1326 Ｅ－ワールド 2019-12-05 11:00:00
2019年9月期ＳＰＤＲゴールド・シェア決算短信 [pdf]
2019 年 9 月期決算短信（2018 年 10 月 1 日～2019 年 9 月 30 日）
2019 年 12 月 5 日
®
フ ァ ン ド 名 SPDR ゴールド・トラスト 上場取引所：東証
®
銘 柄 名
SPDR ゴールド・シェア
コ ー ド 番 号
1326
連動対象指 標
金/LBMA 金価格(LBMA Gold Price)
主要投資資 金 産
売 買 単 1口位
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
URL http://www.spdrgoldshares.com
代 表 者 （役職名）最高財務責任者
（氏名）ローラ・S・メルマン
問合せ先責任者 （役職名）代理人（氏名）伊東 啓 (ＴＥＬ) (03)6250-6200
有価証券報告書提出予定日 2019 年 12 月 25 日
分配金支払開始予定日 該当なし
Ⅰファンドの運用状況
１．2019 年 9 月期の運用状況（2018 年 10 月 1 日～2019 年 9 月 30 日）
(1)資産内訳 （百万円未満四捨五入）
現金・預金・その他の資産
金(時価) 合計（純資産）
（負債控除後）
金額 構成比 金額 構成比 金額 構成比
百万円 ％ 百万円 ％ 百万円 ％
2019 年 9 月期 4,817,097（100.48） △22,929（△0.48） 4,794,169（100）
2018 年 9 月期 3,089,883（100.03） △1,029（△0.03） 3,088,854（100）
(2)設定・償還実績
当計算期間末
前計算期間末
設定口数(②) 償還口数(③) 発行済口数
発行済口数(①)
（①+②-③）
千口 千口 千口 千口
2019 年 9 月期 252,100 144,900 83,000 314,000
2018 年 9 月期 292,500 47,200 87,600 252,100
(3)基準価額 （百万円未満四捨五入）
総資産 負債 純資産 1 口当たり基準価額
（①） （②） （③(①－②)） （（③/当計算期間末発行
済口数）×1 口）
百万円 百万円 百万円 円
2019 年 9 月期 4,817,097 22,929 4,794,169 15,268
2018 年 9 月期 3,089,883 1,029 3,088,854 12,253
(4)分配金
2019 年 9 月期及び 2018 年 9 月期において、分配金の支払はありませんでした。
(注)日本円への換算は、１ドル＝109.06 円の換算率(2019 年 11 月 26 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。
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
Report of Independent Registered Public Accounting Firm
To the Sponsor, Trustee, and Shareholders
SPDR® Gold Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of financial condition of SPDR® Gold Trust (the Trust), including
the schedules of investment, as of September 30, 2019 and 2018, 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, 2019 and the related
notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Trust as of September 30, 2019 and 2018, 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,
2019, 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, 2019, 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 25, 2019 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 the management of 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 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 audits 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. 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 judgment. 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.
Evaluation of the sufficiency of evidence pertaining to the existence of the gold holdings
As presented on the September 30, 2019 schedule of investment, the fair value of the Trust’s
investment in gold was $44.2 billion, representing 100% of the Trust’s total assets. The investment in
gold, which represented 29.7 million ounces of gold holdings, was held by a third-party custodian (the
custodian) as of September 30, 2019.
F-2
We identified the evaluation of the sufficiency of evidence pertaining to the existence of the gold
holdings as a critical audit matter. Given the nature and volume of the gold holdings, subjective auditor
judgment was required to evaluate the extent and nature of evidence obtained to assess the quantity of
gold held by the custodian as of September 30, 2019.
The primary procedures we performed to address this critical audit matter included the following. We
tested certain internal controls over the Trust’s gold holdings process, including controls over (1) the
comparison of the Trust’s records of gold held to the custodian’s records and (2) the approval of gold
deposits and withdrawals by the trustee of the Trust. We obtained a schedule directly from the
custodian of the Trust’s gold holdings held by the custodian as of September 30, 2019. We compared
the total ounces on such schedule to the Trust’s record of gold holdings. We also attended and observed
part of the physical count of the Trust’s gold holdings performed at the custodian’s location by a third
party engaged by the Trust’s sponsor. We obtained the physical count result of that third party and
reconciled it to both the Trust’s and custodian’s records.
/s/ KPMG LLP
We have served as the Trust’s auditor since 2010.
New York, New York
November 25, 2019
F-3
SPDR® GOLD TRUST
Statements of Financial Condition
at September 30, 2019 and 2018
(Amounts in 000’s of US$ except for share data) Sep-30, 2019 Sep-30, 2018
ASSETS
Investment in Gold, at fair value (cost $39,069,054 and $30,017,229 at
September 30, 2019 and 2018, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44,169,240 $ 28,331,953
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44,169,240 $ 28,331,953
LIABILITIES
Accounts payable to Sponsor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,241 $ 9,434
Gold payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,999 —
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 210,240 $ 9,434
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,959,000 $ 28,322,519
Shares issued and outstanding(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314,000,000 252,100,000
Net asset value per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 140.00 $ 112.35
See notes to the financial statements.
