Company Quick10K Filing
Quick10K
World Gold Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$156.04 34 $5,264
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
S-1 2019-01-25 Public Filing
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
8-K 2019-07-15 Exhibits
8-K 2019-02-25 Officers
8-K 2018-04-16 Amend Bylaw, Exhibits
8-K 2018-02-28 Officers
OUNZ Vaneck Merk Gold Trust 173
FXC Invesco Currencyshares Canadian Dollar Trust 130
FXNC First National 93
FZMD Fuse Medical 75
GMVP Gridiron Bionutrients 13
AXREF Amarc Resources 8
ACMC American Church Mortgage 4
TAUG Tauriga Sciences 2
GMER Good Gaming 0
RSAP Reign Sapphire 0
GLDW 2019-06-30
Part 1. Financial Information
Item 1. Unaudited Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information:
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 d694506dex311.htm
EX-31.2 d694506dex312.htm
EX-32.1 d694506dex321.htm
EX-32.2 d694506dex322.htm

World Gold Trust Earnings 2019-06-30

GLDW 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Form 10-Q
222240,000230,00056,300,00019,300,000Jun. 30, 2022Jun. 30, 2022Jun. 30, 2022Jun. 30, 2022false2019Q3World Gold Trust0001618181--09-30Includes GAAP adjustments for the LBMA PM price. 2018 amounts are not comparative as operations commenced on June 26, 2018.Authorized share capital is unlimited and the par value of the Shares is $0.00. 0001618181 2018-10-01 2019-06-30 0001618181 2019-06-30 0001618181 2018-09-30 0001618181 2017-10-01 2018-06-30 0001618181 2019-04-01 2019-06-30 0001618181 2018-04-01 2018-06-30 0001618181 2019-03-31 0001618181 2018-03-31 0001618181 2017-09-30 0001618181 2018-06-30 0001618181 currency:EUR wgt:SolactiveGldLongUsdGoldIndexMember 2018-10-01 2019-06-30 0001618181 currency:JPY wgt:SolactiveGldLongUsdGoldIndexMember 2018-10-01 2019-06-30 0001618181 currency:GBP wgt:SolactiveGldLongUsdGoldIndexMember 2018-10-01 2019-06-30 0001618181 currency:CAD wgt:SolactiveGldLongUsdGoldIndexMember 2018-10-01 2019-06-30 0001618181 currency:SEK 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2018-09-30 0001618181 us-gaap:OverTheCounterMember wgt:GoldDeliveryAgreementMember 2018-09-30 0001618181 wgt:SPDRLongDollarGoldTrustMember wgt:InvestmentInGoldMember us-gaap:FairValueInputsLevel1Member 2018-09-30 0001618181 wgt:SPDRLongDollarGoldTrustMember us-gaap:FairValueInputsLevel1Member 2018-09-30 0001618181 wgt:InvestmentInGoldMember us-gaap:FairValueInputsLevel1Member 2018-09-30 0001618181 us-gaap:FairValueInputsLevel1Member 2018-09-30 0001618181 wgt:InvestmentInGoldMember wgt:SpdrGoldMiniSharesTrustMember us-gaap:FairValueInputsLevel1Member 2018-09-30 0001618181 us-gaap:FairValueInputsLevel1Member wgt:SpdrGoldMiniSharesTrustMember 2018-09-30 0001618181 wgt:GoldDeliveryAgreementMember 2018-09-30 0001618181 wgt:GoldDeliveryAgreementMember wgt:SPDRLongDollarGoldTrustMember 2018-09-30 0001618181 wgt:MerrillLynchInternationalMember us-gaap:OverTheCounterMember 2019-06-30 0001618181 wgt:MerrillLynchInternationalMember us-gaap:OverTheCounterMember wgt:SPDRLongDollarGoldTrustMember 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2019-06-30 0001618181 us-gaap:FairValueInputsLevel1Member wgt:SpdrGoldMiniSharesTrustMember 2019-06-30 0001618181 wgt:GoldDeliveryAgreementMember 2019-06-30 0001618181 wgt:GoldDeliveryAgreementMember wgt:SPDRLongDollarGoldTrustMember 2019-06-30 0001618181 wgt:SPDRLongDollarGoldTrustMember 2019-04-01 2019-06-30 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2019-04-01 2019-06-30 0001618181 us-gaap:OverTheCounterMember wgt:GoldDeliveryAgreementMember 2019-04-01 2019-06-30 0001618181 wgt:SPDRLongDollarGoldTrustMember us-gaap:OverTheCounterMember wgt:GoldDeliveryAgreementMember 2019-04-01 2019-06-30 0001618181 wgt:SPDRLongDollarGoldTrustMember 2018-04-01 2018-06-30 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2018-04-01 2018-06-30 0001618181 us-gaap:OverTheCounterMember wgt:GoldDeliveryAgreementMember 2018-04-01 2018-06-30 0001618181 wgt:SPDRLongDollarGoldTrustMember us-gaap:OverTheCounterMember wgt:GoldDeliveryAgreementMember 2018-04-01 2018-06-30 0001618181 wgt:SPDRLongDollarGoldTrustMember 2017-10-01 2018-06-30 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2017-10-01 2018-06-30 0001618181 us-gaap:OverTheCounterMember 2017-10-01 2018-06-30 0001618181 us-gaap:OverTheCounterMember wgt:SPDRLongDollarGoldTrustMember 2017-10-01 2018-06-30 0001618181 us-gaap:OverTheCounterMember wgt:GoldDeliveryAgreementMember 2017-10-01 2018-06-30 0001618181 wgt:SPDRLongDollarGoldTrustMember us-gaap:OverTheCounterMember wgt:GoldDeliveryAgreementMember 2017-10-01 2018-06-30 0001618181 wgt:SPDRLongDollarGoldTrustMember 2019-08-05 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2019-08-05 0001618181 wgt:SPDRLongDollarGoldTrustMember 2019-03-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2019-03-31 0001618181 wgt:SPDRLongDollarGoldTrustMember 2018-03-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2018-03-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2018-06-30 0001618181 wgt:SPDRLongDollarGoldTrustMember 2018-06-30 0001618181 wgt:SPDRLongDollarGoldTrustMember 2017-09-30 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2017-09-30 xbrli:pure iso4217:USD xbrli:shares wgt:Series iso4217:USD xbrli:shares utr:oz utr:T
Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
 10-Q
 
Quarterly report pursuant to Section
  13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
for the quarterly period ended June 30, 2019
Transition report pursuant to Section
  13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
for the transition period from
   
    
    
    
to
    
    
    
   
Commission file number:
001-37996
 
WORLD GOLD TRUST
(SPONSORED BY WGC USA ASSET MANAGEMENT COMPANY, LLC)
(Exact Name of Registrant as Specified in Its Charter)
 
     
Delaware
 
36-7650517
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
c/o WGC USA Asset Management Company, LLC
685 Third Avenue 27
th
Floor
New York
,
New York 10017
(Address of Principal Executive Offices)
(
212
)
317-3800
(Registrant’s Telephone Number, Including Area Code)
 
Securities registered pursuant to Section 12(b) of the Act:
         
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
SPDR
®
Long Dollar Gold Trust
 
GLDW
 
NYSE Arca
SPDR
®
Gold MiniShares
SM
Trust
 
GLDM
 
NYSE Arca
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Yes
 
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
 S-T
during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Yes
  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
             
Large accelerated filer
 
 
Accelerated filer
 
             
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule
 12b-2
of the Exchange Act).    Yes  
    No  
 
 
 
 
 
 
 
 
 
As of August 5, 2019, SPDR
®
 Long Dollar Gold Trust had 253,000
shares outstanding, and
SPDR
®
 Gold MiniShares
SM
Trust had 61,800,000
shares outstanding.
 
 
 
Table of Contents
WORLD GOLD TRUST
INDEX
           
 
Page
 
   
1
 
Item 1.
     
1
Item 2.
     
40
Item 3.
     
46
Item 4.
     
46
   
47
 
Item 1.
     
47
Item 1A.
     
47
Item 2.
     
48
Item 3.
     
48
Item 4.
     
48
Item 5.
     
48
Item 6.
     
48
   
50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table of Contents
WORLD GOLD TRUST
Table of Contents
Part 1. FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 1. Unaudited Financial Statements
Index
         
Documents
 
Page
 
   
2
 
   
15
 
   
29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
 
Table of Contents
World Gold Trust
Combined Statements of Financial Condition
at June 30, 2019 (unaudited) and September 30, 2018
                 
(Amounts in 000’s of US$)
 
Jun-30,
 2019
   
Sep-30,
 2018
 
 
(unaudited)
   
 
ASSETS
   
     
 
Investment in Gold, at fair value (cost $742,075 and $254,337 at June 30, 2019 and September 30, 2018, respectively)
  $
825,549
    $
246,784
 
Gold Delivery Agreement receivable
   
16
     
276
 
Gold receivable
   
—  
     
8,307
 
                 
Total Assets
  $
825,565
    $
255,367
 
                 
   
LIABILITIES
 
Accounts payable to Sponsor
  $
119
    $
29
 
Gold Delivery Agreement payable
   
55
     
1
 
                 
Total Liabilities
  $
174
    $
30
 
                 
Net Assets
  $
825,391
    $
  255,337
 
                 
 
 
 
 
 
 
 
See notes to the unaudited combined financial statements.
2
 
Table of Contents
World Gold Trust
Combined Schedules of Investments
(All balances in 000’s except percentages)
                                 
June 30, 2019
 
Ounces of
gold
   
Cost
   
Fair 
Value
   
% of
Net Assets
 
(unaudited)
 
   
   
   
 
Investment in Gold
   
585.9
    $
742,075
    $
825,549
     
100.02
%
Gold Delivery Agreement
   
—  
     
—  
     
—  
     
0.00
%
                                 
Total Investments
   
585.9
    $
742,075
    $
825,549
     
100.02
%
Liabilities in excess of other assets
   
     
     
(158
)    
(0.02
)%
                                 
Net Assets
   
     
    $
825,391
     
100.00
%
                                 
 
 
 
 
 
 
 
 
Derivatives Contract
at June 30, 2019 (unaudited)
                                         
Underlying Instrument
 
Counter-Party
   
Notional
Value
   
Expiration
Date
   
Unrealized
Appreciation/(Depreciation)
 
Gold Delivery Agreement
   
Merrill Lynch International
    $
33,609
     
6/30/22
   
$
  
 
 
 
 
 
 
 
 
 
(All balances in 000’s except percentages)
                                 
September 30, 2018
   
Ounces of
gold
     
Cost
     
Fair
Value
     
% of
Net Assets
 
Investment in Gold
   
207.9
    $
254,337
    $
246,784
     
96.65
%
Gold Delivery Agreement
   
—  
     
—  
     
—  
     
0.00
%
                                 
Total Investments
   
207.9
    $
254,337
    $
246,784
     
96.65
%
Assets in excess of liabilities
   
     
     
8,553
     
3.35
%
                                 
Net Assets
   
     
    $
255,337
     
100.00
%
                                 
 
 
 
 
 
 
 
 
Derivatives Contract
at September 30, 2018
                                         
Underlying Instrument
 
Counter-Party
   
Notional
Value
   
Expiration
Date
   
Unrealized
Appreciation/(Depreciation)
 
Gold Delivery Agreement
   
Merrill Lynch International
    $
26,042
     
6/30/22
   
$
  
 
 
 
 
 
 
 
 
 
See notes to the unaudited combined financial statements.
3
 
Table of Contents
World Gold Trust
Unaudited Combined Statements of Operations
For the three and nine months ended June 30, 2019 and 2018
                                 
(Amounts in 000’s of US$)
 
Three 
Months
Ended
 
Jun-30,
 
2019
   
Three 
Months
Ended
Jun-30,
 
2018
   
Nine 
Months
Ended
 
Jun-30,
 
2019
   
Nine 
Months
Ended
 
Jun-30,
 
2018
 
 
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
EXPENSES
   
     
     
     
 
Sponsor fees
  $
330
    $
15
    $
761
    $
45
 
Gold Delivery Provider fees
   
13
     
8
     
37
     
23
 
                                 
Total expenses
   
343
     
23
     
798
     
68
 
                                 
Net investment loss
   
(343
)    
(23
)    
(798
)    
(68
)
                                 
Net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement
   
     
     
     
 
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
   
11
     
1
     
21
     
3
 
Net realized gain/(loss) on Gold Delivery Agreement
   
(188
)    
939
     
787
     
406
 
Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees
   
117
     
55
     
187
     
284
 
Net realized gain/(loss) from gold distributed for the redemption of shares
   
975
     
—  
     
975
     
149
 
Net change in unrealized appreciation/(depreciation) on investment in gold
   
63,435
     
(1,487
)    
91,027
     
(1,252
)
                                 
Net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement
   
64,350
     
(492
)    
92,997
     
(410
)
                                 
Net Income/(Loss)
  $
64,007
    $
(515
)   $
92,199
    $
(478
)
                                 
 
 
 
 
See notes to the unaudited combined financial statements.
4
 
Table of Contents
World Gold Trust
Unaudited Combined Statements of Cash Flows
For the three and nine months ended June 30, 2019 and 2018
(Amounts in 000’s of US$)
 
Three 
Months
Ended
 
Jun-30,
 
2019
   
Three 
Months
Ended
 
Jun-30,
 
2018
   
Nine 
Months
Ended
 
Jun-30,
 
2019
   
Nine
 Months
Ended
 
Jun-30,
 
2018
 
 
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
INCREASE/DECREASE IN CASH FROM OPERATIONS:
   
     
     
     
 
Cash proceeds received from sales of gold
  $
318
    $
14
    $
671
    $
43
 
Cash expenses paid
   
(318
)    
(14
)    
(671
)    
(43
)
                                 
Increase/(Decrease) in cash resulting from operations
   
  
     
  
     
  
     
  
 
INCREASE/DECREASE IN CASH FLOWS FROM FINANCING ACTIVITIES:
   
     
     
     
 
Cash proceeds from issuance of shares
   
  
     
  
     
  
     
  
 
Cash paid for repurchase of shares
   
  
     
  
     
  
     
  
 
                                 
Increase/(Decrease) in cash resulting from financing activities
   
  
     
  
     
  
     
  
 
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 gold receivable
 
$
109,808
   
$
27,855
   
$
502,738
   
$
32,668
 
                                 
Value of gold distributed for redemption of shares - net of gold payable
 
$
(24,883
)
 
$
  
   
$
(24,883
)
 
$
(2,393
)
                                 
SUPPLEMENTAL DISCLOSURE OF
NON-CASH
OPERATING ACTIVITIES:
   
     
     
     
 
Value of Gold Delivery Agreement inflows - net of Gold Delivery Agreement receivable
 
$
1,913
   
$
2,260
   
$
6,692
   
$
5,436
 
                                 
Value of Gold Delivery Agreement outflows - net of Gold Delivery Agreement payable
 
$
(1,911
)
 
$
(1,297)
   
$
(5,865)
   
$
(5,007)
 
                                 
                         
(Amounts in 000’s of US$)
 
Three
Months
Ended
Jun-30,

2019
   
Three
Months
Ended
Jun-30,

2018
   
Nine
Months
Ended
Jun-30,

2019
   
Nine
Months
Ended
Jun-30,

2018
 
 
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
   
     
     
     
 
Net Income/(Loss)
  $
64,007
    $
(515
)   $
92,199
    $
(478
)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
   
     
     
     
 
Gold paid for Gold Delivery Provider fees
   
13
     
8
     
37
     
23
 
Proceeds from sales of gold to pay expenses
   
318
     
14
     
671
     
43
 
Net realized (gain)/loss from investment in gold sold to pay Sponsor fees
   
(11
)    
(1
)    
(21
)    
(3
)
Net realized (gain)/loss on Gold Delivery Agreement
   
188
     
(939
)    
(787
)    
(406
)
Net realized (gain)/loss on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees
   
(117
)    
(55
)    
(187
)    
(284
)
Net realized (gain)/loss from gold distributed for the redemption of shares
   
(975
)    
  
     
(975
)    
(149
)
Net change in unrealized (appreciation)/depreciation on investment in gold
   
(63,435
)    
1,487
     
(91,027
)    
1,252
 
Increase/(Decrease) in accounts payable to Sponsor
   
12
     
1
     
90
     
2
 
                                 
Net cash provided by operating activities
  $
—  
    $
—  
    $
—  
    $
—  
 
                                 
See notes to the unaudited combined financial statements.
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World Gold Trust
Unaudited Combined Statements of Changes in Net Assets
For the three and nine months ended June 30, 2019 and 2018
                                 
(Amounts in 000’s of US$)
 
Three 
Months
Ended
 
Jun-30,
 
2019
   
Three 
Months
Ended
Jun-30,
 
2018
   
Nine 
Months
Ended
 
Jun-30,
 
2019
   
Nine 
Months
Ended
 
Jun-30,
 
2018
 
 
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
Net Assets - Opening Balance
  $
676,459
    $
16,831
    $
255,337
    $
14,373
 
Creations
   
109,808
     
33,975
     
502,738
     
38,789
 
Redemptions
   
(24,883
)    
—  
     
(24,883
)    
(2,393
)
Net investment loss
   
(343
)    
(23
)    
(798
)    
(68
)
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
   
11
     
1
     
21
     
3
 
Net realized gain/(loss) on Gold Delivery Agreement
   
(188
)    
939
     
787
     
406
 
Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees
   
117
     
55
     
187
     
284
 
Net realized gain/(loss) from gold distributed for the redemption of shares
   
975
     
—  
     
975
     
149
 
Net change in unrealized appreciation/(depreciation) on investment in gold
   
63,435
     
(1,487
)    
91,027
     
(1,252
)
                                 
Net Assets - Closing Balance
  $
825,391
    $
50,291
    $
825,391
    $
50,291
 
                                 
 
 
 
 
See notes to the unaudited combined financial statements.
6
 
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WORLD GOLD TRUST
Notes to the Unaudited Combined Financial Statements
1.
Organization
 
 
 
 
 
 
 
World Gold Trust (the “Trust”), formerly known as “World Currency Gold Trust,” was organized as a Delaware statutory trust on August 27, 2014 and is governed by the Fourth Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”), dated as of April 16, 2018, between WGC USA Asset Management Company, LLC (the “Sponsor”) and the Delaware Trust Company (the “Trustee”). The Trust is authorized to issue an unlimited number of shares of beneficial interest (“Shares”). The beneficial interest in the Trust may be divided into one or more series. The Trust has established six separate series of which two were operational as of June 30, 2019. All of the series of the Trust are collectively referred to as the “Funds” and each individually as a “Series.” The accompanying financial statements relate to the Trust, SPDR
®
Long Dollar Gold Trust (“GLDW”) and SPDR
®
Gold MiniShares
SM
Trust (“GLDM”). GLDW commenced operations on January 27, 2017, and GLDM commenced operations on June 26, 2018. The fiscal
year-end
of both the Trust and the Funds is September 30.
BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (“BNYM”), is the Administrator and Transfer Agent of the Funds. BNYM also serves as the custodian of the Funds’ cash, if any. State Street Global Advisors Funds Distributors, LLC is the Marketing Agent of the Funds.
The Combined Statement of Financial Condition and Schedule of Investments at June 30, 2019, and the Combined Statements of Operations, Changes in Net Assets and Cash Flows for the three and nine months ended June 30, 2019 and 2018 have been prepared on behalf of the Trust and the Funds without audit. In the opinion of management of the Sponsor, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and nine months ended June 30, 2019 and for all periods presented have been made. These combined 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, 2018. The results of operations for the three and nine months ended June 30, 2019 are not necessarily indicative of the operating results for the full fiscal year.
Capitalized terms used but not defined herein have the meaning as set forth in the Declaration of Trust.
The Trust had no operations with respect to the Funds’ Shares prior to January 27, 2017 other than matters relating to its organization and the registration of the offer and sale of the Funds’ Shares under the Securities Act of 1933, as amended.
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 Funds and the Trust.
2.1
Basis of Accounting
 
 
 
 
 
 
 
The Funds are investment companies within the scope of Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and therefore apply the specialized accounting and reporting guidance therein. The Funds are not registered as investment companies under the Investment Company Act of 1940, as amended.
These financial statements present the financial condition, results of operations and cash flows of the Funds and the Trust combined. For the periods presented, there were no balances or activity for the Trust and all balances and activity related to the Funds, and the footnotes accordingly relate to the Funds, unless stated otherwise.
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2.2
Basis of Presentation
 
 
 
 
 
 
 
The financial statements are presented for the Trust, as the SEC registrant, combined with the Funds and for each of GLDW and GLDM individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to each Series shall be enforceable only against the assets of that Series and not against the Trust generally or any other Series that the Trust may establish in the future.
2.3
Cash and Cash Equivalents
 
 
 
 
 
 
 
Cash and cash equivalents include highly liquid investments of sufficient credit quality with original maturity of three months or less.
2.4
Solactive GLD
®
Long USD Gold Index—Gold Delivery Agreement
 
 
 
 
 
 
 
Pursuant to the terms of the Gold Delivery Agreement, GLDW has entered into a transaction to deliver gold bullion to, or receive gold bullion from, Merrill Lynch International, as Gold Delivery Provider, each Business Day. The amount of gold bullion transferred essentially will be equivalent to GLDW’s profit or loss as if it had exchanged the Reference Currencies comprising the Index (“FX Basket”), in the proportion in which they are reflected in the Index, for USDs in an amount equal to its holdings of gold bullion on such day. In general, if there is a currency gain (i.e., the value of the USD against the Reference Currencies comprising the FX Basket increases), GLDW will receive gold bullion. In general, if there is a currency loss (i.e., the value of the USD against the Reference Currencies comprising the FX Basket decreases), it will deliver gold bullion. In this manner, the amount of gold bullion held will be adjusted to reflect the daily change in the value of the Reference Currencies comprising the FX Basket against the USD. The Gold Delivery Agreement requires gold bullion ounces, calculated pursuant to formulas contained in the Gold Delivery Agreement, to be delivered to the custody account of GLDW or the Gold Delivery Provider, as applicable. The fee that GLDW pays the Gold Delivery Provider for its services under the Gold Delivery Agreement is accrued daily and reflected in the calculation of the amount of gold bullion to be delivered pursuant to the Gold Delivery Agreement. The realized gain/loss from the Gold Delivery Agreement is disclosed on the Combined Statements of Operations and the Combined Statements of Changes in Net Assets.
The Index is designed to represent the daily performance of a long position in physical gold, as represented by the LBMA Gold Price AM, and a short position in the basket of Reference Currencies with weightings determined by the FX Basket. The Reference Currencies and their respective weightings in the Index are as follows: Euro (EUR/USD) (57.6%), Japanese Yen USD/JPY (13.6%), British Pound Sterling
GBP/
USD (11.9%), Canadian Dollar (USD/CAD) (9.1%), Swedish Krona (USD/SEK) (4.2%), and Swiss Franc (USD/CHF) (3.6%).
2.5
Fair Value Measurement
 
 
 
 
 
 
 
U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds’ policy is to value their investments at fair value.
Various inputs are used in determining the fair value of the Funds’ assets or 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:
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,
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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 and liability, including the Funds’ assumptions (if any) used in determining the fair value of investments.
The following table summarizes the Funds’ investments at fair value:
(Amounts in 000’s of US$)
June 30, 2019
 
Level 1
   
Level 2
   
Level 3
 
Investment in Gold
  $
825,549
    $
 —  
    $
—  
 
Gold Delivery Agreement
   
—  
     
—  
     
—  
 
                         
Total
  $
825,549
    $
—  
    $
—  
 
                         
(Amounts in 000’s of US$)
September 30, 2018
 
Level 1
   
Level 2
   
Level 3
 
Investment in Gold
  $
246,784
    $
—  
    $
—  
 
Gold Delivery Agreement
   
—  
     
—  
     
—  
 
                         
Total
  $
246,784
    $
—  
    $
—  
 
                         
There were no transfers between Level 1 and other Levels for the period ended June 30, 2019 or for the fiscal year ended September 30, 2018.
The Administrator values the gold held by the Funds on the basis of the price of an ounce of gold as determined by 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 LBMA Gold Price. In determining the net asset value (“NAV”) of the Funds, the Administrator values the gold held by the Funds on the basis of the price of an ounce of gold determined by the IBA auction process, 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 Administrator calculates the NAV of the Funds on each day the NYSE Arca is open for regular trading. If no gold price is made on a particular evaluation day, the next most recent gold price is used in the determination of the NAV of the Funds, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.
2.6
Custody of Gold
Gold bullion is held by HSBC Bank plc on behalf of GLDW, and by ICBC Standard Bank Plc on behalf of GLDM, each individually referred to as the “Custodian.”
2.7
Gold Receivable/Payable
Gold receivable/payable represents the quantity of gold covered by contractually binding orders for the creation/redemption of Shares where the gold has not yet been transferred into/out of the Series’ account. Generally, ownership of the gold is transferred within
two​​​​​​​
business days of the trade date.
 
Jun-30,

2019
   
Sep-30,

2018
 
(Amounts in 000’s of US$)
 
   
 
Gold receivable
  $
   
    $
8,307
 
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Jun-30,

2019
   
Sep-30,

2018
 
(Amounts in 000’s of US$)
 
   
 
Gold payable
  $
   
    $
   
 
2.8
Gold Delivery Agreement Receivable
Gold Delivery Agreement receivable represents the quantity of gold due to be received under the Gold Delivery Agreement. The gold is transferred to GLDW’s allocated gold bullion account at the Custodian two business days after the valuation date.
 
Jun-30,

2019
   
Sep-30,

2018
 
(Amounts in 000’s of US$)
 
   
 
Gold Delivery Agreement receivable
  $
16
    $
276
 
2.9
Gold Delivery Agreement Payable
Gold Delivery Agreement payable represents the quantity of gold due to be delivered under the Gold Delivery Agreement. The gold is transferred from GLDW’s allocated gold bullion account at the Custodian two business days after the valuation date.
 
Jun-30,

2019
   
Sep-30,

2018
 
(Amounts in 000’s of US$)
 
   
 
Gold Delivery Agreement payable
  $
55
    $
1
 
2.10
Creations and Redemptions of Shares
The Funds create and redeem Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 10,000 GLDW Shares or a block of 100,000 GLDM Shares). The Funds issue Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the delivery to the Funds or the distribution by the Funds of the amount of gold and any cash represented by the Creation Units being created or redeemed, the amount of which will be based on the net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received.
As the Shares of the Funds are redeemable in Creation Units at the option of the Authorized Participants, the Funds have classified the Shares as Net Assets for financial reporting purposes. Changes in the Shares for the nine months ended June 30, 2019 and June 30, 2018 were:
 
Nine Months Ended
Jun-30, 2019
   
Nine Months Ended
Jun-30, 2018
 
(Amounts in 000’s)
 
   
 
Activity in Number of Shares Created and Redeemed:
   
     
 
Creations
   
38,910
     
2,290
 
Redemptions
   
(1,900
)    
(20
)
                 
Net change in Number of Shares Created and Redeemed
   
37,010
     
2,270
 
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Nine Months Ended
Jun-30,
2019
   
Nine Months Ended
Jun-30,
2018
 
(Amounts in 000’s of US$)
 
   
 
Activity in Value of Shares Created and Redeemed:
   
     
 
Creations
  $
502,738
    $
38,789
 
Redemptions
   
(24,883
)    
(2,393
)
                 
Net change in Value of Shares Created and Redeemed
  $
477,855
    $
36,396
 
                 
 
 
 
 
 
2.11
Income and Expense (Amounts in 000’s of US$)
 
 
 
 
 
 
 
 
 
 
 
The Administrator will, at the direction of the Sponsor, sell the Funds’ gold as necessary to pay the Funds’ expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Funds’ holdings of assets other than gold. Unless otherwise directed by the Sponsor, to meet expenses the Administrator will give a sell order and sell gold to the Custodian following the sell 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 Sponsor fees on the Combined Statements of Operations.
The Funds’ net realized and change in unrealized gain on investment in gold and Gold Delivery Agreement for the nine-month period ended June 30, 2019 of $92,997 is made up of a realized gain of $21 from the sale of gold to pay Sponsor fees, a realized gain of $787 from the Gold Delivery Agreement, a realized gain of $187 from gold transferred to cover the Gold Delivery Agreement and Gold Delivery Provider fees, a realized gain of $975 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $91,027 on investment in gold.
The Funds’ net realized and change in unrealized loss on investment in gold and Gold Delivery Agreement for the nine-month period ended June 30, 2018 of $(410) is made up of a realized gain of $3 from the sale of gold to pay Sponsor fees, a realized gain of $406 from the Gold Delivery Agreement, a realized gain of $284 from gold transferred to cover the Gold Delivery Agreement and Gold Delivery Provider fees, a realized gain of $149 from gold distributed for the redemption of shares, and a change in unrealized depreciation of $(1,252) on investment in gold.
2.12
Income Taxes
 
 
 
 
 
 
 
 
 
 
 
The Funds are classified as “grantor trusts” for U.S. federal income tax purposes. As a result, the Funds are not subject to U.S. federal income tax. Instead, the Funds’ income and expenses “flow through” to the shareholders, and the Administrator will report the Funds’ proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis
The Sponsor has evaluated whether there are uncertain tax positions that require financial statement recognition and has determined that
no
reserves for uncertain tax positions are required as of June 30, 2019 or September 30, 2018. As of June 30, 2019, the 2018 and 2017 tax years remain open for examination. There were no examinations in progress at period end.
2.13
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 of the Sponsor does not currently expect these changes to have a material impact to future financial statements.
11
 
Table of Contents
3.
Fund Expenses
 
 
 
 
 
 
 
 
 
 
 
For GLDW, the only ordinary recurring operating expenses are expected to be the Gold Delivery Provider’s annual fee as well as the Sponsor’s annual fee. For GLDM, the only ordinary recurring operating expense is expected to be the Sponsor’s annual fee. Further detail can be found in the respective Series’ Financial Statements.
Expenses, which accrue daily, and are payable by the Funds, will reduce the NAV of the Funds.
4.
Foreign Currency Risk
 
 
 
 
 
 
 
 
 
 
 
GLDW does not hold foreign currency, but is exposed to foreign currency risk as a result of its transactions under the Gold Delivery Agreement. Foreign currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. The value of the Reference Currencies included in the FX Basket may be affected by several factors, including: monetary policies of central banks within the relevant foreign countries or markets; global or regional economic, political or financial events; inflation or interest rates of the relevant foreign countries and investor expectations concerning inflation or interest rates; and debt levels and trade deficits of the relevant foreign countries.
Currency exchange rates are influenced by the factors identified above and may also be influenced by, among other things: changing supply and demand for a particular currency; monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries); changes in balances of payments and trade; trade restrictions; and currency devaluations and revaluations. Also, governments from time to time intervene in the currency markets, including by regulation, in order to influence rates directly. These events and actions are unpredictable. The resulting volatility in the Reference Currency exchange rates relative to the USD could materially and adversely affect the value of the Shares.
5.
Counterparty Risk
 
 
 
 
 
 
 
 
 
 
 
If the Gold Delivery Provider fails to deliver gold pursuant to its obligations under the Gold Delivery Agreement, such failure would have an adverse effect on GLDW in meeting its investment objective. Moreover, to the extent that the Gold Delivery Provider is unable to honor its obligations under the Gold Delivery Agreement, such as due to bankruptcy or default under the Gold Delivery Agreement or for any other reason, GLDW would need to find a new entity to act in the same capacity as the Gold Delivery Provider. If it could not quickly find a new entity to act in that capacity, it may not be able to meet its investment objective. The transactions under the Gold Delivery Agreement will terminate on
June 30, 2022
, unless the parties agree on extension terms. If the parties cannot agree on extension terms and GLDW is unable to find a new entity to act as Gold Delivery Provider, GLDW may not be able to meet its investment objective.
6.
Concentration of Risk
 
 
 
 
 
 
 
 
 
 
 
The primary business activities for GLDW are the investment in gold bullion, the transactions under the Gold Delivery Agreement, and the issuance and sale of GLDW Shares.
For GLDM, the primary business activities are the investment in gold bullion and the issuance and sale of GLDM Shares.
Various factors could affect the price of gold including: (i) global gold supply and demand, which is influenced by such factors as 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, South Africa 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
12
 
Table of Contents
and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, 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 of a Series to decline proportionately. Each of these events could have a material effect on the Funds’ financial position and results of operations.
7.
Derivative Contract Information
For the three and nine months ended June 30, 2019 and 2018, the effect of GLDW’s derivative contracts on the Combined Statements of Operations was as follows:
Risk exposure
derivative type
 
Location of Gain or Loss on
Derivatives Recognized in Income
 
Three
Months
Ended
Jun-30,

2019
   
Three
Months
Ended
Jun-30,

2018
   
Nine
Months
Ended
 
Jun-30,

2019
   
Nine
Months
Ended
 
Jun-30,

2018
 
(Amounts in 000’s of US$)
 
 
   
   
   
 
Currency Risk
 
Net Realized gain/(loss) on Gold Delivery Agreement
  $
(188
)   $
939
    $
787
    $
406
 
The table below summarizes the average daily notional value of derivative contracts outstanding during the periods:
 
Nine Months Ended
Jun-30,
 2019
   
Nine Months Ended
Jun-30,
 2018
 
(Amounts in 000’s of US$)
 
   
 
Average notional
  $
29,236
    $
17,957
 
The notional value of the contract varies daily based on the value of gold held at the Custodian.
At June 30, 2019 and September 30, 2018, GLDW’s
over-the-counter
(“OTC”) derivative assets and liabilities were as follows:
 
Gross Amounts of Assets and Liabilities
Presented in the Combined
Statements of Financial Condition
 
 
Assets
a
   
Liabilities
a
 
Derivatives
   
     
 
Gold Delivery Agreement
  $
 
​​​​​​​
  
    $
 
  
 
                 
a
Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset on the Combined Statements of Financial Condition.
At June 30, 2019 and September 30, 2018, GLDW’s OTC derivative assets, which may offset against its OTC derivative liabilities and collateral received from the counterparty, were as follows:
 
   
Amounts Not Offset in the Combined Statements of
Financial Condition
   
   
 
Gross Amounts of
Assets Presented in the
Combined Statements of
Financial Condition
   
Financial Instruments
Available for Offset
   
Financial
Instruments
Collateral
Received
   
Cash
Collateral
Received
   
Net
Amount
 
Counterparty
   
     
     
     
     
 
Merrill Lynch International
  $
 
  
    $
 
  
    $
 
  
    $
 
  
    $
 
  
 
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At June 30, 2019 and September 30, 2018, GLDW’s OTC derivative liabilities, which may offset against its OTC derivative assets and collateral pledged from the counterparty, were as follows:
 
   
Amounts Not Offset in the Combined Statements of
Financial Condition
   
   
 
Gross Amounts of
Liabilities Presented in the
Combined Statements of
Financial Condition
   
Financial Instruments
Available for Offset
   
Financial
Instruments
Collateral
Pledged
   
Cash
Collateral
Pledged
   
Net
Amount
 
Counterparty
   
     
     
     
     
 
Merrill Lynch International
  $
 
  
    $
 
  
    $
 
  
    $
 
  
    $
 
  
 
8.
Indemnification
The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith or willful misconduct. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.
The Trustee and each of its officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence. The Sponsor will not be liable to the Trust, the Trustee or any shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any gold bullion or other assets held in trust under Declaration of Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.
9.
Financial Highlights
Management of the Sponsor does not believe including Financial Highlights in a combined evaluation is meaningful. Refer to GLDW’s and GLDM’s Notes to the Financial Statements for respective Financial Highlight calculations.
 
10.
Subsequent Events
On July 15, 2019, the Sponsor notified the NYSE Arca that it has determined to voluntarily close GLDW, delist, and liquidate GLDW’s Shares from trading on the NYSE Arca and to withdraw the GLDW Shares from registration under the Exchange Act. GLDW will not accept creation and redemption orders after September 6, 2019. Trading of the GLDW Shares on the NYSE Arca will cease at the close of market on September 9, 2019, and final liquidation payments are scheduled to be made on or about September 16, 2019.
14
 
Table of Contents
SPDR
®
Long Dollar Gold Trust
Statements of Financial Condition
at June 30, 2019 (unaudited) and September 30, 2018
(Amounts in 000’s of US$ except for share and per share data)
 
Jun-30,
 2019 
   
Sep-30,
 2018
 
 
(unaudited)
   
 
ASSETS
 
Investment in Gold, at fair value (cost $29,942 and $27,380 at June 30, 2019 and September 30, 2018, respectively)
  $
33,609
    $
26,042
 
Gold Delivery Agreement receivable
   
16
     
276
 
                 
Total Assets
  $
33,625
    $
26,318
 
                 
 
 
 
 
LIABILITIES
 
Accounts payable to Sponsor
  $
9
    $
8
 
Gold Delivery Agreement payable
   
55
     
1
 
                 
Total Liabilities
  $
64
    $
9
 
                 
Net Assets
  $
33,561
    $
26,309
 
Shares issued and outstanding
(1)
   
240,000
     
230,000
 
Net asset value per Share
  $
139.84
    $
114.39
 
(1) Authorized share capital is unlimited and the par value of the Shares is $0.00.
See notes to the unaudited financial statements.
15
 
Table of Contents
SPDR
®
Long Dollar Gold Trust
Schedules of Investments
 
(All balances in 000’s except percentages)
                                 
June 30, 2019
 
Ounces of
gold
 
 
Cost
 
 
Fair
Value
 
 
% of
Net Assets
 
(unaudited)
 
   
   
   
 
Investment in Gold
   
23.8
    $
29,942
    $
33,609
     
100.14
%
Gold Delivery Agreement
   
—  
     
—  
     
—  
     
0.00
%
                                 
Total Investments
   
23.8
    $
29,942
    $
33,609
     
100.14
%
Liabilities in excess of other assets
   
     
     
(48
)    
(0.14
)%
                                 
Net Assets
   
     
    $
33,561
     
100.00
%
                                 
 
 
 
 
 
 
 
 
 
 
 
Derivatives Contract
at June 30, 2019 (unaudited)
                             
Underlying Instrument
 
Counter-Party
 
Notional
Value
 
 
Expiration Date
 
 
Unrealized
Appreciation/
(Depreciation)
 
Gold Delivery Agreement
 
Merrill Lynch International
  $
33,609
     
6/30/22
    $
   
 
 
 
 
 
 
 
 
 
 
 
 
  
(All balances in 000’s except percentages)
                                 
September 30, 2018
 
Ounces of
gold
 
 
Cost
 
 
Fair
Value
 
 
% of
Net Assets
 
Investment in Gold
   
22.0
    $
27,380
    $
26,042
     
98.99
%
Gold Delivery Agreement
   
—  
     
—  
     
—  
     
0.00
%
                                 
Total Investments
   
22.0
    $
27,380
    $
26,042
     
98.99
%
Assets in excess of liabilities
   
     
     
267
     
1.01
%
                                 
Net Assets
   
     
    $
26,309
     
100.00
%