SPDR Gold Shares (GLD) 10-K 24 Nov 20 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Sep. 30, 2020	Nov. 20, 2020	Mar. 31, 2020
Cover [Abstract]
Amendment Flag	false
Document Type	10-K
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001222333
Document Period End Date	Sep. 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 Voluntary Filers	No
Entity Common Stock, Shares Outstanding		418,000,000
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Public Float			$ 50,005,812,860
Entity Interactive Data Current	Yes
Security Exchange Name	NYSEArca
Title of 12(b) Security	SPDR® Gold Shares
Entity File Number	001-32356
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	c/o World Gold Trust Services, LLC
Entity Address, Address Line Two	685 Third Avenue, 27th Floor
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10017
Entity Tax Identification Number	81-6124035
City Area Code	212
Local Phone Number	317-3800
Document Annual Report	true
Document Transition Report	false
Entity Address, State or Province	NY
ICFR Auditor Attestation Flag	true

Statements of Financial Conditi

Statements of Financial Condition - USD ($) $ in Thousands		Sep. 30, 2020	Sep. 30, 2019
ASSETS
Investment in Gold, at fair value (cost $60,743,750 and $39,069,054 at September 30, 2020 and 2019, respectively)		$ 76,978,000	$ 44,169,240
Total Assets		76,978,000	44,169,240
LIABILITIES
Accounts payable to Sponsor		25,449	14,241
Gold payable		0	195,999
Total Liabilities		25,449	210,240
Net Assets		$ 76,952,551	$ 43,959,000
Shares issued	[1]	434,400,000	314,000,000
Shares outstanding	[1]	434,400,000	314,000,000
Net asset value per Share		$ 177.15	$ 140
[1]	Authorized share capital is unlimited and the par value of the Shares is $0.00.

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Investment in Gold, at cost	$ 60,743,750	$ 39,069,054
Common stock, par value	$ 0	$ 0
Investment In Gold [Member]
Investment in Gold, at cost	$ 60,743,750	$ 39,069,054

Schedules of Investment

Schedules of Investment $ in Thousands	Sep. 30, 2020USD ($)oz	Sep. 30, 2019USD ($)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	$ 76,978,000	$ 44,169,240
Liabilities in excess of other assets	(25,449)	(210,240)
Net Assets, Fair Value	76,952,551	43,959,000
Total Investment, Cost	$ 60,743,750	$ 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	$ 76,978,000	$ 44,169,240
Total Investment, Ounces of gold | oz	40,796,000	29,737,600
Total Investment, Cost	$ 60,743,750	$ 39,069,054

Statements of Operations

Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
EXPENSES
Sponsor fees	$ 76,511	$ 59,373	$ 46,472	$ 43,274	$ 40,573	$ 31,689	$ 32,745	$ 30,168	$ 225,630	$ 135,175	$ 136,300
Total expenses	76,511	59,373	46,472	43,274	40,573	31,689	32,745	30,168	225,630	135,175	136,300
Net investment loss	(76,511)	(59,373)	(46,472)	(43,274)	(40,573)	(31,689)	(32,745)	(30,168)	(225,630)	(135,175)	(136,300)
Net realized and change in unrealized gain/(loss) on investment in gold
Net realized gain/(loss) from investment in gold sold to pay expenses	16,629	9,602	6,379	4,663	4,824	930	1,092	(823)	37,273	6,023	2,987
Net realized gain/(loss) from gold distributed for the redemption of shares	963,212	234,654	660,138	280,217	412,400	98,484	120,555	(37,588)	2,138,221	593,851	147,334
Net change in unrealized appreciation/(depreciation) on investment in gold	3,525,992	5,106,297	1,725,878	775,897	1,501,133	2,677,530	255,938	2,350,861	11,134,064	6,785,462	(2,633,556)
Net realized and change in unrealized gain/(loss) on investment in gold	4,505,833	5,350,553	2,392,395	1,060,777	1,918,357	2,776,944	377,585	2,312,450	13,309,558	7,385,336	(2,483,235)
Net income/(loss)	$ 4,429,322	$ 5,291,180	$ 2,345,923	$ 1,017,503	$ 1,877,784	$ 2,745,255	$ 344,840	$ 2,282,282	$ 13,083,928	$ 7,250,161	$ (2,619,535)
Net income/(loss) per share	$ 10.43	$ 14.23	$ 7.47	$ 3.30	$ 6.48	$ 10.68	$ 1.28	$ 8.87	$ 36.89	$ 27	$ (9.35)
Weighted average number of shares (in 000's)	424,538	371,913	313,959	308,139	289,791	257,056	269,552	257,432	354,701	268,483	280,153

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
INCREASE/DECREASE IN CASH FROM OPERATIONS:
Proceeds received from sales of gold					$ 214,422	$ 130,368	$ 138,586
Expenses paid					(214,422)	(130,368)	(138,586)
Increase/(Decrease) in cash resulting from operations					0	0	0
Cash and cash equivalents at beginning of period		$ 0		$ 0	0	0	0
Cash and cash equivalents at end of period	$ 0		$ 0		0	0	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Value of gold received for creation of shares-net of change in gold receivable					32,600,221	18,906,803	5,853,569
Value of gold distributed for redemption of shares-net of change in gold payable					12,886,597	10,324,484	10,569,020
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net income/(loss)					13,083,928	7,250,161	(2,619,535)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities
Proceeds from sales of gold to pay expenses					214,422	130,368	138,586
Net realized (gain)/loss from investment in gold sold to pay expenses	(16,629)	(4,663)	(4,824)	823	(37,273)	(6,023)	(2,987)
Net realized (gain)/loss from gold distributed for the redemption of shares	(963,212)	(280,217)	(412,400)	37,588	(2,138,221)	(593,851)	(147,334)
Net change in unrealized (appreciation)/depreciation on investment in gold	$ (3,525,992)	$ (775,897)	$ (1,501,133)	$ (2,350,861)	(11,134,064)	(6,785,462)	2,633,556
Increase/(Decrease) in accounts payable to Sponsor					11,208	4,807	(2,286)
Increase/(Decrease) in cash resulting from operations					$ 0	$ 0	$ 0

Statements of Changes in Net As

Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Statement of Partners' Capital [Abstract]
Net Assets - Opening Balance				$ 43,959,000				$ 28,322,519	$ 43,959,000	$ 28,322,519	$ 35,657,505
Creations									32,600,221	18,906,803	5,853,569
Redemptions									(12,690,598)	(10,520,483)	(10,569,020)
Net investment loss	$ (76,511)	$ (59,373)	$ (46,472)	(43,274)	$ (40,573)	$ (31,689)	$ (32,745)	(30,168)	(225,630)	(135,175)	(136,300)
Net realized gain/(loss) from investment in gold sold to pay expenses	16,629	9,602	6,379	4,663	4,824	930	1,092	(823)	37,273	6,023	2,987
Net realized gain/(loss) from gold distributed for the redemption of shares	963,212	234,654	660,138	280,217	412,400	98,484	120,555	(37,588)	2,138,221	593,851	147,334
Net change in unrealized appreciation/(depreciation) on investment in gold	3,525,992	$ 5,106,297	$ 1,725,878	$ 775,897	1,501,133	$ 2,677,530	$ 255,938	$ 2,350,861	11,134,064	6,785,462	(2,633,556)
Net Assets - Closing Balance	$ 76,952,551				$ 43,959,000				$ 76,952,551	$ 43,959,000	$ 28,322,519

Organization

Organization	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Organization	1. Organization The SPDR ® th 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.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Sep. 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 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. 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$) September 30, 2020 Level 1 Level 2 Level 3 Investment in Gold $ 76,978,000 $ — $ — Total $ 76,978,000 $ — $ — (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 for the years ended September 30, 2020 and 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 HSBC Bank plc, 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. During the year ended September 30, 2020, some gold was held with a subcustodian (the Bank of England) from April 15, 2020 to August 1 3 3 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. (Amounts in 000’s of US$) Sep-30, 2020 Sep-30, 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 (Amounts in 000’s of US$) Sep-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 years ended September 30, 2020, 2019 and 2018 are as follows: (All amounts are in 000’s) Year Ended Sep-30, Year Ended Sep-30, Year Ended Sep-30, Activity in Number of Shares Created and Redeemed: Creations 201,800 144,900 47,200 Redemptions (81,400 ) (83,000 ) (87,600 ) Net Change in Number of Shares Created and Redeemed 120,400 61,900 (40,400 ) (Amounts in 000’s of US$) Year Ended Sep-30, 20 Year Ended Sep-30, Year Ended Sep-30, Activity in Value of Shares Created and Redeemed: Creations $ 32,600,221 $ 18,906,803 $ 5,853,569 Redemptions (12,690,598 ) (10,520,483 ) (10,569,020 ) Net Change in Value of Shares Created and Redeemed $ 19,909,623 $ 8,386,320 $ (4,715,451 ) 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 The Trust’s net realized and change in unrealized appreciation/(depreciation) on investment in gold for the year ended September 30, 2020 of $13,309,558 is made up of a realized gain of $37,273 from the sale of gold to pay expenses, a realized gain of $2,138,221 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $11,134,064 on investment in gold. The Trust’s net realized and change in unrealized appreciation/(depreciation) on investment in gold for the year ended September 30, 2019 of $7,385,336 is made up of a realized gain of $6,023 from the sale of gold to pay expenses, a realized gain of $593,851 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $6,785,462 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 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 September 30, 2020 or 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” 2.9. New Accounting Pronouncements In August 2018, the FASB issued Accounting Standards Update 2018-13, 2018-13”). 2018-13

Quarterly Statements of Operati

Quarterly Statements of Operations	12 Months Ended
	Sep. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Statements of Operations	3. Quarterly Statements of Operations Fiscal Period Ended September 30, 2020 Three Months Ended (unaudited) (Amounts in 000’s of US$, except per share data) Dec-31, 2019 Mar-31, 2020 Jun-30, 2020 Sep-30, 2020 Year Ended Sep-30, EXPENSES Sponsor fees $ 43,274 $ 46,472 $ 59,373 $ 76,511 $ 225,630 Total expenses 43,274 46,472 59,373 76,511 225,630 Net investment loss (43,274 ) (46,472 ) (59,373 ) (76,511 ) (225,630 ) Net realized and change in unrealized gain/(loss) on investment in gold Net realized gain/(loss) from investment in gold sold to pay expenses 4,663 6,379 9,602 16,629 37,273 Net realized gain/(loss) from gold distributed for the redemption of shares 280,217 660,138 234,654 963,212 2,138,221 Net change in unrealized appreciation/(depreciation) on investment in gold 775,897 1,725,878 5,106,297 3,525,992 11,134,064 Net realized and change in unrealized gain/(loss) on investment in gold 1,060,777 2,392,395 5,350,553 4,505,833 13,309,558 Net income/(loss) $ 1,017,503 $ 2,345,923 $ 5,291,180 $ 4,429,322 $ 13,083,928 Net income/(loss) per share $ 3.30 $ 7.47 $ 14.23 $ 10.43 $ 36.89 Weighted average number of shares (in 000’s) 308,139 313,959 371,913 424,538 354,701 Fiscal Period Ended September 30, 2019 Three Months Ended (unaudited) (Amounts in 000’s of US$, except per share data) Dec-31, 2018 Mar-31, 2019 Jun-30, 2019 Sep-30, 2019 Year Ended Sep-30, EXPENSES Sponsor fees $ 30,168 $ 32,745 $ 31,689 $ 40,573 $ 135,175 Total expenses 30,168 32,745 31,689 40,573 135,175 Net investment loss (30,168) (32,745 ) (31,689 ) (40,573 ) (135,175 ) Net realized and change in unrealized gain/(loss) on investment in gold Net realized gain/(loss) from investment in gold sold to pay expenses (823 ) 1,092 930 4,824 6,023 Net realized gain/(loss) from gold distributed for the redemption of shares (37,588 ) 120,555 98,484 412,400 593,851 Net change in unrealized appreciation/(depreciation) on investment in gold 2,350,861 255,938 2,677,530 1,501,133 6,785,462 Net realized and change in unrealized gain/(loss) on investment in gold 2,312,450 377,585 2,776,944 1,918,357 7,385,336 Net income/(loss) $ 2,282,282 $ 344,840 $ 2,745,255 $ 1,877,784 $ 7,250,161 Net income/(loss) per share $ 8.87 $ 1.28 $ 10.68 $ 6.48 $ 27.00 Weighted average number of shares (in 000’s) 257,432 269,552 257,056 289,791 268,483

Related Parties - Sponsor and T

Related Parties - Sponsor and Trustee	12 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Parties - Sponsor and Trustee	4. Related Parties – Sponsor and Trustee The Trust’s only recurring fixed 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 which include fees and expenses of the Trustee, the fees and expenses of the Custodian for the custody of the Trust’s gold bars, the fees and expenses of the Sponsor, certain taxes, the fees of the Marketing Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and other marketing costs and expenses. 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.

Concentration of Risk

Concentration of Risk	12 Months Ended
	Sep. 30, 2020
Risks and Uncertainties [Abstract]
Concentration of Risk	5. Concentration of Risk The Trust’s sole business activity is the investment of gold. Several 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.

Indemnification

Indemnification	12 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Indemnification	6. 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.

Financial Highlights

Financial Highlights	12 Months Ended
	Sep. 30, 2020
Investment Company [Abstract]
Financial Highlights	7. Financial Highlights The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the years ended September 30, 2020, 2019 and 2018. 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. Year Ended Sep-30, 2020 Year Ended Sep-30, 2019 Year Ended Sep-30, 2018 Net Asset Value Net asset value per Share, beginning of period $ 140.00 $ 112.35 $ 121.91 Net investment income/(loss) (0.64 ) (0.50 ) (0.49 ) Net Realized and Change in Unrealized Gain/(Loss) 37.79 28.15 (9.07 ) Net Income/(Loss) 37.15 27.65 (9.56 ) Net asset value per Share, end of period $ 177.15 $ 140.00 $ 112.35 Market value per Share, beginning of period $ 138.87 $ 112.76 $ 121.58 Market value per Share, end of period $ 177.12 $ 138.87 $ 112.76 Ratio to average net assets Net Investment loss (0.40 )% (0.40 )% (0.40 )% Gross expenses 0.40 % 0.40 % 0.40 % Net expenses 0.40 % 0.40 % 0.40 % Total Return, at net asset value 26.54 % 24.61 % (7.84 )% Total Return, at market value 27.54 % 23.16 % (7.25 )%

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting	2.1. Basis of Accounting 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.
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$) September 30, 2020 Level 1 Level 2 Level 3 Investment in Gold $ 76,978,000 $ — $ — Total $ 76,978,000 $ — $ — (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 for the years ended September 30, 2020 and 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 HSBC Bank plc, 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. During the year ended September 30, 2020, some gold was held with a subcustodian (the Bank of England) from April 15, 2020 to August 1 3 3
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. (Amounts in 000’s of US$) Sep-30, 2020 Sep-30, 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 (Amounts in 000’s of US$) Sep-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 years ended September 30, 2020, 2019 and 2018 are as follows: (All amounts are in 000’s) Year Ended Sep-30, Year Ended Sep-30, Year Ended Sep-30, Activity in Number of Shares Created and Redeemed: Creations 201,800 144,900 47,200 Redemptions (81,400 ) (83,000 ) (87,600 ) Net Change in Number of Shares Created and Redeemed 120,400 61,900 (40,400 ) (Amounts in 000’s of US$) Year Ended Sep-30, 20 Year Ended Sep-30, Year Ended Sep-30, Activity in Value of Shares Created and Redeemed: Creations $ 32,600,221 $ 18,906,803 $ 5,853,569 Redemptions (12,690,598 ) (10,520,483 ) (10,569,020 ) Net Change in Value of Shares Created and Redeemed $ 19,909,623 $ 8,386,320 $ (4,715,451 )
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 The Trust’s net realized and change in unrealized appreciation/(depreciation) on investment in gold for the year ended September 30, 2020 of $13,309,558 is made up of a realized gain of $37,273 from the sale of gold to pay expenses, a realized gain of $2,138,221 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $11,134,064 on investment in gold. The Trust’s net realized and change in unrealized appreciation/(depreciation) on investment in gold for the year ended September 30, 2019 of $7,385,336 is made up of a realized gain of $6,023 from the sale of gold to pay expenses, a realized gain of $593,851 from gold distributed for the redemption of Shares, and a change in unrealized appreciation of $6,785,462 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 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 September 30, 2020 or 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”
New Accounting Pronouncements	2.9. New Accounting Pronouncements In August 2018, the FASB issued Accounting Standards Update 2018-13, 2018-13”). 2018-13

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 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$) September 30, 2020 Level 1 Level 2 Level 3 Investment in Gold $ 76,978,000 $ — $ — Total $ 76,978,000 $ — $ — (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. (Amounts in 000’s of US$) Sep-30, 2020 Sep-30, 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 (Amounts in 000’s of US$) Sep-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 years ended September 30, 2020, 2019 and 2018 are as follows: (All amounts are in 000’s) Year Ended Sep-30, Year Ended Sep-30, Year Ended Sep-30, Activity in Number of Shares Created and Redeemed: Creations 201,800 144,900 47,200 Redemptions (81,400 ) (83,000 ) (87,600 ) Net Change in Number of Shares Created and Redeemed 120,400 61,900 (40,400 ) (Amounts in 000’s of US$) Year Ended Sep-30, 20 Year Ended Sep-30, Year Ended Sep-30, Activity in Value of Shares Created and Redeemed: Creations $ 32,600,221 $ 18,906,803 $ 5,853,569 Redemptions (12,690,598 ) (10,520,483 ) (10,569,020 ) Net Change in Value of Shares Created and Redeemed $ 19,909,623 $ 8,386,320 $ (4,715,451 )

Quarterly Statements of Opera_2

Quarterly Statements of Operations (Tables)	12 Months Ended
	Sep. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Statements of Operations	Fiscal Period Ended September 30, 2020 Three Months Ended (unaudited) (Amounts in 000’s of US$, except per share data) Dec-31, 2019 Mar-31, 2020 Jun-30, 2020 Sep-30, 2020 Year Ended Sep-30, EXPENSES Sponsor fees $ 43,274 $ 46,472 $ 59,373 $ 76,511 $ 225,630 Total expenses 43,274 46,472 59,373 76,511 225,630 Net investment loss (43,274 ) (46,472 ) (59,373 ) (76,511 ) (225,630 ) Net realized and change in unrealized gain/(loss) on investment in gold Net realized gain/(loss) from investment in gold sold to pay expenses 4,663 6,379 9,602 16,629 37,273 Net realized gain/(loss) from gold distributed for the redemption of shares 280,217 660,138 234,654 963,212 2,138,221 Net change in unrealized appreciation/(depreciation) on investment in gold 775,897 1,725,878 5,106,297 3,525,992 11,134,064 Net realized and change in unrealized gain/(loss) on investment in gold 1,060,777 2,392,395 5,350,553 4,505,833 13,309,558 Net income/(loss) $ 1,017,503 $ 2,345,923 $ 5,291,180 $ 4,429,322 $ 13,083,928 Net income/(loss) per share $ 3.30 $ 7.47 $ 14.23 $ 10.43 $ 36.89 Weighted average number of shares (in 000’s) 308,139 313,959 371,913 424,538 354,701 Fiscal Period Ended September 30, 2019 Three Months Ended (unaudited) (Amounts in 000’s of US$, except per share data) Dec-31, 2018 Mar-31, 2019 Jun-30, 2019 Sep-30, 2019 Year Ended Sep-30, EXPENSES Sponsor fees $ 30,168 $ 32,745 $ 31,689 $ 40,573 $ 135,175 Total expenses 30,168 32,745 31,689 40,573 135,175 Net investment loss (30,168) (32,745 ) (31,689 ) (40,573 ) (135,175 ) Net realized and change in unrealized gain/(loss) on investment in gold Net realized gain/(loss) from investment in gold sold to pay expenses (823 ) 1,092 930 4,824 6,023 Net realized gain/(loss) from gold distributed for the redemption of shares (37,588 ) 120,555 98,484 412,400 593,851 Net change in unrealized appreciation/(depreciation) on investment in gold 2,350,861 255,938 2,677,530 1,501,133 6,785,462 Net realized and change in unrealized gain/(loss) on investment in gold 2,312,450 377,585 2,776,944 1,918,357 7,385,336 Net income/(loss) $ 2,282,282 $ 344,840 $ 2,745,255 $ 1,877,784 $ 7,250,161 Net income/(loss) per share $ 8.87 $ 1.28 $ 10.68 $ 6.48 $ 27.00 Weighted average number of shares (in 000’s) 257,432 269,552 257,056 289,791 268,483

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Sep. 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 years ended September 30, 2020, 2019 and 2018. 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. Year Ended Sep-30, 2020 Year Ended Sep-30, 2019 Year Ended Sep-30, 2018 Net Asset Value Net asset value per Share, beginning of period $ 140.00 $ 112.35 $ 121.91 Net investment income/(loss) (0.64 ) (0.50 ) (0.49 ) Net Realized and Change in Unrealized Gain/(Loss) 37.79 28.15 (9.07 ) Net Income/(Loss) 37.15 27.65 (9.56 ) Net asset value per Share, end of period $ 177.15 $ 140.00 $ 112.35 Market value per Share, beginning of period $ 138.87 $ 112.76 $ 121.58 Market value per Share, end of period $ 177.12 $ 138.87 $ 112.76 Ratio to average net assets Net Investment loss (0.40 )% (0.40 )% (0.40 )% Gross expenses 0.40 % 0.40 % 0.40 % Net expenses 0.40 % 0.40 % 0.40 % Total Return, at net asset value 26.54 % 24.61 % (7.84 )% Total Return, at market value 27.54 % 23.16 % (7.25 )%

Organization - Additional Infor

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

Significant Accounting Polici_4

Significant Accounting Policies - Summary of Trust's Investments at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Investment Holdings [Line Items]
Investment in Gold	$ 76,978,000	$ 44,169,240
Level 1 [Member]
Investment Holdings [Line Items]
Investment in Gold	76,978,000	44,169,240
Level 1 [Member] | Investment In Gold [Member]
Investment Holdings [Line Items]
Investment in Gold	76,978,000	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

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail)	3 Months Ended								12 Months Ended
	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)t	Sep. 30, 2018USD ($)
Accounting Policies [Abstract]
Fair value of assets and liabilities, amount transferred between levels									$ 0	$ 0
Gold held by subcustodian | t										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	$ 4,505,833,000	$ 5,350,553,000	$ 2,392,395,000	$ 1,060,777,000	$ 1,918,357,000	$ 2,776,944,000	$ 377,585,000	$ 2,312,450,000	$ 13,309,558,000	$ 7,385,336,000	$ (2,483,235,000)
Net realized gain/(loss) from investment in gold sold to pay expenses	16,629,000	9,602,000	6,379,000	4,663,000	4,824,000	930,000	1,092,000	(823,000)	37,273,000	6,023,000	2,987,000
Net realized gain/(loss) from gold distributed for the redemption of shares	963,212,000	234,654,000	660,138,000	280,217,000	412,400,000	98,484,000	120,555,000	(37,588,000)	2,138,221,000	593,851,000	147,334,000
Net change in unrealized appreciation/(depreciation) on investment in gold	3,525,992,000	$ 5,106,297,000	$ 1,725,878,000	$ 775,897,000	1,501,133,000	$ 2,677,530,000	$ 255,938,000	$ 2,350,861,000	11,134,064,000	6,785,462,000	$ (2,633,556,000)
Liability for uncertain tax positions - current	$ 0				$ 0				$ 0	$ 0
Percentage of gold held as good delivery gold bars	100.00%								100.00%

Significant Accounting Polici_6

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

Significant Accounting Polici_7

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

Significant Accounting Polici_8

Significant Accounting Policies - Creations and Redemptions of Shares (Detail) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Activity in Number of Shares Created and Redeemed:
Creations	201,800	144,900	47,200
Redemptions	(81,400)	(83,000)	(87,600)
Net Change in Number of Shares Created and Redeemed	120,400	61,900	(40,400)
Activity in Value of Shares Created and Redeemed:
Creations	$ 32,600,221	$ 18,906,803	$ 5,853,569
Redemptions	(12,690,598)	(10,520,483)	(10,569,020)
Net Change in Value of Shares Created and Redeemed	$ 19,909,623	$ 8,386,320	$ (4,715,451)

Quarterly Statements of Opera_3

Quarterly Statements of Operations - Quarterly Statements of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
EXPENSES
Sponsor fees	$ 76,511	$ 59,373	$ 46,472	$ 43,274	$ 40,573	$ 31,689	$ 32,745	$ 30,168	$ 225,630	$ 135,175	$ 136,300
Total expenses	76,511	59,373	46,472	43,274	40,573	31,689	32,745	30,168	225,630	135,175	136,300
Net investment loss	(76,511)	(59,373)	(46,472)	(43,274)	(40,573)	(31,689)	(32,745)	(30,168)	(225,630)	(135,175)	(136,300)
Net realized and change in unrealized gain/(loss) on investment in gold
Net realized gain/(loss) from investment in gold sold to pay expenses	16,629	9,602	6,379	4,663	4,824	930	1,092	(823)	37,273	6,023	2,987
Net realized gain/(loss) from gold distributed for the redemption of shares	963,212	234,654	660,138	280,217	412,400	98,484	120,555	(37,588)	2,138,221	593,851	147,334
Net change in unrealized appreciation/(depreciation) on investment in gold	3,525,992	5,106,297	1,725,878	775,897	1,501,133	2,677,530	255,938	2,350,861	11,134,064	6,785,462	(2,633,556)
Net realized and change in unrealized gain/(loss) on investment in gold	4,505,833	5,350,553	2,392,395	1,060,777	1,918,357	2,776,944	377,585	2,312,450	13,309,558	7,385,336	(2,483,235)
Net income/(loss)	$ 4,429,322	$ 5,291,180	$ 2,345,923	$ 1,017,503	$ 1,877,784	$ 2,745,255	$ 344,840	$ 2,282,282	$ 13,083,928	$ 7,250,161	$ (2,619,535)
Net income/(loss) per share	$ 10.43	$ 14.23	$ 7.47	$ 3.30	$ 6.48	$ 10.68	$ 1.28	$ 8.87	$ 36.89	$ 27	$ (9.35)
Weighted average number of shares (in 000's)	424,538	371,913	313,959	308,139	289,791	257,056	269,552	257,432	354,701	268,483	280,153

Related Parties - Sponsor and_2

Related Parties - Sponsor and Trustee - Additional Information (Detail)	12 Months Ended
	Sep. 30, 2020
Sponsor [Member]
Related Party Transaction [Line Items]
Related party fees payable at annual rate	0.40%

Financial Highlights - Summary

Financial Highlights - Summary of Financial Highlights (Detail) - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Net Asset Value
Net asset value per Share, beginning of period	$ 140	$ 112.35	$ 121.91
Net investment income/(loss)	(0.64)	(0.50)	(0.49)
Net Realized and Change in Unrealized Gain/(Loss)	37.79	28.15	(9.07)
Net Income/(Loss)	37.15	27.65	(9.56)
Net asset value per Share, end of period	177.15	140	112.35
Market value per Share, beginning of period	138.87	112.76	121.58
Market value per Share, end of period	$ 177.12	$ 138.87	$ 112.76
Ratio to average net assets
Net Investment loss	(0.40%)	(0.40%)	(0.40%)
Gross expenses	0.40%	0.40%	0.40%
Net expenses	0.40%	0.40%	0.40%
Total Return, at net asset value	26.54%	24.61%	(7.84%)
Total Return, at market value	27.54%	23.16%	(7.25%)