(1) Authorized share capital is unlimited and the par value of the Shares is $0.00.
F-4
SPDR® GOLD TRUST
Schedules of Investment
(Amounts in 000’s except for percentages)
Ounces of % of
September 30, 2019 gold Cost Fair Value Net Assets
Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,737.6 $39,069,054 $44,169,240 100.48%
Total Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $39,069,054 $44,169,240 100.48%
Liabilities in excess of other assets . . . . . . . . . . . . . . . . . . . . (210,240) (0.48)%
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43,959,000 100.00%
September 30, 2018
Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,863.5 $30,017,229 $28,331,953 100.03%
Total Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,017,229 $28,331,953 100.03%
Liabilities in excess of other assets . . . . . . . . . . . . . . . . . . . . (9,434) (0.03)%
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $28,322,519 100.00%
See notes to the financial statements.
F-5
SPDR® GOLD TRUST
Statements of Operations
For the years ended September 30, 2019, 2018, and 2017
Year Ended Year Ended Year Ended
(Amounts in 000’s of US$, except per share data) Sep-30, 2019 Sep-30, 2018 Sep-30, 2017
EXPENSES
Sponsor fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 135,175 $ 136,300 $ 136,084
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,175 136,300 136,084
Net investment loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (135,175) (136,300) (136,084)
Net realized and change in unrealized gain/(loss) on investment in
gold
Net realized gain/(loss) from investment in gold sold to pay
expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,023 2,987 252
Net realized gain/(loss) from gold distributed for the redemption of
shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 593,851 147,334 (222,162)
Net change in unrealized appreciation/(depreciation) on investment in
gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,785,462 (2,633,556) (1,535,978)
Net realized and change in unrealized gain/(loss) on investment in
gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,385,336 (2,483,235) (1,757,888)
Net income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,250,161 $(2,619,535) $(1,893,972)
Net income/(loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27.00 $ (9.35) $ (6.59)
Weighted average number of shares (in 000’s) . . . . . . . . . . . . . . . . . . . 268,483 280,153 287,348
See notes to the financial statements.
F-6
SPDR® GOLD TRUST
Statements of Cash Flows
For the years ended September 30, 2019, 2018, and 2017
Year Ended Year Ended Year Ended
(Amounts in 000’s of US$) Sep-30, 2019 Sep-30, 2018 Sep-30, 2017
INCREASE/DECREASE IN CASH FROM OPERATIONS:
Proceeds received from sales of gold . . . . . . . . . . . . . . . . . . . . . . . . . $ 130,368 $ 138,586 $ 137,548
Expenses paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (130,368) (138,586) (137,548)
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 . . . . . . . . . . . . . . . . . . . $18,906,803 $ 5,853,569 $11,161,181
Value of gold distributed for redemption of shares-net of gold
payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,324,484 $10,569,020 $13,953,611
Year Ended Year Ended Year Ended
(Amounts in 000’s of US$) Sep-30, 2019 Sep-30, 2018 Sep-30, 2017
RECONCILIATION OF NET INCOME/(LOSS) TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Net income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,250,161 $ (2,619,535) $ (1,893,972)
Adjustments to reconcile net income/(loss) to net cash provided by
operating activities
Proceeds from sales of gold to pay expenses . . . . . . . . . . . . . . . . . . . 130,368 138,586 137,548
Net realized (gain)/loss from investment in gold sold to pay
expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,023) (2,987) (252)
Net realized (gain)/loss from gold distributed for the redemption of
shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (593,851) (147,334) 222,162
Net change in unrealized (appreciation)/depreciation on investment
in gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,785,462) 2,633,556 1,535,978
Increase/(Decrease) in accounts payable to Sponsor . . . . . . . . . . . . . 4,807 (2,286) (1,464)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ —
See notes to the financial statements.
F-7
SPDR® GOLD TRUST
Statements of Changes in Net Assets
For the years ended September 30, 2019, 2018, and 2017
Year Ended Year Ended Year Ended
(Amounts in 000’s of US$) Sep-30, 2019 Sep-30, 2018 Sep-30, 2017
Net Assets - Opening Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28,322,519 $ 35,657,505 $ 40,293,447
Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,906,803 5,853,569 11,161,181
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,520,483) (10,569,020) (13,903,151)
Net investment loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (135,175) (136,300) (136,084)
Net realized gain/(loss) from investment in gold sold to pay
expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,023 2,987 252
Net realized gain/(loss) from gold distributed for the redemption
of shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 593,851 147,334 (222,162)
Net change in unrealized appreciation/(depreciation) on
investment in gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,785,462 (2,633,556) (1,535,978)
Net Assets - Closing Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,959,000 $ 28,322,519 $ 35,657,505
See notes to the financial statements.
