10-Q

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, 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: 001-32356

SPDR® GOLD TRUST

SPONSORED BY WORLD GOLD TRUST SERVICES, LLC

(Exact Name of Registrant as Specified in Its Charter)

New York	81-6124035
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

c/o World Gold Trust Services, LLC

685 Third Ave. 27th 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	Name of each exchange on which registered
SPDR® Gold Trust	GLD	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, 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 6, 2020, the Registrant had 433,800,000 Shares outstanding.

SPDR® GOLD TRUST

INDEX

		Page
PART I - FINANCIAL INFORMATION			1
Item 1.	Financial Statements (Unaudited)		1
	Statements of Financial Condition at June 30, 2020 (unaudited) and September 30, 2019		1
	Schedules of Investment at June 30, 2020 (unaudited) and September 30, 2019		2
	Unaudited Statements of Operations for the three and nine months ended June 30, 2020 and 2019		3
	Unaudited Statements of Cash Flows for the three and nine months ended June 30, 2020 and 2019		4
	Unaudited Statements of Changes in Net Assets for the three and nine months ended June 30, 2020 and 2019		5
	Notes to the Unaudited Financial Statements		6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		15
Item 4.	Controls and Procedures		15
PART II - OTHER INFORMATION			16
Item 1.	Legal Proceedings		16
Item 1A.	Risk Factors		16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		16
Item 3.	Defaults Upon Senior Securities		17
Item 4.	Mine Safety Disclosures		17
Item 5.	Other Information		17
Item 6.	Exhibits		17
SIGNATURES			19

SPDR® GOLD TRUST

PART I—FINANCIAL INFORMATION:

Item 1. Financial Statements (Unaudited)

Statements of Financial Condition

at June 30, 2020 (unaudited) and September 30, 2019

(Amounts in 000’s of US$ except for share data)	Jun-30, 2020		Sep-30, 2019
	(unaudited)
ASSETS
Investment in Gold, at fair value (cost $54,307,578 and $39,069,054 at June 30, 2020 and September 30, 2019, respectively)	$	67,015,836	$	44,169,240
Total Assets	$	67,015,836	$	44,169,240
LIABILITIES
Accounts payable to Sponsor	$	20,900	$	14,241
Gold payable		—		195,999
Total Liabilities		20,900		210,240
Net Assets	$	66,994,936	$	43,959,000
Shares issued and outstanding(1)		403,200,000		314,000,000
Net asset value per Share	$	166.16	$	140.00

(1) Authorized share capital is unlimited and the par value of the Shares is $0.00.

See notes to the unaudited financial statements.

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SPDR® GOLD TRUST

Schedules of Investment

(Amounts in 000’s except for percentages)

June 30, 2020

(unaudited)

	Ounces of gold		Cost		Fair Value			% of Net Assets
Investment in Gold		37,902.7	$	54,307,578	$	67,015,836			100.03	%
Total Investment			$	54,307,578	$	67,015,836			100.03	%
Liabilities in excess of other assets						(20,900	)		(0.03	)%
Net Assets					$	66,994,936			100.00	%
September 30, 2019
Investment in Gold		29,737.6	$	39,069,054	$	44,169,240			100.48	%
Total Investment			$	39,069,054	$	44,169,240			100.48	%
Liabilities in excess of other assets						(210,240	)		(0.48	)%
Net Assets					$	43,959,000			100.00	%

See notes to the unaudited financial statements.

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SPDR® GOLD TRUST

Unaudited Statements of Operations

For the three and nine months ended June, 2020 and 2019

(Amounts in 000’s of US$, except per share data)	Three Months Ended Jun-30, 2020			Three Months Ended Jun-30, 2019			Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
EXPENSES
Sponsor fees	$	59,373		$	31,689		$	149,119		$	94,602
Total expenses		59,373			31,689			149,119			94,602
Net investment loss		(59,373	)		(31,689	)		(149,119	)		(94,602	)
Net realized and change in unrealized gain/(loss) on investment in gold
Net realized gain/(loss) from investment in gold sold to pay expenses		9,602			930			20,644			1,199
Net realized gain/(loss) from gold distributed for the redemption of shares		234,654			98,484			1,175,009			181,451
Net change in unrealized appreciation/(depreciation) on investment in gold		5,106,297			2,677,530			7,608,072			5,284,329
Net realized and change in unrealized gain/(loss) on investment in gold		5,350,553			2,776,944			8,803,725			5,466,979
Net income/(loss)	$	5,291,180		$	2,745,255		$	8,654,606		$	5,372,377
Net income/(loss) per share	$	14.23		$	10.68		$	26.13		$	20.56
Weighted average number of shares (in 000’s)		371,913			257,056			331,253			261,302

See notes to the unaudited financial statements.

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SPDR® GOLD TRUST

Unaudited Statements of Cash Flows

For the three and nine months ended June 30, 2020 and 2019

(Amounts in 000’s of US$)	Three Months Ended Jun-30, 2020			Three Months Ended Jun-30, 2019			Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
INCREASE/DECREASE IN CASH FROM OPERATIONS:
Proceeds received from sales of gold	$	54,778		$	31,644		$	142,460		$	92,974
Expenses paid		(54,778	)		(31,644	)		(142,460	)		(92,974	)
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	$	13,215,343		$	3,563,070		$	22,971,965		$	9,590,263
Value of gold distributed for redemption of shares—net of gold payable	$	1,396,321		$	2,828,224		$	8,786,634		$	7,152,902

(Amounts in 000’s of US$)	Three Months Ended Jun-30, 2020			Three Months Ended Jun-30, 2019			Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net income/(loss)	$	5,291,180		$	2,745,255		$	8,654,606		$	5,372,377
Adjustments to reconcile net income/(loss) to net cash provided by operating activities
Proceeds from sales of gold to pay expenses		54,778			31,644			142,460			92,974
Net realized (gain)/loss from investment in gold sold to pay expenses		(9,602	)		(930	)		(20,644	)		(1,199	)
Net realized (gain)/loss from gold distributed for the redemption of shares		(234,654	)		(98,484	)		(1,175,009	)		(181,451	)
Net change in unrealized (appreciation)/depreciation on investment in gold		(5,106,297	)		(2,677,530	)		(7,608,072	)		(5,284,329	)
Increase/(Decrease) in accounts payable to Sponsor		4,595			45			6,659			1,628
Net cash provided by operating activities	$	—		$	—		$	—		$	—

See notes to the unaudited financial statements.

