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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(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 | ||
® Gold MiniSharesSM Trust |
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☒ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☐ |
Smaller reporting company |
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||||||
Item 1. |
||||||
1 |
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2 |
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3 |
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4 |
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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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12 |
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Item 2. |
18 |
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Item 3. |
21 |
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Item 4. |
21 |
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22 |
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Item 1. |
22 |
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Item 1A. |
22 |
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Item 2. |
23 |
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Item 3. |
23 |
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Item 4. |
23 |
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Item 5. |
23 |
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Item 6. |
23 |
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25 |
Item 1. |
Financial Statements (Unaudited) |
(Amounts in 000’s of US$) |
Mar-31, 2020 |
Sep-30, 2019 |
||||||
(unaudited) |
||||||||
ASSETS |
||||||||
Investment in Gold, at fair value (cost $ |
$ | |
$ | |
||||
Gold receivable |
|
|
||||||
Total Assets |
$ | |
$ | |
||||
LIABILITIES |
||||||||
Accounts payable to Sponsor |
$ | |
$ | |
||||
Total Liabilities |
$ | |
$ | |
||||
Net Assets |
$ | |
$ | |
||||
March 31, 2020 |
Ounces of gold |
Cost |
Fair Value |
% of Net Assets |
||||||||||||
(unaudited) |
||||||||||||||||
Investment in Gold |
|
$ | |
$ | |
|
% | |||||||||
Total Investments |
$ | |
$ | |
|
% | ||||||||||
Assets in excess of liabilities |
|
|
% | |||||||||||||
Net Assets |
$ | |
|
% | ||||||||||||
September 30, 2019 |
Ounces of gold |
Cost |
Fair Value |
% of Net Assets |
||||||||||||
Investment in Gold |
|
$ | |
$ | |
|
% | |||||||||
Total Investments |
$ | |
$ | |
|
% | ||||||||||
Assets in excess of liabilities |
|
|
% | |||||||||||||
Net Assets |
$ | |
|
% | ||||||||||||
(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 |
$ | $ | $ | $ | ||||||||||||
Gold Delivery Provider fees |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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 |
||||||||||||||||
Net realized gain/(loss) on Gold Delivery Agreement |
||||||||||||||||
Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees |
||||||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
||||||||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement |
||||||||||||||||
Net Income/(Loss) |
$ | $ | $ | $ | ||||||||||||
(1) |
Amounts include SPDR ® Long Dollar Gold Trust which liquidated on September 16, 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 |
$ | $ | $ | $ | ||||||||||||
Cash expenses paid |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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 |
$ |
$ |
$ |
$ |
||||||||||||
Value of gold distributed for redemption of shares - net of gold payable |
$ |
$ |
$ |
$ |
||||||||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING ACTIVITIES: |
||||||||||||||||
Value of Gold Delivery Agreement inflows - net of Gold Delivery Agreement receivable |
$ |
$ |
$ |
$ |
||||||||||||
Value of Gold Delivery Agreement outflows - net of Gold Delivery Agreement payable |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||
(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) |
$ | |
$ | |
$ | |
$ | |
||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |
||||||||||||||||
Gold paid for Gold Delivery Provider fees |
|
|
|
|
||||||||||||
Proceeds from sales of gold to pay expenses |
|
|
|
|
||||||||||||
Net realized (gain)/loss from investment in gold sold to pay Sponsor fees |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net realized (gain)/loss on Gold Delivery Agreement |
|
( |
) | |
( |
) | ||||||||||
Net realized (gain)/loss on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees |
|
( |
) | |
( |
) | ||||||||||
Net realized (gain)/loss from gold distributed for the redemption of shares |
( |
) | |
( |
) | |
||||||||||
Net change in unrealized (appreciation)/depreciation on investment in gold |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Increase/(Decrease) in accounts payable to Sponsor |
|
|
|
|
||||||||||||
Net cash provided by operating activities |
$ | |
$ | |
$ | |
$ | |
||||||||
(1) |
Amounts include SPDR ® Long Dollar Gold Trust which liquidated on September 16, 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 |
$ | $ | $ | $ | ||||||||||||
Creations |
||||||||||||||||
Redemptions |
( |
) | — |
( |
) | — |
||||||||||
Net investment loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees |
||||||||||||||||
Net realized gain/(loss) on Gold Delivery Agreement |
||||||||||||||||
Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees |
||||||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
— |
— |
||||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
||||||||||||||||
Net Assets - Closing Balance |
$ | $ | $ | $ | ||||||||||||
(1) |
Amounts include SPDR ® Long Dollar Gold Trust which liquidated on September 16, 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 $ |
$ | $ | ||||||
Gold receivable |
||||||||
Total Assets |
$ | $ | ||||||
LIABILITIES |
||||||||
Accounts payable to Sponsor |
$ | $ | ||||||
Total Liabilities |
$ | $ | ||||||
Net Assets |
$ | $ | ||||||
Shares issued and outstanding (1) |
||||||||
Net asset value per Share |
$ | $ |
(1) |
Authorized share capital is unlimited and the par value of the Shares is $ |
March 31, 2020 |
Ounces of gold |
Cost |
Fair Value |
% of Net Assets |
||||||||||||
(unaudited) |
||||||||||||||||
Investment in Gold |
|
$ | |
$ | |
|
% | |||||||||
Total Investment |
$ | |
$ | |
|
% | ||||||||||
Assets in excess of liabilities |
|
|
% | |||||||||||||
Net Assets |
$ | |
|
% | ||||||||||||
September 30, 2019 |
Ounces of gold |
Cost |
Fair Value |
% of Net Assets |
||||||||||||
Investment in Gold |
|
$ | |
$ | |
|
% | |||||||||
Total Investment |
$ | |
$ | |
|
% | ||||||||||
Assets in excess of liabilities |
|
|
% | |||||||||||||
Net Assets |
$ | |
|
% | ||||||||||||
(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 |
$ | |
$ | |
$ | |
$ | |
||||||||
Total expenses |
|
|
|
|
||||||||||||
Net investment loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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 |
|
|
|
|
||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
|
|
|
|
||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
|
|
|
|
||||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
|
|
|
|
||||||||||||
Net Income/(Loss) |
$ | |
$ | |
$ | |
$ | |
||||||||
Net income/(loss) per share |
$ | |
$ | |
$ | |
$ | |
||||||||
Weighted average number of shares (in 000’s) |
|
|
|
|
||||||||||||
(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 |
$ | |
$ | |
$ | |
$ | |
||||||||
Cash expenses paid |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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 |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Value of gold distributed for redemption of shares |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
(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) |
$ | |
$ | |
$ | |
$ | |
||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities |
||||||||||||||||
Proceeds from sales of gold to pay expenses |
|
|
|
|
||||||||||||
Net realized (gain)/loss from investment in gold sold to pay Sponsor fees |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net realized (gain)/loss from gold distributed for the redemption of shares |
( |
) | |
( |
) | |
||||||||||
Net change in unrealized (appreciation)/depreciation on investment in gold |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Increase/(Decrease) in accounts payable to Sponsor |
|
|
|
|
||||||||||||
Net cash provided by operating activities |
$ | |
$ | |
$ | |
$ | |
||||||||
(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 |
$ | |
$ | |
$ | |
$ | |
||||||||
Creations |
|
|
|
|
||||||||||||
Redemptions |
( |
) | |
( |
) | |
||||||||||
Net investment loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees |
|
|
|
|
||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
|
|
|
|
||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
|
|
|
|
||||||||||||
Net Assets - Closing Balance |
$ | |
$ | |
$ | |
$ | |
||||||||
1. |
Organization |
2. |
Significant Accounting Policies |
2.1 |
Basis of Accounting |
2.2 |
Basis of Presentation |
2.3 |
Cash and Cash Equivalents |
2.4 |
Fair Value Measurement |
(Amounts in 000’s of US$) March 31, 2020 |
Level 1 |
Level 2 |
Level 3 |
|||||||||
Investment in Gold |
$ |
$ |
$ |
|||||||||
Total |
$ |
$ |
$ |
|||||||||
(Amounts in 000’s of US$) September 30, 2019 |
Level 1 |
