Company Quick10K Filing
World Gold Trust
10-Q 2020-03-31 Filed 2020-05-08
10-Q 2019-12-31 Filed 2020-02-07
10-K 2019-09-30 Filed 2019-12-10
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
S-1 2019-01-25 Public Filing
10-Q 2018-12-31 Filed 2019-02-08
10-K 2018-09-30 Filed 2018-11-27
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-02
10-Q 2017-12-31 Filed 2018-02-06
10-K 2017-09-30 Filed 2017-11-29
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-Q 2016-12-31 Filed 2017-03-09
8-K 2019-07-15
8-K 2019-02-25
8-K 2018-04-16
8-K 2018-02-28

GLDW 10Q Quarterly Report

Part I - Financial Information:
Item 1. Financial Statements (Unaudited)
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 d911671dex311.htm
EX-31.2 d911671dex312.htm
EX-32.1 d911671dex321.htm
EX-32.2 d911671dex322.htm

World Gold Trust Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

Form 10-Q
P2DP2Dfalse2020Q20001618181--09-30Authorized share capital is unlimited and the par value of the Shares is $0.00Amounts include SPDR® Long Dollar Gold Trust which liquidated on September 16, 2019.Percentages are annualized.Percentages are not annualized 0001618181 2020-01-01 2020-03-31 0001618181 2019-10-01 2020-03-31 0001618181 2018-10-01 2019-09-30 0001618181 2020-03-31 0001618181 2019-09-30 0001618181 2018-10-01 2019-03-31 0001618181 2019-01-01 2019-03-31 0001618181 2019-12-31 0001618181 2018-12-31 0001618181 2018-09-30 0001618181 2019-03-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2020-03-31 0001618181 us-gaap:FairValueInputsLevel1Member wgt:InvestmentInGoldMember 2020-03-31 0001618181 us-gaap:FairValueInputsLevel2Member wgt:InvestmentInGoldMember 2020-03-31 0001618181 us-gaap:FairValueInputsLevel3Member wgt:InvestmentInGoldMember 2020-03-31 0001618181 us-gaap:FairValueInputsLevel1Member 2020-03-31 0001618181 us-gaap:FairValueInputsLevel2Member 2020-03-31 0001618181 us-gaap:FairValueInputsLevel3Member 2020-03-31 0001618181 wgt:InvestmentInGoldMember wgt:SpdrGoldMiniSharesTrustMember 2020-03-31 0001618181 wgt:InvestmentInGoldMember 2020-03-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2019-09-30 0001618181 us-gaap:FairValueInputsLevel1Member wgt:InvestmentInGoldMember 2019-09-30 0001618181 us-gaap:FairValueInputsLevel1Member 2019-09-30 0001618181 us-gaap:FairValueInputsLevel1Member wgt:InvestmentInGoldMember wgt:SpdrGoldMiniSharesTrustMember 2019-09-30 0001618181 us-gaap:FairValueInputsLevel1Member wgt:SpdrGoldMiniSharesTrustMember 2019-09-30 0001618181 us-gaap:FairValueInputsLevel2Member wgt:InvestmentInGoldMember 2019-09-30 0001618181 us-gaap:FairValueInputsLevel3Member wgt:InvestmentInGoldMember 2019-09-30 0001618181 us-gaap:FairValueInputsLevel2Member 2019-09-30 0001618181 us-gaap:FairValueInputsLevel3Member 2019-09-30 0001618181 wgt:InvestmentInGoldMember 2019-09-30 0001618181 wgt:InvestmentInGoldMember wgt:SpdrGoldMiniSharesTrustMember 2019-09-30 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2020-01-01 2020-03-31 0001618181 wgt:SponsorMember 2020-01-01 2020-03-31 0001618181 wgt:SponsorMember wgt:SpdrGoldMiniSharesTrustMember 2020-01-01 2020-03-31 0001618181 srt:MaximumMember 2020-01-01 2020-03-31 0001618181 srt:MaximumMember wgt:SpdrGoldMiniSharesTrustMember 2020-01-01 2020-03-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2019-01-01 2019-03-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2019-10-01 2020-03-31 0001618181 wgt:SponsorMember wgt:SpdrGoldMiniSharesTrustMember 2019-10-01 2020-03-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2018-10-01 2019-03-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2018-10-01 2019-09-30 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2020-05-07 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2019-12-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2018-12-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2019-03-31 0001618181 wgt:SpdrGoldMiniSharesTrustMember 2018-09-30 xbrli:pure iso4217:USD xbrli:shares utr:oz utr:t wgt:Series iso4217:USD xbrli:shares
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 March 31, 2020
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
®
 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 May
7
, 2020 SPDR
®
Gold MiniShares
SM
Trust had 122,500,000 shares outstanding.
 
 

Table of Contents
WORLD GOLD TRUST
INDEX
             
 
 
  
 
Item 1.
 
 
 
 
 
 
 
1
 
 
 
 
2
 
 
 
 
3
 
 
 
 
4
 
 
 
 
6
 
 
 
 
7
 
 
 
 
8
 
 
 
 
9
 
 
 
 
10
 
 
 
 
11
 
 
 
 
12
 
Item 2.
 
 
 
18
 
Item 3.
 
 
 
21
 
Item 4.
 
 
 
21
 
 
 
22
 
Item 1.
 
 
 
22
 
Item 1A.
 
 
 
22
 
Item 2.
 
 
 
23
 
Item 3.
 
 
 
23
 
Item 4.
 
 
 
23
 
Item 5.
 
 
 
23
 
Item 6.
 
 
 
23
 
 
 
25
 
 
 
 
 

Table of Contents
World Gold Trust
PART I—FINANCIAL INFORMATION:
Item 1.
Financial Statements (Unaudited)
 
 
Combined Statements of Financial Condition
at March 31, 2020 (unaudited) and September 30, 2019
                 
(Amounts in 000’s of US$)
 
Mar-31,
 2020
 
 
Sep-30,
 2019
 
 
(unaudited)
 
 
 
ASSETS
 
 
 
 
 
 
Investment in Gold, at fair value (cost $1,319,500 and $916,790 at March 31, 2020 and September 30, 2019, respectively)
  $
1,522,306
    $
1,036,032
 
Gold receivable
   
93,025
     
14,819
 
                 
Total Assets
  $
1,615,331
    $
1,050,851
 
                 
   
LIABILITIES
 
Accounts payable to Sponsor
  $
220
    $
148
 
                 
Total Liabilities
  $
220
    $
148
 
                 
Net Assets
  $
1,615,111
    $
1,050,703
 
                 
 
 
See notes to the unaudited financial statements.
1

Table of Contents
World Gold Trust
Combined Schedules of Investment
(All balances in 000’s except percentages)
                                 
March 31, 2020
 
Ounces of
gold
 
 
Cost
 
 
Fair
Value
 
 
% of
Net Assets
 
(unaudited)
 
 
 
 
 
 
 
 
Investment in Gold
   
946.1
    $
1,319,500
    $
1,522,306
     
94.25
%
                                 
Total Investments
   
    $
1,319,500
    $
1,522,306
     
94.25
%
Assets in excess of liabilities
   
     
     
92,805
     
5.75
%
                                 
Net Assets
   
     
    $
1,615,111
     
100.00
%
                                 
(All balances in 000’s except percentages)
                                 
September 30, 2019
 
Ounces of
gold
 
 
       Cost       
 
 
Fair
Value
 
 
% of
Net Assets
 
Investment in Gold
   
697.5
    $
916,790
    $
1,036,032
     
98.60
%
                                 
Total Investments
   
    $
916,790
    $
1,036,032
     
98.60
%
Assets in excess of liabilities
   
     
     
14,671
     
1.40
%
                                 
Net Assets
   
     
    $
1,050,703
     
100.00
%
                                 
See notes to the
unaudited financial statements.
2

Table of Contents
World Gold Trust
Unaudited Combined Statements of Operations
For the three and six months ended March 31, 2020 and 2019
(Amounts in 000’s of US$)
 
Three
Months
Ended
Mar-31,

2020
 
 
Three
Months
Ended
Mar-31,

2019
(1)
 
 
Six
Months
Ended
Mar-31,

2020
 
 
Six
Months
Ended
Mar-31,

2019
(1)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor fees
  $
586
    $
274
    $
1,083
    $
431
 
Gold Delivery Provider fees
   
  
     
12
     
  
     
24
 
                                 
Total expenses
   
586
     
286
     
1,083
     
455
 
                                 
Net investment loss
   
(586
)    
(286
)    
(1,083
)    
(455
)
                                 
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
   
68
     
11
     
116
     
10
 
Net realized gain/(loss) on Gold Delivery Agreement
   
  
     
452
     
  
     
975
 
Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees
   
  
     
91
     
  
     
70
 
Net realized gain/(loss) from gold distributed for the redemption of shares
   
3,320
     
  
     
8,005
     
  
 
Net change in unrealized appreciation/(depreciation) on investment in gold
   
61,192
     
2,852
     
83,564
     
27,592
 
                                 
Net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement
   
64,580
     
3,406
     
91,685
     
28,647
 
                                 
Net Income/(Loss)
  $
63,994
    $
3,120
    $
90,602
    $
28,192
 
                                 
(1)
Amounts include SPDR
®
Long Dollar Gold Trust which liquidated on September 16, 2019.
See notes to the unaudited financial statements.
3

Table of Contents
World Gold Trust
Unaudited Combined Statements of Cash Flows
For the three and six months ended March 31, 2020 and 2019
(Amounts in 000’s of US$)
 
Three Months
Ended
Mar-31,
 2020
 
 
Three Months
Ended
Mar-31,
 2019
(1)
 
 
Six Months
Ended
Mar-31,
 2020
 
 
Six Months
Ended
Mar-31,
 2019
(1)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
INCREASE/DECREASE IN CASH FROM OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Cash proceeds received from sales of gold
  $
534
    $
226
    $
1,011
    $
353
 
Cash expenses paid
   
(534
)    
(226
)    
(1,011
)    
(353
)
                                 
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
 
$
370,394
 
 
$
271,715
 
 
$
483,190
 
 
$
392,930
 
                                 
Value of gold distributed for redemption of shares - net of gold payable
 
$
37,794
 
 
$
  
 
 
$
87,590
 
 
$
  
 
                                 
SUPPLEMENTAL DISCLOSURE OF
NON-CASH
OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
 
Value of Gold Delivery Agreement inflows - net of Gold Delivery Agreement receivable
 
$
  
 
 
$
2,148
 
 
$
  
 
 
$
4,779
 
                                 
Value of Gold Delivery Agreement outflows - net of Gold Delivery Agreement payable
 
$
 
  
 
 
$
(1,957
)
 
$
  
 
 
$
(3,954
)
                                 
4

Table of Contents
World Gold Trust
Unaudited Combined Statements of Cash Flows (continued)
For the three and six months ended March 31, 2020 and 2019
                                 
(Amounts in 000’s of US$)
 
Three Months
Ended
Mar-31,
 2020
 
 
Three Months
Ended
Mar-31,
 2019
(1)
 
 
Six Months
Ended
Mar-31,
 2020
 
 
Six Months
Ended
Mar-31,
 2019
(1)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
 
Net Income/(Loss)
  $
63,994
    $
3,120
    $
90,602
    $
28,192
 
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
   
     
     
     
 
Gold paid for Gold Delivery Provider fees
   
  
     
12
     
  
     
24
 
Proceeds from sales of gold to pay expenses
   
534
     
226
     
1,011
     
353
 
Net realized (gain)/loss from investment in gold sold to pay Sponsor fees
   
(68
)    
(11
)    
(116
)    
(10
)
Net realized (gain)/loss on Gold Delivery Agreement
   
  
     
(452
)    
  
     
(975
)
Net realized (gain)/loss on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees
   
  
     
(91
)    
  
     
(70
)
Net realized (gain)/loss from gold distributed for the redemption of shares
   
(3,320
)    
  
     
(8,005
)    
  
 
Net change in unrealized (appreciation)/depreciation on investment in gold
   
(61,192
)    
(2,852
)    
(83,564
)    
(27,592
)
Increase/(Decrease) in accounts payable to Sponsor
   
52
     
48
     
72
     
78
 
                                 
Net cash provided by operating activities
  $
  
    $
  
    $
  
    $
  
 
                                 
 
(1)
Amounts include SPDR
®
Long Dollar Gold Trust which liquidated on September 16, 2019.
 
See notes to the unaudited financial statements.
5

Table of Contents
World Gold Trust
Unaudited Combined Statements of Changes in Net Assets
For the three and six months ended March 31, 2020 and 2019 
(Amounts in 000’s of US$)
 
Three Months
Ended
Mar-31,
 2020
 
 
Three Months
Ended
Mar-31,
 2019
(1)
 
 
Six Months
Ended
Mar-31,
 2020
 
 
Six Months
Ended
Mar-31,
 2019
(1)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
Net Assets - Opening Balance
  $
1,133,086
    $
425,953
    $
1,050,703
    $
255,337
 
Creations
   
455,825
     
247,386
     
561,396
     
392,930
 
Redemptions
   
(37,794
)    
—  
     
(87,590
)    
—  
 
Net investment loss
   
(586
)    
(286
)    
(1,083
)    
(455
)
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
   
68
     
11
     
116
     
10
 
Net realized gain/(loss) on Gold Delivery Agreement
   
  
     
452
     
  
     
975
 
Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees
   
  
     
91
     
  
     
70
 
Net realized gain/(loss) from gold distributed for the redemption of shares
   
3,320
     
—  
     
8,005
     
—  
 
Net change in unrealized appreciation/(depreciation) on investment in gold
   
61,192
     
2,852
     
83,564
     
27,592
 
                                 
Net Assets - Closing Balance
  $
1,615,111
    $
676,459
    $
1,615,111
    $
676,459
 
                                 
(1)
Amounts include SPDR
®
Long Dollar Gold Trust which liquidated on September 16, 2019.
See notes to the unaudited financial statements.
6

Table of Contents
SPDR
®
Gold MiniShares
SM
Trust
Statements of Financial Condition
at March 31, 2020 (unaudited) and September 30, 2019
(Amounts in 000’s of US$ except for share and per share data)
 
Mar-31,
2020
 
 
Sep-30,
 2019
 
 
(unaudited)
 
 
 
ASSETS
 
Investment in Gold, at fair value (cost $1,319,500 and $916,790 at March 31, 2020 and September 30, 2019, respectively)
  $
1,522,306
    $
1,036,032
 
Gold receivable
   
93,025
     
14,819
 
                 
Total Assets
  $
1,615,331
    $
1,050,851
 
                 
   
LIABILITIES
 
Accounts payable to Sponsor
  $
220
    $
148
 
                 
Total Liabilities
  $
220
    $
148
 
                 
Net Assets
  $
1,615,111
    $
1,050,703
 
                 
Shares issued and outstanding
(1)
   
100,700,000
     
70,900,000
 
Net asset value per Share
  $
16.04
    $
14.82
 
(1)
Authorized share capital is unlimited and the par value of the Shares is $0.00.
See notes to the unaudited financial statements.
7

Table of Contents
SPDR
®
Gold MiniShares
SM
Trust
Schedules of Investment
(All balances in 000’s except percentages)
                                 
March 31, 2020
 
Ounces of
gold
 
 
Cost
 
 
Fair
Value
 
 
% of
Net Assets
 
(unaudited)
 
 
 
 
 
 
 
 
Investment in Gold
   
946.1
    $
1,319,500
    $
1,522,306
     
94.25
%
                                 
Total Investment
   
    $
1,319,500
    $
1,522,306
     
94.25
%
Assets in excess of liabilities
   
     
     
92,805
     
5.75
%
                                 
Net Assets
   
     
    $
1,615,111
     
100.00
%
                                 
(All balances in 000’s except percentages)
                                 
September 30, 2019
 
Ounces of
gold
 
 
Cost
 
 
Fair
Value
 
 
% of
Net Assets
 
Investment in Gold
   
697.5
    $
916,790
    $
1,036,032
     
98.60
%
                                 
Total Investment
   
    $
916,790
    $
1,036,032
     
98.60
%
Assets in excess of liabilities
   
     
     
14,671
     
1.40
%
                                 
Net Assets
   
     
    $
1,050,703
     
100.00
%
                                 
See notes to the unaudited financial statements.
8

Table of Contents
SPDR
®
Gold MiniShares
SM
Trust
Unaudited Statements of Operations
For the three and six months ended March 31, 2020 and 2019
                                 
(Amounts in 000’s of US$, except per share data)
 