4

SPDR® GOLD TRUST

Unaudited Statements of Changes in Net Assets

For the three and nine months ended June 30, 2020 and 2019

(Amounts in 000’s of US$)	Three Months Ended Jun-30, 2020			Three Months Ended Jun-30, 2019			Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net Assets - Opening Balance	$	50,005,813		$	32,652,157		$	43,959,000		$	28,322,519
Creations		13,033,724			3,563,070			22,971,965			9,590,263
Redemptions		(1,335,781	)		(3,001,048	)		(8,590,635	)		(7,325,725	)
Net investment loss		(59,373	)		(31,689	)		(149,119	)		(94,602	)
Net realized gain/(loss) from investment in gold sold to pay expenses		9,602			930			20,644			1,199
Net realized gain/(loss) from gold distributed for the redemption of shares		234,654			98,484			1,175,009			181,451
Net change in unrealized appreciation/(depreciation) on investment in gold		5,106,297			2,677,530			7,608,072			5,284,329
Net Assets - Closing Balance	$	66,994,936		$	35,959,434		$	66,994,936		$	35,959,434

See notes to the unaudited financial statements.

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SPDR® GOLD TRUST

Notes to the Unaudited Financial Statements

1. Organization

The SPDR® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 under New York law pursuant to a trust indenture (the “Trust Indenture”). The fiscal year end for the Trust is September 30th. The Trust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations of 100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and to distribute gold in connection with redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. World Gold Trust Services, LLC is the sponsor 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 marketing agent 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 with an efficient means to obtain market exposure to the price of gold bullion. The Shares are also listed on the Hong Kong Exchanges and Clearing Limited, the Mexican Stock Exchange (Bolsa Mexicana de Valores), the Singapore 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 gold at times when its price is high or acquire gold at low prices in the expectation of future price increases. It also means that the Trustee does not make use of any of the hedging techniques available to professional gold investors to attempt to reduce the risk of losses resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of the Shares.

The Statements of Financial Condition and Schedule of Investment at June 30, 2020 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and nine months ended June 30, 2020 and 2019 have been prepared on behalf of the Trust without audit. In the opinion of management of the Sponsor of the Trust, 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, 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 Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019. The results of operations for the three and nine months ended June 30, 2020 are not necessarily indicative of the operating results for the full fiscal year.

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 Trust.

2.1. Basis of Accounting

For accounting purposes only, the Trust is an investment company and, therefore, applies the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended.

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2.2. Fair Value Measurement

FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.

The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and, from time to time, (i) gold receivable, representing gold covered by contractually binding orders for the creation of Shares where the 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 in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value.

Various inputs are used in determining the fair value of assets and 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 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 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 or liability, including the Trust’s assumptions used in determining the fair value of investments.

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$) June 30, 2020	Level 1		Level 2		Level 3
Investment in Gold	$	67,015,836	$	—	$	—
Total	$	67,015,836	$	—	$	—
(Amounts in 000’s of US$) September 30, 2019	Level 1		Level 2		Level 3
Investment in Gold	$	44,169,240	$	—	$	—
Total	$	44,169,240	$	—	$	—

There were no transfers between Level 1 and other Levels in the nine months ended June 30, 2020 or for the year ended September 30, 2019.

The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the 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 net asset value (“NAV”) of the Trust, the Trustee values the gold held by 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 adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The

7

Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price is made on a particular evaluation day or if the LBMA Gold Price 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 the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price is inappropriate to use as the basis for such determination.

2.3. Custody of Gold

Gold is held by the Custodian on behalf of the Trust, 100% of which is allocated gold in the form of good delivery gold bars which includes gold held with a subcustodian (Bank of England). The greatest amount of gold held by Bank of England during the quarter ended June 30, 2020 was approximately 2,251,607 ounces or 6.3% of the Trust’s gold on May 21, 2020. At June 30, 2020, Bank of England held approximately 1,283,665 ounces or 3.4% of the Trust’s gold in an allocated account. No gold was held by a subcustodian during the year ended September 30, 2019 or the six months ended March 31, 2020.

2.4. 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 the Trust’s account. Generally, ownership of the gold is transferred within two business days of the trade date.

	Jun-30,		Sep-30,
(Amounts in 000’s of US$)	2020		2019
Gold receivable	$	—	$	—

2.5. 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 the Trust’s account. Generally, ownership of the gold is transferred within two business days of the trade date.

(Amounts in 000’s of US$)	Jun-30, 2020		Sep-30, 2019
Gold payable	$	—	$	195,999

2.6. Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Net Assets for financial reporting purposes. Activity in the number of Shares created and redeemed for the nine months ended June 30, 2020 and 2019 are as follows:

(All amounts are in 000’s)	Nine Months Ended  Jun-30,  2020			Nine Months Ended  Jun-30,  2019
Activity in Number of Shares Created and Redeemed:
Creations		147,900			78,500
Redemptions		(58,700	)		(60,100	)
Net Change in Number of Shares Created and Redeemed		89,200			18,400

8

(Amounts in 000’s of US$)	Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
Activity in Value of Shares Created and Redeemed:
Creations	$	22,971,965		$	9,590,263
Redemptions		(8,590,635	)		(7,325,725	)
Net Change in Value of Shares Created and Redeemed	$	14,381,330		$	2,264,538

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 pay the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Trustee will sell gold to the Custodian at the next LBMA Gold Price PM following the sale 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 expenses on the Statements of Operations.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2020 of $8,803,725 is made up of a realized gain of $20,644 from the sale of gold to pay expenses, a realized gain of $1,175,009 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $7,608,072 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2019 of $5,466,979 is made up of a realized gain of $1,199 from the sale of gold to pay expenses, a realized gain of $181,451 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $5,284,329 on investment in gold.

2.8. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor of the Trust has evaluated whether or not 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, 2020 or September 30, 2019.

The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2020, the 2019, 2018 and 2017 tax years remain open for examination. There were no examinations in progress at period end.

2.9. 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 does not currently expect these changes to have a material impact to future financial statements.

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3. Related Parties – Sponsor and Trustee

The Trust’s only recurring expense is the Sponsor’s fee which accrues daily at an annual rate equal to 0.40% of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all ordinary fees and expenses of the Trust.

Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

4. Concentration of Risk

The 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 and industrial applications, purchases made by investors in the form of bars, coins and other gold products, 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, 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 and commodity funds; (vi) other economic variables 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 is used to preserve wealth by investors around the world, 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 to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

5. Indemnification

The Sponsor, and its shareholders, members, directors, officers, employees, affiliates and subsidiaries, are indemnified by the Trust and held harmless against certain losses, liabilities or expenses incurred in the performance 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 Trust Indenture. Such indemnity includes payment by the Trust of the costs and expenses incurred in defending against any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek indemnification by the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture. The Sponsor is also indemnified by the Trust and held harmless against any loss, liability or expense arising under the Amended and Restated Marketing Agent Agreement between the Sponsor and the Marketing Agent effective July 17, 2015, as amended, or any agreement entered into with an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor 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 that such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will succeed to the rights of the party so reimbursed against the Sponsor.

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6. Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and nine months ended June 30, 2020 and 2019, respectively. The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on the NYSE Arca during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.

