What changed in this filing

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Item 1. Financial Statements

2021-02-05 compared with 2020-08-07 · 72 added, 229 removed, 238 unchanged (56% of the section changed)

1 unchanged sentence

Combined Statements of Financial Condition

at June 30, 2020 (unaudited) and September 30, 2019

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

(Amounts in 000’s of US$)

Investment in Gold, at fair value (cost $ 2,150,928 and $ 916,790 at June 30, 2020 and September 30, 2019,

respectively)

Investments in Gold, at fair value (cost $ 3,515,715 and $ 3,014,561 at December 31, 2020 and September 30, 2020, respectively)

Gold receivable

4 unchanged sentences

Combined Schedules of Investment

(All balances in 000’s except percentages)

June 30, 2020

(All balances in 000’s except for percentages)

December 31, 2020

Investment in Gold

Total Investments

(All balances in 000’s except percentages)

Total Investment

Liabilities in excess of other assets

September 30, 2020

Investment in Gold

Total Investments

in excess of liabilities

Total Investment

Other assets in excess of liabilities

See notes to the

2 unchanged sentences

Unaudited Combined Statements of Operations

For the three and nine months ended June 30, 2020 and 2019

For the three months ended December 31, 2020 and 2019

(Amounts in 000’s of US$)

Gold Delivery Provider fees

Total expenses

Net investment loss

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

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

Net realized gain/(loss) from investment in gold sold to pay Sponsor fees

Net realized gain/(loss) on Gold Delivery Agreement

Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees

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

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

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

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

Net income/(loss)

Amounts include SPDR ®

Long Dollar Gold Trust which liquidated on September 16, 2019.

See notes to the unaudited financial statements.

1 unchanged sentence

Unaudited Combined Statements of Cash Flows

For the three and nine months ended June 30, 2020 and 2019

For the three months ended December 31, 2020 and 2019

(Amounts in 000’s of US$)

5 unchanged sentences

Cash and cash equivalents at end of period

SUPPLEMENTAL DISCLOSURE OF NON-CASH

FINANCING ACTIVITIES:

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

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

SUPPLEMENTAL DISCLOSURE OF NON-CASH

OPERATING ACTIVITIES:

Value of Gold Delivery Agreement inflows - net of Gold Delivery Agreement receivable

Value of Gold Delivery Agreement outflows - net of Gold Delivery Agreement payable

World Gold Trust

Unaudited Combined Statements of Cash Flows (continued)

For the three and nine months ended June 30, 2020 and 2019

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 receivable

(Amounts in 000’s of US$)

2 unchanged sentences

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

Gold paid for Gold Delivery Provider fees

Proceeds from sales of gold to pay expenses

Net realized (gain)/loss from investment in gold sold to pay Sponsor fees

Net realized (gain)/loss on Gold Delivery Agreement

Net realized (gain)/loss on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees

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

2 unchanged sentences

Net cash provided by operating activities

Amounts include SPDR ®

Long Dollar Gold Trust which was

liquidated on September 16, 2019.

See notes to the unaudited financial statements.

1 unchanged sentence

Unaudited Combined Statements of Changes in Net Assets

For the three and nine months ended June 30, 2020 and 2019

For the three months ended December 31, 2020 and 2019

(Amounts in 000’s of US$)

2 unchanged sentences

Net realized gain/(loss) from investment in gold sold to pay Sponsor fees

Net realized gain/(loss) on Gold Delivery Agreement

Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees

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

1 unchanged sentence

Net Assets - Closing Balance

Amounts include SPDR ®

Long Dollar Gold Trust which was

liquidated on September 16, 2019.

See notes to the unaudited financial statements.

1 unchanged sentence

Statements of Financial Condition

at June 30, 2020 (unaudited) and September 30, 2019

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

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

Investment in Gold, at fair value (cost $ 2,150,928 and $ 916,790 at June 30, 2020 and September 30, 2019, respectively)

Investments in Gold, at fair value (cost $ 3,515,715 and $ 3,014,561 at December 31, 2020 and September 30, 2020, respectively)

Gold receivable

7 unchanged sentences

Schedules of Investment

(All balances in 000’s except percentages)

June 30, 2020

(All balances in 000’s except for percentages)

December 31, 2020

Investment in Gold

Total Investment

(All balances in 000’s except percentages)

Liabilities in excess of other assets

September 30, 2020

1 unchanged sentence

Total Investment

in excess of liabilities

Other assets in excess of liabilities

See notes to the unaudited financial statements.

