What changed in this filing

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Item 9A. Controls and Procedures

2022-11-23 compared with 2021-11-24 · 203 added, 442 removed, 502 unchanged (56% of the section changed)

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In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013).

Their assessment included an evaluation of the design of the Trust’s and GLDM’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting.

Their assessment included an evaluation of the design of the Trust’s and GLDM’s internal control over financial reporting and testing of the operational effectiveness of its internal control over

financial reporting.

Based on their assessment and those criteria, the Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor concluded that the Trust and GLDM maintained effective internal control over financial reporting as of September 30, 2022.

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Report of Independent Registered Public Accounting Firm

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:

To the Shareholders and the Trustee of SPDR® Gold MiniShares® 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

We have audited World Gold Trust’s (the Trust) and its series SPDR® Gold MiniShares SM

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.

We have audited World Gold Trust’s (the Trust) and its series SPDR® Gold MiniShares® Trust’s (the Fund) internal control over financial reporting as of September 30, 2022, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Trust and the Fund maintained, in all material respects, effective internal control over financial reporting as of September 30, 2022, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

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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;

authorizations of management and directors of the entity;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the entity’s assets that could have a material effect on the financial statements.

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The following persons, in their respective capacities as directors or executive officers of the Sponsor, a Delaware limited liability company, perform certain functions with respect to the Trust that, if the Trust had directors or executive officers, would typically be performed by them.

Cavatoni is the Principal Executive Officer and Brandon Woods is the Principal Financial and Accounting Officer of the Sponsor.

The Board of Directors of the Sponsor consists of four individuals, of whom three serve on its Audit Committee.

The Audit Committee is responsible for overseeing the financial reporting process of the Trust, including the risks and controls of that process and such other oversight functions as are typically performed by an audit committee of a public company.

Cavatoni is the Principal Executive Officer and Amanda Krichman is the Principal Financial and Accounting Officer of the Sponsor.

The Board of Directors of the Sponsor consists of six individuals, of whom five serve on its Audit Committee.

The Audit Committee has the responsibility for overseeing the financial reporting process of the Trust, including the risks and controls of that process and such other oversight functions as are typically performed by an audit committee of a public company.

is the Principal Executive Officer of the Sponsor.

He joined the World Gold Council as Managing Director USA and ETFs in September 2016.

From October 2016 to the present, he has served as Principal Executive Officer of World Gold Trust Services, LLC (“WGTS LLC”), sponsor of the SPDR® Gold Trust and an affiliate of the Sponsor.

Prior to that, from April 2009 to December 2015 he served with BlackRock, Inc., a publicly traded investment management firm, first as the head of iShares Capital Markets in Asia Pacific (2009) and as Head of iShares Capital Markets and Product Development in the same region (2009-2011).

Cavatoni is also the Principal Executive Officer of World Gold Trust Services, LLC, an affiliate of the Sponsor (“WGTS”), and the Chief Market Strategist (North America) at World Gold Council, the parent company of the Sponsor (“WGC”).

Prior to joining WGC as Managing Director USA and ETFs in September 2016, from April 2009 to December 2015, Mr.

Cavatoni served with BlackRock Investments, LLC, as part of BlackRock, Inc., a publicly traded investment management firm, first as the head of iShares Capital Markets in Asia Pacific (2009) and as Head of iShares Capital Markets and Product Development in the same region (2009-2011).

From November 2011 to December 2015, Mr.

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Cavatoni served with UBS Securities Asia Limited, first as Executive Director, Head of Swaps, Asia (2003-2006) and then as Managing Director, Head of Equity Finance APAC (2006-2009).

Prior to that, Mr.

Cavatoni was on garden leave during June and July 2003.

Prior to joining UBS Securities Asia Limited, he served with Merrill Lynch & Company, Inc.

Prior to that, he served with Merrill Lynch & Company, Inc.

from June 1994 to May 2003 as Senior Credit Analyst, Credit and Risk Management Team in New York (1994-1995), Vice President, Credit and Risk Management Team, Hong Kong (1995-2000) and Director, Head of Prime Brokerage Asia, Japan and Australia (2000-2003).

Cavatoni received his Bachelor of Business Administration degree from The George Washington University and his Master of Business Administration degree from Northwestern University and the Hong Kong University of Science and Technology.