F-8
Notes to the 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 (“WGTS”)
is the sponsor of the Trust (the “Sponsor”). BNY Mellon Asset Servicing, a division of The Bank of New York
Mellon (“BNYM”) is the trustee of the Trust (the “Trustee”). State Street Global Advisors Funds Distributors,
LLC (“SSGA”) is the marketing agent of the Trust (the “Marketing Agent”). HSBC Bank plc (“HSBC”) 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.
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
The Trust is an investment company and, therefore, applies the specialized accounting and reporting guidance in
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial
Services—Investment Companies.
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.
F-9
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$)
September 30, 2019 Level 1 Level 2 Level 3
Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $44,169,240 $— $—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $44,169,240 $— $—
(Amounts in 000’s of US$)
September 30, 2018 Level 1 Level 2 Level 3
Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $28,331,953 $— $—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $28,331,953 $— $—
There were no transfers between Level 1 and other Levels for the years ended September 30, 2019 and 2018.
The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the
ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently
administered auction process as well as the overall administration and governance for the London Bullion Market
Association (“LBMA”). In determining the net asset value (“NAV”) of the Trust, the Trustee values the gold held
by the Trust on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process
(“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted
in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The
Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of
the LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price is made on a
particular evaluation day or if the LBMA Gold Price has not been announced by 12:00 PM New York time on a
particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the
NAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price is
inappropriate to use as the basis for such determination.
2.3. Custody of Gold
Gold is held by HSBC Bank plc, on behalf of the Trust. During the years ended September 30, 2019 and 2018, no
gold was held by a subcustodian.
F-10
2.4. Gold Receivable
Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares
where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred
within two business days of the trade date.
(Amounts in 000’s of US$) Sep-30, 2019 Sep-30, 2018
Gold receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $— $—
2.5. Gold Payable
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of
Shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is
transferred within two business days of the trade date.
(Amounts in 000’s of US$) Sep-30, 2019 Sep-30, 2018
Gold payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $195,999 $—
2.6. Creations and Redemptions of Shares
The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a
block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized
Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the
delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the
Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the
number of Shares included in the Baskets being created or redeemed determined on the day the order to create or
redeem Baskets is properly received.
As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has
classified the Shares as Net Assets for financial reporting purposes. Activity in the number of Shares created and
redeemed for the years ended September 30, 2019 and 2018 are as follows:
Year Ended Year Ended Year Ended
(All amounts are in 000’s) Sep-30, 2019 Sep-30, 2018 Sep-30, 2017
Activity in Number of Shares Created and
Redeemed:
Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,900 47,200 92,500
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (83,000) (87,600) (119,400)
Net Change in Number of Shares Created and
Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,900 (40,400) (26,900)
Year Ended Year Ended Year Ended
(Amounts in 000’s of US$) Sep-30, 2019 Sep-30, 2018 Sep-30, 2017
Activity in Value of Shares Created and
Redeemed:
Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,906,803 $ 5,853,569 $ 11,161,181
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,520,483) (10,569,020) (13,903,151)
Net Change in Value of Shares Created and
Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,386,320 $ (4,715,451) $ (2,741,970)
F-11
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 Statement of Operations.
The Trust’s net realized and change in unrealized appreciation/(depreciation) on investment in gold for the year
ended September 30, 2019 of $7,385,336 is made up of a realized gain of $6,023 from the sale of gold to pay
expenses, a realized gain of $593,851 from gold distributed for the redemption of Shares, and a change in
unrealized appreciation of $6,785,462 on investment in gold.
The Trust’s net realized and change in unrealized appreciation/(depreciation) on investment in gold for the year
ended September 30, 2018 of ($2,483,235) is made up of a realized gain of $2,987 from the sale of gold to pay
expenses, a realized gain of $147,334 from gold distributed for the redemption of Shares, and a change in
unrealized depreciation of ($2,633,556) 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 September 30, 2019 or 2018.
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 September 30, 2019, the
2018, 2017, and 2016 tax years remain open for examination. There are no examinations in progress at period
end.
2.9. New Accounting Pronouncements
In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820):
Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU
2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for
fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019.
Early adoption is permitted. Management does not currently expect these changes to have a material impact to
future financial statements.
F-12
3. Quarterly Statements of Operations
Fiscal Period Ended September 30, 2019 Three Months Ended (unaudited)
(Amounts in 000’s of US$, except per share Year Ended
data) Dec-31, 2018 Mar-31, 2019 Jun-30, 2019 Sep-30, 2019 Sep-30, 2019
EXPENSES
Sponsor fees . . . . . . . . . . . . . . . . . . . . . . $ 30,168 $ 32,745 $ 31,689 $ 40,573 $ 135,175
Total expenses . . . . . . . . . . . . . . . . . . . . 30,168 32,745 31,689 40,573 135,175
Net investment loss . . . . . . . . . . . . . . . . . (30,168) (32,745) (31,689) (40,573) (135,175)
Net realized and change in unrealized
gain/(loss) on investment in gold
Net realized gain/(loss) from investment
in gold sold to pay expenses . . . . . . . . (823) 1,092 930 4,824 6,023
Net realized gain/(loss) from gold
distributed for the redemption of
shares . . . . . . . . . . . . . . . . . . . . . . . . . (37,588) 120,555 98,484 412,400 593,851
Net change in unrealized appreciation/
(depreciation) on investment in
gold . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,350,861 255,938 2,677,530 1,501,133 6,785,462
Net realized and change in unrealized
gain/(loss) on investment in gold . . . . 2,312,450 377,585 2,776,944 1,918,357 7,385,336
Net income/(loss) . . . . . . . . . . . . . . . . . . $ 2,282,282 $ 344,840 $ 2,745,255 $ 1,877,784 $ 7,250,161
Net income/(loss) per share . . . . . . . . . . $ 8.87 $ 1.28 $ 10.68 $ 6.48 $ 27.00
Weighted average number of shares (in
000’s) . . . . . . . . . . . . . . . . . . . . . . . . . 257,432 269,552 257,056 289,791 268,483
Fiscal Period Ended September 30, 2018 Three Months Ended (unaudited)
(Amounts in 000’s of US$, except per share Year Ended
data) Dec-31, 2017 Mar-31, 2018 Jun-30, 2018 Sep-30, 2018 Sep-30, 2018
EXPENSES
Sponsor fees . . . . . . . . . . . . . . . . . . . . . . $ 34,988 $ 35,233 $ 35,604 $ 30,475 $ 136,300
Total expenses . . . . . . . . . . . . . . . . . . . . 34,988 35,233 35,604 30,475 136,300
Net investment loss . . . . . . . . . . . . . . . . . (34,988) (35,233) (35,604) (30,475) (136,300)
Net realized and change in unrealized
gain/(loss) on investment in gold
Net realized gain/(loss) from investment
in gold sold to pay expenses . . . . . . . . 590 1,918 1,533 (1,054) 2,987
Net realized gain/(loss) from gold
distributed for the redemption of
shares . . . . . . . . . . . . . . . . . . . . . . . . . 38,391 148,686 74,938 (114,681) 147,334
Net change in unrealized appreciation/
(depreciation) on investment in
gold . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,759 591,410 (2,061,214) (1,479,511) (2,633,556)
Net realized and change in unrealized
gain/(loss) on investment in gold . . . . 354,740 742,014 (1,984,743) (1,595,246) (2,483,235)
Net income/(loss) . . . . . . . . . . . . . . . . . . $ 319,752 $ 706,781 $(2,020,347) $(1,625,721) $(2,619,535)
Net income/(loss) per share . . . . . . . . . . $ 1.12 $ 2.49 $ (7.01) $ (6.19) $ (9.35)
Weighted average number of shares (in
000’s) . . . . . . . . . . . . . . . . . . . . . . . . . 286,405 283,379 288,154 262,833 280,153
F-13
4. 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.
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.
5. Concentration of Risk
The Trust’s sole business activity is the investment of gold. Several 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.
6. 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
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.
F-14
7. Financial Highlights
The Trust is presenting the following financial highlights related to investment performance and operations of a
Share outstanding for the years ended September 30, 2019 and 2018, 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.
Year Ended Year Ended
Sep-30, 2019 Sep-30, 2018
Net Asset Value
Net asset value per Share, beginning of period . . . . . . . . . . $112.35 $121.91
Net investment income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . (0.50) (0.49)
Net Realized and Change in Unrealized Gain/(Loss) . . . . . . 28.15 (9.07)
Net Income/(Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.65 (9.56)
Net asset value per Share, end of period . . . . . . . . . . . . . . . . $140.00 $112.35
Market value per Share, beginning of period . . . . . . . . . . . . $112.76 $121.58
Market value per Share, end of period . . . . . . . . . . . . . . . . . $138.87 $112.76
Ratio to average net assets
Net Investment loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.40)% (0.40)%
Gross expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% 0.40%
Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% 0.40%
Total Return, at net asset value . . . . . . . . . . . . . . . . . . . . . . . 24.61% (7.84)%
Total Return, at market value . . . . . . . . . . . . . . . . . . . . . . . . 23.16% (7.25)%
F-15