23 unchanged sentences
Report of Independent Registered Public Accounting Firm
−Removed: To the Shareholders and the Trustee of SPDR® Gold MiniShares
+Added: To the Shareholders and the Trustee of SPDR® Gold MiniShares SM
Trust, the Trustee of World Gold Trust and the Board of Directors of WGC USA Asset Management Company, LLC:
Opinion on Internal Control Over Financial Reporting
−Removed: We have audited World Gold Trust’s (the Trust) and its series SPDR® Gold MiniShares
−Removed: Trust’s (the Fund) internal control over financial reporting as of September 30, 2020, based on criteria established in Internal Control – Integrated Framework (2013)
−Removed: issued by the Committee of Sponsoring Organizations of the Treadway Commission.
−Removed: In our opinion, the Trust and the Fund maintained, in all material respects, effective internal control over financial reporting as of September 30, 2020, based on criteria established in Internal Control – Integrated Framework (2013)
−Removed: issued by the Committee of Sponsoring Organizations of the Treadway Commission.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the (1) combined statements of financial condition of the Trust, including the combined schedules of investment, as of September 30, 2020 and 2019, the related combined statements of operations, cash flows, and changes in net assets for each of the years in the three-year period ended September 30, 2020, and the related notes, and (2) the statements of financial condition of the Fund, including the schedules of investment, as of September 30, 2020 and 2019, the related statements of operations, cash flows, and changes in net assets for each of the years in the two-year period ended September 30, 2020 and for the period June 26, 2018 (commencement of operations) through September 30, 2018, and the related notes (collectively, the combined and individual financial statements), and our reports dated November 23, 2020 expressed an unqualified opinion on those combined and individual financial statements.
+Added: We have audited World Gold Trust’s (the Trust) and its series SPDR® Gold MiniShares SM
+Added: Trust’s (the Fund) internal control over financial reporting as of September 30, 2021, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
+Added: In our opinion, the Trust and the Fund maintained, in all material respects, effective internal control over financial reporting as of September 30, 2021, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the (1) combined statements of financial condition of the Trust, including the combined schedules of investment, as of September 30, 2021 and 2020, the related combined statements of operations, cash flows, and changes in net assets for each of the years in the three-year period ended September 30, 2021, and the related notes, and (2) the statements of financial condition of the Fund, including the schedules of investment, as of September 30, 2021 and 2020, the related statements of operations, cash flows, and changes in net assets for each of the years in the three-year period ended September 30, 2021, and the related notes (collectively, the combined and individual financial statements), and our reports dated November 24, 2021 expressed an unqualified opinion on those combined and individual financial statements.
Basis for Opinion
10 unchanged sentences
An entity’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
−Removed: An entity’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
−Removed: dispositions of the assets of the entity;
+Added: An entity’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the entity;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the entity are being made only in accordance with authorizations of management and directors of the entity;
4 unchanged sentences
November 24, 2021
+Added: Other Information
+Added: Not applicable.
+Added: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
+Added: Not applicable.
Directors, Executive Officers and Corporate Governance
70 unchanged sentences
Prior to the AMEX, for over 20 years, Mr.
−Removed: Wolkoff held several senior level officer positions at the New York Mercantile Exchange (NYMEX) including Acting President, Executive Vice President and Chief Operating Officer, and Senior Vice President for Regulation and Clearing, in which position Mr.
+Added: Wolkoff held several senior level officer positions at the New York Mercantile Exchange (NYMEX) including Acting
+Added: President, Executive Vice President and Chief Operating Officer, and Senior Vice President for Regulation and Clearing, in which position Mr.
Wolkoff was the exchange’s chief regulatory officer.
Wolkoff started his career as an Honors Program Trial Attorney in the Division of Enforcement of the Commodity Futures Trading Commission.
−Removed: He was appointed to the Board of OTC Markets Group in September 2012 and in November 2013 became the non-executive Chairman of that board.
−Removed: has also served on the Board of Directors and Executive Committee of the National Futures Association.
+Added: He was appointed to the Board of OTC Markets Group in September 2012 and in November 2013 became the non-executive
+Added: Chairman of that board.
+Added: Wolkoff has also served on the Board of Directors and Executive Committee of the National Futures Association.
Wolkoff received a Bachelor of Arts degree and a Juris Doctor degree and is a member of the Bar of the State of New York.
