The GraniteShares Gold Trust operates within the global gold industry, which encompasses mining and producer, banking, official, investment, and manufacturing sectors. The Trust is a passive investment vehicle that holds gold bullion and issues Shares representing fractional undivided beneficial interests in its net assets, with the objective that the value of each Share reflects the price of the gold owned by the Trust less accrued expenses and liabilities. The Trust does not engage in any activities designed to obtain a profit from or ameliorate losses caused by changes in the price of gold, and it is not registered as an investment company under the Investment Company Act of 1940 nor as a commodity pool under the Commodity Exchange Act. The Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the gold industry, other securities backed by or linked to gold, direct investments in gold, and investment vehicles similar to the Trust.

The Trust's primary competitors include other methods of investing in gold, such as traditional debt and equity securities issued by companies in the gold industry, other securities backed by or linked to gold, direct investments in gold, and investment vehicles similar to the Trust. The Trust's competitive advantages include minimal credit risk because Shares are backed primarily by allocated physical gold bullion identified as the Trust's property in the Custodian's books, ease and flexibility of investment through traditional brokerage accounts, and relative cost efficiency as expenses are dispersed among all holders of Shares. As of the filing, the Authorized Participants are J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, and Virtu Americas LLC.

The Trust generates revenue solely through the issuance and redemption of Shares in exchange for gold, with no recurring or transactional income from operations. The Trust's only ordinary recurring expense is the Sponsor's Fee, which is accrued daily at an annualized rate equal to 0.1749% ¹ of the net asset value of the Trust and payable monthly in arrears. The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon as Trustee. Shares are created and redeemed only in Baskets of 50,000 Shares ² and only through Authorized Participants, who are registered broker-dealers or other securities market participants that have entered into an Authorized Participant Agreement with the Trust.

The Trust's sole asset is gold bullion held by ICBC Standard Bank as Custodian. The gold held by the Trust is only delivered to pay the Sponsor's Fee, distributed to Authorized Participants in connection with the redemption of Baskets, or sold on an as-needed basis to pay Trust expenses not assumed by the Sponsor, in the event the Trust terminates and liquidates its assets, or as otherwise required by law or regulation. The Trust's Shares at redeemable value increased from US$ 1,105,575,430 ³ on June 30, 2025, to US$ 1,333,805,586 ⁴ on June 30, 2026. The Outstanding Shares in the Trust decreased from 34,100,000 ⁵ Shares on June 30, 2025, to 33,650,000 ⁶ Shares on June 30, 2026.

During the fiscal year ended June 30, 2026, the Trust created 1,950,000 ⁷ Shares (39 Baskets) and redeemed 2,400,000 ⁸ Shares (48 Baskets). The Sponsor's Fee for the fiscal year ended June 30, 2026, was $2,534,557 ⁹. The Sponsor has agreed to assume the organizational expenses of the Trust and certain expenses including the Trustee's monthly fee and its ordinary out-of-pocket expenses, the Custodian's Fee and its reimbursable expenses, Exchange listing fees, SEC registration fees, marketing expenses, printing and mailing costs, audit fees and expenses and up to $200,000 ¹⁰ per annum in legal fees and expenses.

The Trust's net asset value increased from $1,105,575,430 ¹¹ on June 30, 2025, to $1,333,805,586 ¹² on June 30, 2026, a 20.64% ¹³ increase for the year. The increase resulted primarily from an increase in gold price from $3,287.45 ¹⁴ per ounce on June 30, 2025, to $4,026.05 ¹⁵ on June 30, 2026, a 22.47% ¹⁶ increase. The NAV per Share increased 22.27% ¹⁷ from $32.42 ¹⁸ on June 30, 2025, to $39.64 ¹⁹ on June 30, 2026. Total gain on gold was $249,444,000 ²⁰ for the fiscal year ended June 30, 2026, compared to $317,292,000 ²¹ for the fiscal year ended June 30, 2025. Change in net assets from operations was $246,909,000 ²² for fiscal 2026, compared to $315,654,000 ²³ for fiscal 2025.

The Trust's growth is tied to the global gold market, with world gold supply increasing from 5,054.0 ²⁴ tonnes in 2024 to 5,143.8 ²⁵ tonnes in 2025, and total demand increasing from 4,650.8 ²⁶ tonnes in 2024 to 5,025.2 ²⁷ tonnes in 2025. Investment demand for gold rose sharply from 1,205.6 ²⁸ tonnes in 2024 to 2,204.0 ²⁹ tonnes in 2025, representing a significant growth vector for the Trust as it provides a vehicle for investors to gain exposure to gold through the securities market. The LBMA Gold Price increased from $2,386.2 ³⁰ per ounce in 2024 to $3,431.5 ³¹ per ounce in 2025, reflecting strong market conditions that support the Trust's value proposition.

The Trust's growth is also supported by the expansion of Authorized Participants and the listing of Shares on NYSE Arca under the symbol BAR. The Trust's Shares are designed to provide a simple and cost-effective means of making an investment similar to an investment in gold, removing obstacles of expense and complications involved in physical gold bullion investment. The Trust's objective is for the value of the Shares to reflect the value of the assets owned by the Trust less accrued expenses and liabilities, and the Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in gold.

The Trust's only ordinary recurring expense is the Sponsor's Fee, which is accrued daily at an annualized rate equal to 0.1749% ³² of the net asset value of the Trust. The Sponsor has agreed to assume most of the Trust's expenses, including the Trustee's Fee, Custodian's Fee, Exchange listing fees, SEC registration fees, marketing expenses, printing and mailing costs, audit fees and expenses and up to $200,000 ³³ per annum in legal fees and expenses. The Sponsor may, at its discretion, waive all or a portion of the Sponsor's Fee for stated periods of time, but presently does not intend to waive any part of its fee.

