16 unchanged sentences
Gold MiniShares SM
−Removed: Trust (“GLDM”) is operational as of December 31, 2020.
+Added: Trust (“GLDM”) is operational as of March 31, 2021.
GLDM commenced operations on June 26, 2018.
8 unchanged sentences
of gold) since the day the Shares first began trading on the NYSE Arca:
−Removed: Share prive & NAV v.
−Removed: gold price - June 26, 2018 to December 31, 2020
+Added: Share price & NAV v.
+Added: gold price - June 26, 2018 to March 31, 2021
Critical Accounting Policy
18 unchanged sentences
Results of Operations
−Removed: In the three months ended December 31, 2020, 42,000,000 Shares (420 Creation Units) were created in exchange for 418,198.1 ounces of gold, 18,200,000 Shares (182 Creation Units) were redeemed in exchange for 181,217.4 ounces of gold and 865.2 ounces of gold were sold to pay Sponsor fees.
−Removed: 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.
+Added: In the three months ended March 31, 2021, 24,700,000 Shares (247 Creation Units) were created in exchange for 245,846.2 ounces of gold, 3,700,000 Shares (370 Creation Units) were redeemed in exchange for 36,822.5 ounces of gold and
+Added: 985.7 ounces of gold were sold to pay Sponsor fees.
+Added: For accounting purposes, GLDM
+Added: 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.
−Removed: At December 31, 2020, the amount of gold owned by GLDM and held by the Custodian in its vault was 2,123,756.4 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $4,016,235,792 based on the LBMA Gold Price PM on December 31, 2020 (cost — $3,515,714,911).
+Added: At March 31, 2021, the amount of gold owned by GLDM and held by the Custodian in its vault was 2,331,794.5 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $3,943,181,126 based on the LBMA Gold Price PM on March 31, 2021 (cost — $3,896,055,022).
Subcustodians did not hold any gold in their vaults on behalf of GLDM.
As at September 30, 2020, the amount of gold owned by GLDM and held by the custodian in its vault was 1,877,680.9 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $3,542,996,473 based on the LBMA Gold Price PM on September 30, 2020 (cost — $3,896,055,023).
+Added: Subcustodians did not hold any gold in their vaults on behalf of GLDM.
Cash Resources and Liquidity
−Removed: At December 31, 2020, GLDM did not have any cash balances.
+Added: At March 31, 2021, 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.
4 unchanged sentences
The following chart shows movements in the price of gold based on the LBMA Gold Price PM in U.S.
−Removed: dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to December 31, 2020.
+Added: dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to March 31, 2021.
+Added: Daily Gold Price- June 26, 2018 to March 31, 2021
LBMA Gold Price PM USD
The average, high, low and end-of-period
−Removed: gold prices for the three and twelve-month periods from June 30, 2018 to December 31, 2020 and for the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to December 31, 2020, based on the LBMA Gold Price PM, were:
+Added: gold prices for the three and twelve-month periods from June 30, 2018 to March 31, 2021 and for the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to March 31, 2021, based on the LBMA Gold Price PM, were:
Three months to June 30, 2018
3 unchanged sentences
Three months to December 31, 2018
−Removed: Dec 31, 2018 (2)
Three months to March 31, 2019
2 unchanged sentences
Three months to December 31, 2019
−Removed: Dec 31, 2019 (2)
Three months to March 31, 2020
3 unchanged sentences
Three months to September 30, 2020
−Removed: Sep 30, 2020 (2)
Three months to December 31, 2020
−Removed: Dec 31, 2020 (2)
−Removed: Twelve months ended December 31, 2018
−Removed: Dec 31, 2018 (2)
−Removed: Twelve months ended December 31, 2019
−Removed: Dec 31, 2019 (2)
−Removed: Twelve months ended December 31, 2020
−Removed: Dec 31, 2020 (2)
−Removed: June 26, 2018 to December 31, 2020
−Removed: Dec 31, 2020 (2)
+Added: Three months to March 31, 2021
+Added: Twelve months ended March 31, 2019
+Added: Twelve months ended March 31, 2020
+Added: Twelve months ended March 31, 2021
+Added: June 26, 2018 to March 31, 2021
The end of period gold price is the LBMA Gold Price PM on the last business day of the period.
6 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.