14 unchanged sentences
Principal Accounting Fees and Services
−Removed: Fees for services performed by KPMG LLP for the years ended September 30, 2020 and 2019 were:
+Added: Fees for services performed by LLP for the years ended September 30, 2021 and 2020 were:
Years Ended September 30,
Audit-related fees
−Removed: In the table above, in accordance with the SEC’s definitions and rules, Audit Fees are fees paid to KPMG LLP for professional services for the audit of the Trust’s financial statements included in the Form 10-K
+Added: In the table above, in accordance with the SEC’s definitions and rules, Audit Fees are fees paid to KPMG LLP for professional services for the audit of the Trust’s financial statements included in the
and review of financial statements included in the Forms 10-Q,
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for a list of the financial statements being filed herein.
−Removed: See Exhibit Index below, which is incorporated by reference herein.
+Added: Financial Statement Schedules
+Added: Schedules have been omitted since they are either not required, not applicable, or the information has otherwise been included.
Exhibit Index
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Schedules of Investment at September 30, 2021 and 2020 for SPDR® Gold MiniShares SM Trust
−Removed: Statements of Operations for the years ended September 30, 2020 and 2019 and the fiscal period ended September 30, 2018 for SPDR® Gold MiniShares SM Trust
−Removed: Statements of Cash Flows for the years ended September 30, 2020 and 2019 and the fiscal period ended September 30, 2018 for SPDR® Gold MiniShares SM Trust
−Removed: Statements of Changes in Net Assets for the years ended September 30, 2020 and 2019 and the fiscal period ended September 30, 2018 for SPDR® Gold MiniShares SM Trust
+Added: Statements of Operations for the years ended September 30, 2021, 2020 and 2019 for SPDR® Gold MiniShares SM Trust
+Added: Statements of Cash Flows for the years ended September 30, 2021, 2020 and 2019 for SPDR® Gold MiniShares SM Trust
+Added: Statements of Changes in Net Assets for the years ended September 30, 2021, 2020 and 2019 for SPDR® Gold MiniShares SM Trust
Notes to the Financial Statements for SPDR® Gold MiniShares SM Trust
Report of Independent Registered Public Accounting Firm
−Removed: To the Trustee of World Gold Trust and the Board of Directors of WGC USA Asset Management Company, LLC:
−Removed: Opinion on the Combined Financial Statements
−Removed: We have audited the accompanying combined statements of financial condition of World Gold Trust and its series (the Trust), including the combined schedules of investment, as of September 30, 2020 and 2019, the related combined statements of operations, cash flows, and changes in net assets for each of the years in the three-year period ended September 30, 2020, and the related notes (collectively, the combined financial statements).
−Removed: In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Trust as of September 30, 2020 and 2019, and the results of its operations, its cash flows, and changes in its net assets for each of the years in the three-year period ended September 30, 2020, in conformity with U.S.
+Added: To the Shareholders and the Trustee of SPDR® Gold MiniShares SM
+Added: Trust and the Board of Directors of WGC USA Asset Management Company, LLC:
+Added: Opinion on the Financial Statements
+Added: We have audited the accompanying statements of financial condition of SPDR® Gold MiniShares SM
+Added: Trust (GLDM), a series of the World Gold Trust (the Trust), including the schedules of investment, as of September 30, 2021 and 2020, the related statements of operations, cash flows, and changes in net assets for each of the years in the three-year period ended September 30, 2021 and the related notes (collectively, the financial statements).
+Added: In our opinion, the financial statements present fairly, in all material respects, the financial position of GLDM as of September 30, 2021 and 2020, and the results of its operations, its cash flows, and changes in its net assets for each of the years in the three-year period ended September 30, 2021, in conformity with U.S.
generally accepted accounting principles.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s internal control over financial reporting as of September 30, 2020, based on criteria established in Internal Control – Integrated Framework (2013)
−Removed: issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated November 23, 2020 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), GLDM’s internal control over financial reporting as of September 30, 2021, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated November 24, 2021 expressed an unqualified opinion on the effectiveness of GLDM’s internal control over financial reporting.
Basis for Opinion
−Removed: These combined financial statements are the responsibility of WGC USA Asset Management Company, LLC (the Trust’s sponsor).
−Removed: Our responsibility is to express an opinion on these combined financial statements based on our audits.
−Removed: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.
+Added: These financial statements are the responsibility of WGC USA Asset Management Company, LLC (the Trust’s sponsor).
+Added: Our responsibility is to express an opinion on these financial statements based on our audits.
+Added: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to GLDM in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.
−Removed: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audits included performing procedures to assess the risks of material misstatement of the combined financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
−Removed: Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the combined financial statements.
−Removed: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the combined financial statements.
+Added: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
+Added: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
+Added: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
−Removed: The critical audit matter communicated below is a matter arising from the current period audit of the combined financial statements that was communicated or required to be communicated to the audit committee and that:
−Removed: (1) relates to accounts or disclosures that are material to the combined financial statements and (2) involved our especially challenging, subjective, or complex judgments.
