World Gold Trust

Previous wording

The Trust established six separate series, of which only SPDR® Gold MiniShares® Trust (“GLDM”) is operational as of September 30, 2024. 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.

Current wording

SPDR® Gold MiniShares® Trust (“GLDM”) is the only operational Fund as of September 30, 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.

Previous wording

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. In determining the NAV, the Administrator will value the gold bullion held by GLDM on the basis of 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 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.

Current wording

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 based on the price of an ounce of gold as determined by the ICE Benchmark Administration Limited. In determining the NAV, the Administrator will value the gold bullion held by GLDM based on 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 LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination. Gold held by GLDM is reported at fair value on the Statement of Financial Condition.

Previous wording

Bureau Veritas conducts two counts each year of the gold bullion held on behalf of GLDM at the vaults of the Custodians. A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30 th. On September 30, 2024, Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by JPMorgan at its London vault. 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 ICBC's London vault on March 11, 2024 and at JPMorgan's London vault on March 18, 2024. JPMorgan does not hold any gold on behalf of GLDM at its New York or Zurich vaults. The results can be found onwww.spdrgoldshares.com. The Sponsor generally visits the vaults of the Custodians twice a year as part of its due diligence procedures.

Current wording

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 Custodians. A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30 th. On September 30, 2025, Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by JPMorgan at its London vault. 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 both the annual count and the second count took place, ICBC did not hold any gold on behalf of GLDM and 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 onwww.spdrgoldshares.com. The Sponsor generally visits the vaults of the Custodians twice a year as part of its due diligence procedures.

Previous wording

GLDM’s net realized and change in unrealized gain on investment in gold for the year ended September 30, 2023 of $552,021 is made up of a realized gain of $393 from the sale of gold to pay Sponsor fees, a realized gain of $52,550 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $499,078 on investment in gold.

Current wording

GLDM’s net realized and change in unrealized loss on investment in gold for the year ended September 30, 2023 of $552,021 is made up of a realized gain of $393 from the sale of gold to pay Sponsor fees, a realized gain of $52,550 from gold distributed for the redemption of shares, and a change in unrealized depreciation of $499,078 on investment in gold.

Previous wording

In the year ended September 30, 2024, 52,400,000 Shares (524 Creation Units) were created in exchange for 1,038,897.4 ounces of gold, 33,000,000 Shares (330 Creation Units) were redeemed in exchange for 654,344.5 ounces of gold and 3,061.7 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 were completed in the normal course of business.

Current wording

In the year ended September 30, 2025, 162,000,000 Shares (1620 Creation Units) were created in exchange for 3,208,532.0 ounces of gold, 61,400,000 Shares (614 Creation Units) were redeemed in exchange for 1,216,045.0 ounces of gold and 3,919.8 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 were completed in the normal course of business.

Previous wording

As at September 30, 2024, the amount of gold owned by GLDM and held by the Custodians in their vaults was 3,483,344.7 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value $9,161,022,521 based on the LBMA Gold Price PM on September 30, 2024 (cost—$6,671,767,835).

Current wording

As at September 30, 2025, the amount of gold owned by GLDM and held by the Custodians in their vaults 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 $20,855,893,744 based on the LBMA Gold Price PM on September 30, 2025 (cost—$14,202,521,382).

Previous wording

As at September 30, 2022, the amount of gold owned by GLDM and held by ICBC, as the only custodian at the time, in its vault was 2,806,871.5 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value $4,692,387,416 based on the LBMA Gold Price PM on September 30, 2022 (cost—$4,864,729,657).

Current wording

As at September 30, 2024, the amount of gold owned by GLDM and held by ICBC, as the only custodian at the time, in its vault was 3,483,344.7 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value $9,161,022,521 based on the LBMA Gold Price PM on September 30, 2024 (cost—$6,671,767,835).