held by (i) HSBC at its London vault on September 30, 2025, (ii) JPMorgan at its London vault on September 30, 2025 and (iii) JPMorgan at its New York vault on September 30, 2025.
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, JPMorgan's New York vault on March 24, 2025 and HSBC's London vault on April 1, 2025.
During the period in which both the annual count and the second count took place, JPMorgan did not hold any gold on behalf of the Trust at its Zurich vault and, as a result, counts were not conducted at that vault location.
Government plans and some church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code but may be subject to substantially similar rules under state or other federal law.
REMOVED
ICE BENCHMARK ADMINSTRATION IS A TRADEMARK OF IBA AND/OR ITS AFFILIATES.
The largest portion of gold supplied to the market is from mine production, which averaged approximately 3,588 tonnes per year from 2019 through 2023.
Recycled gold averaged approximately 1,217 tonnes annually between 2019 through 2023.
The largest source of demand comes from jewelry fabrication, which accounted for approximately 49% of the identifiable demand from 2019 through 2023 followed by net physical investment, which represents identifiable investment demand, which accounted for approximately 26% of the demand.
Between 2019 and 2023, according to Gold Focus 2024 , central bank purchases averaged 684 tonnes.
LLC, Goldman Sachs Execution Clearing, L.P., HSBC Securities (USA) Inc., J.P.
The Sponsor s fees were $242,094,239 for the year ended September 30, 2024.
Bureau Veritas concluded the annual full count of the Trust s gold bullion held by (i) HSBC at its London vault on September 30, 2024, (ii) JPMorgan at its London vault on September 30, 2024 and (iii) JPMorgan at its New York vault on September 30, 2024.
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 19, 2024, JPMorgan's New York vault on April 4, 2024 and HSBC's London vault on April 2, 2024.
Any creation and issuance of Shares above the amount registered on the registration statement of which this report is a part will require the registration of such additional Shares.