The Trust does not have any officers, directors, or employees, and its operations are administered by the Trustee. The Custodian holds the Trust's gold at its London vault premises, and the Sponsor has contracted with a specialist bullion assaying firm to provide biannual inspections of the gold bars. The Trust's only source of liquidity is its transfers and sales of gold, and at June 30, 2026, the Trust did not have any cash balances.

The Sponsor's Fee is the only ordinary expense paid by the Trust, and the Sponsor has agreed to assume most expenses. The Trust does not engage in any activities designed to obtain a profit from or ameliorate losses caused by changes in the price of gold. The Trust's capital allocation is limited to the payment of the Sponsor's Fee through in-kind transfers of gold and the sale of gold to pay any expenses not assumed by the Sponsor.

The Trust faces headwinds from the potential for large sales by the official sector (government, central banks and related institutions), which own a significant portion of aggregate world holdings. A significant increase in gold hedging activity by gold producers or a significant change in the attitude of speculators and investors towards gold could cause a decline in world gold prices. Geopolitical events, including the conflict in the Middle East, the continuation of the war in Ukraine and other hostilities, could disrupt and potentially impact the business activities of the Sponsor and its service providers and have an adverse effect on the Trust.

The Trust faces constraints from the fact that the amount of gold represented by each Share will decrease over the life of the Trust due to sales of gold necessary to pay the Sponsor's Fee and Trust expenses. Without increases in the price of gold sufficient to compensate for that decrease, the price of the Shares will also decline. The Trust may be forced to sell gold earlier than anticipated if expenses are higher than estimated, and the liquidation of the Trust may occur at a time when the disposition of the Trust's gold will result in losses to investors.

Management's message emphasizes the Trust's passive investment objective to reflect the price of gold bullion owned by the Trust less liabilities, with the Trust's NAV per Share increasing 22.27% ³⁹ from $32.42 ⁴⁰ on June 30, 2025, to $39.64 ⁴¹ on June 30, 2026, while the gold price increased 22.47% ⁴² from $3,287.45 ⁴³ to $4,026.05 ⁴⁴ per ounce over the same period. The strategic priorities emphasized include maintaining the Trust's structure as a simple and cost-effective means of investing in gold, with the Sponsor's Fee at 0.1749% ⁴⁵ of net asset value on an annualized basis, and ensuring the continued operation of the creation and redemption mechanism through Authorized Participants to keep the Share price closely linked to the gold price. Management also highlights the Trust's minimal credit risk, as Shares are backed primarily by allocated physical gold bullion, and the ease and flexibility of investment through traditional brokerage accounts.

For the fiscal year ended June 30, 2026, total gain on gold was $249,444,000 ⁴⁶, compared to $317,292,000 ⁴⁷ for the fiscal year ended June 30, 2025, and $189,344,000 ⁴⁸ for the fiscal year ended June 30, 2024. Change in net assets from operations was $246,909,000 ⁴⁹ for fiscal 2026, compared to $315,654,000 ⁵⁰ for fiscal 2025, and $187,672,000 ⁵¹ for fiscal 2024. Net increase in net assets per Share was $7.13 ⁵² for fiscal 2026, compared to $9.36 ⁵³ for fiscal 2025, and $4.03 ⁵⁴ for fiscal 2024. Total assets at June 30, 2026 were $1,334,011,000 ⁵⁵, compared to $1,105,737,000 ⁵⁶ at June 30, 2025. Net assets at June 30, 2026 were $1,333,806,000 ⁵⁷, compared to $1,105,575,000 ⁵⁸ at June 30, 2025. The Sponsor's Fee for fiscal 2026 was $2,534,557 ⁵⁹, compared to $1,639,442 ⁶⁰ for fiscal 2025, and $1,671,742 ⁶¹ for fiscal 2024. The Trust had no cash balances at June 30, 2026. The weighted average number of Shares was 34,634,000 ⁶² for fiscal 2026, compared to 33,706,000 ⁶³ for fiscal 2025, and 46,607,000 ⁶⁴ for fiscal 2024. The investment in gold at fair value was $1,334,011,000 ⁶⁵ at June 30, 2026, with a cost of $624,721,000 ⁶⁶, compared to a fair value of $1,105,737,000 ⁶⁷ at June 30, 2025, with a cost of $588,663,000 ⁶⁸.

The price of gold is volatile and has fluctuated widely over the past several years, with the LBMA Gold Price ranging from $1,160.1 ³⁴ per ounce in 2015 to $3,431.5 ³⁵ per ounce in 2025, exposing Shareholders to potential losses if they sell when the gold price is lower than at investment. The amount of gold represented by each Share decreases over the life of the Trust due to sales of gold to pay the Sponsor's Fee, which was $2,534,557 ³⁶ for fiscal 2026, and without sufficient increases in the gold price, the Share price will decline. The Custodian's liability for loss or damage to the Trust's gold is limited to circumstances of negligence, fraud, or willful default, and the Trust does not insure its gold, while the Custodian's insurance does not cover the full amount of gold held in custody. Gold held in the Trust Unallocated Account is not segregated from the Custodian's assets, making the Trust an unsecured creditor of the Custodian in the event of insolvency, and the Custodian is not liable for acts or omissions of subcustodians unless selection was made negligently or in bad faith. Geopolitical events, including the conflict in the Middle East and the war in Ukraine, have caused volatility in the price of gold and could disrupt the Trust's operations, with the LBMA suspending accreditation of six Russian precious metals refiners on March 7, 2022 ³⁷ and regulations prohibiting import of Russian gold after July 21, 2022 ³⁸.