−Removed: The communication of a critical audit matter does not alter in any way our opinion on the combined financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
+Added: The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:
+Added: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
+Added: The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Evaluation of the evidence pertaining to the existence of the gold holdings
−Removed: As disclosed in the combined schedule of investment, as of September 30, 2020, the Trust’s market value of gold holdings was $3.5 billion, representing approximately 100% of the Trust’s total assets.
+Added: As disclosed in the schedule of investment, as of September 30, 2021, GLDM’s market value of gold holdings was $4.4 billion, representing approximately 100% of GLDM’s total assets.
All of the gold holdings, which were 2.5 million ounces as of September 30, 2021, were held by a third-party custodian (the custodian).
2 unchanged sentences
The following are the primary procedures we performed to address this critical audit matter.
−Removed: We evaluated the design and tested the operating effectiveness of certain internal controls over the Trust’s gold holdings process, including controls over (1) the comparison of the Trust’s records of gold held to the custodian’s records and (2) the approval of gold deposits and withdrawals by the trustee of the Trust.
−Removed: We obtained a schedule directly from the custodian of the Trust’s gold holdings held by the custodian as of September 30, 2020.
−Removed: We compared the total ounces on such schedule to the Trust’s record of gold holdings.
−Removed: We also attended and observed part of the physical count of the Trust’s gold holdings performed at the custodian’s location by a third party engaged by the Trust’s sponsor.
−Removed: We obtained the physical count result of that third party and reconciled it to both the Trust’s and the custodian’s records.
+Added: We evaluated the design and tested the operating effectiveness of certain internal controls over GLDM’s gold holdings process, including controls over (1) the comparison of GLDM’s records of gold held to the custodian’s records and (2) the approval of gold deposits and withdrawals by the trustee of GLDM.
+Added: We obtained a schedule directly from the custodian of GLDM’s gold holdings held by the custodian as of September 30, 2021.
+Added: We compared the total ounces on such schedule to GLDM’s record of gold holdings.
+Added: We also attended and observed part of the physical count of GLDM’s gold holdings performed at the custodian’s location by a third party engaged by GLDM’s sponsor.
+Added: We obtained the physical count result of that third party and reconciled it to both GLDM’s and the custodian’s records.
We have served as the Trust s auditor since 2016.
5 unchanged sentences
(Amounts in 000’s of US$)
−Removed: Investment in Gold, at fair value (cost $ 3,014,561 and $ 916,790 at September 30, 2020 and 2019, respectively)
+Added: Investments in Gold, at fair value (cost $ 4,237,696 and $ 3,014,561 at September 30, 2021 and 2020, respectively)
Gold receivable
4 unchanged sentences
Combined Schedules of Investment
−Removed: (All balances in 000’s except percentages)
+Added: (Amounts in 000’s except for percentages)
September 30, 2021
Investment in Gold
−Removed: Total Investments
−Removed: Assets in excess of liabilities
−Removed: (All balances in 000’s except percentages)
+Added: Total Investment
+Added: Liabilities in excess of other assets
September 30, 202 0
Investment in Gold
−Removed: Total Investments
−Removed: Assets in excess of liabilities
+Added: Total Investment
+Added: Other assets in excess of liabilities
See notes to the combined financial statements.
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Information is reflective of the period from October 1, 2018 through September 16, 2019 for GLDW (see note 1) and the year ended September 30, 2019 for GLDM.
−Removed: Amounts are for the period June 26, 2018 (commencement of operations) to September 30, 2018 for GLDM.
See notes to the combined financial statements.
15 unchanged sentences
Cash and cash equivalents at end of period
−Removed: SUPPLEMENTAL DISCLOSURE OF NON-CASH
−Removed: FINANCING ACTIVITIES:
−Removed: Value of gold received for creation of shares, net of change in gold receivable
−Removed: Value of gold distributed for redemption of shares
+Added: SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING
+Added: Value of gold received for creation of shares-net
+Added: of change in gold receivable
+Added: Value of gold distributed for redemption of shares-net
+Added: of change in gold payable
SUPPLEMENTAL DISCLOSURE OF NON-CASH
93 unchanged sentences
2.5 Fair Value Measurement
−Removed: GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.
+Added: GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transact i
+Added: on between market participants at the measurement date.
The Funds’ policy is to value their investments at fair value.
14 unchanged sentences
Investment in Gold
−Removed: Gold Delivery Agreement
There were no transfers between Level 1 and other Levels for the years ended September 30, 2021 and 2020.
−Removed: The Administrator values the gold held by the Funds 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 LBMA Gold Price.
+Added: The Administrator values the gold held by the Funds 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 London Bullion Market Association (the “LBMA”).