Brandon Woods

is the Funds Chief Operating Officer.

He is also the Principal Financial and Accounting Officer of the Sponsor.

He joined World Gold Council as Head of Compliance and Regulatory Reporting in May 2017.

From September 2015 to April 2017, he was Vice President and Head of Hedge Fund Operations at iCapital Network, Inc.

Prior thereto, he was Senior Vice President of Fund Services from March 2013 to February 2015, and Vice President of Fund Services from October 2011 to March 2013 at Meridian Fund Services, LLC.

Woods holds a Bachelor of Business Administration.

, age 73, is Chairman of the Board of Directors of the Sponsor and a member of the Board’s Audit Committee.

He was appointed to the Board when it was formed in January 2017.

In January 2013, he was appointed to the Board of Directors of WGTS LLC, the sponsor of the largest exchange-traded fund in the world backed by physical gold and an affiliate of the Sponsor.

He serves as Chairman of WGTS LLC’s Board of Directors and is a member of its Audit Committee.

From March 1998 to the present, he has served on the Board of Directors of Caliber ID, Inc., which provides medical equipment supporting imaging and diagnosis at the cellular level in the treatment of skin cancer and other diseases, and was appointed Chairman in December 2010.

Shea has been a member of the boards of AIG SunAmerica, a mutual funds company, from December 2004 to September 2016, and has served as Chairman of the Board of Demoulas Supermarkets, Inc., a privately held retail grocery store chain in New England, from March 1999 to the present.

He was a board member of Boston Private Financial Holdings, a public bank holding company, and its related bank from June 2005 to May 2014 and a board member of NASDAQ OMXBX/the Boston Stock Exchange, a US stock exchange, from March 1998 to December 2014.

Amanda Krichman

age 31, is the is the Principal Financial and Accounting Officer of the Sponsor.

Krichman is also the Principal Financial and Accounting Officer of WGTS and the Funds Chief Operating Officer of WGC.

Prior to joining WGC on October 13, 2022, Ms.

Krichman was Vice President and Head of US Registered Funds Services at Goldman Sachs Asset Management from December 2021 to October 2022.

Krichman was Director of ETF Product Development from September 2021 to December 2021, and Senior Associate of ETF Product Development from December 2018 to September 2021 at New York Life Investments.

Prior to that she held various roles at Goldman Sachs Asset Management from July 2013 to November 2018.

Krichman received her Bachelor degree from Syracuse University and her Master of Business Administration degree from New York University.

, age 74, has served as Chairman of the Board of Directors of the Sponsor since January 2013 and is a member of the Board’s Audit Committee.

Shea has also served as a Director on the Board of Directors of WGTS since January 2017 and is a member of that board’s Audit Committee.

He has more than 35 years of experience in the financial services industry and in business restructurings.

He was elected to the Board of Directors of Caliber ID, Inc.

in 2001 and was appointed Chairman in December 2010.

Prior to his appointment to the Board of Caliber ID, he served as Executive Chairman of Royal & Sun Alliance (RSA), USA from January 2005 to December 2006, and oversaw its divestiture from RSA, a large public insurance company headquartered in the United Kingdom.

From 2001 to 2004, he was Chief Executive Officer of Conseco, Inc., a publicly held diversified insurance and financial services firm that he guided through the federal bankruptcy and restructuring process.

From January 1997 to February 2001, he oversaw the turnaround of Centennial Technologies, Inc., a high technology manufacturing company in the flash memory business.

Shea served as Vice Chairman of BankBoston Corporation from January 1993 to August 1998.

He was the Vice Chairman and a Senior

Partner of Coopers & Lybrand (now PricewaterhouseCoopers), an international public accounting firm, for whom he worked from June 1974 to December 1992.

Shea sits on the boards of AIG SunAmerica, a mutual funds company, and is Chairman of the Board of Demoulas Supermarkets, Inc., a privately held retail grocery store chain in New England.

He was a board member of Boston Private Financial Holdings, a public bank holding company, and its related bank from June 2004 to May 2014.

Shea has served on the boards of the Boston Children’s Hospital, Northeastern University, NASDAQ OMXBX, and the Boston Stock Exchange.

Shea holds both a Bachelor of Arts degree and a Master of Arts degree in Economics.

The Sponsor has concluded that Mr.

Shea should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles with different financial institutions and an international public accounting firm, his extensive experience in business restructurings, and the experience he has gained serving as a director of WGTS LLC.

, age 53, has served as a Director on the Board of Directors of the Sponsor since April 2022, and is a member of the Board’s Audit Committee.

Duffy has also served as a Director on the Board of Directors of WGTS since April 2022 and is a member of that board’s Audit Committee.

Duffy is the Head of Financial Markets, Europe and Americas at Standard Chartered Bank.

Based in New York, Ms.

Duffy leads the strategy and governance of the Europe and Americas regions across Foreign Exchange, Rates, Credit, Commodities, Debt Capital Markets, Loan Syndication, Leveraged & Acquisition Finance, Project & Export Finance, Aviation Finance, and Securities Services businesses.

In addition, Ms.

Duffy is responsible for delivering coordinated solutions and senior relationship management to the Bank’s most complex and significant financial institutions and corporate clients across Europe and Americas.

Duffy is a member of the Global Financial Markets Management Team, UK/Europe Regional Management Team, and US Management Team.

Duffy is also CEO of the US Broker Dealer, Standard Chartered Securities North America LLC.

Prior to joining Standard Chartered in 2017, Ms.

Duffy was a Managing Director in the Global Markets Key Account Management Group at Credit Suisse.

During her career at Credit Suisse, Ms.

Duffy also held several senior production and management roles, including Head of Macro Sales Americas and Head of Global Currencies & Emerging Markets Sales Americas.

Duffy holds a bachelor’s degree in Political Science from Boston College.

The Sponsor has concluded that Ms.

Duffy should serve as Director because of her knowledge and extensive experience in leadership roles at Standard Chartered Bank and the experience she has gained serving as a director of WGTS.

Carlos Rodriguez

, age 48, has served as a Director on the Board of Directors of the Sponsor since February 25, 2019, and Chairman of the Board’s Audit Committee.

Rodriguez has served as a Director on the Board of Directors of WGTS LLC since February 25, 2019 and is a member of that board’s Audit Committee.

, age 50, has served as a Director on the Board of Directors of the Sponsor since February 2019 and is Chairman of the Board’s Audit Committee.

Rodriguez has also served as a Director on the Board of Directors of WGTS since February 2019 and is a member of that board’s Audit Committee.

Rodriguez began his career on Wall Street in the Public Finance Department of Merrill Lynch in 1996, where he focused on interest rate hedging strategies for municipal clients and non-for-profit

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The Sponsor has concluded that Mr.

Rodriguez should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles different financial institutions and the experience he has gained serving as a director of WGTS LLC.

, age 59, has served as a Director on the Board of Directors of the Sponsor since February 25, 2019.

Tait has also served as the Chief Executive Officer of World Gold Council, the parent company of the Sponsor since January 2019, and as a Director on the Board of Directors of WGTS LLC since February 25, 2019.

Prior to joining World Gold Council, Mr.

, age 60, has served as a Director on the Board of Directors of the Sponsor since April 2022, and is a member of the Board’s Audit Committee.

Sprung has also served as a Director on the Board of Directors of WGTS since April 2022 and is a member of that board’s Audit Committee.

Sprung has served as member of the board of directors of DWS Ag, USA since 2018 and is chair of the risk committee and a member of the audit committee.

Sprung has over 30 years’ experience in financial services, including as a global macro portfolio manager at Moore Capital, Fortress Investment Group and JP Morgan.

Sprung acted as Chief Risk Officer of the Fortress Global Macro Fund for two years from 2006 to 2008 and Head of Risk and Strategy for the hedge fund business at Neuberger Berman from 2012 to 2016.

Sprung’s product expertise includes fixed income, mortgage and asset backed securities, equities, currencies, derivatives, structured derivatives, quantitative investing, real estate and commodities.

Sprung holds a Bachelor of Science from the Massachusetts Institute of Technology in Management Science.

The Sponsor has concluded that Ms.

Sprung should serve as Director because of her extensive experience in financial services at various financial institutions and the experience she has gained serving as a director of DWS Ag, USA and WGTS.

, age 60, has served as a Director on the Board of Directors of the Sponsor and WGTS since February 25, 2019.

Tait has also served as the Chief Executive Officer of WGC since January 2019.

Prior to joining WGC, Mr.

Tait served as Executive Producer with EMU Films from April 2016 to January 2019.

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The Sponsor has concluded that Mr.

Tait should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles with different financial institutions and the experience he has gained serving as the Chief Executive Officer of World Gold Council and director of WGTS LLC.

, age 66, is a Director on the Board of Directors of the Sponsor and a member of the Board’s Audit Committee.

He was appointed to the Board when it was formed in January 2017.

In January 2013, he was appointed to the Board of Directors of WGTS LLC, the sponsor of the largest exchange-traded fund in the world backed by physical gold and an affiliate of the Sponsor.

He also serves as a member of the Audit Committee of WGTS LLC’s Board of Directors.

Wolkoff has served as a Director on the Board of Directors of WGCAM since January 2017 and is a member of that board’s Audit Committee.

Tait should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles different financial institutions and the experience he has gained serving as the Chief Executive Officer of World Gold Council and director of WGTS.

, age 67, has served as a Director on the Board of Directors of the Sponsor since January 2013, and is a member of the Board’s Audit Committee.

Wolkoff has also served as a Director on the Board of Directors of WGTS since January 2017 and is a member of that board’s Audit Committee.

Wolkoff is the founder and CEO of Wolkoff Consulting Services, LLC.

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Prior to the AMEX, for over 20 years, Mr.

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.

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.

Wolkoff was the exchange’s chief regulatory officer.

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The Sponsor has concluded that Mr.

Wolkoff should serve as Director because of the knowledge and extensive experience he gained in a variety of leadership roles at a major stock exchange and futures exchange, the experience he gained as a trial attorney, his extensive experience as a director on other boards, and the experience he has gained serving as a director of WGTS LLC.

The Sponsor has a code of ethics (the “Code of Ethics”) that applies to its executive officers and agents, including its Principal Executive Officer and Principal Financial and Accounting Officer, who perform certain functions with respect to the Trust that, if the Trust had executive officers would typically be performed by them.

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Principal Accounting Fees and Services

Fees for services performed by LLP for the years ended September 30, 2021 and 2020 were:

Our independent registered public accounting firm is KPMG, LLP , New York NY , Auditor Firm ID:

Fees for services performed by KPMG LLP for the years ended September 30, 2022 and 2021 were:

Years Ended September 30,

Audit-related fees

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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Transfer Agency and Service Agreement, dated January 5, 2017

Amendment to Transfer Agency and Service Agreement, dated June 6, 2018

Exhibit Number

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Filing Date/Period

Amendment to Transfer Agency and Service Agreement, dated June 6, 2018

Second Amendment to the Transfer Agency and Service Agreement, dated October 11, 2019

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Second Amendment to Amended and Restated Sponsor Agreement, dated June 12, 2018

Third Amendment to Amended and Restated Sponsor Agreement dated February 4, 2022

Custody Agreement (U.S.

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XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Linkbase Document

XBRL Taxonomy Extension Definition Linkbase Document

Exhibit Number

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Filing Date/Period

XBRL Taxonomy Extension Calculation Linkbase Document

XBRL Taxonomy Extension Definition Linkbase Document

XBRL Taxonomy Extension Label Linkbase Document

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Principal Executive Officer*

/s/ Brandon Woods

Brandon Woods

/s/ Amanda Krichman

Amanda Krichman

Principal Financial and Accounting Officer*

/s/ David Tait

/s/ William J.

/s/ Neal Wolkoff

/s/ Molly Duffy

/s/ Carlos Rodriguez

Carlos Rodriguez

November 24, 2021

/s/ David Tait

/s/ Neal Wolkoff

The Registrant is a trust and the persons are signing in their capacities as officers or directors of WGC USA Asset Management Company, LLC, the Sponsor of the Registrant.

