What changed in this filing

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Item 1. Financial Statements

2024-08-06 compared with 2024-05-08 · 45 added, 44 removed, 454 unchanged (16% of the section changed)

1 unchanged sentence

Combined Statements of Financial Condition

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

At June 30, 2024 (unaudited) and September 30, 2023

(Amounts in 000’s of US$)

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

Investments in Gold, at fair value (cost $ 5,853,746 and $ 5,453,079 at June 30, 2024 and September 30, 2023, respectively)

$ 7,395,810 $ 5,779,814

8 unchanged sentences

(Amounts in 000’s except for percentages)

March 31, 2024

June 30, 2024

Ounces of gold

18 unchanged sentences

Unaudited Combined Statements of Operations

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

For the Three and Nine Months Ended June 30, 2024 and June 30, 2023

(Amounts in 000’s of US$)

18 unchanged sentences

Unaudited Combined Statements of Cash Flows

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

For the Three and Nine Months Ended June 30, 2024 and June 30, 2023

(Amounts in 000’s of US$)

27 unchanged sentences

Increase/(Decrease) in accounts payable to Sponsor

34 17 119 121

Net cash provided by operating activities

2 unchanged sentences

Unaudited Combined Statements of Changes in Net Assets

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

Three and Nine Months Ended June 30, 2024 and June 30, 2023

(Amounts in 000’s of US$)

16 unchanged sentences

Statements of Financial Condition

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

At June 30, 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 $ 5,659,837 and $ 5,453,079 at March 31, 2024 and September 30, 2023, respectively)

Investments in Gold, at fair value (cost $ 5,853,746 and $ 5,453,079 at June 30, 2024 and September 30, 2023, respectively)

$ 7,395,810 $ 5,779,814

13 unchanged sentences

(Amounts in 000 ’ s except for percentages)

March 31, 2024

June 30, 2024

Ounces of gold

20 unchanged sentences

Unaudited Statements of Operations

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

For the Three and Nine Months Ended June 30, 2024 and June 30, 2023

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

22 unchanged sentences

Unaudited Statements of Cash Flows

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

For the Three and Nine Months Ended June 30, 2024 and June 30, 2023

(Amounts in 000’s of US$)

26 unchanged sentences

Increase/(Decrease) in accounts payable to Sponsor

34 17 119 121

Net cash provided by operating activities

3 unchanged sentences

Unaudited Statements of Changes in Net Assets

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

For the Three and Nine Months Ended June 30, 2024 and June 30, 2023

(Amounts in 000’s of US$)

16 unchanged sentences

Notes to the Unaudited Financial Statements

The World Gold Trust (the “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 and amended on February 6, 2020, between WGC USA Asset Management Company, LLC (the “Sponsor”) and the Delaware Trust Company (the “Trustee”).

The World Gold Trust (the “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 and amended on February 6, 2020 and December 1, 2023, 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.

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, 2024.

The beneficial interest in the Trust may be divided into one or more series, one of which is operational as of June 30, 2024.

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

6 unchanged sentences

The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold.

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

The Bank of New York Mellon, (“BNYM” or the “Administrator”), is the administrator and transfer agent.

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

3 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 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.

The Statements of Financial Condition and Schedules of Investment at June 30, 2024, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three and nine months ended June 30, 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 nine months ended June 30, 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 and six months ended March 31, 2024 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, 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$)

March 31, 2024

June 30, 2024

Investment in Gold

6 unchanged sentences

$ 5,779,814 $ - $ -

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.

There were no transfers between Level 1 and other Levels for the nine months ended June 30, 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”).

8 unchanged sentences

Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to 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 one business day of the trade date.

(Amounts in 000’s of US$)

1 unchanged sentence

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 one business day of the trade date.

(Amounts in 000’s of US$)

5 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 six months ended March 31, 2024 and 2023 are as follows:

Changes in the Shares for the nine months ended June 30, 2024 and 2023 are as follows:

(Amounts are in 000’s)

14 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, 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’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2024 of $ 1,430,999 is made up of a realized gain of $ 751 from the sale of gold to pay Sponsor fees, a realized gain of $ 214,919 from gold distributed for the redemption of shares, and a change in unrealized gain of $ 1,215,329 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, 2023 of $ 677,598 is made up of a realized gain of $ 260 from the sale of gold to pay Sponsor fees, a realized gain of $ 17,736 from gold distributed for the redemption of shares, and a change in unrealized gain of $ 659,602 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, 2024.

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

As of June 30, 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 and six months ended March 31, 2024 and March 31, 2023.

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, 2024 and June 30, 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 and six months ended March 31, 2024 and 2023

For the three and nine months ended June 30, 2024 and 2023

Net Asset Value

40 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 March 31, 2024.

The Trust established six separate series, of which only SPDR ® Gold MiniShares ® Trust (“GLDM”) is operational as of June 30, 2024.

GLDM commenced operations on June 26, 2018.

10 unchanged sentences

Share price & NAV v.

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

gold price - June 26, 2018 to June 30, 2024

Critical Accounting Policy

1 unchanged sentence

GLDM values the investment in gold bullion at fair value.

BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (the “Administrator”), will value any gold bullion held by GLDM on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (the “IBA”).

The Bank of New York Mellon (the “Administrator”) will value any gold bullion held by GLDM on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (the “IBA”).

In determining the NAV, the Administrator will value the gold bullion held by GLDM on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”).

13 unchanged sentences

Results of Operations

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.

In the three months ended June 30, 2024, 16,300,000 Shares (163 Creation Units) were created in exchange for 323,174.4 ounces of gold, 15,400,000 Shares (154 Creation Units) were redeemed in exchange for 305,329.8 ounces of gold and 771.5 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 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 June 30, 2024, the amount of gold owned by GLDM and held by the Custodians was 3,172,941.6 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $7,395,809,568 based on the LBMA Gold Price PM on June 30, 2024 (cost —$5,853,745,617).

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

At June 30, 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 March 31, 2024.

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

dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to June 30, 2024.

Daily Gold Price - June 26, 2018 to June 30, 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 March 31, 2024, based on the LBMA Gold Price PM, were:

Three months ended June 30, 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 June 30, 2024, based on the LBMA Gold Price PM, were:

Three months ended September 30, 2021

10 unchanged sentences

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

Three months ended June 30, 2024

Twelve months ended June 30, 2022

Twelve months ended June 30, 2023

Twelve months ended June 30, 2024

June 26, 2018 to June 30, 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