What changed in this filing

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Item 9A. Controls and Procedures

2020-11-24 compared with 2019-11-25 · 75 added, 109 removed, 471 unchanged (28% of the section changed)

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Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Principal Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee of the Board of Directors of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Principal Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trusts disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e).

Based on this evaluation, the Principal Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of September 30, 2019, the Trust’s disclosure controls and procedures were effective.

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor, and to the audit committee of the Board of Directors of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Principal Executive Officer and the Principal Financial and Accounting Officer of the Sponsor, the Sponsor conducted an evaluation of the Trusts disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e).

Based on this evaluation, the Principal Executive Officer and the Principal Financial and Accounting Officer of the Sponsor concluded that, as of September 30, 2020, the Trust’s disclosure controls and procedures were effective.

Change in Internal Control Over Financial Reporting

There was no change in the Trust’s internal controls over financial reporting that occurred during the Trust’s most recently completed fiscal quarter ended September 30, 2020 that has materially affected, or is reasonably likely to materially affect, these internal controls.

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Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Principal Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of September 30, 2019.

The Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of September 30, 2020.

In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013).

Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting.

Based on their assessment and those criteria, the Principal Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of September 30, 2019.

Based on their assessment and those criteria, the Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of September 30, 2020.

KPMG LLP, the independent registered public accounting firm that audited and reported on the financial statements as of and for the year ended September 30, 2020 included in this Form 10-K,

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Report of Independent Registered Public Accounting Firm

To the Sponsor, Trustee, and Shareholders

To the Shareholders and the Trustee of SPDR ®

Gold Trust and the Board of Directors of World Gold Trust Services, LLC:

Opinion on Internal Control Over Financial Reporting

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issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Trust maintained, in all material respects, effective internal

over financial reporting as of September 30, 2019, based on criteria established in Internal Control – Integrated Framework (2013)

In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of September 30, 2020, based on criteria established in Internal Control – Integrated Framework (2013)

issued by the Committee of Sponsoring Organizations of the Treadway Commission.

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Basis for Opinion

The management of the Trust’s sponsor is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting.

The management of World Gold Trust

, LLC (the Trust’s sponsor) is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting.

Our responsibility is to express an opinion on the Trust’s internal control over financial reporting based on our audit.

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The following persons, in their respective capacities as directors or executive officers of the Sponsor, a Delaware limited liability company, perform certain functions with respect to the Trust that, if the Trust had directors or executive officers, would typically be performed by them.

Cavatoni is the Principal Executive Officer and Laura S.

Melman is the Chief Financial Officer and Treasurer of the Sponsor.

The Board of Directors of the Sponsor consists of five individuals, of whom four serve on its Audit Committee.

Cavatoni is the Principal Executive Officer and Brandon Woods is the Principal Financial and Accounting Officer of the Sponsor.

The Board of Directors of the Sponsor consists of four individuals, of whom three serve on its Audit Committee.

The Audit Committee has the responsibility for overseeing the financial reporting process of the Trust, including the risks and controls of that process and such other oversight functions as are typically performed by an audit committee of a public company.

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Cavatoni received his Bachelor of Business Administration degree from The George Washington University and his Master of Business Administration degree from Northwestern University and the Hong Kong University of Science and Technology.

, age 52, is the Chief Financial Officer and Treasurer of the Sponsor.

She is also the Chief Financial Officer and Treasurer of WGCAM and the Treasurer and Chief Operating Officer of WGC USA.

Melman was previously employed by PIMCO LLC, from June 2012 until January 2018.

During her tenure at PIMCO, Ms.

Melman was Senior Vice President responsible for taxation, accounting and analytics for PIMCO’s funds and exchange traded funds (ETFs) worldwide.

Melman’s responsibilities included complex product development, accounting, and taxation of financial instruments and investment strategies.

Melman also served as an officer for PIMCO’s open-end

and closed-end

funds and ETFs.

Prior to PIMCO, Ms.

Melman served as Executive Director and Tax Director at J.P.

Morgan Asset Management, managing tax, accounting and compliance issues for J.P.

Morgan’s registered and unregistered fund products from August 2006 to June 2012.

She has also served as Vice President of product development at BNY Mellon (September 2000-August 2006), where she helped to develop and launch the first exchange-traded gold trusts.

Melman is listed as co-inventor

of the business method patents that support the structure of exchange-traded commodity trusts.

Prior to working within product development, Ms.

Melman served with BNY Mellon as Vice President of taxation and fund accounting (September 1992-September 2000).

Melman has also worked at PwC as a tax consultant (September 1989-September 1992) within the firm’s financial services practice.

Melman earned her Bachelor of Science degree from Rutgers University and received her Master of Business Administration in Accounting from the Rutgers Graduate School of Management.

She is a Certified Public Accountant.

Brandon Woods

age 39, is the Funds Chief Operating Officer.

He is also the Principal Financial and Accounting Officer of the Sponsor.

He joined World Gold Council as Head of Compliance and Regulatory Reporting in May 2017.

From September 2015 to April 2017, he was Vice President and Head of Hedge Fund Operations at iCapital Network, Inc.

Prior thereto, he was Senior Vice President of Fund Services from March 2013 to February 2015, and Vice President of Fund Services from October 2011 to March 2013 at Meridian Fund Services, LLC.

Woods holds a Bachelor of Business Administration.

, age 72, has served as Chairman of the Board of Directors of the Sponsor since January 2013 and is a member of the Board’s Audit Committee.

Shea has served as a Director on the Board of Directors of

WGCAM since January 2017 and is a member of that board’s Audit Committee.

Shea has served as a Director on the Board of Directors of WGCAM since January 2017 and is a member of that board’s Audit Committee.

He has more than 35 years of experience in the financial services industry and in business restructurings.

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He was the Vice Chairman and a Senior Partner of Coopers & Lybrand (now PricewaterhouseCoopers), an international public accounting firm, for whom he worked from June 1974 to December 1992.

Shea sits on the boards of AIG SunAmerica, a mutual funds company, and is Chairman of the Board of Demoulas Supermarkets, Inc., a privately held retail grocery store chain in New England.

Shea sits on the boards of AIG SunAmerica, a mutual funds

company, and is Chairman of the Board of Demoulas Supermarkets, Inc., a privately held retail grocery store chain in New England.

He was a board member of Boston Private Financial Holdings, a public bank holding company, and its related bank from June 2004 to May 2014.

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Shea should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles with different financial institutions and an international public accounting firm, his extensive experience in business restructurings, and the experience he has gained serving as a director of WGCAM.

Rocco Maggiotto

, age 69, has served as a Director on the Board of Directors of the Sponsor since January 2013, is Chairman of the Board’s Audit Committee.

Maggiotto has served as a Director on the Board of Directors of WGCAM since January 2017 and is Chairman of that board’s Audit Committee.

Maggiotto is the Chief Executive Officer and Co-Founder

of PWRCierge, LLC, an independent power company providing Cogeneration solutions and other energy management solutions for Continuing Care Retirement Communities and other non-profit

institutions.

From June 2006 to 2011, Mr.

Maggiotto was Executive Vice President and Global Head of Customer and Distribution Management for Zurich Financial Services’ $35 billion General Insurance Business.

He was responsible for the development and implementation of Zurich’s customer and distribution management strategies, their global industry practices, their relationships with the global broker organizations and served as Chairman of General Insurance’s Growth Agenda.

Prior to joining Zurich, from 2005 to 2006, he was a Senior Executive Advisor in Booz Allen Hamilton’s Management Consulting practice and continues to consult with financial institutions through the Manchester Consulting Group which he founded in 2012.

Maggiotto’s previous career has included roles as Chairman of Client Development for the Parent Company of Marsh & McLennan Companies, Inc.

from 2002 to 2005, as well as a Senior Partner for PricewaterhouseCoopers, where he was a member of their Global Leadership Team and was Global Markets Leader upon retiring in 2002.

Maggiotto was also a Vice Chairman for the former Coopers & Lybrand, Managing Partner of its New York region and Chairman of its financial services industry practice worldwide.

He also developed and managed its US Financial Services Industry Management Consulting business.

Before that, he was a Partner with KPMG Management Consulting Practice in New York.

Prior to joining KPMG, for sixteen years, Mr.

Maggiotto held management positions with Marine Midland Bank and with HSBC covering finance, operations, management information systems and corporate services.

