What changed in this filing

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Item 1. Financial Statements

2024-05-08 compared with 2024-02-08 · 60 added, 41 removed, 438 unchanged (19% of the section changed)

1 unchanged sentence

Combined Statements of Financial Condition

At December 31, 2023 (unaudited) and September 30, 2023

At March 31, 2024 (unaudited) and September 30, 2023

(Amounts in 000’s of US$)

Investments in Gold, at fair value (cost $ 5,473,441 and $ 5,453,079 at December 31, 2023 and September 30, 2023, respectively)

Investments in Gold, at fair value (cost $ 5,659,837 and $ 5,453,079 at March 31, 2024 and September 30, 2023, respectively)

$ 6,988,198 $ 5,779,814

8 unchanged sentences

(Amounts in 000’s except for percentages)

December 31, 2023

March 31, 2024

Ounces of gold

18 unchanged sentences

Unaudited Combined Statements of Operations

For the Three Months Ended December 31, 2023 and December 31, 2022

For the Three and Six Months Ended March 31, 2024 and March 31, 2023

(Amounts in 000’s of US$)

1 unchanged sentence

Total expenses

1,597 1,410 3,104 2,642

Net investment loss

2 unchanged sentences

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

217 86 352 77

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

36,545 7,685 57,154 10,812

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

7 unchanged sentences

Unaudited Combined Statements of Cash Flows

For the Three Months Ended December 31, 2023 and December 31, 2022

For the Three and Six Months Ended March 31, 2024 and March 31, 2023

(Amounts in 000’s of US$)

19 unchanged sentences

Proceeds from sales of gold to pay expenses

1,553 1,337 3,019 2,538

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

( 217 ) ( 86 ) ( 352 ) ( 77 )

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

4 unchanged sentences

Net cash provided by operating activities

$ 0 $ 0 $ 0 $ 0

World Gold Trust

Unaudited Combined Statements of Changes in Net Assets

Three Months Ended December 31, 2023 and December 31, 2022

Three and Six Months Ended March 31, 2024 and March 31, 2023

(Amounts in 000’s of US$)

6 unchanged sentences

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

217 86 352 77

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

36,545 7,685 57,154 10,812

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

5 unchanged sentences

Statements of Financial Condition

At December 31, 2023 (unaudited) and September 30, 2023

At March 31, 2024 (unaudited) and September 30, 2023

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

Investments in Gold, at fair value (cost $ 5,473,441 and $ 5,453,079 at December 31, 2023 and September 30, 2023, respectively)

Investments in Gold, at fair value (cost $ 5,659,837 and $ 5,453,079 at March 31, 2024 and September 30, 2023, respectively)

$ 6,988,198 $ 5,779,814

13 unchanged sentences

(Amounts in 000 ’ s except for percentages)

December 31, 2023

March 31, 2024

Ounces of gold

20 unchanged sentences

Unaudited Statements of Operations

For the Three Months Ended December 31, 2023 and December 31, 2022

For the Three and Six Months Ended March 31, 2024 and March 31, 2023

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

1 unchanged sentence

Total expenses

1,597 1,410 3,104 2,642

Net investment loss

2 unchanged sentences

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

217 86 352 77

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

36,545 7,685 57,154 10,812

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

11 unchanged sentences

Unaudited Statements of Cash Flows

For the Three Months Ended December 31, 2023 and December 31, 2022

For the Three and Six Months Ended March 31, 2024 and March 31, 2023

(Amounts in 000’s of US$)

18 unchanged sentences

Proceeds from sales of gold to pay expenses

1,553 1,337 3,019 2,538

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

( 217 ) ( 86 ) ( 352 ) ( 77 )

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

4 unchanged sentences

Net cash provided by operating activities

$ 0 $ 0 $ 0 $ 0

See notes to the unaudited financial statements.

1 unchanged sentence

Unaudited Statements of Changes in Net Assets

For the Three Months Ended December 31, 2023 and December 31, 2022

For the Three and Six Months Ended March 31, 2024 and March 31, 2023

(Amounts in 000’s of US$)

6 unchanged sentences

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

217 86 352 77

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

36,545 7,685 57,154 10,812

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

8 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 December 31, 2023.

The Trust has established six separate series, one of which is operational as of March 31, 2024.

The accompanying financial statements relate to the Trust and its one operational series, SPDR ® Gold MiniShares ® Trust (“GLDM”).

12 unchanged sentences

The Trust had no operations with respect to GLDM prior to June 26, 2018, other than matters relating to GLDM's organization and the registration of the offer and sale of the Shares under the Securities Act of 1933, as amended.

The Statements of Financial Condition and Schedules of Investment at December 31, 2023, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three months ended December 31, 2023 and 2022 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 months ended December 31, 2023 and for all periods presented have been made.

The Statements of Financial Condition and Schedules of Investment at March 31, 2024, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three and six months ended March 31, 2024 and 2023 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, 2024 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, 2023.

The results of operations for the three months ended December 31, 2023 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three and six months ended March 31, 2024 are not necessarily indicative of the operating results for the full fiscal year.

Significant Accounting Policies

26 unchanged sentences

(Amounts in 000’s of US$)

December 31, 2023

March 31, 2024

Investment in Gold

6 unchanged sentences

$ 5,779,814 $ - $ -

There were no transfers between Level 1 and other Levels for the three months ended December 31, 2023 or for the year ended September 30, 2023.

There were no transfers between Level 1 and other Levels for the six months ended March 31, 2024 or for the year ended September 30, 2023.

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”).

20 unchanged sentences

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 months ended December 31, 2023 and 2022 are as follows:

Changes in the Shares for the six months ended March 31, 2024 and 2023 are as follows:

(Amounts are in 000’s)

1 unchanged sentence

17,400 28,600

( 13,600 ) ( 13,400 )

Net Change 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 expenses on the Statement of Operations.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2023 of $ 583,559 is made up of a realized gain of $ 135 from the sale of gold to pay Sponsor fees, a realized gain of $ 20,609 from gold distributed for the redemption of shares, and a change in unrealized gain of $ 562,815 on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2022 of $ 401,388 is made up of a realized loss of $ 9 from the sale of gold to pay Sponsor fees, a realized gain of $ 3,127 from gold distributed for the redemption of shares, and a change in unrealized gain of $ 398,270 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, 2024 of $ 1,059,132 is made up of a realized gain of $ 352 from the sale of gold to pay Sponsor fees, a realized gain of $ 57,154 from gold distributed for the redemption of shares, and a change in unrealized gain of $ 1,001,626 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, 2023 of $ 900,548 is made up of a realized gain of $ 77 from the sale of gold to pay Sponsor fees, a realized gain of $ 10,812 from gold distributed for the redemption of shares, and a change in unrealized gain of $ 889,659 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 December 31, 2023.

As of December 31, 2023, the 2022, 2021 and 2020 tax years remain open for examination.

As of March 31, 2024, the 2023, 2022 and 2021 tax years remain open for examination.

There were no examinations in progress at period end.

37 unchanged sentences

Financial Highlights

The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three months ended December 31, 2023 and December 31, 2022.

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, 2024 and March 31, 2023.

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.

1 unchanged sentence

Financial Highlights (Unaudited)

For the three months ended December 31, 2023 and 2022

For the three and six months ended March 31, 2024 and 2023

Net Asset Value

4 unchanged sentences

Net Realized and Change in Unrealized Gain/(Loss)

3.02 3.32 6.82 6.11

Net Income/(Loss)

3.01 3.31 6.80 6.09

Net Asset Value per Share, end of period

31 unchanged sentences

The Trust is sponsored by WGC USA Asset Management Company, LLC (the “Sponsor”).

The Trust established six separate series, of which only SPDR ® Gold MiniShares ® Trust (“GLDM”) is operational as of December 31, 2023.

The Trust established six separate series, of which only SPDR ® Gold MiniShares ® Trust (“GLDM”) is operational as of March 31, 2024.