	Three Months Ended Jun-30, 2020			Three Months Ended Jun-30, 2019			Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
Net Asset Value
Net asset value per Share, beginning of period	$	151.35		$	122.34		$	140.00		$	112.35
Net investment income/(loss)		(0.16	)		(0.12	)		(0.45	)		(0.36	)
Net Realized and Change in Unrealized Gain/ (Loss)		14.97			10.72			26.61			20.95
Net Income/(Loss)		14.81			10.60			26.16			20.59
Net asset value per Share, end of period	$	166.16		$	132.94		$	166.16		$	132.94
Market value per Share, beginning of period	$	148.05		$	122.01		$	138.87		$	112.76
Market value per Share, end of period	$	167.37		$	133.20		$	167.37		$	133.20
Ratio to average net assets
Net Investment loss(1)		(0.40	)%		(0.40	)%		(0.40	)%		(0.40	)%
Gross expenses(1)		0.40	%		0.40	%		0.40	%		0.40	%
Net expenses(1)		0.40	%		0.40	%		0.40	%		0.40	%
Total Return, at net asset value (2)		9.79	%		8.66	%		18.69	%		18.33	%
Total Return, at market value (2)		13.05	%		9.17	%		20.52	%		18.13	%

(1) Percentages are annualized.

(2) Percentages are not annualized.

11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report. The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to future events and financial results. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” as well as similar words and phrases signify forward-looking statements. SPDR® Gold Trust’s forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties may cause our actual results to differ materially from those expressed in our forward-looking statements.

Trust Overview

SPDR® Gold Trust (the “Trust”) is an investment trust that was formed on November 12, 2004 (the “Date of Inception”). The Trust issues baskets of Shares (“Baskets”) in exchange for deposits of gold and distributes gold in connection with the redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the expenses of the Trust’s operations. The Shares are designed to provide investors with a cost effective and convenient way to invest in gold.

Gold is held by HSBC Bank plc (the “Custodian”) on behalf of the Trust.

As of the date of this quarterly report, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Goldman Sachs Execution & Clearing, L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.

Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following chart illustrates the movement in the price of the Shares and NAV of the Shares against the corresponding gold price (per 1/10 of an oz. of gold) since the day the Shares first began trading on the NYSE:

The divergence of the price of the Shares and NAV of the Shares from the gold price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

Critical Accounting Policy

Valuation of Gold, Definition of NAV

The Trustee values the gold held by the Trust and determines the NAV of the Trust as of the LBMA Gold Price PM on each day that the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM for

12

the day or 12:00 PM New York time. If no LBMA Gold Price PM is announced 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 the Trust, unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. In the event the Trustee and the Sponsor determine that such price is not an appropriate basis for valuation of the Trust’s gold, they will identify an alternative basis for such valuation to be employed by the Trustee. While we believe that the LBMA Gold Price is an appropriate indicator of the value of gold, there are other indicators that are available that could be different than the LBMA Gold Price. The use of such an alternative indicator could result in materially different fair value pricing of the gold in the Trust which could result in different market adjustments or redemption value adjustments of our outstanding redeemable Shares.

Once the value of the gold has been determined, the Trustee subtracts all estimated accrued fees, expenses and other liabilities of the Trust from the total value of the gold and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the NAV of the Trust. The Trustee determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding as of the close of trading on NYSE Arca.

Inspectorate International Limited conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodian. A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30th. The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently on February 24, 2020. The Sponsor generally visits the vaults of the Custodian twice a year as part of its due diligence procedures.

Recent Developments

The Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises, including the ongoing novel coronavirus pandemic (the “COVID-19 pandemic”).

Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Sponsor and its service providers to operate. The COVID-19 pandemic or a similar public health threat could adversely impact the Trust by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures). The COVID-19 pandemic has had and will likely continue to have serious negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets.

Governmental authorities and regulators throughout the world have, in the past, responded to major economic disruptions with a variety of fiscal and monetary policy changes, such as quantitative easing, new monetary programs and lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility in the market generally, and could specifically increase volatility in the market for gold, which could adversely affect the price of the Shares. The outbreak could also cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares. The duration of the outbreak and its effects cannot be determined with any reasonable amount of certainty. A prolonged outbreak could result in an increase of the costs of the Trust, affect liquidity in the market for gold as well as the correlation between the price of the Shares and the net asset value of the Trust, any of which could adversely and materially affect the value of your Shares. The outbreak could impair information technology and other operational systems upon which the Trust’s service providers, including the Sponsor, the Trustee and the Custodian, rely, and could otherwise disrupt the ability of employees of the Trust’s service providers to perform essential tasks on behalf of the Trust.

To date, the impact of COVID-19 has not materially affected the operations of the Trust.

13

Results of Operations

In the three months ended June 30, 2020, an additional 81,100,000 Shares (811 Baskets) were created in exchange for 7,625,451.5 ounces of gold, 8,300,000 Shares (83 Baskets) were redeemed in exchange for 780,277.5 ounces of gold, and 32,347.9 ounces of gold were sold to pay expenses.

At June 30, 2020, the Custodian held 37,902,740.8 ounces of gold on behalf of the Trust, 100% of which is allocated gold in the form of good delivery gold bars with a market value of $67,015,836,086 (cost—$54,307,578,223) and which includes gold held with a subcustodian (Bank of England). The greatest amount of gold held by Bank of England during the quarter ended June 30, 2020 was approximately 2,251,607 ounces or 6.3% of the Trust’s gold on May 21, 2020. At June 30, 2020, Bank of England held approximately 1,283,665 ounces or 3.4% of the Trust’s gold in an allocated account.

As at September 30, 2019, the Custodian held 29,737,588 ounces of gold in its vault, 100% of which is allocated gold in the form of good delivery gold bars with a market value of $44,169,239,649 (cost—$39,069,053,854). Subcustodians did not hold any gold on behalf of the Trust.

On September 19, 2019, Inspectorate International Limited, or Inspectorate, concluded the annual full count of the Trust’s gold bullion held by the Custodian. On October 1, 2019, Inspectorate concluded reconciliation procedures from June 28, 2019 through September 30, 2019. The results can be found on www.spdrgoldshares.com.

Cash Resources and Liquidity

At June 30, 2020, the Trust did not have any cash balances. When selling gold to pay expenses, the Trustee endeavors to sell the exact amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. As a consequence, we expect that the Trust will not record any net cash flow from its operations and that its cash balance will be zero at the end of each reporting period.

Analysis of Movements in the Price of Gold

As movements in the price of gold are expected to directly affect the price of the Trust’s Shares, investors should understand what the recent movements in the price of gold have been. Investors, however, should also be aware that past movements in the gold price are not indicators of future movements. This section identifies recent trends in the movements of the gold price.

The following chart provides historical background on the price of gold. The chart illustrates movements in the price of gold in US dollars per ounce over the period from July 1, 2015 to June 30, 2020 and is based on the LBMA Gold Price PM when available.

14

The average, high, low and end-of-period gold prices for the three and twelve-month periods over the prior three years and for the period from the Date of Inception through June 30, 2020, based on the LBMA Gold Price PM, were:

Period	Average		High		Date		Low		Date		End of period		Last business day(1)
Three months to September 30, 2017	$	1,277.91	$	1,346.25		Sep 8, 2017	$	1,211.05		July 11, 2017	$	1,283.10		Sep 29, 2017
Three months to December 31, 2017	$	1,275.42	$	1,303.30		Oct 16, 2017	$	1,240.90		Dec 12, 2017	$	1,296.50		Dec 29, 2017	(2)
Three months to March 31, 2018	$	1,329.29	$	1,354.95		Jan 25, 2018	$	1,307.75		Mar 1, 2018	$	1,323.85		Mar 29, 2018
Three months to June 30, 2018	$	1,305.99	$	1,351.45		Apr 18, 2018	$	1,250.45		June 29, 2018	$	1,250.45		June 29, 2018
Three months to September 30, 2018	$	1,213.19	$	1,262.05		July 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	(2)
Three months to March 31, 2019	$	1,303.79	$	1,343.75		Feb 20, 2019	$	1,279.55		Jan 21, 2019	$	1,295.40		Mar 29, 2019
Three months to June 30, 2019	$	1,309.39	$	1,431.40		Jun 25, 2019	$	1,269.50		Apr 23, 2019	$	1,409.00		Jun 28, 2019
Three months to September 30, 2019	$	1,472.47	$	1,546.10		Sep 4, 2019	$	1,388.65		Jul 5, 2019	$	1,485.30		Sep 30, 2019
Three months to December 31, 2019	$	1,480.96	$	1,517.10		Oct 3, 2019	$	1,452.05		Nov 12, 2019	$	1,523.00		Dec 31, 2019	(2)
Three months to March 31, 2020	$	1,582.80	$	1,683.65		Mar 6, 2020	$	1,474.25		Mar 19, 2020	$	1,608.95		Mar 31, 2020
Three months to June 30, 2020	$	1,711.13	$	1,771.60		June 29, 2020	$	1,576.55		Apr 1, 2020	$	1,768.10		June 30, 2020
Twelve months ended June 30, 2018	$	1,297.21	$	1,354.95		Jan 25, 2018	$	1,211.05		Jul 11, 2017	$	1,250.45		June 29, 2018
Twelve months ended June 30, 2019	$	1,262.74	$	1,431.40		June 25, 2019	$	1,178.40		Aug 17, 2018	$	1,409.00		June 28, 2019
Twelve months ended June 30, 2020	$	1,560.35	$	1,771.60		June 29, 2020	$	1,388.65		July 5, 2019	$	1,768.10		June 30, 2020
November 12, 2004 to June 30, 2020	$	1,147.72	$	1,895.00		Sep 5, 2011	$	411.10		Feb 8, 2005	$	1,768.10		June 30, 2020

(1) The end of period gold price is the LBMA Gold Price PM on the last business day of the period. This is in accordance with the Trust Indenture and the basis used for calculating the Net Asset Value of the Trust.

(2) There was no LBMA Gold Price PM on the last business day of December 2019, 2018 or 2017. The LBMA Gold Price AM on the last business day of December 2019, 2018 or 2017 was $1,523.00, $1,281.65 and $1,296.50, respectively. The Net Asset Value of the Trust on December 31, 2019, 2018 and 2017 was calculated using the LBMA Gold Price AM, in accordance with the Trust Indenture.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Trust Indenture does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk. The Trust does not invest in any derivative financial instruments or long-term debt instruments.

Item 4. Controls and Procedures

The duly authorized officers of the Sponsor, performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report. Such disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, are recorded, processed, summarized and reported, within the time period specified in the applicable rules and forms, and that such information is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, and to the Audit Committee of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure.

Internal control over financial reporting. There has been no change in the internal control over financial reporting that occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

15

PART II - OTHER INFORMATION:

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

You should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2019, which could materially affect our business, financial condition or future results. There have been no material changes in our risk factors from those disclosed in our 2019 Annual Report on Form 10-K, except for the following:

The Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises, including the ongoing novel coronavirus pandemic (the “COVID-19 pandemic”).

Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Sponsor and its service providers to operate. The COVID-19 pandemic or a similar public health threat could adversely impact the Trust by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures). The COVID-19 pandemic has had and will likely continue to have serious negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets.

Governmental authorities and regulators throughout the world have, in the past, responded to major economic disruptions with a variety of fiscal and monetary policy changes, such as quantitative easing, new monetary programs and lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility in the market generally, and could specifically increase volatility in the market for gold, which could adversely affect the price of the Shares. The outbreak could also cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares. The duration of the outbreak and its effects cannot be determined with any reasonable amount of certainty. A prolonged outbreak could result in an increase of the costs of the Trust, affect liquidity in the market for gold as well as the correlation between the price of the Shares and the net asset value of the Trust, any of which could adversely and materially affect the value of your Shares. The outbreak could impair information technology and other operational systems upon which the Trust’s service providers, including the Sponsor, the Trustee and the Custodian, rely, and could otherwise disrupt the ability of employees of the Trust’s service providers to perform essential tasks on behalf of the Trust. To date, the impact of COVID-19 has not materially affected the operations of the Trust.

The risks described in our Annual Report on Form 10-K are not the only risks facing the Trust. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

16

c) As of the date of the formation of the Trust on November 12, 2004, the NAV of the Trust, which represents the value of the gold deposited in the Trust, was $13,081,500, and the NAV per Share was $43.60. Since formation and through June 30, 2020, 16,165 Baskets (1,616,500,000 Shares) have been created and 12,133 Baskets (1,213,300,000 Shares) have been redeemed.

Period	Total Number of Shares Redeemed		Average Ounces of Gold Per Share
04/01/20 to 04/30/20		1,300,000		.09405
05/01/20 to 05/31/20		2,100,000		.09402
06/01/20 to 06/30/20		4,900,000		.09399
Total		8,300,000		.09402

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The exhibits listed on the accompanying Exhibit Index, and such Exhibit Index, are filed or incorporated by reference as a part of this report.

17

EXHIBIT INDEX

Pursuant to Item 601 of Regulation S-K

Exhibit No.	Description of Exhibit
31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.
31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.
32.1	Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.
32.2	Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.
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.

18

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.

	WORLD GOLD TRUST SERVICES, LLC
	Sponsor of the SPDR® Gold Trust
	(Registrant)
	/s/ Joseph R. Cavatoni
	Joseph R. Cavatoni
	Principal Executive Officer
	/s/ Laura S. Melman
	Laura S. Melman
	Chief Financial Officer and Treasurer (Principal Financial Officer)
Date: August 7, 2020

* The Registrant is a trust and the persons are signing in their capacities as officers of World Gold Trust Services, LLC, the Sponsor of the Registrant.

19

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Joseph R. Cavatoni, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the SPDR^® Gold Trust (“Trust”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the auditors of the Registrant and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves persons who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2020

/s/ Joseph R. Cavatoni

Joseph R. Cavatoni**

Principal Executive Officer

* The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Mr. Cavatoni is signing in his capacity as Principal Executive Officer of World Gold Trust Services, LLC, the Sponsor of the Registrant.

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Laura S. Melman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the SPDR^® Gold Trust (“Trust”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the auditors of the Registrant and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves persons who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2020

/s/ Laura S. Melman

Laura S. Melman**

Chief Financial Officer and Treasurer

(Principal Financial Officer)

* The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Ms. Melman is signing in her capacity as Chief Financial Officer and Treasurer of World Gold Trust Services, LLC, the Sponsor of the Registrant.

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SPDR^® Gold Trust (the “Trust”) on Form 10-Q for the period ending June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joseph R. Cavatoni, principal executive officer of World Gold Trust Services, LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Trust.

/s/ Joseph R. Cavatoni

Joseph R. Cavatoni**

Principal Executive Officer

August 7, 2020

* The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Mr. Cavatoni is signing in his capacity as Principal Executive Officer of World Gold Trust Services, LLC, the sponsor of the Trust.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SPDR^® Gold Trust (the “Trust”) on Form 10-Q for the period ending June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Laura S. Melman, chief financial officer and treasurer of World Gold Trust Services, LLC, the sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Trust.

/s/ Laura S. Melman

Laura S. Melman**

Chief Financial Officer and Treasurer

(Principal Financial Officer)

August 7, 2020

* The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Ms. Melman is signing in her capacity as Chief Financial Officer and Treasurer of World Gold Trust Services, LLC, the sponsor of the Trust.

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Cover Page - shares	9 Months Ended
	Jun. 30, 2020	Aug. 06, 2020
Cover [Abstract]
Amendment Flag	false
Document Type	10-Q
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001222333
Current Fiscal Year End Date	--09-30
Document Period End Date	Jun. 30, 2020
Trading Symbol	GLD
Entity Registrant Name	SPDR GOLD TRUST
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		433,800,000
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity File Number	001-32356
Entity Tax Identification Number	81-6124035
Entity Current Reporting Status	Yes
Entity Address, Address Line One	c/o World Gold Trust Services, LLC
Entity Address, Address Line Two	685 Third Ave. 27th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	317-3800
Security Exchange Name	NYSEArca
Title of 12(b) Security	SPDR® Gold Trust
Entity Incorporation, State or Country Code	NY

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Statements of Financial Condition - USD ($) $ in Thousands		Jun. 30, 2020	Sep. 30, 2019
ASSETS
Investment in Gold, at fair value (cost $54,307,578 and $39,069,054 at June 30, 2020 and September 30, 2019, respectively)		$ 67,015,836	$ 44,169,240
Total Assets		67,015,836	44,169,240
LIABILITIES
Accounts payable to Sponsor		20,900	14,241
Gold payable		0	195,999
Total Liabilities		20,900	210,240
Net Assets		$ 66,994,936	$ 43,959,000
Shares issued	[1]	403,200,000	314,000,000
Shares outstanding	[1]	403,200,000	314,000,000
Net asset value per Share		$ 166.16	$ 140.00

[1] Authorized share capital is unlimited and the par value of the Shares is $0.00.

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Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Investment in Gold, at cost	$ 54,307,578	$ 39,069,054
Common stock, par value	$ 0.00	$ 0.00
Investment In Gold [Member]
Investment in Gold, at cost	$ 54,307,578	$ 39,069,054

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Schedules of Investment $ in Thousands	Jun. 30, 2020 USD ($) oz	Sep. 30, 2019 USD ($) oz
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Total Investment, % of Net Assets	100.03%	100.48%
Liabilities in excess of other assets	(0.03%)	(0.48%)
Net Assets, % of Net Assets	100.00%	100.00%
Total Investment, Fair Value	$ 67,015,836	$ 44,169,240
Other assets in excess of liabilities	(20,900)	(210,240)
Net Assets, Fair Value	66,994,936	43,959,000
Total Investment, Cost	$ 54,307,578	$ 39,069,054
Investment In Gold [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Total Investment, % of Net Assets	100.03%	100.48%
Total Investment, Fair Value	$ 67,015,836	$ 44,169,240
Total Investment, Ounces of gold | oz	37,902,700	29,737,600
Total Investment, Cost	$ 54,307,578	$ 39,069,054

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Unaudited Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
EXPENSES
Sponsor fees	$ 59,373	$ 31,689	$ 149,119	$ 94,602
Total expenses	59,373	31,689	149,119	94,602
Net investment loss	(59,373)	(31,689)	(149,119)	(94,602)
Net realized and change in unrealized gain/(loss) on investment in gold
Net realized gain/(loss) from investment in gold sold to pay expenses	9,602	930	20,644	1,199
Net realized gain/(loss) from gold distributed for the redemption of shares	234,654	98,484	1,175,009	181,451
Net change in unrealized appreciation/(depreciation) on investment in gold	5,106,297	2,677,530	7,608,072	5,284,329
Net realized and change in unrealized gain/(loss) on investment in gold	5,350,553	2,776,944	8,803,725	5,466,979
Net income/(loss)	$ 5,291,180	$ 2,745,255	$ 8,654,606	$ 5,372,377
Net income/(loss) per share	$ 14.23	$ 10.68	$ 26.13	$ 20.56
Weighted average number of shares (in 000's)	371,913	257,056	331,253	261,302

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Unaudited Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
INCREASE/DECREASE IN CASH FROM OPERATIONS:
Proceeds received from sales of gold	$ 54,778	$ 31,644	$ 142,460	$ 92,974
Expenses paid	(54,778)	(31,644)	(142,460)	(92,974)
Increase/(Decrease) in cash resulting from operations	0	0	0	0
Cash and cash equivalents at beginning of period	0	0	0	0
Cash and cash equivalents at end of period	0	0	0	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Value of gold received for creation of shares-net of gold receivable	13,215,343	3,563,070	22,971,965	9,590,263
Value of gold distributed for redemption of shares-net of gold payable	1,396,321	2,828,224	8,786,634	7,152,902
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net income/(loss)	5,291,180	2,745,255	8,654,606	5,372,377
Adjustments to reconcile net income/(loss) to net cash provided by operating activities
Proceeds from sales of gold to pay expenses	54,778	31,644	142,460	92,974
Net realized (gain)/loss from investment in gold sold to pay expenses	(9,602)	(930)	(20,644)	(1,199)
Net realized (gain)/loss from gold distributed for the redemption of shares	(234,654)	(98,484)	(1,175,009)	(181,451)
Net change in unrealized (appreciation)/depreciation on investment in gold	(5,106,297)	(2,677,530)	(7,608,072)	(5,284,329)
Increase/(Decrease) in accounts payable to Sponsor	4,595	45	6,659	1,628
Increase/(Decrease) in cash resulting from operations	$ 0	$ 0	$ 0	$ 0

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Unaudited Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Partners' Capital [Abstract]
Net Assets - Opening Balance	$ 50,005,813	$ 32,652,157	$ 43,959,000	$ 28,322,519
Creations	13,033,724	3,563,070	22,971,965	9,590,263
Redemptions	(1,335,781)	(3,001,048)	(8,590,635)	(7,325,725)
Net investment loss	(59,373)	(31,689)	(149,119)	(94,602)
Net realized gain/(loss) from investment in gold sold to pay expenses	9,602	930	20,644	1,199
Net realized gain/(loss) from gold distributed for the redemption of shares	234,654	98,484	1,175,009	181,451
Net change in unrealized appreciation/(depreciation) on investment in gold	5,106,297	2,677,530	7,608,072	5,284,329
Net Assets - Closing Balance	$ 66,994,936	$ 35,959,434	$ 66,994,936	$ 35,959,434

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Organization

9 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Organization

1. Organization

The SPDR® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 under New York law pursuant to a trust indenture (the “Trust Indenture”). The fiscal year end for the Trust is September 30th. The Trust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations of 100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and to distribute gold in connection with redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. World Gold Trust Services, LLC is the sponsor 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 marketing agent 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 with an efficient means to obtain market exposure to the price of gold bullion. The Shares are also listed on the Hong Kong Exchanges and Clearing Limited, the Mexican Stock Exchange (Bolsa Mexicana de Valores), the Singapore 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 gold at times when its price is high or acquire gold at low prices in the expectation of future price increases. It also means that the Trustee does not make use of any of the hedging techniques available to professional gold investors to attempt to reduce the risk of losses resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of the Shares.

The Statements of Financial Condition and Schedule of Investment at June 30, 2020 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and nine months ended June 30, 2020 and 2019 have been prepared on behalf of the Trust without audit. In the opinion of management of the Sponsor of the Trust, 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, 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 Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019. The results of operations for the three and nine months ended June 30, 2020 are not necessarily indicative of the operating results for the full fiscal year.

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Significant Accounting Policies

9 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

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 Trust.

2.1. Basis of Accounting

For accounting purposes only, the Trust is an investment company and, therefore, applies the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended.

2.2. Fair Value Measurement

FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.

The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and, from time to time, (i) gold receivable, representing gold covered by contractually binding orders for the creation of Shares where the 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 in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value.

Various inputs are used in determining the fair value of assets and 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 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 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 or liability, including the Trust’s assumptions used in determining the fair value of investments.

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$) June 30, 2020	Level 1		Level 2		Level 3
Investment in Gold	$	67,015,836	$	—	$	—
Total	$	67,015,836	$	—	$	—
(Amounts in 000’s of US$) September 30, 2019	Level 1		Level 2		Level 3
Investment in Gold	$	44,169,240	$	—	$	—
Total	$	44,169,240	$	—	$	—

There were no transfers between Level 1 and other Levels in the nine months ended June 30, 2020 or for the year ended September 30, 2019.

The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the 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 net asset value (“NAV”) of the Trust, the Trustee values the gold held by 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 adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The

Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price is made on a particular evaluation day or if the LBMA Gold Price 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 the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price is inappropriate to use as the basis for such determination.

2.3. Custody of Gold

Gold is held by the Custodian on behalf of the Trust, 100% of which is allocated gold in the form of good delivery gold bars which includes gold held with a subcustodian (Bank of England). The greatest amount of gold held by Bank of England during the quarter ended June 30, 2020 was approximately 2,251,607 ounces or 6.3% of the Trust’s gold on May 21, 2020. At June 30, 2020, Bank of England held approximately 1,283,665 ounces or 3.4% of the Trust’s gold in an allocated account. No gold was held by a subcustodian during the year ended September 30, 2019 or the six months ended March 31, 2020.

2.4. 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 the Trust’s account. Generally, ownership of the gold is transferred within two business days of the trade date.

	Jun-30,		Sep-30,
(Amounts in 000’s of US$)	2020		2019
Gold receivable	$	—	$	—

2.5. 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 the Trust’s account. Generally, ownership of the gold is transferred within two business days of the trade date.

(Amounts in 000’s of US$)	Jun-30, 2020		Sep-30, 2019
Gold payable	$	—	$	195,999

2.6. Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Net Assets for financial reporting purposes. Activity in the number of Shares created and redeemed for the nine months ended June 30, 2020 and 2019 are as follows:

(All amounts are in 000’s)	Nine Months Ended  Jun-30,  2020			Nine Months Ended  Jun-30,  2019
Activity in Number of Shares Created and Redeemed:
Creations		147,900			78,500
Redemptions		(58,700	)		(60,100	)
Net Change in Number of Shares Created and Redeemed		89,200			18,400

(Amounts in 000’s of US$)	Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
Activity in Value of Shares Created and Redeemed:
Creations	$	22,971,965		$	9,590,263
Redemptions		(8,590,635	)		(7,325,725	)
Net Change in Value of Shares Created and Redeemed	$	14,381,330		$	2,264,538

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 pay the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Trustee will sell gold to the Custodian at the next LBMA Gold Price PM following the sale 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 expenses on the Statements of Operations.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2020 of $8,803,725 is made up of a realized gain of $20,644 from the sale of gold to pay expenses, a realized gain of $1,175,009 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $7,608,072 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2019 of $5,466,979 is made up of a realized gain of $1,199 from the sale of gold to pay expenses, a realized gain of $181,451 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $5,284,329 on investment in gold.

2.8. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor of the Trust has evaluated whether or not 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, 2020 or September 30, 2019.

The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2020, the 2019, 2018 and 2017 tax years remain open for examination. There were no examinations in progress at period end.

2.9. 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 does not currently expect these changes to have a material impact to future financial statements.

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Related Parties - Sponsor and Trustee

9 Months Ended

Jun. 30, 2020

Related Party Transactions [Abstract]

Related Parties - Sponsor and Trustee

3. Related Parties – Sponsor and Trustee

The Trust’s only recurring expense is the Sponsor’s fee which accrues daily at an annual rate equal to 0.40% of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all ordinary fees and expenses of the Trust.

Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

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Concentration of Risk

9 Months Ended

Jun. 30, 2020

Risks and Uncertainties [Abstract]

Concentration of Risk

4. Concentration of Risk

The 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 and industrial applications, purchases made by investors in the form of bars, coins and other gold products, 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, 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 and commodity funds; (vi) other economic variables 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 is used to preserve wealth by investors around the world, 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 to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

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Indemnification

9 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Indemnification

5. Indemnification

The Sponsor, and its shareholders, members, directors, officers, employees, affiliates and subsidiaries, are indemnified by the Trust and held harmless against certain losses, liabilities or expenses incurred in the performance 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 Trust Indenture. Such indemnity includes payment by the Trust of the costs and expenses incurred in defending against any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek indemnification by the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture. The Sponsor is also indemnified by the Trust and held harmless against any loss, liability or expense arising under the Amended and Restated Marketing Agent Agreement between the Sponsor and the Marketing Agent effective July 17, 2015, as amended, or any agreement entered into with an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor 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 that such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will succeed to the rights of the party so reimbursed against the Sponsor.

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Financial Highlights

9 Months Ended

Jun. 30, 2020

Investment Company [Abstract]

Financial Highlights

6. Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and nine months ended June 30, 2020 and 2019, respectively. The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on the NYSE Arca during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.

	Three Months Ended Jun-30, 2020			Three Months Ended Jun-30, 2019			Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
Net Asset Value
Net asset value per Share, beginning of period	$	151.35		$	122.34		$	140.00		$	112.35
Net investment income/(loss)		(0.16	)		(0.12	)		(0.45	)		(0.36	)
Net Realized and Change in Unrealized Gain/ (Loss)		14.97			10.72			26.61			20.95
Net Income/(Loss)		14.81			10.60			26.16			20.59
Net asset value per Share, end of period	$	166.16		$	132.94		$	166.16		$	132.94
Market value per Share, beginning of period	$	148.05		$	122.01		$	138.87		$	112.76
Market value per Share, end of period	$	167.37		$	133.20		$	167.37		$	133.20
Ratio to average net assets
Net Investment loss(1)		(0.40	)%		(0.40	)%		(0.40	)%		(0.40	)%
Gross expenses(1)		0.40	%		0.40	%		0.40	%		0.40	%
Net expenses(1)		0.40	%		0.40	%		0.40	%		0.40	%
Total Return, at net asset value (2)		9.79	%		8.66	%		18.69	%		18.33	%
Total Return, at market value (2)		13.05	%		9.17	%		20.52	%		18.13	%

(1) Percentages are annualized.

(2) Percentages are not annualized.

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Significant Accounting Policies (Policies)

9 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Accounting

2.1. Basis of Accounting

For accounting purposes only, the Trust is an investment company and, therefore, applies the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended.

Fair Value Measurement

2.2. Fair Value Measurement

FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.

The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and, from time to time, (i) gold receivable, representing gold covered by contractually binding orders for the creation of Shares where the 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 in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value.

Various inputs are used in determining the fair value of assets and 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 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 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 or liability, including the Trust’s assumptions used in determining the fair value of investments.

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$) June 30, 2020	Level 1		Level 2		Level 3
Investment in Gold	$	67,015,836	$	—	$	—
Total	$	67,015,836	$	—	$	—
(Amounts in 000’s of US$) September 30, 2019	Level 1		Level 2		Level 3
Investment in Gold	$	44,169,240	$	—	$	—
Total	$	44,169,240	$	—	$	—

There were no transfers between Level 1 and other Levels in the nine months ended June 30, 2020 or for the year ended September 30, 2019.

The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the 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 net asset value (“NAV”) of the Trust, the Trustee values the gold held by 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 adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The

Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price is made on a particular evaluation day or if the LBMA Gold Price 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 the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a price is inappropriate to use as the basis for such determination.

Custody of Gold

2.3. Custody of Gold

Gold is held by the Custodian on behalf of the Trust, 100% of which is allocated gold in the form of good delivery gold bars which includes gold held with a subcustodian (Bank of England). The greatest amount of gold held by Bank of England during the quarter ended June 30, 2020 was approximately 2,251,607 ounces or 6.3% of the Trust’s gold on May 21, 2020. At June 30, 2020, Bank of England held approximately 1,283,665 ounces or 3.4% of the Trust’s gold in an allocated account. No gold was held by a subcustodian during the year ended September 30, 2019 or the six months ended March 31, 2020.

Gold Receivable

2.4. 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 the Trust’s account. Generally, ownership of the gold is transferred within two business days of the trade date.

	Jun-30,		Sep-30,
(Amounts in 000’s of US$)	2020		2019
Gold receivable	$	—	$	—

Gold Payable

2.5. 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 the Trust’s account. Generally, ownership of the gold is transferred within two business days of the trade date.

(Amounts in 000’s of US$)	Jun-30, 2020		Sep-30, 2019
Gold payable	$	—	$	195,999

Creations and Redemptions of Shares

2.6. Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Net Assets for financial reporting purposes. Activity in the number of Shares created and redeemed for the nine months ended June 30, 2020 and 2019 are as follows:

(All amounts are in 000’s)	Nine Months Ended  Jun-30,  2020			Nine Months Ended  Jun-30,  2019
Activity in Number of Shares Created and Redeemed:
Creations		147,900			78,500
Redemptions		(58,700	)		(60,100	)
Net Change in Number of Shares Created and Redeemed		89,200			18,400

(Amounts in 000’s of US$)	Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
Activity in Value of Shares Created and Redeemed:
Creations	$	22,971,965		$	9,590,263
Redemptions		(8,590,635	)		(7,325,725	)
Net Change in Value of Shares Created and Redeemed	$	14,381,330		$	2,264,538

Income and Expense

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 pay the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Trustee will sell gold to the Custodian at the next LBMA Gold Price PM following the sale 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 expenses on the Statements of Operations.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2020 of $8,803,725 is made up of a realized gain of $20,644 from the sale of gold to pay expenses, a realized gain of $1,175,009 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $7,608,072 on investment in gold.

The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the nine months ended June 30, 2019 of $5,466,979 is made up of a realized gain of $1,199 from the sale of gold to pay expenses, a realized gain of $181,451 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $5,284,329 on investment in gold.

Income Taxes

2.8. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor of the Trust has evaluated whether or not 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, 2020 or September 30, 2019.

The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2020, the 2019, 2018 and 2017 tax years remain open for examination. There were no examinations in progress at period end.

New Accounting Pronouncements

2.9. 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 does not currently expect these changes to have a material impact to future financial statements.

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Significant Accounting Policies (Tables)

9 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Summary of Trust's Investments at Fair Value

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$) June 30, 2020	Level 1		Level 2		Level 3
Investment in Gold	$	67,015,836	$	—	$	—
Total	$	67,015,836	$	—	$	—
(Amounts in 000’s of US$) September 30, 2019	Level 1		Level 2		Level 3
Investment in Gold	$	44,169,240	$	—	$	—
Total	$	44,169,240	$	—	$	—

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 the Trust’s account. Generally, ownership of the gold is transferred within two business days of the trade date.

	Jun-30,		Sep-30,
(Amounts in 000’s of US$)	2020		2019
Gold receivable	$	—	$	—

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 the Trust’s account. Generally, ownership of the gold is transferred within two business days of the trade date.

(Amounts in 000’s of US$)	Jun-30, 2020		Sep-30, 2019
Gold payable	$	—	$	195,999

Creations and Redemptions of Shares

Activity in the number of Shares created and redeemed for the nine months ended June 30, 2020 and 2019 are as follows:

(All amounts are in 000’s)	Nine Months Ended  Jun-30,  2020			Nine Months Ended  Jun-30,  2019
Activity in Number of Shares Created and Redeemed:
Creations		147,900			78,500
Redemptions		(58,700	)		(60,100	)
Net Change in Number of Shares Created and Redeemed		89,200			18,400

(Amounts in 000’s of US$)	Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
Activity in Value of Shares Created and Redeemed:
Creations	$	22,971,965		$	9,590,263
Redemptions		(8,590,635	)		(7,325,725	)
Net Change in Value of Shares Created and Redeemed	$	14,381,330		$	2,264,538

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Financial Highlights (Tables)

9 Months Ended

Jun. 30, 2020

Investment Company [Abstract]

Summary of Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three and nine months ended June 30, 2020 and 2019, respectively. The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on the NYSE Arca during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.

	Three Months Ended Jun-30, 2020			Three Months Ended Jun-30, 2019			Nine Months Ended Jun-30, 2020			Nine Months Ended Jun-30, 2019
Net Asset Value
Net asset value per Share, beginning of period	$	151.35		$	122.34		$	140.00		$	112.35
Net investment income/(loss)		(0.16	)		(0.12	)		(0.45	)		(0.36	)
Net Realized and Change in Unrealized Gain/ (Loss)		14.97			10.72			26.61			20.95
Net Income/(Loss)		14.81			10.60			26.16			20.59
Net asset value per Share, end of period	$	166.16		$	132.94		$	166.16		$	132.94
Market value per Share, beginning of period	$	148.05		$	122.01		$	138.87		$	112.76
Market value per Share, end of period	$	167.37		$	133.20		$	167.37		$	133.20
Ratio to average net assets
Net Investment loss(1)		(0.40	)%		(0.40	)%		(0.40	)%		(0.40	)%
Gross expenses(1)		0.40	%		0.40	%		0.40	%		0.40	%
Net expenses(1)		0.40	%		0.40	%		0.40	%		0.40	%
Total Return, at net asset value (2)		9.79	%		8.66	%		18.69	%		18.33	%
Total Return, at market value (2)		13.05	%		9.17	%		20.52	%		18.13	%

(1) Percentages are annualized.

(2) Percentages are not annualized.

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Organization - Additional Information (Detail)	9 Months Ended
	Jun. 30, 2020 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation date	Nov. 12, 2004
Minimum denomination of shares issued redeemed against gold	100,000

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Significant Accounting Policies - Summary of Trust's Investments at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Investment Holdings [Line Items]
Investment in Gold	$ 67,015,836	$ 44,169,240
Level 1 [Member]
Investment Holdings [Line Items]
Investment in Gold	67,015,836	44,169,240
Level 1 [Member] | Investment In Gold [Member]
Investment Holdings [Line Items]
Investment in Gold	67,015,836	44,169,240
Level 2 [Member]
Investment Holdings [Line Items]
Investment in Gold	0	0
Level 2 [Member] | Investment In Gold [Member]
Investment Holdings [Line Items]
Investment in Gold	0	0
Level 3 [Member]
Investment Holdings [Line Items]
Investment in Gold	0	0
Level 3 [Member] | Investment In Gold [Member]
Investment Holdings [Line Items]
Investment in Gold	$ 0	$ 0

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Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($) oz	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) oz t shares	Jun. 30, 2019 USD ($)	Sep. 30, 2019 USD ($) t	May 21, 2020 oz
Accounting Policies [Abstract]
Fair value of assets and liabilities, amount transferred between levels			$ 0		$ 0
Gold held by subcustodian | t			0		0
Maximum number of business days within which ownership of the gold is transferred			2 days
Minimum denomination of shares issued redeemed against gold | shares			100,000
Net realized and change in unrealized gain/(loss) on investment in gold	$ 5,350,553,000	$ 2,776,944,000	$ 8,803,725,000	$ 5,466,979,000
Net realized gain/(loss) from investment in gold sold to pay expenses	9,602,000	930,000	20,644,000	1,199,000
Net realized gain/(loss) from gold distributed for the redemption of shares	234,654,000	98,484,000	1,175,009,000	181,451,000
Net change in unrealized appreciation/(depreciation) on investment in gold	5,106,297,000	$ 2,677,530,000	7,608,072,000	$ 5,284,329,000
Liability for uncertain tax positions - current	$ 0		$ 0		$ 0
Gold held in vault other measures | oz	1,283,665		1,283,665			2,251,607
Percentage of trust gold held in vault	3.40%		3.40%			6.30%
Gold held by custodian	100.00%		100.00%

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Significant Accounting Policies - Gold Receivable (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Gold Receivable [Abstract]
Gold receivable	$ 0	$ 0

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Significant Accounting Policies - Gold Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Gold Payable
Gold payable	$ 0	$ 195,999

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Significant Accounting Policies - Creations and Redemptions of Shares (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Activity in Number of Shares Created and Redeemed:
Creations			147,900	78,500
Redemptions			(58,700)	(60,100)
Net Change in Number of Shares Created and Redeemed			89,200	18,400
Activity in Value of Shares Created and Redeemed:
Creations	$ 13,033,724	$ 3,563,070	$ 22,971,965	$ 9,590,263
Redemptions	$ (1,335,781)	$ (3,001,048)	(8,590,635)	(7,325,725)
Net Change in Value of Shares Created and Redeemed			$ 14,381,330	$ 2,264,538

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Related Parties - Sponsor and Trustee - Additional Information (Detail)	9 Months Ended
	Jun. 30, 2020
Sponsor [Member]
Related Party Transaction [Line Items]
Related party fees payable at annual rate	0.40%

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Financial Highlights - Summary of Financial Highlights (Detail) - $ / shares		3 Months Ended		9 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Asset Value
Net asset value per Share, beginning of period		$ 151.35	$ 122.34	$ 140.00	$ 112.35
Net investment income/(loss)		(0.16)	(0.12)	(0.45)	(0.36)
Net Realized and Change in Unrealized Gain/(Loss)		14.97	10.72	26.61	20.95
Net Income/(Loss)		14.81	10.60	26.16	20.59
Net asset value per Share, end of period		166.16	132.94	166.16	132.94
Market value per Share, beginning of period		148.05	122.01	138.87	112.76
Market value per Share, end of period		$ 167.37	$ 133.20	$ 167.37	$ 133.20
Ratio to average net assets
Net Investment loss	[1]	(0.40%)	(0.40%)	(0.40%)	(0.40%)
Gross expenses	[1]	0.40%	0.40%	0.40%	0.40%
Net expenses	[1]	0.40%	0.40%	0.40%	0.40%
Total Return, at net asset value	[2]	9.79%	8.66%	18.69%	18.33%
Total Return, at market value	[2]	13.05%	9.17%	20.52%	18.13%

[1] Percentages are annualized.

[2] Percentages are not annualized.