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Combined Statements of Changes in Net Assets for the years ended September 30, 2022, 2021 and 2020 for World Gold Trust

Notes to the Combined Financial Statements for World Gold Trust

Report of Independent Registered Public Accounting Firm for SPDR® Gold MiniShares SM Trust

Statements of Financial Condition at September 30, 2021 and 2020 for SPDR® Gold MiniShares SM Trust

Schedules of Investment at September 30, 2021 and 2020 for SPDR® Gold MiniShares SM Trust

Statements of Operations for the years ended September 30, 2021, 2020 and 2019 for SPDR® Gold MiniShares SM Trust

Statements of Cash Flows for the years ended September 30, 2021, 2020 and 2019 for SPDR® Gold MiniShares SM Trust

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 for SPDR® Gold MiniShares® Trust

Statements of Financial Condition at September 30, 2022 and 2021 for SPDR® Gold MiniShares® Trust

Schedules of Investment at September 30, 2022 and 2021 for SPDR® Gold MiniShares® Trust

Statements of Operations for the years ended September 30, 2022, 2021 and 2020 for SPDR® Gold MiniShares® Trust

Statements of Cash Flows for the years ended September 30, 2022, 2021 and 2020 for SPDR® Gold MiniShares® Trust

Statements of Changes in Net Assets for the years ended September 30, 2022, 2021 and 2020 for SPDR® Gold MiniShares® Trust

Notes to the Financial Statements

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Trustee of SPDR® Gold MiniShares SM

Trust and the Board of Directors of WGC USA Asset Management Company, LLC:

Opinion on the Financial Statements

We have audited the accompanying statements of financial condition of SPDR® Gold MiniShares SM

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).

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.

To the Trustee of World Gold Trust and the Board of Directors of WGC USA Asset Management Company, LLC:

Opinion on the Combined Financial Statements

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, 2022 and 2021, 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, 2022, and the related notes (collectively, the combined financial statements).

In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Trust as of September 30, 2022 and 2021, 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, 2022, in conformity with U.S.

generally accepted accounting principles.

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.

— Integrated Framework (2013)

issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated November 23, 2022 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of WGC USA Asset Management Company, LLC (the Trust’s sponsor).

Our responsibility is to express an opinion on these financial statements based on our audits.

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.

These combined financial statements are the responsibility of WGC USA Asset Management Company, LLC (the Trust’s sponsor).

Our responsibility is to express an opinion on these combined financial statements based on our audits.

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.

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.

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.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

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.

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.

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.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the combined financial statements.

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

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:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

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.

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:

(1) relates to accounts or disclosures that are material to the combined financial statements and (2) involved our especially challenging, subjective, or complex judgments.

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

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.

As disclosed in the combined schedule of investment, as of September 30, 2022, the Trust’s market value of gold holdings was $4.7 billion, representing approximately 100% of the Trust’s total assets.

All of the gold holdings, which were 2.8 million ounces as of September 30, 2022, were held by a third-party custodian (the custodian).

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The following are the primary procedures we performed to address this critical audit matter.

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.

We obtained a schedule directly from the custodian of GLDM’s gold holdings held by the custodian as of September 30, 2021.

We compared the total ounces on such schedule to GLDM’s record of gold holdings.

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.

We obtained the physical count result of that third party and reconciled it to both GLDM’s and the custodian’s records.

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.

We obtained a schedule directly from the custodian of the Trust’s gold holdings held by the custodian as of September 30, 2022.

We compared the total ounces on such schedule to the Trust’s record of gold holdings.

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.

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.

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Investments in Gold, at fair value (cost $ 4,864,729 and $ 4,237,696 at September 30, 2022 and 2021, respectively)

Gold receivable

Accounts payable to Sponsor

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Total Investment

Other assets in excess of liabilities

Liabilities in excess of other assets

See notes to the combined financial statements.

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(Amounts in 000’s of US$)

Gold Delivery Provider fees

Total expenses

Net investment loss

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

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

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

Net realized gain/(loss) on Gold Delivery Agreement

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

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

Net realized gain (loss) from investment in gold sold to pay distributions

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

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

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

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

Net income/(loss)

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.

See notes to the combined financial statements.

