ＳＰＤＲゴールド・シェア（1326） – 2022年9月期ＳＰＤＲゴールド・シェア中間決算短信

2022 年 9 月期 中間決算短信（2021 年 10 月 1 日～2022 年 3 月 31 日） フ ァ ン ド名 SPDR® ゴールド・トラスト 銘名 SPDR® ゴールド・シェア 柄コ ー ド 番 号 1326 連 動 対 象指 標 金/LBMA 金価格(LBMA Gold Price) 主 要 投 資 資 産 金 2022 年 5 月 23 日 上場取引所 東・大・名・福・札 売 買 単 位 １口 管 理 会 社 ワールド・ゴールド・トラスト・サービシズ・エルエルシー ＵＲＬ http://www.spdrgoldshares.com 最高経営責任者兼臨代表者 (役職名) 時最高財務会計責任(氏名) ジョセフ・R.・カバトーニ 者 問合せ先責任者 (役職名) 代理人 (氏名) (TEL)03(6250)6200 西村あさひ法律事務所 弁護士 伊東 啓 半期報告書提出予定日 2022 年 6 月 24 日 Ⅰ ファンドの運用状況 １．2022 年 3 月中間期の運用状況（2021 年 10 月 1 日～2022 年 3 月 31 日） （１）資産内訳 金（時価） 現金・預金・その他の資産 （負債控除後） （百万円未満四捨五入） 合計（純資産） 金額 構成比 金額 構成比 金額 百万円 8,861,734 7,213,287 ％ 100.03 100.03 百万円 ％ △2,964 △0.03 △2,438 △0.03 百万円 8,858,771 7,210,849 構成比 ％ 100 100 前計算期間末 発行済口数 (①) 設定口数 (②) 償還口数 (③) 当中間計算期間末 発行済口数 (①＋②－③) 千口 340,300 千口 65,200 千口 29,600 千口 375,900 2022 年 3 月中間期 2021 年 9 月期 （２）設定・償還実績 2022 年 3 月中間期 （３）基準価額 総資産 (①) 負債 (②) 純資産 (③) (①－②) （百万円未満四捨五入） 1 口当たり基準価額 ((③/当中間計算期間末(前計算期間末) 発行済口数)×1 口) 百万円 8,861,734 7,213,287 2022 年 3 月中間期 2021 年 9 月期 (注)日本円への換算は、１ドル＝130.03 円の換算率(2022 年 5 月 10 日に株式会社三菱 UFJ 銀行が発表した対顧客電信売・買相場の仲値)により計算されています。また、本書中の表で計数が百万円未満四捨五入されている場合、合計は計数の総和と必ずしも一致しません。 百万円 8,858,771 7,210,849 百万円 2,964 2,438 円 23,567 21,190 ２．会計方針の変更 （１）会計基準等の改正に伴う会計方針の変更 （２）①以外の会計方針の変更 ：有・無 ：有・無 SPDR® GOLD TRUSTINDEXPART I – FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Financial Statements (Unaudited). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 1.Statements of Financial Condition at March 31, 2022 (unaudited) and September 30, 2021 . . . .Schedules of Investment at March 31, 2022 (unaudited) and September 30, 2021 . . . . . . . . . . . .Unaudited Statements of Operations for the three and six months ended March 31, 2022 and2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Unaudited Statements of Cash Flows for the three and six months ended March 31, 2022 and2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Unaudited Statements of Changes in Net Assets for the three and six months ended March 31,2022 and 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notes to the 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . .Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 4.PART II – OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 1.Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Unregistered Sales of Equity Securities and Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 2.Item 3.Defaults Upon Senior Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 4. Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 5.Exhibits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 6.SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Page11123456121515161616161717171719SPDR® GOLD TRUSTPART I – FINANCIAL INFORMATION:Item 1.Financial Statements (Unaudited)Statements of Financial Conditionat March 31, 2022 (unaudited) and September 30, 2021(Amounts in 000’s of US$ except for share and per share data)Mar-31, 2022Sep-30, 2021(unaudited)ASSETSInvestments in Gold, at fair value (cost $56,276,018 and $49,227,344 atMarch 31, 2022 and September 30, 2021, respectively) . . . . . . . . . . . . . . . . . . .$ 68,151,461$ 55,474,023Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 68,151,461$ 55,474,023LIABILITIESAccounts payable to Sponsor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$$22,79222,792$$18,74918,749Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 68,128,669$ 55,455,274Shares issued and outstanding(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net asset value per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .375,900,000181.24$340,300,000162.96$(1) Authorized share capital is unlimited and the par value of the Shares is $0.00.See notes to the unaudited financial statements.1SPDR® GOLD TRUSTSchedules of Investment(Amounts in 000’s except for percentages)March 31, 2022(unaudited)Ounces of goldCostFair Value% of Net AssetsInvestment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . .35,090.7$56,276,018$68,151,461100.03%Total Investment. . . . . . . . . . . . . . . . . . . . . . . . . . . .Liabilities in excess of other assets . . . . . . . . . . . . . .Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$56,276,018$68,151,461(22,792)100.03%(0.03)%$68,128,669100.00%September 30, 2021Ounces of goldCostFair Value% of Net AssetsInvestment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . .31,830.4$49,227,344$55,474,023100.03%Total Investment. . . . . . . . . . . . . . . . . . . . . . . . . . . .Liabilities in excess of other assets . . . . . . . . . . . . . .Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$49,227,344$55,474,023(18,749)100.03%(0.03)%$55,455,274100.00%See notes to the unaudited financial statements.2SPDR® GOLD TRUSTUnaudited Statements of OperationsFor the three and six months ended March 31, 2022 and March 31, 2021(Amounts in 000’s of US$, except per share data)Three MonthsEndedMar-31, 2022Three MonthsEndedMar-31, 2021Six MonthsEndedMar-31, 2022Six MonthsEndedMar-31, 2021(unaudited)(unaudited)(unaudited)(unaudited)EXPENSESSponsor fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$61,058$63,969$ 118,163$138,500Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61,05863,969118,163138,500Net investment loss . . . . . . . . . . . . . . . . . . . . . . . . . . .(61,058)(63,969)(118,163)(138,500)Net realized and change in unrealized gain/(loss)on investment in goldNet realized gain/(loss) from investment in gold soldNet realized gain/(loss) from gold distributed for theNet change in unrealized appreciation/(depreciation)to pay expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . .8,87810,36716,19525,666redemption of shares . . . . . . . . . . . . . . . . . . . . . . . .440,3311,713,199743,0733,380,697on investment in gold . . . . . . . . . . . . . . . . . . . . . . . .3,535,070(8,950,053)5,628,764(10,609,446)Net realized and change in unrealized gain/(loss) oninvestment in gold . . . . . . . . . . . . . . . . . . . . . . . . . .3,984,279(7,226,487)6,388,032(7,203,083)Net income/(loss). . . . . . . . . . . . . . . . . . . . . . . . . . . .$3,923,221$(7,290,456) $6,269,869$ (7,341,583)Net income/(loss) per share . . . . . . . . . . . . . . . . . . . . .Weighted average number of shares (in 000’s) . . . . . .$11.09353,898$(18.97) $384,29218.14345,617$(18.26)402,038See notes to the unaudited financial statements.3SPDR® GOLD TRUSTUnaudited Statements of Cash FlowsFor the three and six months ended March 31, 2022 and March 31, 2021(Amounts in 000’s of US$)INCREASE/DECREASE IN CASH FROMOPERATIONS:Three MonthsEndedMar-31, 2022Three MonthsEndedMar-31, 2021Six MonthsEndedMar-31, 2022Six MonthsEndedMar-31, 2021(unaudited)(unaudited)(unaudited)(unaudited)Cash proceeds received from sales of gold . . . . . . . . .Cash expenses paid . . . . . . . . . . . . . . . . . . . . . . . . . . .$57,394(57,394)$68,011(68,011)$114,120(114,120)$144,130(144,130)Increase/(Decrease) in cash resulting fromoperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash and cash equivalents at beginning of period . . . .——————Cash and cash equivalents at end of period . . . . . . . . .$— $— $— $———SUPPLEMENTAL DISCLOSUREOF NON-CASH FINANCING ACTIVITIES:Value of gold received for creation of shares-net ofchange in gold receivable . . . . . . . . . . . . . . . . . . . .$ 9,841,302$ 3,952,347$11,474,427$ 6,713,466Value of gold distributed for redemption of shares-netof change in gold payable . . . . . . . . . . . . . . . . . . . .$ 2,710,664$11,378,699$ 5,070,901$19,936,729Three MonthsEndedMar-31, 2022Three MonthsEndedMar-31, 2021Six MonthsEndedMar-31, 2022Six MonthsEndedMar-31, 2021(unaudited)(unaudited)(unaudited)(unaudited)$ 3,923,221$ (7,290,456) $ 6,269,869$ (7,341,583)57,39468,011114,120144,130(Amounts in 000’s of US$)RECONCILIATION OF NET INCOME/(LOSS)TO NET CASH PROVIDED BY OPERATINGACTIVITIESNet income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Adjustments to reconcile net income/(loss) to netcash provided by operating activities:Proceeds from sales of gold to pay expenses . . . . . . . .Net realized (gain)/loss from investment in gold soldNet realized (gain)/loss from gold distributed for theNet change in unrealized (appreciation)/depreciationIncrease/(Decrease) in accounts payable toSee notes to the unaudited financial statements.to pay expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . .(8,878)(10,367)(16,195)(25,666)redemption of shares . . . . . . . . . . . . . . . . . . . . . . . .(440,331)(1,713,199)(743,073)(3,380,697)on investment in gold . . . . . . . . . . . . . . . . . . . . . . . .(3,535,070)8,950,053(5,628,764)10,609,446Sponsor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3,664(4,042)4,043(5,630)Net cash provided by operating activities . . . . . . . . . .$— $— $— $—4SPDR® GOLD TRUSTUnaudited Statements of Changes in Net AssetsFor the three and six months ended March 31, 2022 and March 31, 2021Three MonthsEndedMar-31, 2022Three MonthsEndedMar-31, 2021Six MonthsEndedMar-31, 2022Six MonthsEndedMar-31, 2021(unaudited)$57,074,8109,841,302(2,710,663)(61,058)(unaudited)$ 71,157,7213,899,139(11,378,699)(63,969)(unaudited)$55,455,27411,474,427(5,070,901)(118,163)(unaudited)$ 76,952,5516,713,466(19,936,729)(138,500)(Amounts in 000’s of US$)Net Assets – Opening Balance . . . . . . . . . . . . . . . . .Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net investment loss . . . . . . . . . . . . . . . . . . . . . . . . . .Net realized gain/(loss) from investment in goldNet realized gain/(loss) from gold distributed forNet change in unrealized appreciation/See notes to the unaudited financial statements.sold to pay expenses . . . . . . . . . . . . . . . . . . . . . . .8,87810,36716,19525,666the redemption of shares . . . . . . . . . . . . . . . . . . . .440,3311,713,199743,0733,380,697(depreciation) on investment in gold . . . . . . . . . .3,535,070(8,950,053)5,628,764(10,609,446)Net Assets – Closing Balance . . . . . . . . . . . . . . . . . .$68,128,669$ 56,387,705$68,128,669$ 56,387,7055SPDR® GOLD TRUSTNotes to the Unaudited Financial Statements1. OrganizationThe SPDR® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 under New York lawpursuant to a trust indenture (the “Trust Indenture”). The fiscal year-end for the Trust is September 30th. TheTrust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations of100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and to distribute gold inconnection with the redemption of Baskets. The investment objective of the Trust is for the Shares to reflect theperformance of the price of gold bullion, less the Trust’s expenses. World Gold Trust Services, LLC is thesponsor of the Trust (the “Sponsor”). BNY Mellon Asset Servicing, a division of The Bank of New York Mellon,is the trustee of the Trust (the “Trustee”). State Street Global Advisors Funds Distributors, LLC is the marketingagent of the Trust (the “Marketing Agent”). HSBC Bank plc is the custodian of the Trust (the “Custodian”).The Shares trade on the NYSE Arca, Inc. (the “NYSE Arca”) under the symbol “GLD”, providing investors withan efficient means to obtain market exposure to the price of gold bullion. The Shares are also listed on the HongKong Exchanges and Clearing Limited, the Mexican Stock Exchange (Bolsa Mexicana de Valores), theSingapore Exchange Limited and the Tokyo Stock Exchange.The Trustee does not actively manage the gold held by the Trust. This means that the Trustee does not sell goldat times when its price is high or acquire gold at low prices in the expectation of future price increases. It alsomeans that the Trustee does not make use of any of the hedging techniques available to professional goldinvestors to attempt to reduce the risk of losses resulting from price decreases. Any losses sustained by the Trustwill adversely affect the value of the Shares.The Statements of Financial Condition and Schedules of Investment at March 31, 2022 and the Statements ofOperations, Cash Flows and Changes in Net Assets for the three and six months ended March 31, 2022 and 2021have been prepared on behalf of the Trust without audit. In the opinion of management of the Sponsor of theTrust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financialposition, results of operations and cash flows as of and for the three and six months ended March 31, 2022 andfor all periods presented have been made.These financial statements should be read in conjunction with the financial statements and notes thereto includedin the Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021. The results ofoperations for the three and six months ended March 31, 2022 are not necessarily indicative of the operatingresults for the full fiscal year.2.Significant Accounting PoliciesThe preparation of financial statements in accordance with accounting principles generally accepted in the UnitedStates of America (“U.S. GAAP”) requires those responsible for preparing financial statements to make estimatesand assumptions that affect the reported amounts and disclosures. Actual results could differ from thoseestimates. The following is a summary of significant accounting policies followed by the Trust.2.1. Basis of AccountingFor accounting purposes only, the Trust is an investment company and, therefore, applies the specializedaccounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting StandardsCodification (“ASC”) Topic 946, Financial Services—Investment Companies. The Trust is not registered as aninvestment company under the Investment Company Act of 1940, as amended.62.2. Fair Value MeasurementFASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides asingle definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair valueadjustments.The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and, from timeto time, (i) gold receivable, representing gold covered by contractually binding orders for the creation of Shares wherethe gold has not yet been transferred to the Trust’s account and (ii) cash, which is used to pay expenses.U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability inan orderly transaction between market participants at the measurement date. The Trust’s policy is to value itsinvestments at fair value.Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independentmarket data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs arecategorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The levelof a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of anyinput that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchyare as follows:Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset orliability 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 derivedprincipally from or corroborated by observable market data by correlation or other means; andLevel 3 – Inputs that are unobservable for the asset or liability, including the Trust’s assumptions used indetermining the fair value of investments.The following table summarizes the Trust’s investments at fair value:(Amounts in 000’s of US$)March 31, 2022Level 1Level 2Level 3Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$68,151,461Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$68,151,461(Amounts in 000’s of US$)September 30, 2021Level 1Level 2Level 3Investment in Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$55,474,023Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$55,474,023$—$—$—$—$—$—$—$—There were no transfers between Level 1 and other Levels for the six months ended March 31, 2022, or for theyear ended September 30, 2021.The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by theICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independentlyadministered auction process as well as the overall administration and governance for the London Bullion MarketAssociation (“LBMA”). In determining the net asset value (“NAV”) of the Trust, the Trustee values the gold heldby the Trust on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process(“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted7in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. TheTrustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier ofthe LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price is made on aparticular evaluation day or if the LBMA Gold Price has not been announced by 12:00 PM New York time on aparticular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of theNAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price isinappropriate to use as the basis for such determination.Gold is held by the Custodian on behalf of the Trust, 100% of which is allocated gold in the form of gooddelivery gold bars. A current list of all gold held by the Custodian, including any held with a subcustodian isavailable on the sponsor’s website at www.spdrgoldshares.com.2.3. Custody of Gold2.4. Gold ReceivableGold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shareswhere the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferredwithin two business days of the trade date.(Amounts in 000’s of US$)Gold receivable . . . . . . . . . . . . . . . . .Mar-31, 2022$—Sep-30, 2021$—2.5. Gold PayableGold payable represents the quantity of gold covered by contractually binding orders for the redemption ofShares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold istransferred within two business days of the trade date.(Amounts in 000’s of US$)Gold payable . . . . . . . . . . . . . . . . . . .Mar-31, 2022$—Sep-30, 2021$—2.6. Creations and Redemptions of SharesThe Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals ablock of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“AuthorizedParticipants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for thedelivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by theBaskets being created or redeemed, the amount of which will be based on the combined net asset value of thenumber of Shares included in the Baskets being created or redeemed determined on the day the order to create orredeem Baskets is properly received.As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust hasclassified the Shares as Net Assets for financial reporting purposes. Activity in the number and value of Sharescreated and redeemed for the six months ended March 31, 2022 and 2021 are as follows:Six MonthsEndedMar-31, 2022Six MonthsEndedMar-31, 2021(Amounts are in 000’s)Activity in Number of Shares Created andRedeemed:Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65,200(29,600)38,400(116,900)Net Change in Number of Shares Created andRedeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35,600(78,500)8Six MonthsEndedMar-31, 2022Six MonthsEndedMar-31, 2021(Amounts in 000’s of US$)Activity in Value of Shares Created andRedeemed:Creations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$11,474,427(5,070,901)$ 6,713,466(19,936,729)Net change in Value of Shares Created andRedeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 6,403,526$(13,223,263)2.7. Income and Expense (Amounts in 000’s of US$)The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to paythe Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount ofgold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwisedirected by the Sponsor, the Trustee will sell gold to the Custodian at the next LBMA Gold Price PM followingthe sale order. A gain or loss is recognized based on the difference between the selling price and the average costof the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to payexpenses on the Statements of Operations.The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the six months endedMarch 31, 2022 of $6,388,032 is made up of a realized gain of $16,195 from the sale of gold to pay expenses, arealized gain of $743,073 from gold distributed for the redemption of Shares, and a change in unrealizedappreciation of $5,628,764 on investment in gold.The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the six months endedMarch 31, 2021 of $(7,203,083) is made up of a realized gain of $25,666 from the sale of gold to pay expenses, arealized gain of $3,380,697 from gold distributed for the redemption of Shares, and a change in unrealizeddepreciation of $(10,609,446) on investment in gold.2.8. Income TaxesThe Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself willnot be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to theShareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to theInternal Revenue Service on that basis. The Sponsor of the Trust has evaluated whether or not there are uncertaintax positions that require financial statement recognition and has determined that no reserves for uncertain taxpositions are required as of March 31, 2022 or September 30, 2021.The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its taxreporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not” tobe sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded asan expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those yearsthat are open for examination by the relevant income taxing authority. As of March 31, 2022, the 2020, 2019 and2018 tax years remain open for examination. There were no examinations in progress at period end.3. Related Parties – Sponsor and TrusteeThe Trust’s only recurring fixed expense is the Sponsor’s fee which accrues daily at an annual rate equal to0.40% of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all ordinary fees andexpenses of the Trust which include fees and expenses of the Trustee, the fees and expenses of the Custodian forthe custody of the Trust’s gold bars, the fees and expenses of the Sponsor, certain taxes, the fees of the MarketingAgent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and othermarketing costs and expenses.9Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Sharesfor their own account, as agent for their customers and for accounts over which they exercise investmentdiscretion.4. Concentration of RiskThe Trust’s sole business activity is the investment of gold. Various factors could affect the price of gold including:(i) global supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology andindustrial applications, purchases made by investors in the form of bars, coins and other gold products, forwardselling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bankpurchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, andthe United States; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates;(iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; (vi) other economicvariables such as income growth, economic output, and monetary policies; and (vii) global or regional political,economic or financial events and situations, especially those that are unexpected in nature. In addition, while gold isused to preserve wealth by investors around the world, there is no assurance that gold will maintain its long-termvalue in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects thevalue of an investment in the Shares to decline proportionately. Each of these events could have a material effect onthe Trust’s financial position and results of operations.5.IndemnificationThe Sponsor, and its shareholders, members, directors, officers, employees, affiliates and subsidiaries, areindemnified by the Trust and held harmless against certain losses, liabilities or expenses incurred in theperformance of their duties under the Trust Indenture without gross negligence, bad faith, willful misconduct,willful malfeasance or reckless disregard of the indemnified party’s obligations and duties under the TrustIndenture. Such indemnity includes payment by the Trust of the costs and expenses incurred in defending againstany claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seekindemnification by the Trust for payments it makes in connection with the Sponsor’s activities under the TrustIndenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms ofthe Trust Indenture. The Sponsor is also indemnified by the Trust and held harmless against any loss, liability orexpense arising under the Amended and Restated Marketing Agent Agreement between the Sponsor and theMarketing Agent effective July 17, 2015, as amended, or any agreement entered into with an AuthorizedParticipant which provides the procedures for the creation and redemption of Baskets and for the delivery of goldand any cash required for creations and redemptions insofar as such loss, liability or expense arises from anyuntrue statement or alleged untrue statement of a material fact contained in any written statement provided to theSponsor by the Trustee. Any amounts payable to the Sponsor are secured by a lien on the Trust’s assets.The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments thatsuch parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse suchparties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due fromthe Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. TheSponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligationsdescribed in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and willsucceed to the rights of the party so reimbursed against the Sponsor.6.Financial HighlightsThe Trust is presenting the following financial highlights related to investment performance and operations of aShare outstanding for the three and six months ended March 31, 2022 and 2021, respectively. The total return atnet asset value is based on the change in net asset value of a Share during the period and the total return at marketvalue is based on the change in market value of a Share on the NYSE Arca during the period. An individualinvestor’s return and ratios may vary based on the timing of capital transactions.10Financial Highlights (Unaudited)For the three and six months ended March 31, 2022 and 2021Three MonthsEndedMar-31, 2022Three MonthsEndedMar-31, 2021Six MonthsEndedMar-31, 2022Six MonthsEndedMar-31, 2021(unaudited)(unaudited)(unaudited)(unaudited)$170.02$177.36$162.96$177.15(0.17)11.39(0.17)(18.75)(0.34)18.62(0.35)(18.36)11.22$181.24(18.92)$158.4418.28$181.24(18.71)$158.44(0.40)%(0.40)%(0.40)%(0.40)%0.40%0.40%6.60%5.67%0.40%0.40%(10.67)%(10.32)%0.40%0.40%11.22%10.00%0.40%0.40%(10.56)%(9.69)%Net Asset ValueNet asset value per Share, beginning ofperiod . . . . . . . . . . . . . . . . . . . . . . . . .Net investment income/(loss) . . . . . . . . .Net Realized and Change in UnrealizedGain/(Loss) . . . . . . . . . . . . . . . . . . . . .Net Income/(Loss) . . . . . . . . . . . . . . . . .Net asset value per Share, end ofperiod . . . . . . . . . . . . . . . . . . . . . . . . .period . . . . . . . . . . . . . . . . . . . . . . . . .period . . . . . . . . . . . . . . . . . . . . . . . . .Ratio to average net assetsNet 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.Market value per Share, beginning of$170.96$178.36$164.22$177.12Market value per Share, end of$180.65$159.96$180.65$159.9611