What changed in this filing

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Item 1. Financial Statements

2022-08-05 compared with 2022-05-09 · 50 added, 54 removed, 268 unchanged (28% of the section changed)

1 unchanged sentence

Combined Statements of Financial Condition

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

at June 30, 2022 (unaudited) and September 30, 2021

(Amounts in 000’s of US$)

Investments in Gold, at fair value (cost $ 4,585,122

and $ 4,237,696

at March 31, 2022 and September 30, 2021, respectively)

Gold receivable

Investments in Gold, at fair value (cost $ 4,858,940 and $ 4,237,696 at June 30, 2022 and September 30, 2021, respectively)

Accounts payable to Sponsor

4 unchanged sentences

(Amounts in 000’s except for percentages)

March 31, 2022

June 30, 2022

Investment in Gold

Total Investment

Other assets in excess of liabilities

Liabilities in excess of other assets

September 30, 2021

5 unchanged sentences

Unaudited Combined Statements of Operations

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

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

(Amounts in 000’s of US$)

4 unchanged sentences

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

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

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

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

3 unchanged sentences

Unaudited Combined Statements of Cash Flows

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

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

(Amounts in 000’s of US$)

17 unchanged sentences

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

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

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

Increase/(Decrease) in accounts payable to Sponsor

3 unchanged sentences

Unaudited Combined Statements of Changes in Net Assets

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

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

(Amounts in 000’s of US$)

3 unchanged sentences

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

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

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

Net Assets - Closing Balance

2 unchanged sentences

Statements of Financial Condition

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

at June 30, 2022 (unaudited) and September 30, 2021

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

Investments in Gold, at fair value (cost $ 4,585,122

and $ 4,237,696

at March 31, 2022 and September 30, 2021, respectively)

Gold receivable

Investments in Gold, at fair value (cost $ 4,858,940 and $ 4,237,696 at June 30, 2022 and September 30, 2021, respectively)

Accounts payable to Sponsor

7 unchanged sentences

(Amounts in 000’s except for percentages)

March 31, 2022

June 30, 2022

Investment in Gold

Total Investment

Other assets in excess of liabilities

Liabilities in excess of other assets

September 30, 2021

5 unchanged sentences

Unaudited Statements of Operations

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

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

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

4 unchanged sentences

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

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

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

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

5 unchanged sentences

Unaudited Statements of Cash Flows

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

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

(Amounts in 000’s of US$)

23 unchanged sentences

Unaudited Statements of Changes in Net Assets

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

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

(Amounts in 000’s of US$)

3 unchanged sentences

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

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

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

Net Assets - Closing Balance

5 unchanged sentences

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 March 31, 2022.

The Trust has established six separate series, one of which is operational as of June 30, 2022.

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

14 unchanged sentences

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

The Statements of Financial Condition and Schedules of Investment at June 30, 2022, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three and nine months ended June 30, 2022 and 2021 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 and nine months ended June 30, 2022 and for all periods presented have been made.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Annual Report on Form 10-K

for the fiscal year ended September 30, 2021.

The results of operations for the three and six months ended March 31, 2022 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three and nine months ended June 30, 2022 are not necessarily indicative of the operating results for the full fiscal year.

Significant Accounting Policies

4 unchanged sentences

Basis of Accounting

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.

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.

19 unchanged sentences

(Amounts in 000’s of US$)

March 31, 2022

June 30, 2022

Investment in Gold

2 unchanged sentences

Investment in Gold

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

There were no transfers between Level 1 and other Levels for the nine

months ended June 30, 2022 or for the year ended September 30, 2021.

The 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”).

12 unchanged sentences

Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of GLDM’s account.

Generally, ownership of the gold is transferred within two business days of the trade date.

Generally, ownership of the gold is transferred within two business days of the

(Amounts in 000’s of US$)

2 unchanged sentences

GLDM issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis.

The creation and redemption of Creation Units is only made in

exchange for the amount of gold and any cash represented by the Creation Units being created or redeemed.

The creation and redemption of Creation Units is only made in exchange for the amount of gold and any cash represented by the Creation Units being created or redeemed.

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.

Changes in the Shares for the three and six months ended March 31, 2022 and 202 1

are as follows:

Changes in the Shares for the three and nine months ended June 30, 2022 and 2021 are as follows:

(Amounts are in 000’s)

9 unchanged sentences

A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay Sponsor expenses on the Statement of Operations.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the six months ended March 31, 2022 of $ 478,567 is made up of a realized gain of $ 270 from the sale of gold to pay Sponsor fees, a realized gain of $ 29,065 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $ 449,232 on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the six months ended March 31, 2021 of $( 444,088 ) is made up of a realized gain of $ 346 from the sale of gold to pay Sponsor fees, a realized gain of $ 36,875 from gold distributed for the redemption of shares, and a change in unrealized depreciation of $( 481,309 ) on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2022 of $ 125,138 is made up of a realized gain of $ 382 from the sale of gold to pay Sponsor fees, a realized gain of $ 39,199 from gold distributed for the redemption of shares, and a change in unrealized gain

of $ 85,557 on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2021 of $( 283,201 ) is made up of a realized gain of $ 500 from the sale of gold to pay Sponsor fees, a realized gain of $ 36,894 from gold distributed for the redemption of shares, and a change in unrealized loss

of $( 320,595 ) 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 March 31, 2022.

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

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, 2022.

As of June 30,

2022, the 2021, 2020, 2019 and 2018 tax years remain open for examination.

There were no examinations in progress at period end.

Related Parties – Sponsor

Effective February 23, 2022, the Sponsor reduced its annual fee of 0.18 % of the NAV of GLDM

to 0.10 % of the NAV of GLDM and implemented a one-for-two reverse stock split of the Shares which now represent 1/50 th

of an ounce of gold.

The Sponsor’s annual fee equal to 0.10% of the NAV of GLDM is calculated on a daily basis.

The Sponsor is responsible for the payment of all of GLDM’s ordinary fees and expenses, including but not limited to the following:

Effective February 23, 2022, the Sponsor reduced its annual fee of 0.18 % of the NAV of GLDM to 0.10 % of the NAV of GLDM and implemented a one-for-two

reverse stock split of the Shares which now represent 1/50th of an ounce of gold .

The Sponsor’s annual fee equal to 0.10% of the NAV of GLDM is calculated daily.

The Sponsor is responsible for the payment of all GLDM’s ordinary fees and expenses, including but not limited to the following:

fees charged by GLDM’s Administrator, Custodian, Marketing Agent and Trustee;

4 unchanged sentences

audit fees and expenses;

and legal fees not in excess of

per annum and expenses and applicable license fees.

and legal fees not in excess of $ 100,000 per annum and expenses and applicable license fees.

The Sponsor is not, however, required to pay any extraordinary expenses incurred in the ordinary course of GLDM’s business as outlined in the Sponsor’s agreement with the Trust.

20 unchanged sentences

Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.

The Trustee and each of its officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby;

the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby;

provided that the indemnified party acted without willful misconduct, bad faith or gross negligence.

2 unchanged sentences

Financial Highlights

The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three and six months ended March 31, 2022 and March 31, 2021.

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, 2022 and June 30, 2021.

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.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

An individual investor’s ret u

rn and ratios may vary based on the timing of capital transactions.

Financial Highlights (Unaudited)

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

For the three and

nine months ended June 30, 2022 and 2021

Net Asset Value

15 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements