GraniteShares Gold Trust
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001493152-26-021859
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001493152-26-050421
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 27 previous paragraphs and 22 current paragraphs.
18 unchanged; 4 reworded; 0 added; 3 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (3)
Previous report
Nine Months Ended March 31, 2026
Previous report
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).
Previous report
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.
Reworded paragraphs (4)
Previous wording
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).
Current wording
The Trust’s net asset value increased from $1,333,805,586 on June 30, 2026 to $1,339,821,461 on September 30, 2026, a 0.45% increase. The increase in the Trust’s net asset value was due to a change in the price of gold, which increased 3.73% from $4,026.05 on June 30, 2026, to $4,176.30 on September 30, 2026. The Trust’s net asset value was negatively impacted by the decrease in the Trust’s number of shares outstanding which changed from 33,650,000 on June 30, 2026 to 32,600,000 on September 30, 2026, a decrease of 3.12%, as a net result of 0 creation orders and 21 redemption orders (50,000 shares orders).
Previous wording
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.
Current wording
The 3.68% increase in the Trust’s net asset value per share, from $39.64 on June 30, 2026, to $41.10 on September 30, 2026, is related to the increase in the price of gold.
Previous wording
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.
Current wording
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 $609,669 for the quarter, or 0.044% of the Trust’s average weighted net assets of $1,382,936,068 during the quarter. The net asset value per share of $45.90 on August 24, 2026 was the highest during the quarter, compared with a low during the quarter of $39.31 on July 16, 2026.
Previous wording
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.
Current wording
Net increase in net assets resulting from operations for the quarter ending September 30, 2026, was $48,835,947, resulting from an unrealized gain on investment in gold bullion of $25,772,620 increased by a gain of $23,672,996 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $609,669. Other than the Sponsor’s fees the Trust had no expenses during the quarter.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.