GLDM commenced operations on June 26, 2018.

2 unchanged sentences

("JPMorgan" and each of ICBC and JPMorgan, a "Custodian" and together, the “Custodians”) on behalf of GLDM.

As of the date of this quarterly report, Goldman, Sachs & Co., J.P.

Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.

As of the date of this quarterly report, Goldman Sachs & Co.

Morgan Securities LLC, BofA Securities Inc., Morgan Stanley & Co.

LLC, UBS Securities LLC, HSBC Securities (USA) Inc., and Virtu Americas LLC are the only Authorized Participants.

4 unchanged sentences

Share price & NAV v.

gold price - June 26, 2018 to December 31, 2023

gold price - June 26, 2018 to March 31, 2024

Critical Accounting Policy

13 unchanged sentences

On October 2, 2023, Inspectorate completed the annual full count of the Trust’s gold bullion held by ICBC.

The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently on March 23, 2023.

The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently at JPMorgan's London Vault on March 18, 2024, and at ICBC's London vault on March 11, 2024.

The results can be found on www.spdrgoldshares.com .

1 unchanged sentence

Results of Operations

In the three months ended December 31, 2023, 6,900,000 Shares (69 Creation Units) were created in exchange for 136,859.3 ounces of gold, 6,700,000 Shares (67 Creation Units) were redeemed in exchange for 132,905.3 ounces of gold and 753.1 ounces of gold were sold to pay Sponsor fees.

In the three months ended March 31, 2024, 10,500,000 Shares (105 Creation Units) were created in exchange for 208,214.6 ounces of gold, 6,900,000 Shares (69 Creation Units) were redeemed in exchange for 136,831.3 ounces of gold and 750.9 ounces of gold were sold to pay Sponsor fees.

For accounting purposes, GLDM reflects creations and redemptions on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of gold is received.

1 unchanged sentence

These creations were completed in the normal course of business.

At December 31, 2023, the amount of gold owned by GLDM and held by the Custodians was 3,085,236.2 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $6,362,991,040 based on the LBMA Gold Price PM on December 31, 2023 (cost —$5,473,441,435).

At March 31, 2024, the amount of gold owned by GLDM and held by the Custodians was 3,155,868.5 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $6,988,197,513 based on the LBMA Gold Price PM on March 31, 2024 (cost —$5,659,836,809).

At September 30, 2023, the amount of gold owned by GLDM and held by the Custodians was 3,089,983.5 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $5,779,814,053 based on the LBMA Gold Price PM on September 30, 2023 (cost — $5,453,079,469).

Cash Resources and Liquidity

At December 31, 2023, GLDM did not have any cash balances.

At March 31, 2024, GLDM did not have any cash balances.

When selling gold to pay expenses, GLDM endeavors to sell the exact amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold or any gold receivable.

4 unchanged sentences

The following chart shows movements in the price of gold based on the LBMA Gold Price PM in U.S.

dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to December 31, 2023.

Daily Gold Price - June 26, 2018 to December 31, 2023

dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to March 31, 2024.

Daily Gold Price - June 26, 2018 to March 31, 2024

LBMA Gold Price PM USD

The average, high, low and end-of-period gold prices for the three and twelve-month periods over the prior three years and for the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) through December 31, 2023, based on the LBMA Gold Price PM, were:

Three months ended March 31, 2021

The average, high, low and end-of-period gold prices for the three and twelve-month periods over the prior three years and for the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) through March 31, 2024, based on the LBMA Gold Price PM, were:

Three months ended June 30, 2021

10 unchanged sentences

Three months ended December 31, 2023

Twelve months ended December 31, 2021

Twelve months ended December 31, 2022

Twelve months ended December 31, 2023

June 26, 2018 ended December 31, 2023

Three months ended March 31, 2024

Twelve months ended March 31, 2022

Twelve months ended March 31, 2023

Twelve months ended March 31, 2024

June 26, 2018 to March 31, 2024

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

6 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements