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Name | Symbol | Market | Type |
---|---|---|---|
SPDR Gold Minishares Trust | AMEX:GLDM | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.22 | -0.47% | 46.19 | 46.70 | 46.00 | 46.67 | 3,897,425 | 01:00:00 |
☒ |
Quarterly report pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
|
☐ |
Transition report pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
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Delaware
|
36-7650517
|
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
SPDR
®
Gold MiniShares
SM
Trust
|
GLDM
|
NYSE Arca
|
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer
|
☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
PART I - FINANCIAL INFORMATION
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Item 1.
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1
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2
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3
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4
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5
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6
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7
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8
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9
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10
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11
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Item 2.
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17
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Item 3.
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20
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Item 4.
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20
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PART II - OTHER INFORMATION
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21
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Item 1.
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21
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Item 1A.
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21
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Item 2.
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21
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Item 3.
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22
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Item 4.
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22
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Item 5.
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22
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Item 6.
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22
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24
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Item 1.
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Financial Statements (Unaudited)
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(Amounts in 000’s except for percentages)
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||||||||||||||||
December 31, 2021
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Ounces of
gold |
Cost
|
Fair Value
|
% of
Net Assets |
||||||||||||
(unaudited)
|
||||||||||||||||
Investment in Gold
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2,393.3 | $ | 4,032,595 | $ | 4,355,957 | 100.01 | % | |||||||||
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|||||||||||
Total Investment
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$ | 4,032,595 | $ | 4,355,957 | 100.01 | % | ||||||||||
Liabilities in excess of other assets
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(651 | ) | (0.01 | )% | ||||||||||||
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Net Assets
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$ | 4,355,306 | 100.00 | % | ||||||||||||
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September 30, 2021
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Ounces of
gold |
Cost
|
Fair Value
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% of
Net Assets |
||||||||||||
Investment in Gold
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2,517.6 | $ | 4,237,696 | $ | 4,387,731 | 100.02 | % | |||||||||
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Total Investment
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$ | 4,237,696 | $ | 4,387,731 | 100.02 | % | ||||||||||
Liabilities in excess of other assets
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(666 | ) | (0.02 | )% | ||||||||||||
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Net Assets
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$ | 4,387,065 | 100.00 | % | ||||||||||||
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(Amounts in 000’s of US$)
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Three Months
Ended
Dec-31, 2021
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Three Months
Ended
Dec-31, 2020
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(unaudited)
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(unaudited)
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|||||||
EXPENSES
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||||||||
Sponsor fees
|
$ | 1,957 | $ | 1,693 | ||||
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Total expenses
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1,957 | 1,693 | ||||||
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Net investment loss
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(1,957 | ) | (1,693 | ) | ||||
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|||||
Net realized and change in unrealized gain/(loss) on investment in gold
|
||||||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
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106 | 224 | ||||||
Net realized gain/(loss) from gold distributed for the redemption of shares
|
14,355 | 34,670 | ||||||
Net change in unrealized appreciation/(depreciation) on investment in gold
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173,327 | (27,914 | ) | |||||
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|||||
Net realized and change in unrealized gain/(loss) on investment in gold
|
187,788 | 6,980 | ||||||
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Net income/(loss)
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$ | 185,831 | $ | 5,287 | ||||
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(Amounts in 000’s of US$)
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Three Months
Ended
Dec-31, 2021
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Three Months
Ended
Dec-31, 2020
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||||||
(unaudited)
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(unaudited)
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|||||||
Net Assets - Opening Balance
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$ | 4,387,065 | $ | 3,561,272 | ||||
Creations
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67,836 | 778,549 | ||||||
Redemptions
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(285,426 | ) | (329,450 | ) | ||||
Net investment loss
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(1,957 | ) | (1,693 | ) | ||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
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106 | 224 | ||||||
Net realized gain/(loss) from gold distributed for the redemption of shares
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14,355 | 34,670 | ||||||
Net change in unrealized appreciation/(depreciation) on investment in gold
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173,327 | (27,914 | ) | |||||
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Net Assets - Closing Balance
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$ | 4,355,306 | $ | 4,015,658 | ||||
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(1)
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Authorized share capital is unlimited and the par value of the Shares is $0.00.
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(Amounts in 000’s except for percentages)
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||||||||||||||||
December 31, 2021
|
Ounces of
gold |
Cost
|
Fair Value
|
% of
Net Assets |
||||||||||||
(unaudited)
|
||||||||||||||||
Investment in Gold
|
2,393.3 | $ | 4,032,595 | $ | 4,355,957 | 100.01 | % | |||||||||
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Total Investment
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$ | 4,032,595 | $ | 4,355,957 | 100.01 | % | ||||||||||
Liabilities in excess of other assets
|
(651 | ) | (0.01 | )% | ||||||||||||
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Net Assets
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$ | 4,355,306 | 100.00 | % | ||||||||||||
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September 30, 2021
|
Ounces of
gold |
Cost
|
Fair Value
|
% of
Net Assets |
||||||||||||
Investment in Gold
|
2,517.6 | $ | 4,237,696 | $ | 4,387,731 | 100.02 | % | |||||||||
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Total Investment
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$ | 4,237,696 | $ | 4,387,731 | 100.02 | % | ||||||||||
Liabilities in excess of other assets
|
(666 | ) | (0.02 | )% | ||||||||||||
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Net Assets
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$ | 4,387,065 | 100.00 | % | ||||||||||||
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(Amounts in 000’s of US$, except per share data)
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Three Months
Ended
Dec-31, 2021
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Three Months
Ended
Dec-31, 2020
|
||||||
(unaudited)
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(unaudited)
|
|||||||
EXPENSES
|
||||||||
Sponsor fees
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$ | 1,957 | $ | 1,693 | ||||
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Total expenses
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1,957 | 1,693 | ||||||
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Net investment loss
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(1,957 | ) | (1,693 | ) | ||||
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Net realized and change in unrealized gain/(loss) on investment in gold
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||||||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
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106 | 224 | ||||||
Net realized gain/(loss) from gold distributed for the redemption of shares
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14,355 | 34,670 | ||||||
Net change in unrealized appreciation/(depreciation) on investment in gold
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173,327 | (27,914 | ) | |||||
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Net realized and change in unrealized gain/(loss) on investment in gold
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187,788 | 6,980 | ||||||
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Net income/(loss)
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$ | 185,831 | $ | 5,287 | ||||
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Net income/(loss) per share
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$ | 0.77 | $ | 0.03 | ||||
Weighted average number of shares (in 000’s)
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241,586 | 199,978 |
(Amounts in 000’s of US$)
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Three Months
Ended
Dec-31, 2021
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Three Months
Ended
Dec-31, 2020
|
||||||
(unaudited)
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(unaudited)
|
|||||||
Net Assets - Opening Balance
|
$ | 4,387,065 | $ | 3,561,272 | ||||
Creations
|
67,836 | 778,549 | ||||||
Redemptions
|
(285,426 | ) | (329,450 | ) | ||||
Net investment loss
|
(1,957 | ) | (1,693 | ) | ||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
|
106 | 224 | ||||||
Net realized gain/(loss) from gold distributed for the redemption of shares
|
14,355 | 34,670 | ||||||
Net change in unrealized appreciation/(depreciation) on investment in gold
|
173,327 | (27,914 | ) | |||||
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Net Assets - Closing Balance
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$ | 4,355,306 | $ | 4,015,658 | ||||
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1.
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Organization
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2.
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Significant Accounting Policies
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2.1
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Basis of Accounting
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2.2
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Basis of Presentation
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2.3
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Cash and Cash Equivalents
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2.4
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Fair Value Measurement
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(Amounts in 000’s of US$)
December 31, 2021
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Level 1
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Level 2
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Level 3
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|||||||||
Investment in Gold
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$ | 4,355,957 | $ | – | $ | – | ||||||
Total
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$ | 4,355,957 | $ | – | $ | – | ||||||
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(Amounts in 000’s of US$)
September 30, 2021
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Level 1
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Level 2
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Level 3
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|||||||||
Investment in Gold
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$ | 4,387,731 | $ | – | $ | – | ||||||
Total
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$ | 4,387,731 | $ | – | $ | – | ||||||
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2.5
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Custody of Gold
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2.6
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Gold Receivable
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(Amounts in 000’s of US$)
|
Dec-31,
2021 |
Sep-30,
2021 |
||||||
Gold receivable
|
$ | — | $ | — |
2.7
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Gold Payable
|
(Amounts in 000’s of US$)
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Dec-31,
2021 |
Sep-30,
2021 |
||||||
Gold payable
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$ | — | $ | — |
2.8
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Creations and Redemptions of Shares
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(Amounts are in 000’s)
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Three Months
Ended
Dec-31,
2021
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Three Months
Ended
Dec-31,
2020
|
||||||
Activity in Number of Shares Created and Redeemed:
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Creations
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3,800 | 42,000 | ||||||
Redemptions
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(16,200 | ) | (18,200 | ) | ||||
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Net Change in Number of Shares Created and Redeemed
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(12,400 | ) | 23,800 | |||||
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(Amounts in 000’s of US$)
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Three Months
Ended
Dec-31,
2021
|
Three Months
Ended
Dec-31,
2020
|
||||||
Activity in Value of Shares Created and Redeemed:
|
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Creations
|
$ | 67,836 | $ | 778,549 | ||||
Redemptions
|
(285,426 | ) | (329,450 | ) | ||||
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Net change in Value of Shares Created and Redeemed
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$ | (217,590 | ) | $ | 449,099 | |||
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2.9
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Income and Expense (Amounts in 000’s of US$)
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2.10
|
Income Taxes
|
3.
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Related Parties—Sponsor
|
4.
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GLDM Expenses
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5.
|
Concentration of Risk
|
6.
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Indemnification
|
7.
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Financial Highlights
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Three Months
Ended
Dec-31,
2021
|
Three Months
Ended
Dec-31,
2020
|
|||||||
Net Asset Value
|
||||||||
Net asset value per Share, beginning of period
|
$ | 17.33 | $ | 18.79 | ||||
Net investment income/(loss)
|
(0.01 | ) | (0.01 | ) | ||||
Net realized and change in unrealized gain/(loss)
|
0.77 | 0.05 | ||||||
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|||||
Net Income/(Loss)
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0.76 | 0.04 | ||||||
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|||||
Net asset value per Share, end of period
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$ | 18.09 | $ | 18.83 | ||||
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|||||
Market value per Share, beginning of period
|
$ | 17.46 | $ | 18.80 | ||||
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|||||
Market value per Share, end of period
|
$ | 18.18 | $ | 18.94 | ||||
|
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|||||
Ratio to average net assets
|
||||||||
Net investment loss
(1)
|
(0.18 | )% | (0.18 | )% | ||||
|
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|||||
Gross expenses
(1)
|
0.18 | % | 0.18 | % | ||||
|
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|||||
Net expenses
(1)
|
0.18 | % | 0.18 | % | ||||
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|||||
Total Return, at net asset value
(2)
|
4.39 | % | 0.21 | % | ||||
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Total Return, at market value
(2)
|
4.12 | % | 0.74 | % | ||||
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(1) |
Percentages are annualized.
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(2) |
Percentages are not annualized.
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Period
|
Average
|
High
|
Date
|
Low
|
Date
|
End of
period |
Last
business day
(1)
|
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Three months to March 31, 2019
|
$ | 1,303.79 | $ | 1,343.75 | Feb 20, 2019 | $ | 1,279.55 | Jan 21, 2019 | $ | 1,295.40 | Mar 29, 2019 | |||||||||||||||||
Three months to June 30, 2019
|
$ | 1,309.39 | $ | 1,431.40 | Jun 25, 2019 | $ | 1,269.50 | Apr 23, 2019 | $ | 1,409.00 | Jun 28, 2019 | |||||||||||||||||
Three months to September 30, 2019
|
$ | 1,472.47 | $ | 1,546.10 | Sep 4, 2019 | $ | 1,388.65 | Jul 5, 2019 | $ | 1,485.30 | Sep 30, 2019 | |||||||||||||||||
Three months to December 31, 2019
|
$ | 1,480.96 | $ | 1,517.10 | Oct 3, 2019 | $ | 1,452.05 | Nov 12, 2019 | $ | 1,523.00 | Dec 31, 2019 |
(2)
|
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Three months to March 31, 2020
|
$ | 1,582.80 | $ | 1,683.65 | Mar 6, 2020 | $ | 1,474.25 | Mar 19, 2020 | $ | 1,608.95 | Mar 31, 2020 | |||||||||||||||||
Three months to June 30, 2020
|
$ | 1,711.13 | $ | 1,771.60 | Jun 29, 2020 | $ | 1,576.55 | Apr 1, 2020 | $ | 1,768.10 | Jun 30, 2020 | |||||||||||||||||
Three months to September 30, 2020
|
$ | 1,908.56 | $ | 2,067.15 | Aug 6, 2020 | $ | 1,771.05 | July 1, 2020 | $ | 1,886.90 | Sep 30, 2020 | |||||||||||||||||
Three months to December 31, 2020
|
$ | 1,874.23 | $ | 1,940.80 | Nov 6, 2020 | $ | 1,762.55 | Nov 30, 2020 | $ | 1,891.10 | Dec 31, 2020 |
(2)
|
||||||||||||||||
Three months to March 31, 2021
|
$ | 1,794.01 | $ | 1,943.20 | Jan 4, 2021 | $ | 1,683.95 | Mar 30, 2021 | $ | 1,691.05 | Mar 31, 2021 | |||||||||||||||||
Three months to June 30, 2021
|
$ | 1,816.48 | $ | 1,902.75 | Jun 2, 2021 | $ | 1,726.05 | Apr 1, 2021 | $ | 1,763.15 | Jun 30, 2021 | |||||||||||||||||
Three months to September 30, 2021
|
$ | 1,789.52 | $ | 1,829.30 | Jul 29, 2021 | $ | 1,723.35 | Aug 10, 2021 | $ | 1,742.80 | Sep 30, 2021 | |||||||||||||||||
Three months to December 31, 2021
|
$ | 1,795.25 | 1,864.90 | Nov 17, 2021 | $ | 1,753.20 | Oct 5, 2021 | $ | 1,820.10 | Dec 31, 2021 |
(2)
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Twelve months ended December 31, 2019
|
$ | 1,392.60 | $ | 1,546.10 | Sep 4, 2019 | $ | 1,269.50 | Apr 23, 2019 | $ | 1,523.00 | Dec 31, 2019 |
(2)
|
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Twelve months ended December 31, 2020
|
$ | 1,769.50 | $ | 2,067.15 | Aug 6, 2020 | $ | 1,474.25 | Mar 19, 202 | $ | 1,891.10 | Dec 31, 2020 |
(2)
|
||||||||||||||||
Twelve months ended December 31, 2021
|
$ | 1,798.61 | $ | 1,943.20 | Jan 4, 2021 | $ | 1,683.95 | Mar 30, 2021 | $ |
1,820.10
|
Dec 31, 2021 |
(2)
|
||||||||||||||||
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June 26, 2018 to December 31, 2021
|
$ | 1,590.07 | $ | 2,067.15 | Aug 6, 2020 | $ | 1,178.40 | Aug 17, 2018 | $ | 1,820.10 | Dec 31, 2021 |
(2)
|
(1) |
The end of period gold price is the LBMA Gold Price PM on the last business day of the period.
|
(2) |
There was no LBMA Gold Price PM on the last business day of December 2021, 2020 or 2019. The LBMA Gold Price AM on the last business day of December 2021, 2020 and 2019 was $1,820.10, $1,891.10 and $1,523.00, respectively. The Net Asset Value of GLDM on December 31, 2021, 2020 and 2019 was calculated using the LBMA Gold Price AM.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
a) |
None.
|
b) |
Not applicable.
|
c) |
Since GLDM commenced operations on June 26, 2018, and in the period from then to December 31, 2021, 303,400,000 Shares (3,034 Creation Units) were created in exchange for 3,024,218.6 ounces of gold and 62,600,000 Shares (626 Creation Units) were redeemed in exchange for 623,273.6 ounces of gold.
|
Period
|
Total Number of
Shares Redeemed |
Average Ounces of
Gold Per Share |
||||||
10/1/21 to 10/31/21
|
13,300,000 | 0.00994 | ||||||
11/1/21 to 11/30/21
|
1,800,000 | 0.00994 | ||||||
12/1/21 to 12/31/21
|
1,100,000 | 0.00994 | ||||||
|
|
|
|
|||||
Total
|
16,200,000 | 0.00994 | ||||||
|
|
|
|
* |
Pursuant to Rule 406T of Regulation
S-T,
these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
WGC USA Asset Management Company, LLC
Sponsor of the World Gold Trust
|
||
(Registrant) | ||
By: |
/s/ Joseph R. Cavatoni
|
|
Joseph R. Cavatoni | ||
Principal Executive Officer* | ||
By: |
/s/ Brandon Woods
|
|
Brandon Woods | ||
Principal Financial and Accounting Officer* |
* |
The Registrant is a trust and the persons are signing in their capacities as officers of WGC USA Asset Management Company, LLC, the Sponsor of the Registrant.
|
1 Year SPDR Gold Minishares Chart |
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