1 unchanged sentence

Unaudited Statements of Operations

For the three and nine months ended June 30, 2020 and 2019

For the three months ended December 31, 2020 and 2019

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

12 unchanged sentences

Unaudited Statements of Cash Flows

For the three and nine months ended June 30, 2020 and 2019

For the three months ended December 31, 2020 and 2019

(Amounts in 000’s of US$)

5 unchanged sentences

Cash and cash equivalents at end of period

SUPPLEMENTAL DISCLOSURE OF NON-CASH

FINANCING ACTIVITIES:

Value of gold received for creation of shares – net of gold receivable

Value of gold distributed for redemption of shares

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 receivable

(Amounts in 000’s of US$)

11 unchanged sentences

Unaudited Statements of Changes in Net Assets

For the three and nine months ended June 30, 2020 and 2019

For the three months ended December 31, 2020 and 2019

(Amounts in 000’s of US$)

8 unchanged sentences

Notes to the Unaudited Financial Statements

World Gold Trust (the “Trust ”)

was organized as a Delaware statutory trust on August 27, 2014 and is governed by the Fourth Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”), dated as of April 16, 2018 and amended on February 6, 2020, between WGC USA Asset Management Company, LLC (the “Sponsor”) and the Delaware Trust Company (the “Trustee”).

The Trust is authorized to issue an unlimited number of shares of beneficial interest.

The World Gold Trust (the “Trust”) was organized as a Delaware statutory trust on August 27, 2014 and is governed by the Fourth Amended and Restated Agreement and Declaration of Trust ( “Declaration of Trust”), dated as of April 16, 2018 and amended on February 6, 2020, between WGC USA Asset Management Company, LLC (the “Sponsor”) and the Delaware Trust Company (the “Trustee”).

The Trust is authorized to issue an unlimited number of shares of beneficial interest (“Shares”).

The beneficial interest in the Trust may be divided into one or more series.

The Trust has established six separate series, one of which is operational as of June 30, 2020.

The accompanying financial statements relate to the one operational series, SPDR ®

The Trust has established six separate series, one of which is operational as of December 31, 2020.

The accompanying financial statements relate to the Trust and its one operational series, SPDR ®

Gold MiniShares SM

Trust (“GLDM”), which began publicly trading on June 26, 2018.

Trust (“GLDM”).

The shares of GLDM (the “Shares”) began publicly trading on June 26, 2018 on the NYSE Arca, Inc.

(the “NYSE Arca”).

The Shares are also listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores).

The fiscal year-end

of both the Trust and GLDM is September 30 th

The investment objective of GLDM is for its shares (the “Shares”) to reflect the performance of the price of gold, less its expenses.

of GLDM is September 30th.

The investment objective of GLDM is for its Shares to reflect the performance of the price of gold, less its expenses.

GLDM’s only ordinary recurring expense is the Sponsor’s annual fee of 0.18 % of its net asset value (“NAV”).

The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold.

BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, (“BNYM”) is the administrator (the “Administrator”) and transfer agent of the Trust.

BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, (“BNYM” or the “Administrator”) is the administrator and transfer agent.

BNYM also serves as the custodian of GLDM’s cash, if any.

1 unchanged sentence

State Street Global Advisors Funds Distributors, LLC is the marketing agent (the “Marketing Agent”).

The Statements of Financial Condition and Schedules of Investment at June 30, 2020, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three and nine months ended June 30, 2020 and 2019 have been prepared

without audit.

The Statements of Operations, Changes in Net Assets and Cash Flows for the Trust for the three and nine months ended June 30, 2019 include the operations of SPDR® Long Dollar Gold Trust (“GLDW”).

In the opinion of management of the Sponsor, 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, 2020 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 Annual Report on Form 10-K

for the fiscal year ended September 30, 2019.

