Annual Report for Fiscal Year Ending December 31, 2025 (Form 10-K)

Management's Discussion and Analysis of Financial Condition and Results of Operations.

This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with the financial statements and notes to the financial statements contained in this Annual Report. Additionally, this MD&A contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and within the Private Securities Litigation Reform Act of 1995, as amended, which relate to future events or future performance. For a discussion of the forward-looking statements contained herein, please refer to the Cautionary Note Regarding Forward-Looking Statements contained in this Annual Report, which is incorporated by reference herein.

Introduction

The Trust issues shares that represent units of fractional undivided beneficial interest in the Trust. The Trust's investment objective is for the Shares to reflect the performance of the price of gold less the expenses of the Trust's operations. The Trust is not actively managed. The Trust's fiscal year-end is December 31.

Investing in the Shares does not insulate the investor from risks, including price volatility. The following table illustrates the movement in the NAV of the Shares against the corresponding gold price (per 1/100 of an oz. of gold) since inception:

Source: Bloomberg, LBMA Gold Price PM USD versus AAAU NAV Index, August 15, 2018 - December 31, 2025

The divergence of the NAV per share from the gold price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

Critical Accounting Policy

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates.

The following is a summary of significant accounting policies followed by the Trust. Please refer to Note 2 to the Financial Statements included elsewhere in this Annual Report for further discussion of our accounting policies.

Valuation of Gold and Computation of Net Asset Value

The Trustee determines the Net Asset Value of the Trust on each day that the Cboe BZX Exchange (NYSE Arca prior to February 3, 2022) is open for regular trading, as promptly as practical after 4:00 p.m. New York City time. The Net Asset Value of the Trust is the aggregate value of gold and other assets, if any, of the Trust (other than any amounts credited to the Trust's reserve account, if any) including cash, if any, less liabilities of the Trust, which include estimated accrued but unpaid fees, expenses and other liabilities. In determining the Trust's Net Asset Value, the Trustee values the gold held by the Trust based on the LBMA Gold Price PM. The LBMA Gold Price PM is set at 3:00 p.m. London time via an auction independently operated and administered by ICE Benchmark Administration ("IBA"). The price is set in U.S. dollars per Fine Ounce. If no LBMA Gold Price PM is available for the required day, the Trustee uses the LBMA Gold Price AM. If no LBMA Gold Price PM or LBMA Gold Price AM is available for the day, the Trustee values the Trust's gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM. If the Sponsor determines that such price is inappropriate to use, it must identify an alternate basis for evaluation to be employed by the Trustee. The Sponsor may instruct the Trustee to use a different price which is reasonably available to the Trustee at no cost to the Trustee that the Sponsor determines to represent fairly the commercial value of the Trust's gold. At December 31, 2024 and December 31, 2025, the LBMA Gold Price AM was utilized.

Under the Custody Agreement, the Custodian has agreed to allow the Sponsor, Trustee and their identified representatives, independent public accountants, and bullion auditors access to its premises during normal business hours to examine the gold held for the Trust and such records in accordance with the terms of the Custody Agreement. We expect an audit to be conducted by an independent bullion auditor at least annually.

Review of Financial Results

For Year Ended December 31, 2025

For the year ended December 31, 2025, 26,988,722 shares (1,080 Baskets) were created in exchange for 266,584.1 ounces of gold, 1,650,000 shares (66 baskets) were redeemed in exchange for 16,301.0 ounces of gold, and 786.7 ounces of gold were sold to pay expenses.

At December 31, 2025, the Trust's NAV per share was at $42.51, compared to $25.81 at December 31, 2024. The increase in NAV per share at year-end was primarily due to a higher price of gold of 4,367.80 at period end which represented an increase of 67.29% from $2,610.85 at December 31, 2024.

At December 31, 2025, the Custodian held 590,283.0 ounces of gold on behalf of the Trust in its vault, with a market value of $2,542,909,779 (cost: $1,590,130,354) based on the LBMA Gold Price AM at period end.

At December 31, 2024, the Custodian held 340,786.6 ounces of gold on behalf of the Trust in its vault, with a market value of $889,742,864 (cost: $701,309,900) based on the LBMA Gold Price AM at period end.

The change in net assets from operations for the year-ended December 31, 2025 was $783,446,114, which was due to (i) the Sponsor Fee of $(2,943,778) and (ii) a net realized and unrealized gain of $786,389,892 from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $(54,763), net realized gain from gold bullion distributed for redemptions of $22,098,194 and a net change in unrealized appreciation/depreciation on investments in gold bullion of $764,346,461. Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2025.

The change in net assets from operations for the year-ended December 31, 2024 was $162,054,699, which was due to (i) the Sponsor Fee of $(1,355,299) and (ii) a net realized and unrealized gain of $163,409,998 from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $(5,039), a net realized gain from gold bullion distributed for redemptions of $14,284,935 and a net change in unrealized appreciation/depreciation on investments in gold bullion of $149,130,102. Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2024.

A comparison of the fiscal years ended December 31, 2024 and 2023 can be found in the Trust's annual report on Form 10-K for the fiscal year ended December 31, 2024 located within Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, which is incorporated by reference herein.

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 Fee, the Sponsor has agreed to assume and be responsible for the payment of most of the expenses incurred by the Trust, up to a maximum amount equal to the greater of $500,000 per annum and the amount that is equal to 0.15% of the average total value of the gold held by the Trust, as determined by the Trustee on each business day, plus the value of all other assets of the Trust (other than any amount credited to the Trust's reserve account), including cash, if any. As such, the only ordinary expense of the Trust during the period covered by this report was the Sponsor Fee. The Sponsor Fee accrues daily based on the prior business day's NAV and is payable in cash from the Trust Property or the sale of gold in accordance with the Trust Agreement.

The Trustee will, when directed by the Sponsor, and, in the absence of such direction may, in its discretion, sell gold in such quantity and at such times as may be necessary to permit payment in cash of the Trust's extraordinary expenses not assumed by the Sponsor. At December 31, 2025, the Trust did not have any cash balances.

Off-Balance Sheet Arrangement

As of December 31, 2025, the Trust did not have any off-balance sheet arrangements.

Analysis of Movements in the Price of Gold

As movements in the price of gold are expected to directly affect the price of the Trust's shares, it is important for investors to understand and follow movements in the price of gold. Past movements in the gold price 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 January 1, 2025 to December 31, 2025.

Daily gold price - January 1, 2025 to December 31, 2025

LBMA Gold Price PM (in USD)

The average, high, low and end-of-period gold prices for each quarterly period from January 1, 2025 through December 31, 2025, based on the LBMA PM Gold Price PM were: