What changed in this filing

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Item 1. Financial Statements

2022-02-09 compared with 2021-08-05 · 22 added, 23 removed, 193 unchanged (19% of the section changed)

1 unchanged sentence

Statements of Financial Condition

at June 30, 2021 (unaudited) and September 30, 2020

at December 31, 2021 (unaudited) and September 30, 2021

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

Investments in Gold, at fair value (cost $ 51,842,845 and $ 60,743,750 at June 30, 2021 and September 30, 2020, respectively)

Investments in Gold, at fair value (cost $ 48,753,565 and $ 49,227,344 at December 31, 2021 and September 30, 2021, respectively)

Accounts payable to Sponsor

6 unchanged sentences

(Amounts in 000’s except for percentages)

June 30, 2021

December 31, 2021

Investment in Gold

7 unchanged sentences

Unaudited Statements of Operations

For the three and nine months ended June 30, 2021 and June 30, 2020

For the three months ended December 31, 2021 and 2020

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

11 unchanged sentences

Unaudited Statements of Cash Flows

For the three and nine months ended June 30, 2021 and June 30, 2020

For the three months ended December 31, 2021 and 2020

(Amounts in 000’s of US$)

22 unchanged sentences

Unaudited Statements of Changes in Net Assets

For the three and nine months ended June 30, 2021 and June 30, 2020

For the three months ended December 31, 2021 and 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 Schedules of Investment at June 30, 2021 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and nine months ended June 30, 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 nine months ended June 30, 2021 and for all periods presented have been made.

The Statements of Financial Condition and Schedules of Investment at December 31, 2021 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three months ended December 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 months ended December 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, 2021.

The results of operations for the three and nine months ended June 30, 2021 are not necessarily indicative of the operating results for the full fiscal year.

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

Significant Accounting Policies

21 unchanged sentences

(Amounts in 000’s of US$)

June 30, 2021

December 31, 2021

Investment in Gold

2 unchanged sentences

Investment in Gold

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

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

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 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).

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

The Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time.

Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time.

If no LBMA Gold Price is made on a particular evaluation day or if the LBMA Gold Price has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the NAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price is inappropriate to use as the basis for such determination.

1 unchanged sentence

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 nine months ended June 30, 2021, no gold was held by a subcustodian.

During the three months ended December 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 and value of Shares created and redeemed for the nine months ended June 30, 2021 and June 30, 2020 are as follows:

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

(Amounts are in 000’s)

9 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 nine months ended June 30, 2021 of $( 4,883,555 ) is made up of a realized gain of $ 34,803 from the sale of gold to pay expenses, a realized gain of $ 3,876,646 from gold distributed for the redemption of Shares, and a change in unrealized depreciation of $( 8,795,004 )

on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2020 of $ 8,803,725 is made up of a realized gain of $ 20,644 from the sale of gold to pay expenses, a realized gain of $ 1,175,009 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $ 7,608,072 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, 2021 of $ 2,403,753 is made up of a realized gain of $ 7,317 from the sale of gold to pay expenses, a realized gain of $ 302,742 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $ 2,093,694 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, 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 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 June 30, 2021 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 June 30, 2021, the 2019, 2018, and 2017 tax years remain open for examination.

As of December 31, 2021, the 2020, 2019 and 2018 tax years remain open for examination.

There were no examinations in progress at period end.

25 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 and nine months ended June 30, 2021 and June 30, 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.

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, 2021 and 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.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

16 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