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Increase/(Decrease) in cash resulting from operations

INCREASE/DECREASE IN CASH FLOWS FROM FINANCING ACTIVITIES:

Cash proceeds from issuance of shares

Cash paid for repurchase of shares

Cash proceeds from sales of gold to pay distributions

Distributions

Increase/(Decrease) in cash resulting from financing activities

Cash and cash equivalents at beginning of period

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SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING

Value of gold received for creation of shares-net

Value of gold received for creation of share-net

of change in gold receivable

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of change in gold payable

SUPPLEMENTAL DISCLOSURE OF NON-CASH

OPERATING ACTIVITIES

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

Value of Gold Delivery Agreement outflows — net of Gold Delivery Agreement Payable

(Amounts in 000’s of US$)

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

Gold paid for gold Delivery Provider fees

Proceeds from sales of gold to pay expenses

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

Net realized gain/(loss) on Gold Delivery Agreement

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

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

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

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

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

Increase/(Decrease) in accounts payable to Sponsor

Net cash provided by operating activities

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.

See notes to the combined financial statements.

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Net Assets – Opening Balance

Distributions

Net investment loss

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

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

Net realized gain/(loss) on Gold Delivery Agreement

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

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

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

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

Net Assets – Closing Balance

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.

See notes to the combined financial statements.

WORLD GOLD TRUST

Notes to the Combined Financial Statements

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

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

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

The Trust has established six separate series, one of which is operational as of September 30, 2021.

All of the series of the Trust are collectively referred to as the “Funds” and each individually as a “Series.” The fiscal year-end

for the Trust and the Funds is September 30

The Trust had no operations with respect to the Funds’ Shares prior to January 27, 2017 other than matters relating to its organization and the registration of the offer and sale of the Funds’ Shares under the Securities Act of 1933, as amended.

SPDR® Gold MiniShares

Trust (“GLDM”) commenced operations on June 26, 2018.

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

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

SPDR® Long Dollar Gold Trust (“GLDW”) commenced operations on January 27, 2017.

On July 15, 2019, the Sponsor notified the NYSE Arca, Inc.

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

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

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

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

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

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

ICBC Standard Bank Plc (the “Custodian”) is responsible for custody of GLDM’s gold.

Gold bullion was held by HSBC Bank plc on behalf of GLDW.

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

Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) requires those responsible for preparing financial statements to make estimates and assumptions and disclosure of contingent assets and liabilities at the date of the financial statements that affect the reported amounts and disclosures.

Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Funds and the Trust.

2.1 Basis of Accounting

The Funds are investment companies within the scope of Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and

WORLD GOLD TRUST

Notes to the Combined Financial Statements

2.1 Basis of Accounting—(continued)

therefore apply the specialized accounting and reporting guidance therein.

The Funds are not registered as investment companies under the Investment Company Act of 1940, as amended.

These financial statements present the financial condition, results of operations and cash flows of the Funds and the Trust combined.

For all periods presented, there were no balances or activity for the Trust and all balances and activity related to the Funds, and the footnotes accordingly relate to the Funds, unless stated otherwise.

2.2 Basis of Presentation

The financial statements are presented for the Trust, as the SEC registrant, combined with the Funds.

The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to each Series shall be enforceable only against the assets of that Series and not against the Trust generally or any other Series that the Trust may establish in the future.

2.3 Cash and Cash Equivalents

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

2.4 Solactive GLD

® Long USD Gold Index—Gold Delivery Agreement

The Gold Delivery Agreement terminated with the liquidation of GLDW as of September 12, 2019.

Pursuant to the terms of the Gold Delivery Agreement prior to termination, GLDW entered into a transaction to deliver gold bullion to, or receive gold bullion from, Merrill Lynch International, as Gold Delivery Provider, each Business Day.

The amount of gold bullion transferred essentially was equivalent to GLDW’s profit or loss as if it had exchanged the Reference Currencies comprising the Index (“FX Basket”), in the proportion in which they were reflected in the Index, for USDs in an amount equal to its holdings of gold bullion on such day.

In general, if there was a currency gain (i.e., the value of the USD against the Reference Currencies comprising the FX Basket increases), GLDW would receive gold bullion.

In general, if there was a currency loss (i.e., the value of the USD against the Reference Currencies comprising the FX Basket decreases), it would deliver gold bullion.

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

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

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

The Index was designed to represent the daily performance of a long position in physical gold, as represented by the LBMA Gold Price AM, and a short position in the basket of Reference Currencies with weightings determined by the FX Basket.

