What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-05-06 compared with 2021-02-05 · 35 added, 35 removed, 183 unchanged (28% of the section changed)

1 unchanged sentence

Statements of Financial Condition

at December 31, 2020 (unaudited) and September 30, 2020

at March 31, 2021 (unaudited) and September 30, 2020

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

Investments in Gold, at fair value (cost $ 56,553,517 and $ 60,743,750 at December 31, 2020 and September 30, 2020, respectively)

Gold receivable

Investments in Gold, at fair value (cost $ 50,782,720 and $ 60,743,750 at March 31, 2021 and September 30, 2020, respectively)

Accounts payable to Sponsor

6 unchanged sentences

(Amounts in 000’s except for percentages)

December 31, 2020

March 31, 2021

Investment in Gold

Total Investment

Other assets in excess of liabilities

Liabilities in excess of other assets

September 30, 2020

4 unchanged sentences

Unaudited Statements of Operations

For the three months ended December 31, 2020 and 2019

For the three and six months ended March 31, 2021 and March 31, 2020

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

10 unchanged sentences

See notes to the unaudited financial statements.

Unaudited Statements of Cash Flow s

For the three months ended December 31, 2020 and 2019

Unaudited Statements of Cash Flows

For the three and six months ended March 31, 2021 and March 31, 2020

(Amounts in 000’s of US$)

6 unchanged sentences

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING

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

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$)

10 unchanged sentences

Unaudited Statements of Changes in Net Assets

For the three months ended December 31, 2020 and 2019

For the three and six months ended March 31, 2021 and March 31, 2020

(Amounts in 000’s of US$)

22 unchanged sentences

Any losses sustained by the Trust will adversely affect the value of the Shares.

The Statements of Financial Condition and Schedule s

of Investment at December 31, 2020 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three months ended December 31, 2020 and 2019 have been prepared on behalf of the Trust without audit.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three months ended December 31, 2020 and for all periods presented have been made.

The Statements of Financial Condition and Schedules of Investment at March 31, 2021 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and six months ended March 31, 2021 and 2020 have been prepared on behalf of the Trust without audit.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and six months ended March 31, 2021 and for all periods presented have been made.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K

for the fiscal year ended September 30, 2020.

The results of operations for the three months ended December 31, 2020 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three and six months ended March 31, 2021 are not necessarily indicative of the operating results for the full fiscal year.

Significant Accounting Policies

4 unchanged sentences

Basis of Accounting

For accounting purposes only, 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.

The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended.

For accounting purposes only, the Trust is an investment company and, therefore, applies the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies.

The Trust is not registered a

s an investment company under the Investment Company Act of 1940, as amended.

Fair Value Measurement

13 unchanged sentences

(Amounts in 000’s of US$)

December 31, 2020

March 31, 2021

Investment in Gold

2 unchanged sentences

Investment in Gold

There were no transfers between Level 1 and other Levels for the three months ended December 31, 2020 or for the year ended September 30, 2020.

There were no transfers between Level 1 and other Levels for the six months ended March 31, 2021 or for the year ended September 30, 2020.

The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently administered auction process as well as the overall administration and governance for the London Bullion Market Association (“LBMA”).

In determining the net asset value (“NAV”) of the Trust, the Trustee values the gold held by the Trust on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process

(“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration).

In determining the net asset value (“NAV”) of the Trust, the Trustee values the gold held

the Trust on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration).

The auction runs twice daily at 10:30 AM and 3:00 PM London time.

3 unchanged sentences

Gold is held by the Custodian 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 three months ended December 31, 2020, no gold was held by a subcustodian.

During the six months ended March 31, 2021, no gold was held by a subcustodian.

Gold Receivable

11 unchanged sentences

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Net Assets for financial reporting purposes.

Activity in the number of Shares created and redeemed for the three months ended December 31, 2020 and 2019 are as follows:

Activity in the number and value of Shares created and redeemed for the six months ended March 31, 2021 and March 31, 2020 are as follows:

(Amounts are in 000’s)

2 unchanged sentences

(Amounts in 000’s of US$)

Activity in Number of Shares Created and Redeemed:

Net change in Number of Shares Created and Redeemed

Activity in Value of Shares Created and Redeemed:

Net change in Value of Shares Created and Redeemed

Income and Expense (Amounts in 000’s of US$)

3 unchanged sentences

A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay expenses on the Statements of Operations.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended

December 31, 2020 of $ 23,404 is made up of a realized gain of $ 15,299 from the sale of gold to pay expenses, a realized gain of $ 1,667,498 from gold distributed for the redemption of Shares, and a change in unrealized depreciation of $ 1,659,393 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended

December 31, 2019 of $ 1,060,777 is made up of a realized gain of $ 4,663 from the sale of gold to pay expenses, a realized gain of $ 280,217 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $ 775,897 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the six months ended March 31, 2021 of $( 7,203,083 ) is made up of a realized gain of $ 25,666 from the sale of gold to pay expenses, a realized gain of $ 3,380,697 from gold distributed for the redemption of Shares, and a change in unrealized depreciation of $(

) on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the six months ended March 31, 2020 of $ 3,453,172 is made up of a realized gain of $ 11,042 from the sale of gold to pay expenses, a realized gain of $ 940,355 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $ 2,501,775 on investment in gold.

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

3 unchanged sentences

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 December 31, 2020 or September 30, 2020.

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”

3 unchanged sentences

Open tax years are those years that are open for examination by the relevant income taxing authority.

As of December 31, 2020, the 2019, 2018 and 2017 tax years remain open for examination.

As of March 31, 2021, the 2019, 2018 and 2017 tax years remain open for examination.

There were no examinations in progress at period end.

17 unchanged sentences

The Sponsor, and its shareholders, members, directors, officers, employees, affiliates and subsidiaries, are indemnified by the Trust and held harmless against certain losses, liabilities or expenses incurred in the performance of their duties under the Trust Indenture without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of the indemnified party’s obligations and duties under the Trust Indenture.

Such indemnity includes payment by the Trust of the costs and expenses incurred in defending against

any claim or liability under the Trust Indenture.

Such indemnity includes payment by the Trust of the costs and expenses incurred in defending against any claim or liability under the Trust Indenture.

Under the Trust Indenture, the Sponsor may be able to seek indemnification by the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture.

The Sponsor is also indemnified by the Trust and held harmless against any loss, liability or expense arising under the Amended and Restated Marketing Agent Agreement between the Sponsor and the Marketing Agent effective July 17, 2015, as amended, or any agreement entered into with an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor by the Trustee.

untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor by the Trustee.

Any amounts payable to the Sponsor are secured by a lien on the Trust’s assets.

3 unchanged sentences

Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three months ended December 31, 2020 and 2019, respectively.

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and six months ended March 31, 2021 and March 31, 2020, respectively.

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.

17 unchanged sentences

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-Q

Item 1. Financial Statements