What changed in this filing

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Item 1. Financial Statements

2022-08-05 compared with 2022-05-09 · 34 added, 29 removed, 195 unchanged (24% of the section changed)

1 unchanged sentence

Statements of Financial Condition

at March 31, 2022 (unaudited) and September 30, 2021

at June 30, 2022 (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 $ 56,276,018 and $ 49,227,344 at March 31, 2022 and September 30, 2021, respectively)

Investments in Gold, at fair value (cost $ 55,048,558 and $ 49,227,344 at June 30, 2022 and September 30, 2021, respectively)

Accounts payable to Sponsor

6 unchanged sentences

(Amounts in 000’s except for percentages)

March 31, 2022

June 30, 2022

Ounces of gold

11 unchanged sentences

Unaudited Statements of Operations

For the three and six months ended March 31, 2022 and March 31, 2021

For the three and nine months ended June 30, 2022 and June 30, 2021

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

4 unchanged sentences

Net realized gain/(loss) from gold distributed for the redemption of shares

Net change in unrealized appreciation/(depreciation) on investment in gold

Net change in unrealized gain/(loss )

on investment in gold

Net realized and change in unrealized gain/(loss) on investment in gold

4 unchanged sentences

Unaudited Statements of Cash Flows

For the three and six months ended March 31, 2022 and March 31, 2021

For the three and nine months ended June 30, 2022 and June 30, 2021

(Amounts in 000’s of US$)

11 unchanged sentences

(Amounts in 000’s of US$)

RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH

PROVIDED BY OPERATING ACTIVITIES

RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Net income/(loss)

Adjustments to reconcile net income/(loss) to net cash provided by operating

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

Proceeds from sales of gold to pay expenses

1 unchanged sentence

Net realized (gain)/loss from gold distributed for the redemption of shares

Net change in unrealized (appreciation)/depreciation on investment in gold

Net change in unrealized gain/(loss)

on investment in gold

Increase/(Decrease) in accounts payable to Sponsor

2 unchanged sentences

Unaudited Statements of Changes in Net Assets

For the three and six months ended March 31, 2022 and March 31, 2021

For the three and nine months ended June 30, 2022 and June 30, 2021

(Amounts in 000’s of US$)

3 unchanged sentences

Net realized gain/(loss) from gold distributed for the redemption of shares

Net change in unrealized appreciation/(depreciation) on investment in gold

Net change in unrealized gain/(loss

) on investment in gold

Net Assets - Closing Balance

17 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 March 31, 2022 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and six months ended March 31, 2022 and 2021 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, 2022 and for all periods presented have been made.

The Statements of Financial Condition and Schedules of Investment at June 30, 2022 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and nine months ended June 30, 2022 and 2021 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, 2022 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 six months ended March 31, 2022 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three and nine months ended June 30, 2022 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$)

March 31, 2022

June 30, 2022

Investment in Gold

2 unchanged sentences

Investment in Gold

There were no transfers between Level 1 and other Levels for the six months ended March 31, 2022, or for the year ended September 30, 2021.

There were no transfers between Level 1 and other Levels for the nine months ended June 30, 2022, 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.

17 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 six months ended March 31, 2022 and 2021 are as follows:

Activity in the number and value of Shares created and redeemed for the nine months ended June 30, 2022 and 2021 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 six months ended March 31, 2022 of $ 6,388,032 is made up of a realized gain of $ 16,195 from the sale of gold to pay expenses, a realized gain of $ 743,073 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $ 5,628,764 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 $( 10,609,446 ) 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, 2022 of $ 1,993,177 is made up of a realized gain of $ 26,046 from the sale of gold to pay expenses, a realized gain of $ 1,667,948 from gold distributed for the redemption of Shares, and a change in unrealized gain

of $ 299,183 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, 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 loss

of $( 8,795,004 ) 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 March 31, 2022 or September 30, 2021.

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 March 31, 2022, the 2020, 2019 and 2018 tax years remain open for examination.

As of June 30, 2022, the 2020, 2019 and 2018 tax years remain open for examination.

There were no examinations in progress at period end.

1 unchanged sentence

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.

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.

Concentration of Risk

15 unchanged sentences

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 and six months ended March 31, 2022 and 2021, respectively.

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, 2022 and 2021, 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.

1 unchanged sentence

Financial Highlights (Unaudited)

For the three and six months ended March 31, 2022 and 2021

For the three and nine months ended June 30, 2022 and 2021

Net Asset Value

15 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