The Reference Currencies and their respective weightings in the Index were as follows:

Euro (EUR/USD) ( 57.6 %), Japanese Yen (USD/ JPY) ( 13.6 %), British Pound Sterling (GBP/USD) ( 11.9 %), Canadian Dollar (USD/CAD) ( 9.1 %), Swedish Krona (USD/SEK) ( 4.2 %), and Swiss Franc (USD/CHF) ( 3.6 %).

WORLD GOLD TRUST

Notes to the Combined Financial Statements

2.5 Fair Value Measurement

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

on between market participants at the measurement date.

The Funds’ policy is to value their investments at fair value.

Various inputs are used in determining the fair value of the Funds’ assets or liabilities.

Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”).

These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes.

The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are:

Unadjusted quoted prices in active markets for identical assets or liabilities;

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means;

Inputs that are unobservable for the asset and liability, including the Funds’ assumptions (if any) used in determining the fair value of investments.

The following table summarizes the Funds’ investments at fair value:

(Amounts in 000’s of US$)

September 30, 2021

Investment in Gold

(Amounts in 000’s of US$)

September 30, 2020

Investment in Gold

There were no transfers between Level 1 and other Levels for the years ended September 30, 2021 and 2020.

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.

The Administrator calculates the net asset value (“NAV”) of the Funds on each day the NYSE Arca is open for regular trading.

If no gold price is made on a particular evaluation day, the next most recent gold price is used in the determination of the NAV of the Funds, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.

WORLD GOLD TRUST

Notes to the Combined Financial Statements

2.6 Custody of Gold

Gold bullion was held by HSBC Bank plc on behalf of GLDW and is held by ICBC Standard Bank Plc on behalf of GLDM, each individually referred to as the “Custodian.”

2.7 Gold Receivable/Payable

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.

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

(Amounts in 000’s of US$)

Gold receivable

(Amounts in 000’s of US$)

2.8 Gold Delivery Agreement Receivable

Gold Delivery Agreement receivable represented the quantity of gold due to be received under the Gold Delivery Agreement.

The gold was transferred to GLDW’s allocated gold bullion account at the Custodian two business days

after the valuation date.

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.

The gold was transferred from GLDW’s allocated gold bullion account at the Custodian two business days after the valuation date.

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

and Redemptions of Shares

The Funds create and redeem Shares from time to time, but only in one or more Creation Units (a Creation Unit equaled a block of 1,000 GLDW Shares (as reduced from 10,000 GLDW Shares on December 14, 2018) or equals a block of 100,000 GLDM Shares).

The Funds issue 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 delivery to the Funds or the distribution by the Funds of the amount of gold and any cash represented by the Creation Units being created or redeemed, the amount of which will be based on the 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.

WORLD GOLD TRUST

Notes to the Combined Financial Statements

2.10 Creations

and Redemptions of Shares—(continued)

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

Changes in the Shares for the years ended September 30, 2021, 2020 and 2019 were:

(Amounts are in 000’s)

Activity in Number of Shares Created and Redeemed:

Distributions

Net Change in Number of Shares Created and Redeemed

(Amounts in 000’s of US$)

Activity in Value of Shares Created and Redeemed:

Distributions

Net change in Value of Shares Created and Redeemed

2.11 Income and Expense (Amounts in 000’s of US$)

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

When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Funds’ holdings of assets other than gold.

Unless otherwise directed by the Sponsor, to meet expenses the Administrator will give a sell order and sell gold to the Custodian following the sell order.

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.

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

$ 634 from the sale of gold to pay Sponsor fees, a net realized gain of

$ 39,311 from gold distributed for the redemption of shares, and a net change in unrealized depreciation of

$( 378,400 ) on investment in gold.

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

$ 455 from the sale of gold to pay Sponsor fees, a net realized gain of

$ 37,008 from gold distributed for the redemption of shares, and a net change in unrealized appreciation of

$ 409,193 on investment in gold.

2.12 Income Taxes

The Funds are classified as “grantor trusts” for U.S.

federal income tax purposes.

As a result, the Funds are not subject to U.S.

federal income tax.

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

Notes to the Combined Financial Statements

2.12 Income Taxes—(continued)

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.

As of September 30, 2021, the 2020, 2019, and 2018 tax years remain open for examination.