The auction runs twice daily at 10:30 AM and 3:00 PM London time.
7 unchanged sentences
Gold receivable/payable represents the quantity of gold covered by contractually binding orders for the creation/redemption of Shares where the gold has not yet been transferred into/out of the Series’ account.
−Removed: Generally, ownership of the gold is transferred within two business days
−Removed: of the trade date.
+Added: Generally, ownership of the gold is transferred within two business days of the trade date.
(Amounts in 000’s of US$)
3 unchanged sentences
Gold Delivery Agreement receivable represented the quantity of gold due to be received under the Gold Delivery Agreement.
−Removed: The gold was transferred to GLDW’s allocated gold bullion account at the Custodian
−Removed: two business days
+Added: The gold was transferred to GLDW’s allocated gold bullion account at the Custodian two business days
after the valuation date.
−Removed: There was no Gold Delivery Agreement receivable for the years ended September 30, 2020 and 2019 as a result of GLDW’s liquidation.
+Added: There was no Gold Delivery Agreement receivable for the years ended September 30, 2021, 2020 and 2019 as a result of GLDW’s liquidation and termination of the agreement effective September 12, 2019.
2.9 Gold Delivery Agreement Payable
Gold Delivery Agreement payable represented the quantity of gold due to be delivered under the Gold Delivery Agreement.
−Removed: The gold was transferred from GLDW’s allocated gold bullion account at the Custodian
−Removed: two business days
−Removed: after the valuation date.
−Removed: There was no Gold Delivery Agreement payable for the years ended September 30, 2020 and 2019 as a result of GLDW’s liquidation.
+Added: The gold was transferred from GLDW’s allocated gold bullion account at the Custodian two business days after the valuation date.
+Added: There was no Gold Delivery Agreement payable for the years ended September 30, 2021, 2020 and 2019 as a result of GLDW’s liquidation and termination of the agreement effective September 12, 2019.
2.10 Creations
9 unchanged sentences
Changes in the Shares for the years ended September 30, 2021, 2020 and 2019 were:
−Removed: (Amounts in 000’s)
+Added: (Amounts are in 000’s)
Activity in Number of Shares Created and Redeemed:
10 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 fees on the Combined Statements of Operations.
−Removed: The Funds’ 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.
−Removed: The Funds’ net realized and change in unrealized gain on investment in gold and Gold Delivery Agreement for the year ended September 30, 2019 of $ 140,207 is made up of a realized gain of $ 77 from the sale of gold to pay Sponsor fees, a realized gain of $ 1,820 from the Gold Delivery Agreement, a realized gain of $ 440 from gold transferred to cover the Gold Delivery Agreement and Gold Delivery Provider fees, a realized gain of $ 6,093 from gold distributed for the redemption of Shares, a realized gain of $ 4,982 from sale of gold to pay distributions, and a change in unrealized appreciation of $ 126,795 on investment in gold.
+Added: The Funds’ 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 net realized gain of
+Added: $ 634 from the sale of gold to pay Sponsor fees, a net realized gain of
+Added: $ 39,311 from gold distributed for the redemption of shares, and a net change in unrealized depreciation of
+Added: $( 378,400 ) on investment in gold.
+Added: The Funds’ 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 net realized gain of
+Added: $ 455 from the sale of gold to pay Sponsor fees, a net realized gain of
+Added: $ 37,008 from gold distributed for the redemption of shares, and a net change in unrealized appreciation of
+Added: $ 409,193 on investment in gold.
2.12 Income Taxes
3 unchanged sentences
federal income tax.
−Removed: Instead, the Funds’ income and expenses “flow through” to
+Added: Instead, the Funds’ income and expenses “flow through” to the shareholders, and the Administrator will report the Funds’ proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis.
WORLD GOLD TRUST
1 unchanged sentence
2.12 Income Taxes—(continued)
−Removed: the shareholders, and the Administrator will report the Funds’ 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 September 30, 2021 or 2020.
1 unchanged sentence
There were no examinations in progress at period end.
−Removed: 2.13 New Accounting Pronouncements
−Removed: In August 2018, the FASB issued Accounting Standards Update 2018-13,
−Removed: Fair Value Measurement (Topic 820):
−Removed: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”).
−Removed: The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements.
−Removed: will be effective for annual periods beginning after December 15, 2019.
−Removed: Early adoption is permitted.
−Removed: Management of the Sponsor does not currently expect these changes to have a material impact to future financial statements.