Three Months
Ended
Mar-31,
2020
 
 
Three Months
Ended
Mar-31,
2019
 
 
Six Months
Ended
Mar-31,
 2020
 
 
Six Months
Ended
Mar-31,
 2019
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor fees
  $
586
    $
250
    $
1,083
    $
384
 
                                 
Total expenses
   
586
     
250
     
1,083
     
384
 
                                 
Net investment loss
   
(586
)    
(250
)    
(1,083
)    
(384
)
                                 
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
   
68
     
9
     
116
     
9
 
Net realized gain/(loss) from gold distributed for the redemption of shares
   
3,320
     
  
     
8,005
     
  
 
Net change in unrealized appreciation/(depreciation) on investment in gold
   
61,192
     
2,724
     
83,564
     
25,228
 
                                 
Net realized and change in unrealized gain/(loss) on investment in gold
   
64,580
     
2,733
     
91,685
     
25,237
 
                                 
Net Income/(Loss)
  $
63,994
    $
2,483
    $
90,602
    $
24,853
 
                                 
Net income/(loss) per share
  $
0.77
    $
0.06
    $
1.15
    $
0.74
 
                                 
Weighted average number of shares (in 000’s)
   
83,274
     
43,468
     
78,792
     
33,732
 
                                 
See notes to the unaudited financial statements.
9

Table of Contents
SPDR
®
Gold MiniShares
SM
Trust
Unaudited Statements of Cash Flows
For the three and six months ended March 31, 2020 and 2019
                                 
(Amounts in 000’s of US$)
 
Three Months
Ended
Mar-31,
2020
 
 
Three Months
Ended
Mar-31,
2019
 
 
Six Months
Ended
Mar-31,
 2020
 
 
Six Months
Ended
Mar-31,
 2019
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
INCREASE/DECREASE IN CASH FROM OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Cash proceeds received from sales of gold
  $
534
    $
203
    $
1,011
    $
307
 
Cash expenses paid
   
(534
)    
(203
)    
(1,011
)    
(307
)
                                 
Increase/(Decrease) in cash resulting from operations
   
  
     
  
     
  
     
  
 
Cash and cash equivalents at beginning of period
   
  
     
  
     
  
     
  
 
                                 
Cash and cash equivalents at end of period
  $
  
    $
  
    $
  
    $
  
 
                                 
SUPPLEMENTAL DISCLOSURE OF
NON-CASH
FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
 
Value of gold received for creation of shares – net of gold receivable
 
$
370,394
 
 
$
271,715
 
 
$
483,190
 
 
$
392,930
 
                                 
Value of gold distributed for redemption of shares
 
$
37,794
 
 
$
  
 
 
$
87,590
 
 
$
  
 
                                 
                                 
(Amounts in 000’s of US$)
 
Three Months
Ended
Mar-31,
2020
 
 
Three Months
Ended
Mar-31,
2019
 
 
Six Months
Ended
Mar-31,
 2020
 
 
Six Months
Ended
Mar-31,
 2019
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
  $
63,994
    $
2,483
    $
90,602
    $
24,853
 
Adjustments to reconcile net income/(loss) to net cash provided by operating activities
   
     
     
     
 
Proceeds from sales of gold to pay expenses
   
534
     
203
     
1,011
     
307
 
Net realized (gain)/loss from investment in gold sold to pay Sponsor fees
   
(68
)    
(9
)    
(116
)    
(9
)
Net realized (gain)/loss from gold distributed for the redemption of shares
   
(3,320
)    
  
     
(8,005
)    
  
 
Net change in unrealized (appreciation)/depreciation on investment in gold
   
(61,192
)    
(2,724
)    
(83,564
)    
(25,228
)
Increase/(Decrease) in accounts payable to Sponsor
   
52
     
47
     
72
     
77
 
                                 
Net cash provided by operating activities
  $
  
    $
  
    $
  
    $
  
 
                                 
See notes to the unaudited financial statements.
10

Table of Contents
SPDR
®
Gold MiniShares
SM
Trust
Unaudited Statements of Changes in Net Assets
For the three and six months ended March 31, 2020 and 2019
                                 
(Amounts in 000’s of US$)
 
Three Months
Ended
Mar-31,
2020
 
 
Three Months
Ended
Mar-31,
 2019
 
 
Six Months
Ended
Mar-31,
 2020
 
 
Six Months
Ended
Mar-31,
 2019
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
Net Assets - Opening Balance
  $
1,133,086
    $
396,942
    $
1,050,703
    $
229,028
 