There were no examinations in progress at period end.

Quarterly Combined Statements of Operations

Year Ended September 30, 2021

Three Months Ended (unaudited)

(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

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

Net income/(loss)

WORLD GOLD TRUST

Notes to the Combined Financial Statements

Quarterly Combined Statements of Operations—(continued)

Year Ended September 30, 2020

Three Months Ended (unaudited)

(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 expenses

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

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

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

Net income/(loss)

Fund Expenses

For GLDW, the only ordinary recurring operating expenses were the Gold Delivery Provider’s annual fee and the Sponsor’s annual fee.

For GLDM, the only ordinary recurring operating expense is the Sponsor’s annual fee.

Expenses, which accrue daily, and are payable by the Funds, will reduce the NAV of the Funds.

Foreign Currency Risk

GLDW did not hold foreign currency but was exposed to foreign currency risk as a result of its transactions under the Gold Delivery Agreement.

Foreign currency exchange rates could fluctuate significantly over short periods of time and be unpredictably affected by political developments or government intervention.

The value of the Reference Currencies included in the FX Basket were affected by several factors, including:

monetary policies of central banks within the relevant foreign countries or markets;

global or regional economic, political or financial events;

inflation or interest rates of the relevant foreign countries and investor expectations concerning inflation or interest rates;

and debt levels and trade deficits of the relevant foreign countries.

Currency exchange rates could be influenced by the factors identified above and could also be influenced by, among other things:

changing supply and demand for a particular currency;

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;

trade restrictions;

and currency devaluations and revaluations.

Also, governments from time to time intervene in the currency markets, including by

WORLD GOLD TRUST

Notes to the Combined Financial Statements

Foreign Currency Risk—(continued)

regulation, in order to influence rates directly.

These events and actions are unpredictable.

The resulting volatility in the Reference Currency exchange rates relative to the USD could have materially and adversely affected the value of the Shares.

Concentration of Risk

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.

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:

(i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, South Africa and the United States;

(ii) investors’ expectations with respect to the rate of inflation;

(iii) currency exchange rates;

(iv) interest rates;

(v) investment and trading activities of hedge funds and commodity funds;

(vi) other economic variables such as income growth, economic output, and monetary policies;

and (vii) global or regional political, economic or financial events and situations.

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.

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.

Derivative Contract Information

For the year ended September 30, 2019, the effect of GLDW’s derivative contracts on the Combined Statements of Operations was as follows:

Risk exposure

derivative type

Location of Gain or Loss on

Derivatives Recognized in Income

(Amounts in 000’s of US$)

Currency Risk

Net Realized gain/(loss) on

Gold Delivery Agreement

The Gold Delivery Agreement terminated with the liquidation of GLDW as of September 12, 2019.

The table below summarizes the average daily notional value of derivative contracts outstanding during the period:

(Amounts in 000’s of US$)

Average notional

The Gold Delivery Agreement terminated with the liquidation of GLDW as of September 12, 2019.

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.

WORLD GOLD TRUST

Notes to the Combined Financial Statements

Indemnification

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

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

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;

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

The Sponsor will not be liable to the Trust, the Trustee or any shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any gold bullion or other assets held in trust under Declaration of Trust.

However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.

Financial Highlights

Management of the Sponsor does not believe including Financial Highlights in a combined evaluation is meaningful.

Refer to GLDM’s Notes to the Financial Statements for Financial Highlight calculations.

Report of Independent Registered Public Accounting Firm

To the Trustee of World Gold Trust and the Board of Directors of

WGC USA Asset Management Company, LLC:

Opinion on the Combined Financial Statements

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).

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.

To the Shareholders and the Trustee of SPDR® Gold MiniShares® Trust and the Board of Directors of WGC USA Asset Management Company, LLC:

Opinion on the Financial Statements

We have audited the accompanying statements of financial condition of SPDR® Gold MiniShares® Trust (GLDM), a series of the World Gold Trust (the Trust), including the schedules of investment, as of September 30, 2022 and 2021, 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, 2022 and the related notes (collectively, the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of GLDM as of September 30, 2022 and 2021, 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, 2022, in conformity with U.S.

generally accepted accounting principles.

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.

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, 2022, based on criteria established in

Control Integrated Framework (2013)