5 unchanged sentences
The Trust is sponsored by WGC USA Asset Management Company, LLC (“WGCAM” or the “Sponsor”).
−Removed: The Trust has established six separate Funds of which one is operational at September 30, 2024.
−Removed: The accompanying financial statements relate to the Trust and the SPDR ® Gold MiniShares ® Trust (“GLDM”).
+Added: The Trust has one operational Fund, SPDR ® Gold MiniShares ® Trust (“GLDM”), as of September 30, 2025.
+Added: The accompanying financial statements relate to the Trust and GLDM.
GLDM commenced operations on June 26, 2018.
1 unchanged sentence
GLDM issues and redeems Shares from time to time in blocks of 100,000 Shares ("Creation Units") to institutional investors referred to as “Authorized Participants.” Creation Units are offered continuously at the net asset value (the “NAV”) for 100,000 Shares on the day that an order to create a Creation Unit is accepted by GLDM.
−Removed: Shares trade under the ticker symbol GLDM on the NYSE Arca, Inc.
+Added: The Shares trade under the ticker symbol GLDM on the NYSE Arca, Inc.
(the “NYSE Arca”).
2 unchanged sentences
The principal offices of the Trust and the Funds are at c/o WGC USA Asset Management Company, LLC, 685 Third Avenue, Suite 2702, New York, New York 10017.
−Removed: The Sponsor is a Delaware limited liability company and was formed on August 1, 2014.
+Added: The Sponsor is a Delaware limited liability company formed on August 1, 2014.
WGCAM is wholly owned by WGC (US) Holdings, Inc.
8 unchanged sentences
Delaware Trust Company, a Delaware trust company with trust powers, serves as the trustee of the Trust (the “Trustee”).
−Removed: The Trustee’s duties and liabilities with respect to the offering of shares and the management of the Trust and GLDM are limited to its express obligations under 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 the Sponsor and the Trustee.
+Added: The Trustee’s duties and liabilities with respect to the offering of shares and the management of the Trust and GLDM are limited to its express obligations under the Fourth Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”), dated as of April 16, 2018 and amended on February 6, 2020 and December 1, 2023, between the Sponsor and the Trustee.
The Administrator
14 unchanged sentences
The Marketing Agent is State Street Global Advisors Funds Distributors, LLC (the “Marketing Agent”).
−Removed: The Sponsor has entered into the Marketing Agent Agreement with the Marketing Agent to assist the Sponsor in marketing the Funds’ shares.
+Added: The Sponsor entered into the Marketing Agent Agreement with the Marketing Agent to assist the Sponsor in marketing the Funds’ shares.
The Marketing Agent is a registered broker-dealer with the SEC and is a member of FINRA.
8 unchanged sentences
For purposes of calculating NAV, the number of ounces of gold owned by GLDM reflects the amount of gold delivered into (or out of) GLDM on a daily basis by Authorized Participants creating and redeeming Shares.
−Removed: To determine 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 (“LBMA Gold Price PM”).
+Added: To determine the NAV, the Administrator will value the gold bullion held by GLDM based on the price of an ounce of gold determined by the IBA 3:00 PM auction process (“LBMA Gold Price PM”).
If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 p.m.
91 unchanged sentences
Market Makers
−Removed: The OTC market provides a relatively flexible market in term of quotes, price, size, destinations for delivery and other factors.
+Added: The OTC market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery and other factors.
Bullion dealers customize transactions to meet their clients’ requirements.
30 unchanged sentences
The IBA provides the auction platform and methodology as well as the overall administration and governance for the LBMA Gold Price.
−Removed: Many long-term contracts are expected to be priced on the basis of either the morning (AM) or afternoon (PM) LBMA Gold Price, and many market participants are expected to refer to one or the other of these prices when looking for a basis for valuations.
+Added: Many long-term contracts are expected to be priced based on either the morning (AM) or afternoon (PM) LBMA Gold Price, and many market participants are expected to refer to one or the other of these prices when looking for a basis for valuations.
Participants in the IBA auction process submit anonymous bids and offers which are published on screen and in real-time.
35 unchanged sentences
GLDM creates and redeems Shares from time to time, but only in Creation Units.
−Removed: The creation and redemption of Creation Units is only made in exchange for the delivery to GLDM or the distribution by GLDM of the amount of gold bullion represented by the Creation Units being created or redeemed.
+Added: The creation and redemption of Creation Units are only made in exchange for the delivery to GLDM or the distribution by GLDM of the amount of gold bullion represented by the Creation Units being created or redeemed.
The amount of gold bullion required to be delivered to GLDM in connection with any creation, or paid out upon redemption, is based on the combined NAV of the number of Shares included in the Creation Units being created or redeemed as determined on the day the order to create or redeem Creation Units is properly received and accepted.
2 unchanged sentences
To become an Authorized Participant, a person must enter into an agreement with the Administrator and the Sponsor (the "Participant Agreement").
−Removed: The Participant Agreement and the related procedures attached thereto may be amended by the Administrator and the Sponsor without the consent of any shareholder or Authorized Participant.
+Added: The Participant Agreement and the related procedures may be amended by the Administrator and the Sponsor without the consent of any shareholder or Authorized Participant.
Authorized Participants who make deposits with GLDM in exchange for Creation Units receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or GLDM, and no such person has any obligation or responsibility to the Sponsor or GLDM to effect any sale or resale of Shares.
32 unchanged sentences
Trading of Shares
−Removed: The Shares are listed on NYSE Arca under the ticker symbol GLDM.
+Added: The Shares are listed on the NYSE Arca under the ticker symbol GLDM.
The Shares may be bought and sold in the secondary market throughout the trading day like other publicly traded securities.
While the Shares are issued in Creation Units at NAV, the Shares traded in the secondary market may trade at prices that are lower or higher than their NAV per Share.
−Removed: The amount of the discount or premium in the trading price relative to the NAV per Share is a function of supply and demand, among other things, and may be influenced by non-concurrent trading hours between NYSE Arca and the COMEX, London, Zurich and Singapore.
−Removed: While the Shares trade on NYSE Arca until 4:00 p.m.
+Added: The amount of the discount or premium in the trading price relative to the NAV per Share is a function of supply and demand, among other things, and may be influenced by non-concurrent trading hours between the NYSE Arca and the COMEX, London, Zurich and Singapore.
+Added: While the Shares trade on the NYSE Arca until 4:00 p.m.
New York time, liquidity in the global gold market is reduced after the close of the COMEX at 1:30 p.m.
16 unchanged sentences
GLDM may, in its discretion, and will when directed by the Sponsor, suspend the right of redemption, or postpone the redemption settlement date for:
−Removed: (1) any period during which NYSE Arca is closed other than customary weekend or holiday closings, or trading on NYSE Arca is suspended or restricted, (2) any period during which an emergency exists as a result of which delivery, disposal or evaluation of gold bullion is not reasonably practicable, or (3) such other period as the Sponsor determines to be necessary for the protection of the shareholders.
+Added: (1) any period during which the NYSE Arca is closed other than customary weekend or holiday closings, or trading on the NYSE Arca is suspended or restricted, (2) any period during which an emergency exists as a result of which delivery, disposal or evaluation of gold bullion is not reasonably practicable, or (3) such other period as the Sponsor determines to be necessary for the protection of the shareholders.
GLDM has the right, but not the obligation, to reject a redemption order if (1) the order is not in proper form as described in the Participant Agreement, (2) the fulfillment of the order, in the opinion of its counsel, might be unlawful, (3) it determines that acceptance of the order from an Authorized Participant would expose GLDM to credit risk, or (4) circumstances outside the control of the Administrator, the Sponsor or the Custodians make the redemption, for all practical purposes, not feasible to process.
9 unchanged sentences
Custody of the gold bullion deposited with and held by GLDM is provided by ICBC at its London vault and by JPMorgan at its London, New York and Zurich vaults.
−Removed: Each Custodian holds all of GLDM's gold in its respective vault premises except when the gold has been allocated in the vault of a subcustodian, and in such cases each Custodian has agreed that it will use commercially reasonable efforts to promptly transport or transfer the gold from the subcustodian’s vault to the Custodian’s London vault, at the Custodian’s cost and risk.
−Removed: The Trust, on behalf of GLDM, has entered into custody agreements with each Custodian which establish GLDM's unallocated and allocated accounts with that Custodian.
+Added: The Custodians hold all of GLDM's gold in their respective vault premises except when the gold has been allocated in the vault of a subcustodian, and in such cases each Custodian has agreed that it will use commercially reasonable efforts to promptly transport or transfer the gold from the subcustodian’s vault to the Custodian’s London vault, at the Custodian’s cost and risk.
+Added: The Trust, on behalf of GLDM, entered into custody agreements with each Custodian which establish GLDM's unallocated and allocated accounts with that Custodian.
GLDM's unallocated accounts are used to (1) facilitate the transfer of gold bullion deposits and gold bullion redemption distributions between Authorized Participants and GLDM in connection with the creation and redemption of Creation Units, (2) sell gold bullion to pay GLDM’s expenses, and (3) otherwise transfer gold bullion into and out of GLDM or between Custodians.
37 unchanged sentences
A withdrawal from GLDM's unallocated account with a Custodian may be made by (1) transferring gold to an Authorized Participant's unallocated account in connection with a redemption of Creation Units, (2) allocating gold to GLDM's allocated account in connection with a creation of Creation Units, (3) transferring gold, including by book entry transfers, to the other Custodian's GLDM unallocated account or (4) transferring gold to an unallocated account with a London Precious Metals Clearing Limited ("LPMCL") gold clearing bank as permitted under the Custody Agreements.
−Removed: The Custody Agreements also allow for the withdrawal of physical gold from GLDM's unallocated account upon the Trust's or the Adminstrator's instruction.
+Added: The Custody Agreements also allow for the withdrawal of physical gold from GLDM's unallocated account upon the Trust's or the Administrator's instruction.
Any gold made available in a physical form must comply with the rules, regulations, practices and customs of the LBMA, LPMCL, the FCA, the Prudential Regulation Authority ("PRA"), the Bank of England or any applicable regulatory body.
12 unchanged sentences
Exclusion of Liability
−Removed: ICBC will use reasonable care in the performance of its duties under the ICBC Custody Agreements and is only responsible for any loss or damage suffered by GLDM as a direct result of any negligence, fraud, or willful default on the part of ICBC in the performance of the duties under the ICBC Custody Agreements .ICBC’s liability is further limited to the market value of the gold bullion held in GLDM's allocated account with ICBC and the amount of the gold bullion credited to GLDM's unallocated account with ICBC at the time such negligence, fraud, or willful default is either discovered by or notified to ICBC, provided that ICBC notifies the Sponsor and the Trust promptly after any discovery.
+Added: ICBC will use reasonable care in the performance of its duties under the ICBC Custody Agreements and is only responsible for any loss or damage suffered by GLDM as a direct result of any negligence, fraud, or willful default on the part of ICBC in the performance of the duties under the ICBC Custody Agreements.
+Added: ICBC’s liability is further limited to the market value of the gold bullion held in GLDM's allocated account with ICBC and the amount of the gold bullion credited to GLDM's unallocated account with ICBC at the time such negligence, fraud, or willful default is either discovered by or notified to ICBC, provided that ICBC notifies the Sponsor and the Trust promptly after any discovery.
Except for ICBC’s obligation to use commercially reasonable efforts to promptly transport gold held with a subcustodian to itself, ICBC is not liable for the acts or omissions, or for the insolvency of, any of its subcustodians unless the appointment of a subcustodian was made fraudulently, negligently or in bad faith or not otherwise in accordance with the ICBC Allocated Account Agreement.
126 unchanged sentences
The IRS has issued private letter rulings to taxpayers, including an affiliate of the Sponsor, concluding that the purchase of shares in trusts similar to GLDM by an IRA owner or plan participant will not constitute the acquisition of a collectible or be treated as resulting in a taxable distribution to the IRA owner or plan participant under Code section 408(m).
−Removed: However, if any of the shares so purchased are distributed from an IRA or plan account to the IRA owner or plan participant, or if any gold received by such IRA or plan account upon the redemption of any of shares purchased by it is distributed (or treated as distributed under Code section 408(m)) to the IRA owner or plan participant, the shares or gold so distributed will be subject to U.S.
+Added: However, if any of the shares so purchased are distributed from an IRA or plan account to the IRA owner or plan participant, or if any gold received by such IRA or plan account upon the redemption of any of the shares purchased by it is distributed (or treated as distributed under Code section 408(m)) to the IRA owner or plan participant, the shares or gold so distributed will be subject to U.S.
federal income tax in the year of distribution, to the extent provided under the applicable provisions of Code section 408(d), 408(m) or 402.
50 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.