Quarterly Combined Statements of Operations
1 unchanged sentence
Three Months Ended (unaudited)
−Removed: (Amounts in 000’s of US$)
+Added: (Amounts in 000’s of US$, except per share data)
Total expenses
2 unchanged sentences
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
−Removed: Net realized gain/(loss) from gold distributed for the redemption of share s
−Removed: Net change in unrealized appreciation/(depreciation) from investment in gold
−Removed: Net realized and change in unrealized gain/(loss) from investment in gold
+Added: Net realized gain/(loss) from gold distributed for the redemption of shares
+Added: Net change in unrealized appreciation/(depreciation) on investment in gold
+Added: Net realized and change in unrealized gain/(loss) on investment in gold
Net income/(loss)
4 unchanged sentences
Three Months Ended (unaudited)
−Removed: (Amounts in 000’s of US$)
−Removed: Gold Delivery Provider fees
+Added: (Amounts in 000’s of US$, except per share data)
Total expenses
Net investment loss
−Removed: Net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement
−Removed: Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
−Removed: Net realized gain/(loss) from investment in gold sold to pay distributions
−Removed: Net realized gain/(loss) on Gold Delivery Agreement
−Removed: Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees
+Added: Net realized and change in unrealized gain/(loss) on investment in gold
+Added: Net realized gain/(loss) from investment in gold sold to pay expenses
Net realized gain/(loss) from gold distributed for the redemption of shares
−Removed: Net change in unrealized appreciation/(depreciation) from investment in gold
−Removed: Net realized and change in unrealized gain/(loss) from investment in gold and Gold Delivery Agreement
+Added: Net change in unrealized appreciation/(depreciation) on investment in gold
+Added: Net realized and change in unrealized gain/(loss) on investment in gold
Net income/(loss)
13 unchanged sentences
changing supply and demand for a particular currency;
−Removed: monetary policies of
−Removed: WORLD GOLD TRUST
−Removed: Notes to the Combined Financial Statements
−Removed: Foreign Currency Risk—(continued)
−Removed: governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries);
+Added: monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries);
changes in balances of payments and trade;
1 unchanged sentence
and currency devaluations and revaluations.
−Removed: Also, governments from time to time intervene in the currency markets, including by regulation, in order to influence rates directly.
+Added: Also, governments from time to time intervene in the currency markets, including by
+Added: WORLD GOLD TRUST
+Added: Notes to the Combined Financial Statements
+Added: Foreign Currency Risk—(continued)
+Added: regulation, in order to influence rates directly.
These events and actions are unpredictable.
1 unchanged sentence
Concentration of Risk
−Removed: The primary business activities for GLDW were the investment in gold bullion, the transactions under the Gold Delivery Agreement, and the issuance and sale of GLDW Shares.
−Removed: For GLDM, the primary business activities are the investment in gold bullion and the issuance and sale of GLDM Shares.
+Added: GLDW’s primary business activities were the investment in gold bullion, the transactions under the Gold Delivery Agreement, and the issuance and sale of GLDW Shares.
+Added: GLDM’s primary business activities are the investment in gold bullion and the issuance and sale of GLDM Shares.
Various factors could affect the price of gold including:
4 unchanged sentences
(v) investment and trading activities of hedge funds and commodity funds;
−Removed: and (vi) global or regional political, economic or financial events and situations.
−Removed: In addition, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.
−Removed: In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares of a Series to decline proportionately.
+Added: (vi) other economic variables such as income growth, economic output, and monetary policies;
+Added: and (vii) global or regional political, economic or financial events and situations.
+Added: In addition, while gold is used to preserve wealth by investors around the world, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.
+Added: In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.
Each of these events could have a material effect on the Funds’ financial position and results of operations.
14 unchanged sentences
The Gold Delivery Agreement terminated with the liquidation of GLDW as of September 12, 2019.
−Removed: WORLD GOLD TRUST
−Removed: Notes to the Combined Financial Statements
−Removed: Derivative Contract Information—(continued)
The notional value of the contract varied daily based on the value of gold held at the Custodian.
No contracts existed at September 30, 2021, 2020 and 2019 as a result of GLDW’s liquidation.
+Added: WORLD GOLD TRUST
+Added: Notes to the Combined Financial Statements
Indemnification
10 unchanged sentences
Report of Independent Registered Public Accounting Firm
−Removed: To the Shareholders and the Trustee of SPDR® Gold MiniShares
−Removed: Trust and the Board of Directors of WGC USA Asset Management Company, LLC:
−Removed: Opinion on the Financial Statements
−Removed: We have audited the accompanying statements of financial condition of SPDR® Gold MiniShares
−Removed: Trust (GLDM), a series of the World Gold Trust (the Trust), including the schedules of investment, as of September 30, 2020 and 2019, the related statements of operations, cash flows, and changes in net assets for each of the years in the two-year period ended September 30, 2020 and for the period June 26, 2018 (commencement of operations) through September 30, 2018, and the related notes (collectively, the financial statements).
−Removed: In our opinion, the financial statements present fairly, in all material respects, the financial position of GLDM as of September 30, 2020 and 2019, and the results of its operations, its cash flows, and changes in its net assets for each of the years in the two-year period ended September 30, 2020 and for the period June 26, 2018 through September 30, 2018, in conformity with U.S.
+Added: To the Trustee of World Gold Trust and the Board of Directors of
+Added: WGC USA Asset Management Company, LLC:
+Added: Opinion on the Combined Financial Statements
+Added: We have audited the accompanying combined statements of financial condition of World Gold Trust and its series (the Trust), including the combined schedules of investment, as of September 30, 2021 and 2020, the related combined statements of operations, cash flows, and changes in net assets for each of the years in the three-year period ended September 30, 2021, and the related notes (collectively, the combined financial statements).
+Added: In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Trust as of September 30, 2021 and 2020, and the results of its operations, its cash flows, and changes in its net assets for each of the years in the three-year period ended September 30, 2021, in conformity with U.S.
generally accepted accounting principles.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), GLDM’s internal control over financial reporting as of September 30, 2020, based on criteria established in Internal Control – Integrated Framework (2013)
−Removed: issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated November 23, 2020 expressed an unqualified opinion on the effectiveness of GLDM’s internal control over financial reporting.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s internal control over financial reporting as of September 30, 2021, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated November 24, 2021 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting.
Basis for Opinion
−Removed: These financial statements are the responsibility of WGC USA Asset Management Company, LLC (the Trust’s sponsor).
−Removed: Our responsibility is to express an opinion on these financial statements based on our audits.
−Removed: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to GLDM in accordance with the U.S.
+Added: These combined financial statements are the responsibility of WGC USA Asset Management Company, LLC (the Trust’s sponsor).
+Added: Our responsibility is to express an opinion on these combined financial statements based on our audits.
+Added: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.
−Removed: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
−Removed: Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement, whether due to error or fraud.
+Added: Our audits included performing procedures to assess the risks of material misstatement of the combined financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the combined financial statements.
+Added: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the combined financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
−Removed: The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:
−Removed: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
−Removed: The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
+Added: The critical audit matter communicated below is a matter arising from the current period audit of the combined financial statements that was communicated or required to be communicated to the audit committee and that:
+Added: (1) relates to accounts or disclosures that are material to the combined financial statements and (2) involved our especially challenging, subjective, or complex judgments.
+Added: The communication of a critical audit matter does not alter in any way our opinion on the combined financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Evaluation of the evidence pertaining to the existence of the gold holdings
−Removed: As disclosed in the schedule of investment, as of September 30, 2020, GLDM’s market value of gold holdings was $3.5 billion, representing approximately 100% of GLDM’s total assets.
+Added: As disclosed in the combined schedule of investment, as of September 30, 2021, the Trust’s market value of gold holdings was $4.4 billion, representing approximately 100% of the Trust’s total assets.
All of the gold holdings, which were 2.5 million ounces as of September 30, 2021, were held by a third-party custodian (the custodian).
2 unchanged sentences
The following are the primary procedures we performed to address this critical audit matter.
−Removed: We evaluated the design and tested the operating effectiveness of certain internal controls over GLDM’s gold holdings process, including controls over (1) the comparison of GLDM’s records of gold held to the custodian’s records and (2) the approval of gold deposits and withdrawals by the trustee of GLDM.
−Removed: We obtained a schedule directly from the custodian of GLDM’s gold holdings held by the custodian as of September 30, 2020.
−Removed: We compared the total ounces on such schedule to GLDM’s record of gold holdings.
−Removed: We also attended and observed part of the physical count of GLDM’s gold holdings performed at the custodian’s location by a third party engaged by GLDM’s sponsor.
−Removed: We obtained the physical count result of that third party and reconciled it to both GLDM’s and the custodian’s records.
+Added: We evaluated the design and tested the operating effectiveness of certain internal controls over the Trust’s gold holdings process, including controls over (1) the comparison of the Trust’s records of gold held to the custodian records and (2) the approval of gold deposits and withdrawals by the trustee of the Trust.
+Added: We obtained a schedule directly from the custodian of the Trust’s gold holdings held by the custodian as of September 30, 2021.
+Added: We compared the total ounces on such schedule to the Trust’s record of gold holdings.
+Added: We also attended and observed part of the physical count of the Trust’s gold holdings performed at the custodian’s location by a third party engaged by the Trust’s sponsor.
+Added: We obtained the physical count result of that third party and reconciled it to both the Trust’s and the custodian’s records.
We have served as the Trust s auditor since 2016.
5 unchanged sentences
(Amounts in 000’s of US$ except for share and per share data)
−Removed: Investment in Gold, at fair value (cost $ 3,014,561 and $ 916,790 at September 30, 2020 and 2019, respectively)
+Added: Investments in Gold, at fair value (cost $ 4,237,696 and $ 3,014,561 at September 30, 2021 and 2020, respectively)
Gold receivable
5 unchanged sentences
See notes to the financial statements.
−Removed: SPDR® Gold MiniShares SM
+Added: ® Gold MiniShares SM
Schedules of Investment
−Removed: (All balances in 000’s except percentages)
+Added: (Amounts in 000’s except for percentages)
September 30, 2021
1 unchanged sentence
Total Investment
−Removed: in excess of liabilities
−Removed: (All balances in 000’s except percentages)
+Added: Liabilities in excess of other assets
September 30, 2020
1 unchanged sentence
Total Investment
−Removed: in excess of liabilities
+Added: Other assets in excess of liabilities
See notes to the financial statements.
−Removed: SPDR® Gold MiniShares SM
+Added: ® Gold MiniShares SM
Statements of Operations
−Removed: For the years ended September 30, 2020 and 2019 and the fiscal period ended September 30, 2018
+Added: For the years ended September 30, 2021, 2020 and 2019
(Amounts in 000’s of US$, except per share data)
−Removed: Fiscal Period
Total expenses
8 unchanged sentences
Weighted average number of shares (in 000’s)
−Removed: Amounts are for the period June 26, 2018 (commencement of operations) to September 30, 2018.
See notes to the financial statements.
−Removed: SPDR® Gold MiniShares SM
+Added: ® Gold MiniShares SM
Statements of Cash Flows
−Removed: For the years ended September 30, 2020 and 2019 and the fiscal period ended September 30, 2018
+Added: For the years ended September 30, 2021, 2020 and 2019
(Amounts in 000’s of US$)
−Removed: Fiscal Period
INCREASE/DECREASE IN CASH FROM OPERATIONS:
6 unchanged sentences
FINANCING ACTIVITIES:
−Removed: Value of gold received for creation of shares net of change in
−Removed: gold receivable
−Removed: Value of gold distributed for redemption of shares
+Added: Value of gold received for creation of shares-net
+Added: of change in gold receivable
+Added: Value of gold distributed for redemption of shares-net
+Added: of change in gold payable
(Amounts in 000’s of US$)
−Removed: Fiscal Period
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
7 unchanged sentences
Net cash provided by operating activities
−Removed: Amounts are for the period June 26, 2018 (commencement of operations) to September 30, 2018.
See notes to the financial statements.
1 unchanged sentence
Statements of Changes in Net Assets
−Removed: For the years ended September 30, 2020 and 2019 and the fiscal period ended September 30, 2018
+Added: For the years ended September 30, 2021, 2020 and 2019
(Amounts in 000’s of US$)
−Removed: Fiscal Period
Net Assets—Opening Balance
4 unchanged sentences
Net Assets—Closing Balance
−Removed: Amounts are for the period June 26, 2018 (commencement of operations) to September 30, 2018.
See notes to the financial statements.
7 unchanged sentences
Trust (“GLDM”).
−Removed: The shares of GLDM (the “Shares”) began publicly trading on June 26, 2018 on the NYSE Arca, Inc.(the “NYSE Arca”).
+Added: The shares of GLDM (the “Shares”) began publicly trading on June 26, 2018 on the NYSE Arca, Inc.
+Added: (the “NYSE Arca”).
The Shares are also listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores).
13 unchanged sentences
Actual results could differ from those estimates.
−Removed: The following is a summary of significant accounting policies followed by GLDM.
+Added: The following is a summary of significant accounting policies followed by GLDM and the Trust.
2.1 Basis of Accounting
−Removed: 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.
+Added: For accounting purposes, GLDM is an investment company within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 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.
24 unchanged sentences
Investment in Gold
−Removed: There were no transfers between Level 1 and other Levels for the years ended September 30, 2020 and 2019.
−Removed: 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 LBMA Gold Price.
−Removed: 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.
−Removed: The auction runs twice daily at 10:30 AM and 3:00 PM London time.
−Removed: The Administrator calculates the NAV of GLDM on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time.
−Removed: If no LBMA Gold Price PM is made
+Added: There were no transfers between Level 1 and other Levels for the year ended September 30, 2021 and 2020.
+Added: 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”).
+Added: In determining the NAV of GLDM, the Administrator values the gold held on the basis of the price of an ounce of gold determined
Gold MiniShares SM
1 unchanged sentence
2.4 Fair Value Measurement—(continued)
−Removed: 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 is used in the determination of the NAV of GLDM, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.
