GraniteShares Gold Trust

What they do

The Trust owns gold bullion and issues shares representing fractional undivided beneficial interests in that gold. It does not engage in profit-seeking activities; its only ordinary expense is the Sponsor's Fee, paid in-kind through gold transfers. Shares are created and redeemed only by Authorized Participants in baskets of 50,000 shares. The trustee values the gold daily using the LBMA Gold Price PM.

Revenue drivers

• Gold bullion holdings — The Trust's entire asset base is physical gold bullion held by the custodian; revenue is derived from changes in the price of gold, which drives net asset value and shares at redeemable value.

Recent performance

For fiscal year ended June 30, 2026, net income was $246.9 million, down from $315.7 million in fiscal 2025; diluted EPS was $7.13 versus $9.36. Shares at redeemable value increased from $1,105,575,430 on June 30, 2025 to $1,333,805,586 on June 30, 2026, while outstanding shares decreased from 34,100,000 to 33,650,000. For the March 31, 2026 quarter, net asset value rose 6.8% to $1,593,242,746, driven by a 6.97% increase in the gold price to $4,608.35; NAV per share increased 6.93% to $45.39.

Strategy

The Trust is a passive vehicle designed to provide a cost-effective way to invest in physical gold, avoiding the expense and complexity of direct bullion ownership. It does not pursue trading or profit strategies; its objective is to make the share value reflect the gold price less expenses. Management focuses on maintaining operational efficiency, with the Sponsor assuming most Trust expenses. It continues to operate with a fixed structure, issuing and redeeming baskets only through Authorized Participants.

Risks

• Gold price decline — The Trust's net income and net asset value are directly tied to the price of gold; a drop would reduce the value of shares and the Trust's assets.
• Share redemption risk — Net redemptions reduce outstanding shares and the Trust's gold holdings, as seen in the decrease from 34.1 million to 33.65 million shares over fiscal 2026.
• Custody and counterparty risk — The Trust's gold is held by ICBC Standard Bank, and the trustee is BNY Mellon; any failure by these parties could impair the Trust's assets.
• Regulatory risk — The Trust is not registered as an investment company and is not a commodity pool; future regulatory changes could alter its operating framework or tax treatment.

Outlook

Management does not provide forward-looking guidance on gold prices. The Trust's performance will continue to depend on gold market movements and creation/redemption activity. The Sponsor has agreed to assume most Trust expenses, limiting ordinary costs to the Sponsor's Fee. The Trust has no fixed termination date and no known trends that would materially affect liquidity.