1326 Ｅ－ワールド 2021-06-22 13:00:00
2021年9月期ＳＰＤＲゴールド・シェア中間決算短信 [pdf]
2021 年 9 月期 中間決算短信（2020 年 10 月 1 日～2021 年 3 月 31 日）
2021 年 6 月 22 日
フ ァ ン ド 名 SPDR® ゴールド・トラスト 上場取引所 東・大・名・福・札
®
銘 柄 名 SPDR ゴールド・シェア
コ ー ド 番 号 1326 売買単位 １口
連動対象指標 金/LBMA 金価格(LBMA Gold Price)
主要投資資産 金
管 理 会 社 ワールド・ゴールド・トラスト・サービシズ・エルエルシー
Ｕ Ｒ Ｌ http://www.spdrgoldshares.com
代 表 者 (役職名) 最高財務会計責任者 (氏名) ブランドン・ウッズ
西村あさひ法律事務所
問合せ先責任者 (役職名) 代理人 (氏名) (TEL)03(6250)6200
弁護士 伊東 啓
半期報告書提出予定日 2021 年 6 月 25 日
Ⅰ ファンドの運用状況
１．2021 年 3 月中間期の運用状況（2020 年 10 月 1 日～2021 年 3 月 31 日）
（１）資産内訳
（百万円未満四捨五入）
現金・預金・その他の資
金（時価） 産 合計（純資産）
（負債控除後）
構成
金額 構成比 金額 構成比 金額
比
百万円 ％ 百万円 ％ 百万円 ％
2021 年 3 月中間期 6,156,881 100.04 △2,163 △0.04 6,154,718 100
2020 年 9 月期 8,402,149 100.03 △2,778 △0.03 8,399,371 100
（２）設定・償還実績
前計算期間末 設定口数 償還口数 当中間計算期間末
発行済口数 発行済口数
(①) (②) (③) (①＋②－③)
千口 千口 千口 千口
2021 年 3 月中間期 434,400 38,400 116,900 355,900
（３）基準価額
（百万円未満四捨五入）
1 口当たり基準価額
総資産 負債 純資産
((③/当中間計算期間末(前計算期
(③)
間末)
(①) (②) (①－②)
発行済口数)×1 口)
百万円 百万円 百万円 円
2021 年 3 月中間期 6,156,881 2,163 6,154,718 17,294
2020 年 9 月期 8,402,149 2,778 8,399,371 19,336
(注)日本円への換算は、１ドル＝109.15 円の換算率(2021 年 5 月 7 日に株式会社三菱 UFJ 銀行が発表した対顧客
電信売・買相場の仲値)により計算されています。また、本書中の表で計数が百万円未満四捨五入されている
場合、合計は計数の総和と必ずしも一致しません。
２．会計方針の変更
（１）会計基準等の改正に伴う会計方針の変更 ：有・無
（２）①以外の会計方針の変更 ：有・無
SPDR® GOLD TRUST
INDEX
Page
PART I - FINANCIAL INFORMATION 1
Item 1. Financial Statements (Unaudited) 1
Statements of Financial Condition at March 31, 2021 (unaudited) and September 30, 2020 1
Schedules of Investment at March 31, 2021 (unaudited) and September 30, 2020 2
Unaudited Statements of Operations for the three and six months ended March 31, 2021 and
March 31, 2020 3
Unaudited Statements of Cash Flows for the three and six months ended March 31, 2021 and
March 31, 2020 4
Unaudited Statements of Changes in Net Assets for the three and six months ended March 31,
2021 and March 31, 2020 5
Notes to the Unaudited Financial Statements 6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12
Item 3. Quantitative and Qualitative Disclosures About Market Risk 15
Item 4. Controls and Procedures 15
PART II - OTHER INFORMATION 15
Item 1. Legal Proceedings 15
Item 1A. Risk Factors 15
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15
Item 3. Defaults Upon Senior Securities 16
Item 4. Mine Safety Disclosures 16
Item 5. Other Information 16
Item 6. Exhibits 16
SIGNATURES 18
SPDR® GOLD TRUST
PART I—FINANCIAL INFORMATION:
Item 1. Financial Statements (Unaudited)
Statements of Financial Condition
at March 31, 2021 (unaudited) and September 30, 2020
(Amounts in 000’s of US$ except for share and per share data) Mar-31, 2021 Sep-30, 2020
(unaudited)
ASSETS
Investments in Gold, at fair value (cost $50,782,720 and $60,743,750 at
March 31, 2021 and September 30, 2020, respectively) . . . . . . . . . . . . . . . . . . . $ 56,407,524 $ 76,978,000
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 56,407,524 $ 76,978,000
LIABILITIES
Accounts payable to Sponsor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,819 $ 25,449
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,819 $ 25,449
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 56,387,705 $ 76,952,551
Shares issued and outstanding(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355,900,000 434,400,000
Net asset value per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 158.44 $ 177.15
(1) Authorized share capital is unlimited and the par value of the Shares is $0.00.