The results of operations for the three and nine months ended June 30, 2020 are not necessarily indicative of the operating results for the full fiscal year.

commenced operations on January 27, 2017 and on July 15, 2019, the Sponsor notified the NYSE Arca, Inc.

(the “NYSE Arca”) that it had determined to voluntarily close GLDW, delist GLDW, liquidate GLDW’s shares and withdraw GLDW’s shares from registration under the Securities Exchange Act of 1934.

GLDW ceased accepting creation and redemption orders after September 6, 2019 and trading of GLDW’s shares on the NYSE Arca ceased at the open of market on September 10, 2019.

The NYSE Arca filed a Form 25 with the Commission on September 11, 2019 and on September 16, 2019, a Post-Effective Amendment deregistering GLDW’s unsold shares was declared effective and the final liquidation payments were made.

Prior to terminating the Gold Delivery Agreement with Merrill Lynch International (the “Gold Delivery Provider”), GLDW entered into a transaction on each Business Day to deliver gold bullion to, or receive gold bullion from the Gold Delivery Provider.

The amount of gold bullion transferred was equivalent to GLDW’s profit or loss as if it had exchanged the Euro, Japanese Yen, British Pound Sterling, Canadian Dollar, Swedish Krona, and Swiss Franc (together, the “Reference Currencies”) comprising the Solactive GLD® Long USD Gold Index (“FX Basket”), in the proportion in which they were reflected in the Solactive GLD® Long USD Gold

Index, for USDs in an amount equal to its holdings of gold bullion on such day.

In general, if there was a currency gain (i.e., the value of the USD against the Reference Currencies comprising the FX Basket increased), GLDW received gold bullion and if there was a currency loss (i.e., the value of the USD against the Reference Currencies comprising the FX Basket decreased), GLDW delivered gold bullion.

In this manner, the amount of gold bullion held was adjusted to reflect the daily change in the value of the Reference Currencies comprising the FX Basket against the USD.

The Gold Delivery Agreement required gold bullion ounces, calculated pursuant to formulas contained in the Gold Delivery Agreement, to be delivered to the custody account of GLDW or the Gold Delivery Provider, as applicable.

The fee that GLDW paid the Gold Delivery Provider for its services under the Gold Delivery Agreement was accrued daily and reflected in the calculation of the amount of gold bullion delivered pursuant to the Gold Delivery Agreement.

The realized gain/loss from the Gold Delivery Agreement is disclosed in the Statements of Operations, Changes in Net Assets, and Cash Flows for the Trust for the three and nine months ended June 30, 2019.

The Combined Statements of Financial Condition and Schedules of Investment of the Trust for the year ended September 30, 2019 include the operations of GLDW up to its liquidation.

The Trust had no operations with respect to GLDM’s Shares prior to June 26, 2018 other than matters relating to its organization and the registration of the offer and sale of GLDM’s Shares under the Securities Act of 1933, as amended.

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

In the opinion of management of the Sponsor, 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.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the 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.

Significant Accounting Policies

4 unchanged sentences

Basis of Accounting

For accounting purposes,

GLDM is an investment company within the scope of Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and therefore applies the specialized accounting and reporting guidance therein.

For accounting purposes, GLDM is an investment company within the scope of Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and

therefore applies the specialized accounting and reporting guidance therein.

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

2 unchanged sentences

Basis of Presentation

The financial statements are presented for the Trust, as the SEC registrant, combined with GLDM and GLDW, until its liquidation, and for GLDM individually.

The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GLDM are

enforceable only against the assets of GLDM and not against the assets of the Trust generally or any other series that the Trust may establish.

The financial statements are presented for the Trust, as the SEC registrant, combined with GLDM and for GLDM individually.

The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GLDM are enforceable only against the assets of GLDM and not against the assets of the Trust generally or any other series that the Trust may establish.

Cash and Cash Equivalents

Cash and cash equivalents when outstanding

include highly liquid investments of sufficient credit quality with original maturity of three months or less.

Cash and cash equivalents when outstanding include highly liquid investments of sufficient credit quality with original maturity of three months or less.

Fair Value Measurement

11 unchanged sentences

(Amounts in 000’s of US$)

June 30, 2020

December 31, 2020

Investment in Gold

2 unchanged sentences

Investment in Gold

There were no transfers between Level 1 and other Levels in the period ended June 30, 2020 or for the year ended September 30, 2019.

The Administrator values the gold held by GLDM on the basis of the price of an ounce of gold as determined by 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 NAV of GLDM, the Administrator values the gold held 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.

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.

The Administrator values the gold held by GLDM on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (the “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 (the “LBMA”).

In determining the NAV of GLDM, the Administrator values the gold held on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”), which is an electronic auction.

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 GLDM.

During the nine months ended June 30, 2020 and the year ended September 30, 2019, no gold was held by a subcustodian.

During the three months ended December 31, 2020 and the year ended September 30, 2020

, no gold was held by a subcustodian.

Gold Receivable

11 unchanged sentences

This amount will be based on the combined net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received.

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

Activity in the number of Shares created and redeemed for the nine months ended June 30, 2020 and 2019 are as follows:

As the Shares are redeemable in Creation Units

at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes.

Changes in the Shares for the three months ended December 31, 2020 and 2019 are as follows:

(Amounts are in 000’s)

2 unchanged sentences

(Amounts in 000’s of US$)

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$)

Activity in Number of Shares Created and Redeemed:

Net change in Number of Shares Created and Redeemed

Income and Expense ( Amounts

in 000’s of US$)

The Administrator will, at the direction of the Sponsor, sell GLDM’s gold as necessary to pay its expenses.

2 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 Sponsor expenses on the Statement of Operations.

GLDM’s net realized and change in unrealized gain on investment in gold for the nine months ended June 30, 2020 of $ 284,239 is made up of a realized gain of $ 232 from the sale of gold to pay Sponsor fees, a realized gain of $ 32,748 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $ 251,259 on investment in gold.

GLDM’s net realized and change in unrealized gain on investment in gold for the nine months ended June 30, 2019 of $ 87,015 is made up of a realized gain of $ 18 from the sale of gold to pay Sponsor fees, a realized gain of $ 975 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $ 86,022 on investment in gold.

GLDM’s net realized and change in unrealized gain on investment in gold for the three months ended December 31, 2020 of $ 6,980 is made up of a realized gain of $ 224 from the sale of gold to pay Sponsor fees, a realized gain of $ 34,670 from gold distributed for the redemption of shares, and a change in unrealized depreciation of $ 27,914 on investment in gold.

GLDM’s net realized and change in unrealized gain on investment in gold for the three months ended December 31, 2019 of $ 27,105 is made up of a realized gain of $ 48 from the sale of gold to pay Sponsor fees, a realized gain of $ 4,685 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $ 22,372 on investment in gold.

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

3 unchanged sentences

Instead, its income and expenses “flow through” to the shareholders, and the Administrator will report GLDM’s proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether 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, 2020.

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

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

There were no examinations in progress at period end.

New Accounting Pronouncements

In August 2018, the FASB issued Accounting Standards Update 2018-13,

Fair Value Measurement (Topic 820):

Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”).

The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements.

will be effective for annual periods beginning after December 15, 2019.

Early adoption is permitted.

Management of the Sponsor does not currently expect these changes to have a material impact to future financial statements.

Related Parties— Sponsor

10 unchanged sentences

GLDM Expenses

GLDM’s only ordinary recurring operating expenses are the Sponsor’s annual fee of 0.18 % of the NAV of GLDM.

GLDM’s only ordinary recurring operating expense is

the Sponsor’s annual fee of 0.18 % of the NAV of GLDM.

The Sponsor’s fee is payable monthly in arrears.

14 unchanged sentences

Indemnification

The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith or willful misconduct.

The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust.

5 unchanged sentences

Financial Highlights

The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three and nine months ended June 30, 2020 and 2019, respectively.

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

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 NYSE Arca during the period.

3 unchanged sentences

Net investment income/(loss)

Net Realized and Change in Unrealized Gain /

Net Realized and Change in Unrealized Gain/(Loss)

Net Income/(Loss)

10 unchanged sentences

Percentages are not annualized

s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report.

This Quarterly Report, including the exhibits hereto and the information incorporated by reference herein, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements involve risks and uncertainties.

Except for historical information, statements about future gold prices, gold bullion sales, foreign currencies (including the Reference Currencies), foreign currency exchange rates, costs, plans, or objectives are forward-looking statements based on our estimates, beliefs, assumptions and projections.

Words such as “could,” “would,” “may,” “expect,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” and “predict,” and variations on such words, and similar expressions that reflect our current views with respect to future events and fund performance, are intended to identify such forward-looking statements.

These forward-looking statements are only predictions, subject to risks and uncertainties that are difficult to predict and many of which are outside of our control, and actual results could differ materially from those discussed.

Important factors that we believe could affect performance and cause results to differ materially from our expectations are described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report on Form 10-K

for the fiscal year ended September 30, 2019, as updated from time to time in World Gold Trust’s Securities and Exchange Commission filings.

Trust Overview

The World Gold Trust (the “Trust”) was formed as a Delaware statutory trust on August 27, 2014.

The Trust consists of multiple series (each, a “Fund” and collectively, the “Funds”).

Each Fund issues common units of beneficial interest that represent units of fractional undivided beneficial interest in and ownership of such Fund.

The term of the Trust and each Fund is perpetual (unless terminated earlier in certain circumstances).

The Trust was organized in separate series as a Delaware statutory trust rather than as separate statutory trusts to achieve certain administrative and other efficiencies.

The Trust is sponsored by WGC USA Asset Management Company, LLC (the “Sponsor”).

The Trust established six separate series, of which only SPDR ®

Gold MiniShares SM

Trust (“GLDM”) is operational as of June 30, 2020.

GLDM commenced operations on June 26, 2018.

GLDM’s investment objective is for its shares (the “Shares”) to reflect the performance of the price of gold, less its expenses.

Gold is held by ICBC Standard Bank Plc (the “Custodian”) on behalf of GLDM.

As of the date of this quarterly report, Goldman, Sachs & Co., J.P.

Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.

LLC, UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants.

An updated list of Authorized Participants can be obtained from the Sponsor.

Investing in the Shares does not insulate the investor from risks, including price volatility.

The following chart illustrates the movement in the market price of the Shares and NAV of the Shares against the corresponding gold price (per 1/100 of an oz.

of gold) since the day the Shares first began trading on the NYSE Arca:

Share price & NAV v.

gold price—June 26, 2018 to June 30, 2020

Critical Accounting Policy

Valuation of Gold, Definition of NAV

GLDM values the investment in gold bullion at fair value.

BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (the “Administrator”), will value any gold bullion held by GLDM on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited.

In determining the NAV, the Administrator will value the gold bullion held by GLDM on the basis of the LBMA Gold Price PM.

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

If no LBMA Gold Price (AM or PM) is made on a particular evaluation day or if the LBMA Gold Price PM 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 will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination.

Gold held by GLDM is reported at fair value on the Statement of Financial Condition.

Once the value of the gold has been determined, the Administrator subtracts all estimated accrued fees, expenses and other liabilities of GLDM from the total value of the gold and all other assets of GLDM.

The resulting figure is the NAV.

The NAV is used to compute the Sponsor’s fee.

The Administrator determines the NAV per Share by dividing the NAV of GLDM by the number of Shares outstanding as of the close of trading on NYSE Arca.

Recent Developments

GLDM as well as the Sponsor and its service providers are vulnerable to the effects of public health crises, including the ongoing novel coronavirus pandemic (the “COVID-19

Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Sponsor and its service providers to operate.

pandemic or a similar public health threat could adversely impact GLDM by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures).

pandemic has had and will likely continue to have serious negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets.

Governmental authorities and regulators throughout the world have, in the past, responded to major economic disruptions with a variety of fiscal and monetary policy changes, such as quantitative easing, new monetary programs and lower interest rates.

An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility in the market generally, and could specifically increase volatility in the market for gold, which could adversely affect the price of the Shares.

The outbreak could also cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares.

The duration of the outbreak and its effects cannot be determined with any reasonable amount of certainty.