Maggiotto serves on the boards of the Ronald McDonald House of New York, The Weston Playhouse Theatre Company, Canisius College, Canisius High School, the Council of Governing Bodies of New York State’s private colleges and universities, and is President of the Board of The Green Mountain Academy for Life Long Learning Manchester, VT.

He is also a member of the Board of Directors for Lucid Inc., a publicly traded medical device company which does business as Caliber I.

providing medical equipment supporting imaging and diagnosis at the cellular level in the treatment of skin cancer and other diseases.

Maggiotto holds a Bachelor of Arts degree in Political Science and a Master of Business Administration degree in Finance.

Maggiotto has completed his three-year term as

Director and Chairman of the Audit Committee, and will no longer serve as Director or Chairman of the Audit Committee effective January 1, 2020.

The Sponsor has concluded that Mr.

Maggiotto should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles with different financial institutions and international public accounting firms, his extensive experience as a director on other boards, and the experience he has gained serving as a director of WGCAM.

Carlos Rodriguez

, age 46, has served as a Director on the Board of Directors of the Sponsor since February 25, 2019, and is a member of the Board’s Audit Committee.

, age 47, has served as a Director on the Board of Directors of the Sponsor since February 25, 2019 and is Chairman of the Board’s Audit Committee.

Rodriguez has served as a Director on the Board of Directors of WGCAM since February 25, 2019 and is a member of that board’s Audit Committee.

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He also devotes his time to personal investing as well as volunteering for local causes and mentoring local entrepreneurs.

Rodriguez will become Chairman of the Audit Committee effective January 1, 2020.

The Sponsor has concluded that Mr.

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Wolkoff served as Chairman and Chief Executive Officer of the American Stock Exchange (AMEX).

Prior to the AMEX, for over 20 years,

Wolkoff held several senior level officer positions at the New York Mercantile Exchange (NYMEX) including Acting President, Executive Vice President and Chief Operating Officer, and Senior Vice President for Regulation and Clearing, in which position Mr.

Prior to the AMEX, for over 20 years, Mr.

Regulation and Clearing, in which position Mr.

Wolkoff was the exchange’s chief regulatory officer.

Wolkoff started his career as an Honors Program Trial Attorney in the Division of Enforcement of the Commodity Futures Trading Commission.

Wolkoff is a member of the Federal Reserve Bank of Chicago Working Group on Financial Markets.

He was appointed to the Board of OTC Markets Group in September 2012 and in November 2013 became the non-executive

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Wolkoff has also served on the Board of Directors and Executive Committee of the National Futures Association.

Wolkoff was Vice Chairman of the Board and a member of the Executive Committee of the Golda Och Academy (a Solomon Schechter School) in West Orange, NJ.

He received a Bachelor of Arts degree and a Juris Doctor degree and is a member of the Bar of the State of New York.

Wolkoff received a Bachelor of Arts degree and a Juris Doctor degree and is a member of the Bar of the State of New York.

The Sponsor has concluded that Mr.

Wolkoff should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles at a major stock exchange and futures exchange, the experience he gained as a trial attorney, his extensive experience as a director on other boards, and the experience he has gained serving as a director of WGCAM.

The Sponsor has a code of ethics (the “Code of Ethics”) that applies to its executive officers and agents, including its Principal Executive Officer and Chief Financial Officer, who perform certain functions with respect to the Trust that, if the Trust had executive officers would typically be performed by them.

The Sponsor has a code of ethics (the “Code of Ethics”) that applies to its executive officers and agents, including its Principal Executive Officer and Principal Financial and Accounting Officer, who perform certain functions with respect to the Trust that, if the Trust had executive officers would typically be performed by them.

The Code of Ethics is available by writing the Sponsor at 685 Third Avenue, 27th Floor, New York, NY 10017 or calling the Sponsor at (212) 317-3800.

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Audit-related fees

In the table above, in accordance with the SEC’s definitions and rules, Audit Fees are fees paid to KPMG LLP for professional services for the audit of the Trust’s financial statements included in the annual report on Form 10-K

and review of financial statements included in the quarterly reports on Form 10-Q,

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Audit Related Fees are fees for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s financial statements.

As our Shares are also listed on the Hong Kong Exchanges and Clearing Limited, KPMG LLP is a Public Interest Entity Auditor recognized in accordance with the Financial Reporting Council Ordinance.

Policies and Procedures

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7 to Trust Indenture dated September 5, 2017.

Amendment No.

8 to Trust Indenture dated February 6, 2020.

Form of Participant Agreement.

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Description of the Securities Registered under Section 12 of the Securities Exchange Act of 1934

Second Amended and Restated Allocated Bullion Account Agreement dated July 17, 2015.

Second Amended and Restated Unallocated Bullion Account Agreement dated July 17, 2015.

Third Amended and Restated Allocated Bullion Account Agreement dated August 18, 2020.

Exhibit Description

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Filing Date/Period

Second Amended and Restated Unallocated Bullion Account Agreement dated July 17, 2015.

Form of Participant Unallocated Bullion Account Agreement.

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Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.

Certification of Principal Financial and Accounting Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.

Certification of Principal Executive Officer Pursuant to Section 1350 of the Sarbanes-Oxley Act of 2002.

Certification of Chief Financial Officer Pursuant to Section 1350 of the Sarbanes-Oxley Act of 2002.

Certification of Principal Financial and Accounting Officer Pursuant to Section 1350 of the Sarbanes-Oxley Act of 2002.

XBRL Instance Document

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XBRL Taxonomy Extension Definition Linkbase Document

Exhibit Description

Incorporated by Reference

Filing Date/Period

XBRL Taxonomy Extension Label Linkbase Document

XBRL Taxonomy Extension Presentation Linkbase Document

Exhibit Description

Cover Page Interactive Data File – The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

Filed herewith.

Form 10-K Summary

Not applicable.

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Principal Executive Officer*

Chief Financial Officer and Treasurer*

/s/ Brandon Woods

Brandon Woods

Principal Financial and Accounting Officer*

/s/ David Tait

/s/ William J.

/s/ Rocco Maggiotto

Rocco Maggiotto

/s/ Neal Wolkoff

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Report of Independent Registered Public Accounting Firm

To the Sponsor, Trustee, and Shareholders

To the Shareholders and the Trustee of SPDR ®

Gold Trust and the Board of Directors of World Gold Trust Services, LLC:

Opinion on the Financial Statements

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Basis for Opinion

These financial statements are the responsibility of the management of the Trust’s sponsor.

These financial statements are the responsibility of World Gold Trust

, LLC (the Trust’s sponsor).

Our responsibility is to express an opinion on these financial statements based on our audits.

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The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgment.

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of the sufficiency of evidence pertaining to the existence of the gold holdings

As presented on the September 30, 2019 schedule of investment, the fair value of the Trust’s investment in gold was $44.2 billion, representing 100% of the Trust’s total assets.

The investment in gold, which represented 29.7 million ounces of gold holdings, was held by a third-party custodian (the custodian) as of September 30, 2019.

We identified the evaluation of the sufficiency of evidence pertaining to the existence of the gold holdings as a critical audit matter.

Evaluation of the evidence pertaining to the existence of the gold holdings

As disclosed in the schedule of investment, as of September 30, 2020, the Trust’s market value of gold holdings was $77.0 billion, representing 100% of the Trust’s total assets.

All of the gold holdings, which were 40.8 million ounces as of September 30, 2020, were held by a third-party custodian (the custodian).

We identified the evaluation of the evidence pertaining to the existence of the gold holdings as a critical audit matter.

Given the nature and volume of the gold holdings, subjective auditor judgment was required to evaluate the extent and nature of evidence obtained to assess the quantity of gold held by the custodian as of September 30, 2020.

The primary procedures we performed to address this critical audit matter included the following.

We tested certain internal controls over the Trust’s gold holdings process, including controls over (1) the comparison of the Trust’s records of gold held to the custodian’s records and (2) the approval of gold deposits and withdrawals by the trustee of the Trust.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Trust’s gold holdings process, including controls over (1) the comparison of the Trust’s records of gold held to the custodian’s records and (2) the approval of gold deposits and withdrawals by the trustee of the Trust.

We obtained a schedule directly from the custodian of the Trust’s gold holdings held by the custodian as of September 30, 2020.

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We also attended and observed part of the physical count of the Trust’s gold holdings performed at the custodian’s location by a third party engaged by the Trust’s sponsor.