See notes to the unaudited financial statements.
1
SPDR® GOLD TRUST
Schedules of Investment
(Amounts in 000’s except for percentages)
March 31, 2021
(unaudited)
% of
Ounces of Net
gold Cost Fair Value Assets
Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,356.5 $50,782,720 $56,407,524 100.04%
Total Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $50,782,720 $56,407,524 100.04%
Liabilities in excess of other assets . . . . . . . . . . . . . . . . . . . . . . (19,819) (0.04)%
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $56,387,705 100.00%
September 30, 2020
% of
Ounces of Net
gold Cost Fair Value Assets
Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,796.0 $60,743,750 $76,978,000 100.03%
Total Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,743,750 $76,978,000 100.03%
Liabilities in excess of other assets . . . . . . . . . . . . . . . . . . . . . . (25,449) (0.03)%
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $76,952,551 100.00%
See notes to the unaudited financial statements.
2
SPDR® GOLD TRUST
Unaudited Statements of Operations
For the three and six months ended March 31, 2021 and March 31, 2020
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
(Amounts in 000’s of US$, except per share data) Mar-31, 2021 Mar-31, 2020 Mar-31, 2021 Mar-31, 2020
(unaudited) (unaudited) (unaudited) (unaudited)
EXPENSES
Sponsor fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63,969 $ 46,472 $ 138,500 $ 89,746
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,969 46,472 138,500 89,746
Net investment loss . . . . . . . . . . . . . . . . . . . . . . . . . . . (63,969) (46,472) (138,500) (89,746)
Net realized and change in unrealized gain/(loss)
on investment in gold
Net realized gain/(loss) from investment in gold sold
to pay expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,367 6,379 25,666 11,042
Net realized gain/(loss) from gold distributed for the
redemption of shares . . . . . . . . . . . . . . . . . . . . . . . . 1,713,199 660,138 3,380,697 940,355
Net change in unrealized appreciation/(depreciation)
on investment in gold . . . . . . . . . . . . . . . . . . . . . . . . (8,950,053) 1,725,878 (10,609,446) 2,501,775
Net realized and change in unrealized gain/(loss) on
investment in gold . . . . . . . . . . . . . . . . . . . . . . . . . . (7,226,487) 2,392,395 (7,203,083) 3,453,172
Net income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(7,290,456) $2,345,923 $ (7,341,583) $3,363,426
Net income/(loss) per share . . . . . . . . . . . . . . . . . . . . . $ (18.97) $ 7.47 $ (18.26) $ 10.81
Weighted average number of shares (in 000’s) . . . . . . 384,292 313,959 402,038 311,033
See notes to the unaudited financial statements.
3
SPDR® GOLD TRUST
Unaudited Statements of Cash Flows
For the three and six months ended March 31, 2021 and March 31, 2020
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Mar-31, Mar-31, Mar-31, Mar-31,
(Amounts in 000’s of US$) 2021 2020 2021 2020
(unaudited) (unaudited) (unaudited) (unaudited)
INCREASE/DECREASE IN CASH FROM
OPERATIONS:
Cash proceeds received from sales of gold . . . . . . . . . $ 68,011 $ 44,472 $ 144,130 $ 87,682
Cash expenses paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . (68,011) (44,472) (144,130) (87,682)
Increase/(Decrease) in cash resulting from
operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — —
Cash and cash equivalents at beginning of period . . . . — — — —
Cash and cash equivalents at end of period . . . . . . . . . $ — $ — $ — $ —
SUPPLEMENTAL DISCLOSURE
OF NON-CASH FINANCING ACTIVITIES:
Value of gold received for creation of shares-net of
change in gold receivable . . . . . . . . . . . . . . . . . . . . . $ 3,952,347 $ 8,374,253 $ 6,713,466 $ 9,756,622
Value of gold distributed for redemption of shares-net
of change in gold payable . . . . . . . . . . . . . . . . . . . . . $11,378,699 $ 4,560,046 $19,936,729 $ 7,390,313
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Mar-31, Mar-31, Mar-31, Mar-31,
(Amounts in 000’s of US$) 2021 2020 2021 2020
(unaudited) (unaudited) (unaudited) (unaudited)
RECONCILIATION OF NET INCOME/(LOSS)
TO NET CASH PROVIDED BY OPERATING
ACTIVITIES
Net income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (7,290,456) $ 2,345,923 $ (7,341,583) $ 3,363,426
Adjustments to reconcile net income/(loss) to net cash
provided by operating activities:
Proceeds from sales of gold to pay expenses . . . . . . . . 68,011 44,472 144,130 87,682
Net realized (gain)/loss from investment in gold sold
to pay expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,367) (6,379) (25,666) (11,042)
Net realized (gain)/loss from gold distributed for the
redemption of shares . . . . . . . . . . . . . . . . . . . . . . . . (1,713,199) (660,138) (3,380,697) (940,355)
Net change in unrealized (appreciation)/depreciation
on investment in gold . . . . . . . . . . . . . . . . . . . . . . . . 8,950,053 (1,725,878) 10,609,446 (2,501,775)
Increase/(Decrease) in accounts payable to
Sponsor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,042) 2,000 (5,630) 2,064
Net cash provided by operating activities . . . . . . . . . . $ — $ — $ — $ —
See notes to the unaudited financial statements.
4
SPDR® GOLD TRUST
Unaudited Statements of Changes in Net Assets
For the three and six months ended March 31, 2021 and March 31, 2020
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
(Amounts in 000’s of US$) Mar-31, 2021 Mar-31, 2020 Mar-31, 2021 Mar-31, 2020
(unaudited) (unaudited) (unaudited) (unaudited)
Net Assets - Opening Balance . . . . . . . . . . . . . . . . . $ 71,157,721 $43,724,604 $ 76,952,551 $43,959,000
Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,899,139 8,555,872 6,713,466 9,938,241
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,378,699) (4,620,586) (19,936,729) (7,254,854)
Net investment loss . . . . . . . . . . . . . . . . . . . . . . . . . . (63,969) (46,472) (138,500) (89,746)
Net realized gain/(loss) from investment in gold
sold to pay expenses . . . . . . . . . . . . . . . . . . . . . . . 10,367 6,379 25,666 11,042
Net realized gain/(loss) from gold distributed for
the redemption of shares . . . . . . . . . . . . . . . . . . . . 1,713,199 660,138 3,380,697 940,355
Net change in unrealized appreciation/
(depreciation) on investment in gold . . . . . . . . . . (8,950,053) 1,725,878 (10,609,446) 2,501,775
Net Assets - Closing Balance . . . . . . . . . . . . . . . . . . $ 56,387,705 $50,005,813 $ 56,387,705 $50,005,813
See notes to the unaudited financial statements.
5
SPDR® GOLD TRUST
Notes to the Unaudited Financial Statements
1. Organization
The SPDR® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 under New York law
pursuant to a trust indenture (the “Trust Indenture”). The fiscal year end for the Trust is September 30th. The
Trust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations of
100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and to distribute gold in
connection with redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the
performance of the price of gold bullion, less the Trust’s expenses. World Gold Trust Services, LLC is the
sponsor of the Trust (the “Sponsor”). BNY Mellon Asset Servicing, a division of The Bank of New York Mellon,
is the trustee of the Trust (the “Trustee”). State Street Global Advisors Funds Distributors, LLC is the marketing
agent of the Trust (the “Marketing Agent”). HSBC Bank plc is the custodian of the Trust (the “Custodian”).
The Shares trade on the NYSE Arca, Inc. (the “NYSE Arca”) under the symbol “GLD”, providing investors with
an efficient means to obtain market exposure to the price of gold bullion. The Shares are also listed on the Hong
Kong Exchanges and Clearing Limited, the Mexican Stock Exchange (Bolsa Mexicana de Valores), the
Singapore Exchange Limited and the Tokyo Stock Exchange.
The Trustee does not actively manage the gold held by the Trust. This means that the Trustee does not sell gold
at times when its price is high or acquire gold at low prices in the expectation of future price increases. It also
means that the Trustee does not make use of any of the hedging techniques available to professional gold
investors to attempt to reduce the risk of losses resulting from price decreases. Any losses sustained by the Trust
will adversely affect the value of the Shares.
The Statements of Financial Condition and Schedules of Investment at March 31, 2021 and the Statements of
Operations, Cash Flows and Changes in Net Assets for the three and six months ended March 31, 2021 and 2020
have been prepared on behalf of the Trust without audit. In the opinion of management of the Sponsor of the
Trust, 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, 2021 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 Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020. The results of
operations for the three and six months ended March 31, 2021 are not necessarily indicative of the operating
results for the full fiscal year.
2. 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 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 Trust.
2.1. Basis of Accounting
For accounting purposes only, the Trust is an investment company and, therefore, applies the specialized
accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Trust is not registered as an
investment company under the Investment Company Act of 1940, as amended.
6
2.2. Fair Value Measurement
FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides a
single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value
adjustments.
The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and, from
time to time, (i) gold receivable, representing gold covered by contractually binding orders for the creation of
Shares where the gold has not yet been transferred to the Trust’s account and (ii) cash, which is used to pay
expenses.
U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in
an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its
investments at fair value.
Various inputs are used in determining the fair value of assets and 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 as follows:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 – 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; and
Level 3 – Inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in
determining the fair value of investments.
The following table summarizes the Trust’s investments at fair value:
(Amounts in 000’s of US$)
March 31, 2021 Level 1 Level 2 Level 3
Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $56,407,524 $— $—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $56,407,524 $— $—
(Amounts in 000’s of US$)
September 30, 2020 Level 1 Level 2 Level 3
Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $76,978,000 $— $—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $76,978,000 $— $—
There were no transfers between Level 1 and other Levels for the six months ended March 31, 2021 or for the
year ended September 30, 2020.
The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the
ICE Benchmark Administration Limited (“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 (“LBMA”). In determining the net asset value (“NAV”) of the Trust, the Trustee values the gold held
7
by the Trust on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process
(“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted
in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The
Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of
the LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price is made on a
particular evaluation day or if the LBMA Gold Price has not been announced by 12:00 PM New York time on a
particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the
NAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price is
inappropriate to use as the basis for such determination.
2.3. Custody of Gold
Gold is held by the Custodian on behalf of the Trust, 100% of which is allocated gold in the form of good
delivery gold bars which includes gold held with a subcustodian. During the six months ended March 31, 2021,
no gold was held by a subcustodian.
2.4. Gold Receivable
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 the Trust’s account. Generally, ownership of the gold is transferred
within two business days of the trade date.
Mar-31, Sep-30,
(Amounts in 000’s of US$) 2021 2020
Gold receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $— $—
2.5. Gold Payable
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of
Shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is
transferred within two business days of the trade date.
Mar-31, Sep-30,
(Amounts in 000’s of US$) 2021 2020
Gold payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $— $—
2.6. Creations and Redemptions of Shares
The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a
block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized
Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the
delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the
Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the
number of Shares included in the Baskets being created or redeemed determined on the day the order to create or
redeem Baskets is properly received.
8
As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has
classified the Shares as Net Assets for financial reporting purposes. Activity in the number and value of Shares
created and redeemed for the six months ended March 31, 2021 and March 31, 2020 are as follows:
Six Months Six Months
Ended Ended
Mar-31, Mar-31,
(Amounts are in 000’s) 2021 2020
Activity in Number of Shares Created and
Redeemed:
Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,400 66,800
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (116,900) (50,400)
Net Change in Number of Shares Created and
Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (78,500) 16,400
Six Months Six Months
Ended Ended
Mar-31, Mar-31,
(Amounts in 000’s of US$) 2021 2020
Activity in Value of Shares Created and
Redeemed:
Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,713,466 $ 9,938,241
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,936,729) (7,254,854)
Net change in Value of Shares Created and
Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(13,223,263) $ 2,683,387
2.7. Income and Expense (Amounts in 000’s of US$)
The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay
the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of
gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise
directed by the Sponsor, the Trustee will sell gold to the Custodian at the next LBMA Gold Price PM following
the sale 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
expenses on the Statements of Operations.
The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the six months ended
March 31, 2021 of $(7,203,083) is made up of a realized gain of $25,666 from the sale of gold to pay expenses, a
realized gain of $3,380,697 from gold distributed for the redemption of Shares, and a change in unrealized
depreciation of $(10,609,446) on investment in gold.
The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the six months ended
March 31, 2020 of $3,453,172 is made up of a realized gain of $11,042 from the sale of gold to pay expenses, a
realized gain of $940,355 from gold distributed for the redemption of Shares, and a change in unrealized
appreciation of $2,501,775 on investment in gold.
2.8. Income Taxes
The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the
Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the
Internal Revenue Service on that basis. The Sponsor of the Trust has evaluated whether or not 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, 2021 or September 30, 2020.
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The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax
reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not”
to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be
recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are
those years that are open for examination by the relevant income taxing authority. As of March 31, 2021, the
2019, 2018 and 2017 tax years remain open for examination. There were no examinations in progress at period
end.
3. Related Parties – Sponsor and Trustee
The Trust’s only recurring fixed expense is the Sponsor’s fee which accrues daily at an annual rate equal to
0.40% of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all ordinary fees and
expenses of the Trust which include fees and expenses of the Trustee, the fees and expenses of the Custodian for
the custody of the Trust’s gold bars, the fees and expenses of the Sponsor, certain taxes, the fees of the Marketing
Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and other
marketing costs and expenses.
Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares
for their own account, as agent for their customers and for accounts over which they exercise investment
discretion.
4. Concentration of Risk
The Trust’s sole business activity is the investment of gold. Various factors could affect the price of gold
including: (i) global supply and demand, which is influenced by such factors as gold’s uses in jewelry,
technology and industrial applications, purchases made by investors in the form of bars, coins and other gold
products, 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, 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, especially those that
are unexpected in nature. 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 Trust’s financial position and results of
operations.
5. Indemnification
The Sponsor, and its shareholders, members, directors, officers, employees, affiliates and subsidiaries, are
indemnified by the Trust and held harmless against certain losses, liabilities or expenses incurred in the
performance of their duties under the Trust Indenture without gross negligence, bad faith, willful misconduct,
willful malfeasance or reckless disregard of the indemnified party’s obligations and duties under the Trust
Indenture. Such indemnity includes payment by the Trust of the costs and expenses incurred in defending against
any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek
indemnification by the Trust for payments it makes in connection with the Sponsor’s activities under the Trust
Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of
the Trust Indenture. The Sponsor is also indemnified by the Trust and held harmless against any loss, liability or
expense arising under the Amended and Restated Marketing Agent Agreement between the Sponsor and the
Marketing Agent effective July 17, 2015, as amended, or any agreement entered into with an Authorized
Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold
and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any
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untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the
Sponsor by the Trustee. Any amounts payable to the Sponsor are secured by a lien on the Trust’s assets.
The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments that
such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such
parties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from
the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The
Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations
described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will
succeed to the rights of the party so reimbursed against the Sponsor.
6. Financial Highlights
The Trust is presenting the following financial highlights related to investment performance and operations of a
Share outstanding for the three and six months ended March 31, 2021 and March 31, 2020, respectively. 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 the NYSE Arca during the period. An
individual investor’s return and ratios may vary based on the timing of capital transactions.
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Mar-31, Mar-31, Mar-31, Mar-31,
2021 2020 2021 2020
(unaudited) (unaudited) (unaudited) (unaudited)
Net Asset Value
Net asset value per Share, beginning of period . . . . . . . . . . $177.36 $143.41 $177.15 $140.00
Net investment income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . (0.17) (0.15) (0.35) (0.29)
Net Realized and Change in Unrealized Gain/(Loss) . . . . . (18.75) 8.09 (18.36) 11.64
Net Income/(Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.92) 7.94 (18.71) 11.35
Net asset value per Share, end of period . . . . . . . . . . . . . . . $158.44 $151.35 $158.44 $151.35
Market value per Share, beginning of period . . . . . . . . . . . . $178.36 $142.90 $177.12 $138.87
Market value per Share, end of period . . . . . . . . . . . . . . . . . $159.96 $148.05 $159.96 $148.05
Ratio to average net assets
Net investment loss(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.40)% (0.40)% (0.40)% (0.40)%
Gross expenses(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% 0.40% 0.40% 0.40%
Net expenses(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% 0.40% 0.40% 0.40%
Total Return, at net asset value(2) . . . . . . . . . . . . . . . . . . . . . (10.67)% 5.54% (10.56)% 8.11%
Total Return, at market value(2) . . . . . . . . . . . . . . . . . . . . . . (10.32)% 3.60% (9.69)% 6.61%
(1) Percentages are annualized.
(2) Percentages are not annualized.
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