Creations
   
455,825
     
247,386
     
561,396
     
392,930
 
Redemptions
   
(37,794
)    
  
     
(87,590
)    
  
 
Net investment loss
   
(586
)    
(250
)    
(1,083
)    
(384
)
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees
   
68
     
9
     
116
     
9
 
Net realized gain/(loss) from gold distributed for the redemption of shares
   
3,320
     
  
     
8,005
     
  
 
Net change in unrealized appreciation/(depreciation) on investment in gold
   
61,192
     
2,724
     
83,564
     
25,228
 
                                 
Net Assets - Closing Balance
  $
1,615,111
    $
646,811
    $
1,615,111
    $
646,811
 
                                 
 
 
See notes to the unaudited financial statements.
11

Table of Contents
WORLD GOLD TRUST
Notes to the Unaudited 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 (the “Declaration of Trust”), dated as of April 16, 2018 and amended on February 6, 2020, 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. The beneficial interest in the Trust may be divided into one or more series. The Trust has established
six
separate series, one of which is operational as of March 
31
,
2020
. The accompanying financial statements relate to the one operational series, SPDR
®
Gold MiniShares
SM
Trust (“GLDM”), which began publicly trading on June 
26
,
2018
. The fiscal
year-end
of both the Trust and GLDM is
September 30
th
.
The investment objective of GLDM is for its shares (the “Shares”) to reflect the performance of the price of gold, less its expenses. GLDM’s only ordinary recurring expense is the Sponsor’s annual fee of 0.18% of its net asset value (“NAV”). The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold.
BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, (“BNYM”) is the administrator (the “Administrator”) and transfer agent of the Trust BNYM also serves as the custodian of GLDM’s cash, if any. ICBC Standard Bank Plc (the “Custodian”) is responsible for custody of GLDM’s gold. State Street Global Advisors Funds Distributors, LLC is the marketing agent (the “Marketing Agent”).
The Statements of Financial Condition and Schedules of Investment at March 31, 2020, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three and six months ended March 31, 2020 and 2019 have been prepared on behalf of GLDM 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 six months ended March 31, 2020 and for all periods presented have been made.
These financial statements should be read in conjunction with the financial statements and notes thereto included in the Annual Report on Form
10-K
for the fiscal year ended September 30, 2019. The results of operations for the three and six months ended March 31, 2020 are not necessarily indicative of the operating results for the full fiscal year.
The Trust had no operations with respect to GLDM’s Shares prior to June 26, 2018 other than matters relating to its organization and the registration of the offer and sale of GLDM’s Shares under the Securities Act of 1933, as amended.
SPDR
®
Long Dollar Gold Trust (“GLDW”) commenced operations on January 27, 2017 and on July 15, 2019, the Sponsor notified the NYSE Arca, Inc. (the “NYSE Arca”) that it had determined to voluntarily close GLDW, delist GLDW, liquidate GLDW’s shares and withdraw GLDW’s shares from registration under the Securities Exchange Act of 1934. GLDW ceased accepting creation and redemption orders after September 6, 2019 and trading of GLDW’s shares on the NYSE Arca ceased at the open of market on September 10, 2019. The NYSE Arca filed a Form 25 with the Commission on September 11, 2019 and on September 16, 2019, a Post-Effective Amendment deregistering GLDW’s unsold shares was declared effective and the final liquidation payments were made. The financial statements of the Trust for the year ended September 30, 2019 include GLDW for the period up to its liquidation.
12

Table of Contents
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 GLDM and the Trust.
2.1
Basis of Accounting
 
 
 
 
 
GLDM is an investment company within the scope of Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and therefore applies the specialized accounting and reporting guidance therein. It is not registered as an investment company under the Investment Company Act of 1940, as amended.
These financial statements present the financial condition, results of operations and cash flows of the Trust combined with its operating series and GLDM separately. For the periods presented, there were no balances or activity for the Trust and the footnotes accordingly relate to GLDM, unless stated otherwise.
2.2
Basis of Presentation
 
 
 
 
 
The financial statements are presented for the Trust, as the SEC registrant, combined with GLDM and GLDW, until its liquidation, and for GLDM individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GLDM shall be enforceable only against the assets of GLDM and not against the assets of the Trust generally or any other series that the Trust may establish.
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
Fair Value Measurement
 
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. GLDM’s policy is to value its investments at fair value.
Various inputs are used in determining the fair value of GLDM’s 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, 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 a fund’s assumptions (if any) used in determining the fair value of investments.
13

Table of Contents
The following table summarizes GLDM’s investment at fair value:
(Amounts in 000’s of US$)
March 31, 2020
 
Level 1
 
 
Level 2
 
 
Level 3
 
Investment in Gold
 
$
1,522,306
 
 
$
  
 
 
$
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
1,522,306
 
 
$
  
 
 
$
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Amounts in 000’s of US$)
September 30, 2019
 
Level 1
 
 
Level 2
 
 
Level 3
 
Investment in Gold
  $
1,036,032
     
$  
     
$  
 
                         
Total
  $
1,036,032
     
$  
     
$  
 
                         
There were no transfers between Level 1 and other Levels
in
the period ended March 31, 2020 or for the year ended September 30, 2019.
The Administrator values the gold held by GLDM 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 London Bullion Market Association (“LBMA”). In determining the NAV of GLDM, the Administrator values the gold held 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. The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of GLDM on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 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 GLDM, unless the Administrator, in consultation with the Sponsor, determines that
such
price is inappropriate to use as the basis for such determination.
2.5
Custody of
Gold
Gold is held by the Custodian on behalf of GLDM. During the six months ended March 31, 2020 and the year ended September 30, 2019, no gold was held by a subcustodian.
2.6
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 GLDM’s account. Generally, ownership of the gold is transferred within two business days of the trade date.
 
Mar-31,
 
 
Sep-30,
 
(Amounts in 000’s of US$)
 
2020
 
 
2019
 
Gold receivable
  $
93,025
    $
14,819
 
2.7
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 GLDM’s account. Generally, ownership of the gold is transferred within two business days of the trade date.
 
Mar-31,
 
Sep-30,
(Amounts in 000’s of US$)
 
2020
 
2019
Gold payable
 
$  
 
$  
14

Table of Contents
2.8
Creations and Redemptions of Shares
GLDM creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 100,000 Shares). GLDM issues 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 amount of gold and any cash represented by the Creation Units being created or redeemed. This amount will be based on the combined 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 are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes. Activity in the number of Shares created and redeemed for the six months ended March 31, 2020 and 2019 are as follows:
(Amounts are in 000’s)
 
Six Months Ended
Mar-31,
2020
 
 
Six Months Ended
Mar-31,
2019
 
Activity in Number of Shares Created and Redeemed:
 
 
 
 
 
 
Creations
   
35,700
     
30,700
 
Redemptions
   
(5,900
)    
—  
 
                 
Net change in Number of Shares Created and
Redeemed
   
29,800
     
30,700
 
                 
(Amounts in 000’s of US$)
 
Six Months Ended
Mar-31,
2020
 
 
Six Months Ended
Mar-31,
2019
 
Activity in Value of Shares Created and Redeemed:
 
 
 
 
 
 
Creations
  $
561,396
    $
392,930
 
Redemptions
   
(87,590
)    
—  
 
                 
Net change in Value of Shares Created and Redeemed
  $
473,806
    $
392,930
 
                 
2.9
Income and Expense (Amounts in 000’s of US$)
The Administrator will, at the direction of the Sponsor, sell GLDM’s gold as necessary to pay its 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 GLDM’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Administrator will give a sell order and sell gold to the Custodian at the LBMA Gold Price PM 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 expenses on the Statement of Operations.
GLDM’s net realized and change in unrealized gain on investment in gold for the six months ended March 31, 2020 of $91,685 is made up of a realized gain of $116 from the sale of gold to pay Sponsor fees, a realized gain of $8,005 from gold distributed for the redemption of shares, and a change in unrealized appreciation of $83,564 on investment in gold.
GLDM’s net realized and change in unrealized gain on investment in gold for the six months ended March 31, 2019 of $25,237 is made up of a realized gain of $9 from the sale of gold to pay Sponsor fees and a change in unrealized appreciation of $25,228 on investment in gold.
15

Table of Contents
2.10
Income
Taxes
GLDM is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, it is not