World Gold Trust reported a sharp expansion in the SPDR Gold MiniShares Trust, known by ticker GLDM, during the quarter ended March 31, 2026, as share creations significantly exceeded redemptions amid elevated gold prices. GLDM is the only operational series of World Gold Trust and is sponsored by WGC USA Asset Management Company, LLC. Its shares are designed to track the price performance of gold bullion, less expenses. During the three months ended March 31, 2026, GLDM issued 34,900,000 shares, representing 349 Creation Units, in exchange for 690,763.3 ounces of gold. Over the same period, it redeemed 6,700,000 shares, or 67 Creation Units, in exchange for 132,598.3 ounces of gold. The trust also sold 1,427.1 ounces of gold to pay sponsor fees. The filing describes these creations and redemptions as normal-course activity; GLDM reflects creations and redemptions for accounting purposes when notice is received, but shares are issued only after the required gold is received, and gold is delivered upon receipt of shares in a redemption. By March 31, 2026, GLDM held 6,427,200.0 ounces of gold through JPMorgan Chase Bank, N.A., its custodian. All of that gold was allocated bullion in the form of London Good Delivery bars. The holdings had a market value of $29.62 billion, based on the LBMA Gold Price PM of $4,608.35 per ounce on March 31, 2026, compared with a cost basis of $19.44 billion. That marked a substantial increase from September 30, 2025, when GLDM held 5,452,093.6 ounces of gold valued at $20.86 billion, with a cost basis of $14.20 billion. The quarter was volatile for gold. For the three months ended March 31, 2026, the LBMA Gold Price PM averaged $4,872.89 per ounce, reached a high of $5,405.00 on January 29, 2026, and hit a low of $4,352.95 on January 2, 2026. The end-of-period price was $4,608.35 per ounce. Because GLDM is a passive investment vehicle, these gold-price movements directly affect the value of its shares, which are intended to reflect gold’s performance after expenses. The trust reported that it had no cash balance at March 31, 2026. GLDM generally seeks to sell only the amount of gold necessary to pay expenses, minimizing holdings of assets other than gold and typically ending reporting periods with no cash. In its other disclosures, World Gold Trust said there were no legal proceedings, no material changes to previously disclosed risk factors, and no defaults upon senior securities. It also reported that no officers or directors of the sponsor adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter. The filing included a Fifth Amendment to the Transfer Agency and Service Agreement dated February 27, 2026, but did not describe material economic terms in the provided text. The sponsor’s authorized officers concluded that disclosure controls and procedures were effective for both World Gold Trust and GLDM as of March 31, 2026. The trust also reported no changes in internal control over financial reporting during the quarter that materially affected, or were reasonably likely to materially affect, those controls.