+Added: by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”), which is an electronic auction.
+Added: The auction runs twice daily at 10:30 AM and 3:00 PM London time.
+Added: The Administrator calculates the NAV of GLDM on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time.
+Added: If no LBMA Gold Price 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 is used in the determination of the NAV of GLDM, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.
2.5 Custody of Gold
15 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.
+Added: Gold MiniShares SM
+Added: Notes to the Financial Statements
+Added: 2.8 Creations and Redemptions of Shares—(continued)
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.
−Removed: Changes in the Shares for the years ended September 30, 2020 and 2019 and the fiscal period ended September 30, 2018 were :
+Added: Changes in the Shares for the years ended September 30, 2021, 2020 and 2019 are as follows:
(Amounts are in 000’s)
−Removed: Fiscal Period
Activity in Number of Shares Created and Redeemed:
Net Change in Number of Shares Created and Redeemed
−Removed: Gold MiniShares SM
−Removed: Notes to the Financial Statements
−Removed: 2.8 Creations and Redemptions of Shares—(continued)
(Amounts in 000’s of US$)
−Removed: Fiscal Period
Activity in Value of Shares Created and Redeemed:
5 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 fees on the Statement of Operations.
−Removed: 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.
−Removed: 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.
+Added: 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 net realized gain of
+Added: $ 634 from the sale of gold to pay Sponsor fees, a net realized gain of
+Added: $ 39,311 from gold distributed for the redemption of shares, and a net change in unrealized depreciation of
+Added: $( 378,400 ) on investment in gold.
+Added: 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 net realized gain of
+Added: $ 455 from the sale of gold to pay Sponsor fees, a net realized gain of
+Added: $ 37,008 from gold distributed for the redemption of shares, and a net change in unrealized appreciation of
+Added: $ 409,193 on investment in gold.
2.10 Income Taxes
4 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.
−Removed: 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 September 30, 2020.
−Removed: As of September 30, 2020, the 2019 and 2018 tax years remain open for examination.
−Removed: There were no
−Removed: examinations in progress at period end.
−Removed: 2.11 New Accounting Pronouncements
−Removed: In August 2018, the FASB issued Accounting Standards Update 2018-13,
−Removed: Fair Value Measurement (Topic 820):
−Removed: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”).
−Removed: The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements.
−Removed: will be effective for annual periods beginning after December 15, 2019.
−Removed: Early adoption is permitted.
−Removed: Management of the Sponsor does not currently expect these changes to have a material impact to future financial statements.
Gold MiniShares SM
Notes to the Financial Statements
+Added: 2.10 Income Taxes—(continued)
+Added: 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 September 30, 2021.
+Added: As of September 30, 2021, the 2020, 2019 and 2019 tax years remain open for examination.
+Added: There were no examinations in progress at period end.
Quarterly Statements of Operations
12 unchanged sentences
Weighted average number of shares (in 000’s)
+Added: Gold MiniShares SM
+Added: Notes to the Financial Statements
+Added: Quarterly Statements of Operations—(continued)
Year Ended September 30, 2020
4 unchanged sentences
Net realized and change in unrealized gain/(loss) on investment in gold
−Removed: Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
+Added: Net realized gain/(loss) from investment in gold sold to pay expenses
Net realized gain/(loss) from gold distributed for the redemption of shares
−Removed: Gold MiniShares SM
−Removed: Notes to the Financial Statements
−Removed: Quarterly Statements of Operations—(continued)
−Removed: Three Months Ended (unaudited)
−Removed: (Amounts in 000’s of US$, except per share data)
Net change in unrealized appreciation/(depreciation) on investment in gold
18 unchanged sentences
Expenses payable will reduce the NAV of GLDM.
+Added: Gold MiniShares SM
+Added: Notes to the Financial Statements
Concentration of Risk
11 unchanged sentences
Each of these events could have a material effect on GLDM’s financial position and results of operations.
−Removed: Gold MiniShares SM
−Removed: Notes to the Financial Statements
Indemnification
6 unchanged sentences
However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.
+Added: Gold MiniShares SM
+Added: Notes to the Financial Statements
Financial Highlights
−Removed: The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the years ended September 30, 2020 and 2019 and the fiscal period ended September 30, 2018.
−Removed: 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.
+Added: The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the years ended September 30, 2021, 2020 and 2019.
+Added: 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.
−Removed: Fiscal Period Ended
−Removed: Sep-30, 2018 (1)
Net Asset Value
11 unchanged sentences
Total Return, at market value
−Removed: Percentages are annualized.
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.