A prolonged outbreak could result in an increase of the costs of GLDM, affect liquidity in the market for gold as well as the correlation between the price of the Shares and the net asset value of GLDM, any of which could adversely and materially affect the value of your Shares.

The outbreak could impair information technology and other operational systems upon which GLDM’s service providers, including the Sponsor, the Administrator and the Custodian, rely, and could otherwise disrupt the ability of employees of GLDM’s service providers to perform essential tasks on behalf of GLDM.

To date, the impact of COVID-19

has not materially affected the operations of GLDM.

Results of Operations

In the three months ended June 30, 2020, 52,700,000 Shares (527 Creation Units) were created in exchange for 525,241.3 ounces of gold, 10,300,000 Shares (103 Creation Units) were redeemed in exchange for 102,659.3 ounces of gold and 481.3 ounces of gold were sold to pay Sponsor fees.

For accounting purposes, GLDM reflects creations and redemptions on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of gold is received.

Upon a redemption, GLDM delivers gold upon receipt of Shares.

These creations were completed in the normal course of business.

At June 30, 2020, the Custodian held 1,426,066.8 ounces of gold in its vault, 100% of which is allocated gold in the form of good delivery gold bars with a market value of $2,521,428,713 (cost — $2,150,927,963).

Subcustodians did not hold any gold in their vaults on behalf of GLDM.

At September 30, 2019, the Custodian held 697,523.6 ounces of gold in its vault, 100% of which is allocated gold in the form of good delivery gold bars with a market value of $1,036,031,998 (cost — $916,789,900).

Subcustodians did not hold any gold in their vaults on behalf of GLDM.

Inspectorate International Limited conducts two counts each year of the gold bullion held on behalf of GLDM at the vaults of the Custodian.

A complete bar count is conducted once per year and coincides with GLDM’s financial year end at September 30 th

The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently on February 24, 2020.

The results can be found on www.spdrgoldshares.com.

Cash Resources and Liquidity

At June 30, 2020, GLDM did not have any cash balances.

When selling gold to pay expenses, GLDM endeavors to sell the exact amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold or any gold receivable.

As a consequence, we expect that GLDM will not record any net cash flow from its operations and that its cash balance will be zero at the end of each reporting period.

Analysis of Movements in the Price of Gold

As movements in the price of gold are expected to directly affect the price of the Shares, it is important to understand the recent movements in the price of gold.

However, past movements in the price of gold are not indicators of future movements.

The following chart shows movements in the price of gold based on the LBMA Gold Price PM in U.S.

dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to June 30, 2020.

LBMA Gold Price PM USD

The average, high, low and end-of-period

gold prices for the three and twelve-month periods from June 30, 2018 to June 30, 2020 and for the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to June 30, 2020, based on the LBMA Gold Price PM, were:

Three months to June 30, 2018

June 29, 2018

Three months to September 30, 2018

Three months to December 31, 2018

Dec 31, 2018 (2)

Three months to March 31, 2019

Three months to June 30, 2019

Three months to September 30, 2019

Three months to December 31, 2019

Dec 31, 2019 (2)

Three months to March 31, 2020

Three months to June 30, 2020

June 29, 2020

June 30, 2020

Twelve months ended June 30, 2018

June 29, 2018

Twelve months ended June 30, 2019

June 25, 2019

June 28, 2019

Twelve months ended June 30, 2020

June 29, 2020

June 30, 2020

June 26, 2018 to June 30, 2020

June 29, 2020

June 30, 2020

The end of period gold price is the LBMA Gold Price PM on the last business day of the period.

There was no LBMA Gold Price PM on the last business day of December 2019 or 2018.

The LBMA Gold Price AM on the last business day of December 2019 and 2018 was $1,523.00 and $1,281.65, respectively.

The Net Asset Value of GLDM on December 31, 2019 and 2018 was calculated using the LBMA Gold Price AM.

Quantitative and Qualitative Disclosures About Market Risk

GLDM is a passive investment vehicle.

Fluctuations in the value of gold bullion will affect the value of Shares which are designed to reflect the performance of the price of gold bullion, less GLDM’s expenses.

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