What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-11-24 compared with 2020-11-23 · 127 added, 23 removed, 18 unchanged (89% of the section changed)

7 unchanged sentences

Because most of the Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.

RECENT SALE OF UNREGISTERED SECURITIES

ISSUER PURCHASE OF SHARES

Although GLDM does not purchase Shares directly from its shareholders, in connection with its redemption of Creation Units, GLDM redeemed 25,100,000 Shares (251 Baskets) during the year ended September 30, 2021, including 3,200,000 Shares (32 Baskets) for the three months ended September 30, 2021 as set forth in the table below.

6 unchanged sentences

9/1/21 to 9/30/21

Selected Financial Data

The following selected financial data for GLDM should be read in conjunction with GLDM’s and the Trust’s financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

s Discussion and Analysis of Financial Condition and Results of Operations

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

Trust (“GLDM”) is operational as of September 30, 2021.

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.

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 September 30, 2021

Critical Accounting Policy

Valuation of Gold, Definition of Net Asset Value

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 the IBA.

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 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.

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

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

On October 4, 2021, Inspectorate concluded the annual full count of the Trust’s gold bullion held by the Custodian.

On October 4, 2021, Inspectorate concluded

reconciliation procedures from September 17, 2021 through September 30, 2021.

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 May 14, 2021.

The results can be found on www.spdrgoldshares.com

The Sponsor generally visits the vaults of the Custodian twice a year as part of its due diligence procedures.

The table below summarizes the impact of unrealized appreciation on GLDM’s gold holdings at September 30, 2021 and 2020:

(Amount in 000’s of US$)

Investment in gold – cost

Unrealized appreciation/(depreciation) on investment in gold

Investment in gold – market value

Review of Financial Results

Financial Highlights

(Amounts in 000’s of US$)

Net income/(loss)

Net cash provided by operating activities

Statement of Operations Data:

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

Total expenses

Net investment loss

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) from gold distributed for the redemption of shares

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

(All amounts in the following table and the subsequent paragraphs,

are in 000’s of US$)

For the year ended

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

Net Income/(Loss)

Net income/(loss) per share

Weighted average number of shares (in 000’s)

Statement of Financial Condition Data:

(Amounts in 000’s of US$)

Investment in Gold, at fair value

Gold receivable

Accounts payable to Sponsor

Total Liabilities

Net cash provided by operating activities

GLDM’s net realized and change in unrealized loss on investment in gold for the year ended September 30, 2021 of $(338,455) is made up of a realized gain of $634 from the sale of gold to pay Sponsor fees, a realized gain of $39,311 from gold distributed for the redemption of shares, and a change in unrealized depreciation of $(378,400) on investment in gold.

GLDM’s net realized and change in unrealized gain on investment in gold for the year ended September 30, 2020 of $446,656 is made up of a realized gain of $455 from the sale of gold to pay Sponsor fees, a realized gain of $37,008 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $409,193 on investment in gold.

GLDM’s net realized and change in unrealized gain on investment in gold for the year ended September 30, 2019 of $130,766 is made up of a realized gain of $69 from the sale of gold to pay Sponsor fees, a realized gain of $5,240 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $125,457 on investment in gold.

Selected Supplemental Data

Ounces of Gold:

Opening balance

Creations ( excluding gold receivable at September

30, 2020—9,959.7 and September

30, 2019 – 9,977.5

Redemptions ( excluding gold payable at September

30, 2021 – 0;

30, 2020 – 0 and September

Sales of gold

Closing balance

Gold price per ounce – LBMA Gold Price PM

Market value of gold holdings (in 000’s)

Number of Shares (in 000’s):

Opening balance

Redemptions .

Closing balance

In the year ended September 30, 2021, 88,800,000 Shares (880 Creation Units) were created in exchange for 893,821.8 ounces of gold, 25,100,000 Shares (251 Creation Units) were redeemed in exchange for 249,855.2 ounces of gold and 4,014.8 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.

As at September 30, 2021, the amount of gold owned by GLDM and held by the custodian in its vault was 2,517,632.7 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value $4,387,730,778 based on the LBMA Gold Price PM on September 30, 2021 (cost — $4,237,695,934).

As at September 30, 2020, the amount of gold owned by GLDM and held by the custodian in its vault was 1,887,680.9 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value $3,542,996,473 based on the LBMA Gold Price PM on September 30, 2020 (cost — $3,014,561,176).

At September 30, 2019, the amount of gold owned by GLDM was 707,501.2 ounces, with a market value of $1,050,857,504 (cost — $931,609,406) based on the LBMA Gold Price PM on September 30, 2019 (in accordance with the Declaration of Trust).

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 London 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.

Cash Flow from Operations

GLDM had no net cash flow from operations in the years ended September 30, 2021, 2020 and 2019.

Cash received in respect of gold sold to pay expenses in the years ended September 30, 2021, 2020 and 2019 was the same as those expenses, resulting in a zero cash balance at September 30, 2021, 2020 and 2019.

Sheet Arrangements

Neither GLDM nor the Trust is a party to any off-balance

sheet arrangements.

Cash Resources and Liquidity

At September 30, 2021 and 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 September 30, 2021.

Daily Gold Price - June 26, 2018 - September 30, 2021

LBMA Gold Price PM USD

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

gold prices for the three and twelve-month periods for the prior three years and for the period from June 26, 2018 (the date the Shares began trading on the NYSE Arca) to September 30, 2021, based on the LBMA Gold Price were:

Three months to December 31, 2018

Three months to March 31, 2019

Three months to June 30, 2019

June 25, 2019

June 28, 2019

Three months to September 30, 2019

Three months to December 31, 2019

Three months to March 31, 2020

Three months to June 30, 2020

June 29, 2020

June 30, 2020

Three months to September 30, 2020

Three months to December 31, 2020

Three months to March 31, 2021

Three months to June 30, 2021

June 30, 2021

Three months to September 30, 2021

Twelve months ended September 30, 2019

Twelve months ended September 30, 2020

Twelve months ended September 30, 2021

June 26, 2018 to September 30, 2021

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

This is in accordance with the Trust Indenture and the basis used for calculating the Net Asset Value of the Trust.

There was no LBMA Gold Price PM on the last business day of December 2020, 2019 or 2018.

The LBMA Gold Price AM on the last business day of December 2020, 2019 and 2018 was $1,891.10, $1,523.00 and $1,281.65, respectively.

The Net Asset Value of the Trust on December 31, 2020, 2019 and 2018 was calculated using the LBMA Gold Price AM, in accordance with the Trust Indenture.

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-K

Item 5. Market for Registrant’s Common Equity