Gold Trust is a gold-backed investment trust that provides investors exposure to the price of gold through a structured fund and defined operational framework.

# Gold Trust

## Overview
Gold Trust is a gold-backed investment trust that provides investors with exposure to the price of gold through a structured fund and defined operational framework.

## Core purpose and objective
- The trust is centered on gold and aims to provide investment exposure tied to gold prices.
- The Trust Objective is to track or deliver performance related to gold through its established mechanism.

## How the trust operates
- The trust’s strategy is grounded in the dynamics of the gold industry and the functioning of the gold market.
- Shares may be traded on the secondary market, enabling investors to buy and sell positions.

## Valuation and share management
- Gold valuation and the computation of net asset value (NAV) determine share pricing and redemptions.
- Physical gold is deposited to support the issuance of baskets, which represent specified amounts of gold backing shares.
- Baskets may be redeemed for gold or cash according to the trust’s rules.
- The trust charges fees and incurs expenses for its operations as described in its governing documents.

## Governance and key service providers
- The Sponsor provides strategic direction for the trust.
- The Trustee serves as the fiduciary responsible for oversight and compliance.
- The Custodian holds and safeguards the physical gold and manages custody arrangements.

## Custody and inspection
- The trust maintains procedures for storing and protecting its gold holdings.
- Provisions are in place for periodic inspection of the gold to verify integrity and security.

## Description of the shares
- Shares represent interests in the trust’s gold holdings and are issued and redeemed under the trust’s specified terms.

## Tax, regulatory, and compliance considerations
- U.S. federal income tax consequences for investors are addressed in the trust’s disclosures.
- ERISA and related considerations are covered for retirement plans and fiduciaries.
- Additional regulatory and compliance topics are addressed, including risk disclosures and cybersecurity controls.

## Risk, cybersecurity, and other disclosures
- The trust discloses investment, market, and operational risk factors.
- Information security and cybersecurity practices are described.
- Other standard sections include unresolved staff comments, physical properties related to custody or storage, legal proceedings, and mine safety disclosures.

## Context
The excerpt focuses on the structure and operations of a gold-backed investment trust rather than the profile of a typical operating company with product lines, customers, and revenue streams.

GraniteShares Gold Trust is a passive investment vehicle that allows retail investors to invest in gold bullion without the complexities of managing physical gold, by owning shares that reflect the value of the gold it holds.

# GraniteShares Gold Trust

## Summary
The GraniteShares Gold Trust holds gold bullion and issues Shares that represent a fractional undivided beneficial interest in the Trust. Each Share reflects the value of the Trust's assets (gold) less accrued expenses and liabilities.

## Structure and management
- Sponsor: GraniteShares LLC  
- Trustee: The Bank of New York Mellon  
- Custodian: ICBC Standard Bank

## Shares and assets
- Basket size: 50,000 Shares per Basket  
- Redeemable value:
  - From $935,811,456 (June 30, 2023)
  - To $790,994,009 (June 30, 2024)  
- Outstanding Shares:
  - From 49,450,000 Shares (June 30, 2023)
  - To 34,350,000 Shares (June 30, 2024)

## Operational model
- The Trust is a passive investment vehicle that holds physical gold and does not engage in activities to profit from price changes.  
- The Trust does not employ directors, officers, or employees.  
- Sponsor's Fee: 0.1749% of net asset value, accrued daily and paid monthly.

## Investment proposition
The Trust provides a straightforward, cost-conscious way for retail investors to gain exposure to physical gold without managing bullion. It is offered to retail investors through traditional brokerage accounts and other investment institutions.

## Revenue and costs
- Income is derived from the gold held in the Trust rather than active business operations.  
- Sponsor's Fee for the fiscal year ended June 30, 2024: $1,671,742.  
- Additional operational costs can include SEC registration, auditing fees, and other expenses not covered by the Sponsor.

## Conclusion
GraniteShares Gold Trust offers investors regulated, accessible exposure to physical gold through an ETF-style share structure, with an emphasis on simplicity and low operational complexity.

GraniteShares Gold Trust

10-K / August 13, 2026

10-K / August 15, 2024

10-K / August 13, 2026

Gold Trust

Overview

Core purpose and objective

How the trust operates

Valuation and share management

Governance and key service providers

Custody and inspection

Description of the shares

Tax, regulatory, and compliance considerations

Risk, cybersecurity, and other disclosures

Context