Level 2 |
Level 3 |
|||||||||
Investment in Gold |
$ | $ |
$ |
|||||||||
Total |
$ | $ |
$ |
|||||||||
2.5 |
Custody of Gold |
2.6 |
Gold Receivable |
Mar-31, |
Sep-30, |
|||||||
(Amounts in 000’s of US$) |
2020 |
2019 |
||||||
Gold receivable |
$ | $ |
2.7 |
Gold Payable |
Mar-31, |
Sep-30, | |||
(Amounts in 000’s of US$) |
2020 |
2019 | ||
Gold payable |
$ |
$ |
2.8 |
Creations and Redemptions of Shares |
(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 |
||||||||
Redemptions |
( |
) | — |
|||||
Net change in Number of Shares Created and Redeemed |
||||||||
(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 |
$ | $ | ||||||
Redemptions |
( |
) | — |
|||||
Net change in Value of Shares Created and Redeemed |
$ | $ | ||||||
2.9 |
Income and Expense (Amounts in 000’s of US$) |
2.10 |
Income Taxes |
2.11 |
New Accounting Pronouncements |
3. |
Related Parties—Sponsor |
4. |
GLDM Expenses |
5. |
Concentration of Risk |
6. |
Indemnification |
7. |
Financial Highlights |
Three Months Ended Mar-31, 2020 |
Three Months Ended Mar-31, 2019 |
Six Months Ended Mar-31, 2020 |
Six Months Ended Mar-31, 2019 |
|||||||||||||
Net Asset Value | ||||||||||||||||
Net asset value per Share, beginning of period |
$ | $ | $ | $ | ||||||||||||
Net investment income/(loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net Realized and Change in Unrealized Gain/(Loss) |
||||||||||||||||
Net Income/(Loss) |
||||||||||||||||
Net asset value per Share, end of period |
$ | $ | $ | $ | ||||||||||||
Market value per Share, beginning of period |
$ | $ | $ | $ | ||||||||||||
Market value per Share, end of period |
$ | $ | $ | $ | ||||||||||||
Ratio to average net assets Net Investment loss (1) |
( |
)% | ( |
)% | ( |
)% | ( |
)% | ||||||||
Gross expenses (1) |
% | % | % | % | ||||||||||||
Net expenses (1) |
% | % | % | % | ||||||||||||
Total Return, at net asset value (2) |
% | % | % | % | ||||||||||||
Total Return, at market value (2) |
% | % | % | % | ||||||||||||
(1) | Percentages are annualized. |
(2) | Percentages are not annualized |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Period |
Average |
High |
Date |
Low |
Date |
End of Period |
Last Day of Period |
|||||||||||||||||||||
Three months to June 30, 2018 |
$ | 1,305.99 |
$ | 1,351.45 |
Apr 18, 2018 |
$ | 1,250.45 |
Jun 29, 2018 |
$ | 1,250.45 |
Jun 29, 2018 |
|||||||||||||||||
Three months to September 30, 2018 |
$ | 1,213.19 |
$ | 1,262.05 |
Jul 9, 2018 |
$ | 1,178.40 |
Aug 17, 2018 |
$ | 1,187.25 |
Sep 28, 2018 |
|||||||||||||||||
Three months to December 31, 2018 |
$ | 1,226.28 |
$ | 1,279.00 |
Dec 28, 2018 |
$ | 1,185.55 |
Oct 9, 2018 |
$ | 1,281.65 |
Dec 31, 2018 |
(1) | ||||||||||||||||
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 |
(1) | ||||||||||||||||
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 |
|||||||||||||||||
Twelve months ended March 31, 2019 |
$ | 1,262.09 |
$ | 1,351.45 |
Apr 18, 2018 |
$ | 1,178.40 |
Aug 17, 2018 |
$ | 1,295.40 |
Mar 29, 2019 |
|||||||||||||||||
Twelve months ended March 31, 2020 |
$ | 1,463.10 |
$ | 1,683.65 |
Mar 6, 2020 |
$ | 1,269.50 |
Apr 23, 2019 |
$ | 1,608.95 |
Mar 31, 2020 |
|||||||||||||||||
(1) | There was no LBMA Gold Price PM on the last business day of December 2019 or 2018. The LBMA Gold Price AM on the last business day of December 2019 and 2018 was $1,523.00 and $1,281.65, respectively. The Net Asset Value of GLDM on December 31, 2019 and 2018 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) | Not applicable. |
Period |
Total Number of Shares Redeemed |
Average Ounces of Gold Per Share |
||||||
01/01/20 to 01/31/20 |
— |
— |
||||||
02/01/20 to 02/29/20 |
— |
— |
||||||
03/01/20 to 03/31/20 |
2,500,000 |
.00997 |
||||||
Total |
2,500,000 |
.00997 |
||||||
Item 3. |
Defaults Upon Senior Securities |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Other Information |
Item 6. |
Exhibits |
Exhibit No. |
Description of Exhibit | |||
31.1 |
||||
31.2 |
||||
32.1 |
||||
32.2 |
||||
101.INS* |
XBRL Instance Document | |||
101.SCH* |
XBRL Taxonomy Extension Schema Document | |||
101.CAL* |
XBRL Taxonomy Extension Calculation Linkbase Document | |||
101.LAB* |
XBRL Taxonomy Extension Label Linkbase Document | |||
101.PRE* |
XBRL Taxonomy Extension Presentation Linkbase Document | |||
101.DEF* |
XBRL Taxonomy Extension Definition Linkbase Document | |||
104.1 |
Cover Page Interactive Data File – The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
* | 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/ Laura S. Melman | |||
Laura S. Melman | ||||
Chief Financial Officer and Treasurer (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. |