We obtained the physical count result of that third party and reconciled it to both the Trust’s and custodian’s records.

We obtained the physical count result of that third party and reconciled it to both the Trust’s and the custodian’s records.

We have served as the Trust’s auditor since 2010.

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FINANCING ACTIVITIES:

Value of gold received for creation of shares

Value of gold distributed for redemption of shares-net of gold payable

Value of gold received for creation of shares-net of change in gold receivable

Value of gold distributed for redemption of shares-net of change in gold payable

(Amounts in 000’s of US$)

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Notes to the Financial Statements

Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004

New York law pursuant to a trust indenture (the “Trust Indenture”).

Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 under New York law pursuant to a trust indenture (the “Trust Indenture”).

The fiscal year end for the Trust is September 30 th

The Trust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations

of 100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and to distribute gold in connection with redemption of Baskets.

The Trust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations of 100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and to distribute gold in connection with redemption of Baskets.

The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses.

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Basis of Accounting

The Trust is an investment company and, therefore, applies the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 ,

Financial Services—Investment Companies.

Fair Value Measurement

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Custody of Gold

Gold is held by HSBC Bank plc, on behalf of the Trust.

During the years ended September 30, 2019 and 2018, no

gold was held by a subcustodian.

Gold is held by HSBC Bank plc, on behalf of the Trust, 100 % of which is allocated gold in the form of good delivery gold bars which includes gold held with a subcustodian.

During the year ended September 30, 2020, some gold was held with a subcustodian (the Bank of England) from April 15, 2020 to August 1 3

Since August 1 3

, 2020, subcustodians have not held any gold on behalf of the Trust.

During the year ended September 30, 2019, no gold was held by a subcustodian.

Gold Receivable

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Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of the Trust’s account.

Generally, ownership of the gold is transferred within

business days of the trade date.

Generally, ownership of the gold is transferred within two business days of the trade date.

(Amounts in 000’s of US$)

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The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses.

When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold.

When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of

gold needed to pay expenses in order to minimize the Trust’s holdings

of assets other than gold.

Unless otherwise directed by the Sponsor, the Trustee will sell gold to the Custodian at the next LBMA Gold Price PM following the sale order.

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The Trust’s net realized and change in unrealized appreciation/(depreciation) on investment in gold for the year ended September 30, 2020 of $ 13,309,558 is made up of a realized gain of $ 37,273 from the sale of gold to pay expenses, a realized gain of $ 2,138,221 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $ 11,134,064 on investment in gold.

The Trust’s net realized and change in unrealized appreciation/(depreciation) on investment in gold for the year ended September 30, 2018 of ($ 2,483,235 ) is made up of a realized gain of $ 2,987 from the sale of gold to pay expenses, a realized gain of $ 147,334 from gold distributed for the redemption of Shares, and a change in unrealized depreciation of ($ 2,633,556 ) on investment in gold.

The Trust’s net realized and change in unrealized appreciation/(depreciation) on investment in gold for the year ended September 30, 2019 of $ 7,385,336 is made up of a realized gain of $ 6,023 from the sale of gold to pay expenses, a realized gain of $ 593,851 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $ 6,785,462 on investment in gold.

The Trust is classified as a “grantor trust” for U.S.

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Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of September 30, 2019 or 2018.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of September 30, 2020 or 2019.

The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not”

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Three Months Ended (unaudited)

(Amounts in 000’s of US$, except per share

(Amounts in 000’s of US$, except per share data)

Total expenses

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Three Months Ended (unaudited)

(Amounts in 000’s of US$, except per share

(Amounts in 000’s of US$, except per share data)

Total expenses

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Related Parties – Sponsor and Trustee

The Trust’s only recurring fixed expense is the Sponsor’s fee which accrues daily at an annual rate equal to 0.40 % of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all ordinary fees and expenses of the Trust which include fees and expenses of the Trustee, the fees and expenses of the Custodian for the custody of the Trust’s gold bars, the fees and expenses of the Sponsor, certain taxes, the fees of the Marketing Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and other marketing costs and expenses.

Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

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Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the years ended September 30, 2019 and 2018, respectively.

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the years ended September 30, 2020, 2019 and 2018.

The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on the NYSE Arca during the period.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures