Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2017 | Aug. 04, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GLDW | |
Entity Registrant Name | World Currency Gold Trust | |
Entity Central Index Key | 1,618,181 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 160,000 |
Combined Statement of Financial
Combined Statement of Financial Condition $ in Thousands | Jun. 30, 2017USD ($)$ / sharesshares | [1] |
ASSETS | ||
Investment in Gold (cost $25,483 at June 30, 2017) | $ 26,233 | |
Total Assets | 26,233 | |
LIABILITIES | ||
Accounts payable to Sponsor | 7 | |
Gold Delivery Agreement payable | 136 | |
Total Liabilities | 143 | |
Net Assets | $ 26,090 | |
Shares issued | shares | 220,000 | [2] |
Shares outstanding | shares | 220,000 | [2] |
Net asset value per Share | $ / shares | $ 118.59 | |
SPDR Long Dollar Gold Trust [Member] | ||
ASSETS | ||
Investment in Gold (cost $25,483 at June 30, 2017) | $ 26,233 | |
Total Assets | 26,233 | |
LIABILITIES | ||
Accounts payable to Sponsor | 7 | |
Gold Delivery Agreement payable | 136 | |
Total Liabilities | 143 | |
Net Assets | $ 26,090 | |
Shares issued | shares | 220,000 | [2] |
Shares outstanding | shares | 220,000 | [2] |
Net asset value per Share | $ / shares | $ 118.59 | |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. | |
[2] | Authorized share capital is unlimited and the par value of the Shares is $0.00. |
Combined Statement of Financia3
Combined Statement of Financial Condition (Parenthetical) $ in Thousands | Jun. 30, 2017USD ($)$ / shares | |
Investment in Gold, at cost | $ 25,483 | [1] |
Common stock, par value | $ / shares | $ 0 | |
SPDR Long Dollar Gold Trust [Member] | ||
Investment in Gold, at cost | $ 25,483 | [1] |
Common stock, par value | $ / shares | $ 0 | |
Investment in Gold [Member] | ||
Investment in Gold, at cost | $ 25,483 | [1] |
Investment in Gold [Member] | SPDR Long Dollar Gold Trust [Member] | ||
Investment in Gold, at cost | $ 25,483 | [1] |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Combined Schedule of Investment
Combined Schedule of Investments | 9 Months Ended | |
Jun. 30, 2017USD ($)oz | [1] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total Investments, % of Net Assets | 100.55% | |
Liabilities in excess of other assets, % of Net Assets | (0.55%) | |
Net Assets, % of Net Assets | 100.00% | |
Total Investments, Fair Value | $ 26,233,000 | |
Liabilities in excess of other assets | (143,000) | |
Net Assets, Fair Value | $ 26,090,000 | |
Total Investments, Ounces of gold | oz | 21.1 | |
Total Investments, Cost | $ 25,483,000 | |
Gold Delivery Agreement [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total Investments, % of Net Assets | 0.00% | |
Gold Delivery Agreement, Counter-Party | Merrill Lynch International | |
Gold Delivery Agreement, Notional Value | $ 26,233,000 | |
Gold Delivery Agreement, Expiration Date | Jun. 28, 2019 | |
Gold Delivery Agreement, Unrealized Appreciation/(Depreciation) | $ 0 | |
Investment in Gold [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total Investments, % of Net Assets | 100.55% | |
Total Investments, Fair Value | $ 26,233,000 | |
Total Investments, Ounces of gold | oz | 21.1 | |
Total Investments, Cost | $ 25,483,000 | |
SPDR Long Dollar Gold Trust [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total Investments, % of Net Assets | 100.55% | |
Liabilities in excess of other assets, % of Net Assets | (0.55%) | |
Net Assets, % of Net Assets | 100.00% | |
Total Investments, Fair Value | $ 26,233,000 | |
Liabilities in excess of other assets | (143,000) | |
Net Assets, Fair Value | $ 26,090,000 | |
Total Investments, Ounces of gold | oz | 21.1 | |
Total Investments, Cost | $ 25,483,000 | |
SPDR Long Dollar Gold Trust [Member] | Gold Delivery Agreement [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total Investments, % of Net Assets | 0.00% | |
Gold Delivery Agreement, Counter-Party | Merrill Lynch International | |
Gold Delivery Agreement, Notional Value | $ 26,233,000 | |
Gold Delivery Agreement, Expiration Date | Jun. 28, 2019 | |
Gold Delivery Agreement, Unrealized Appreciation/(Depreciation) | $ 0 | |
SPDR Long Dollar Gold Trust [Member] | Investment in Gold [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total Investments, % of Net Assets | 100.55% | |
Total Investments, Fair Value | $ 26,233,000 | |
Total Investments, Ounces of gold | oz | 21.1 | |
Total Investments, Cost | $ 25,483,000 | |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Combined Statements of Operatio
Combined Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | ||
Expenses | |||
Sponsor fees | [1] | $ 22 | $ 35 |
Gold Delivery Provider fees | [1] | 11 | 18 |
Total expenses | [1] | 33 | 53 |
Net investment loss | [1] | (33) | (53) |
Net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement | |||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees | [1] | 1 | 2 |
Net realized gain/(loss) from Gold Delivery Agreement | [1] | (1,227) | (1,313) |
Net realized gain/(loss) from gold sold to cover Gold Delivery Provider fees | [1] | 115 | 154 |
Net change in unrealized appreciation/(depreciation) from investment in gold | [1] | (62) | 750 |
Net realized and change in unrealized gain/(loss) from investment in gold and Gold Delivery Agreement | [1] | (1,173) | (407) |
Net Loss | [1] | $ (1,206) | $ (460) |
Net Income/(loss) per share | [1] | $ (5.48) | $ (2.20) |
Weighted average number of shares (in 000's) | [1] | 220 | 209 |
SPDR Long Dollar Gold Trust [Member] | |||
Expenses | |||
Sponsor fees | [1] | $ 22 | $ 35 |
Gold Delivery Provider fees | [1] | 11 | 18 |
Total expenses | [1] | 33 | 53 |
Net investment loss | [1] | (33) | (53) |
Net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement | |||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees | [1] | 1 | 2 |
Net realized gain/(loss) from Gold Delivery Agreement | [1] | (1,227) | (1,313) |
Net realized gain/(loss) from gold sold to cover Gold Delivery Provider fees | [1] | 115 | 154 |
Net change in unrealized appreciation/(depreciation) from investment in gold | [1] | (62) | 750 |
Net realized and change in unrealized gain/(loss) from investment in gold and Gold Delivery Agreement | [1] | (1,173) | (407) |
Net Loss | [1] | $ (1,206) | $ (460) |
Net Income/(loss) per share | [1] | $ (5.48) | $ (2.20) |
Weighted average number of shares (in 000's) | [1] | 220 | 209 |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Combined Statements of Cash Flo
Combined Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | ||
INCREASE/DECREASE IN CASH FROM OPERATIONS: | |||
Cash proceeds received from sales of gold | [1] | $ 34 | $ 46 |
Cash expenses paid | [1] | (34) | (46) |
Increase/(Decrease) in cash resulting from operations | [1] | 0 | 0 |
INCREASE/DECREASE IN CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash proceeds from issuance of stock | [1] | 1 | |
Cash paid for repurchase of stock | [1] | (1) | |
Increase/(Decrease) in cash resulting from financing activities | [1] | 0 | 0 |
Cash and cash equivalents at beginning of period | [1] | 0 | 0 |
Cash and cash equivalents at end of period | [1] | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | |||
Value of gold received for creation of shares - net of gold receivable | [1] | 26,550 | |
Value of gold distributed for redemption of shares - net of gold payable | [1] | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING ACTIVITIES: | |||
Value of Gold Delivery Agreement inflows - net of Gold Delivery Agreement receivable | [1] | 1,697 | 3,137 |
Value of Gold Delivery Agreement outflows - net of Gold Delivery Agreement payable | [1] | (2,628) | (4,314) |
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES | |||
Net Loss | [1] | (1,206) | (460) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities | |||
Proceeds from sales of gold to pay expenses | [1] | 34 | 46 |
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees | [1] | (1) | (2) |
Net realized (gain)/loss from Gold Delivery Agreement | [1] | 1,227 | 1,313 |
Net realized (gain)/loss from gold sold to cover Gold Delivery Provider fees | [1] | (115) | (154) |
Net change in unrealized (appreciation)/depreciation on investment in gold | [1] | 62 | (750) |
Increase/(Decrease) in accounts payable to Sponsor | [1] | (1) | 7 |
Net cash provided by operating activities | [1] | 0 | 0 |
SPDR Long Dollar Gold Trust [Member] | |||
INCREASE/DECREASE IN CASH FROM OPERATIONS: | |||
Cash proceeds received from sales of gold | [1] | 34 | 46 |
Cash expenses paid | [1] | (34) | (46) |
Increase/(Decrease) in cash resulting from operations | [1] | 0 | 0 |
INCREASE/DECREASE IN CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash proceeds from issuance of stock | [1] | 1 | |
Cash paid for repurchase of stock | [1] | (1) | |
Increase/(Decrease) in cash resulting from financing activities | [1] | 0 | 0 |
Cash and cash equivalents at beginning of period | [1] | 0 | 0 |
Cash and cash equivalents at end of period | [1] | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | |||
Value of gold received for creation of shares - net of gold receivable | [1] | 26,550 | |
Value of gold distributed for redemption of shares - net of gold payable | [1] | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING ACTIVITIES: | |||
Value of Gold Delivery Agreement inflows - net of Gold Delivery Agreement receivable | [1] | 1,697 | 3,137 |
Value of Gold Delivery Agreement outflows - net of Gold Delivery Agreement payable | [1] | (2,628) | (4,314) |
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES | |||
Net Loss | [1] | (1,206) | (460) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities | |||
Proceeds from sales of gold to pay expenses | [1] | 34 | 46 |
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees | [1] | (1) | (2) |
Net realized (gain)/loss from Gold Delivery Agreement | [1] | 1,227 | 1,313 |
Net realized (gain)/loss from gold sold to cover Gold Delivery Provider fees | [1] | (115) | (154) |
Net change in unrealized (appreciation)/depreciation on investment in gold | [1] | 62 | (750) |
Increase/(Decrease) in accounts payable to Sponsor | [1] | (1) | 7 |
Net cash provided by operating activities | [1] | $ 0 | $ 0 |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Combined Statement of Changes i
Combined Statement of Changes in Net Assets $ in Thousands | 9 Months Ended | |
Jun. 30, 2017USD ($) | [1] | |
Net Assets - Opening Balance | $ 0 | |
Creations | 26,550 | |
Repurchase of stock | (1) | |
Issuance of stock | 1 | |
Net investment loss | (53) | |
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees | 2 | |
Net realized gain/(loss) from Gold Delivery Agreement | (1,313) | |
Net realized gain/(loss) from gold sold to cover Gold Delivery Provider fees | 154 | |
Net change in unrealized appreciation/(depreciation) on investment in gold | 750 | |
Net Assets - Closing Balance | 26,090 | |
SPDR Long Dollar Gold Trust [Member] | ||
Net Assets - Opening Balance | 0 | |
Creations | 26,550 | |
Repurchase of stock | (1) | |
Issuance of stock | 1 | |
Net investment loss | (53) | |
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees | 2 | |
Net realized gain/(loss) from Gold Delivery Agreement | (1,313) | |
Net realized gain/(loss) from gold sold to cover Gold Delivery Provider fees | 154 | |
Net change in unrealized appreciation/(depreciation) on investment in gold | 750 | |
Net Assets - Closing Balance | $ 26,090 | |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Organization
Organization | 9 Months Ended |
Jun. 30, 2017 | |
Organization | 1. Organization World Currency Gold Trust (the “Trust”) was organized as a Delaware statutory trust on August 27, 2014 and is governed by the Third Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”), dated as of January 6, 2017, between WGC USA Asset Management Company, LLC (the “Sponsor”) and the Delaware Trust Company (the “Trustee”). The Trust is authorized to issue an unlimited number of shares of beneficial interest (“Shares”). The beneficial interest in the Trust may be divided into one or more series. The Trust has established five separate series. The accompanying unaudited financial statements relate to the Trust and the SPDR ® The investment objective of the Fund is to seek to track the performance of the Solactive GLD ® i.e. BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (“BNYM”) is the Administrator and Transfer Agent of the Fund. BNYM also serves as the custodian of the Fund’s cash, if any. HSBC Bank plc (the “Custodian”) is responsible for custody of the Fund’s gold bullion. Merrill Lynch International is the Gold Delivery Provider to the Fund. State Street Global Markets, LLC is the marketing agent of the Fund. Solactive AG (“Index Provider”) has licensed the Index to the Sponsor for use with the Fund. The statement of financial condition and schedule of investments at June 30, 2017, the statements of operations and of cash flows for the three and nine months ended June 30, 2017 and the statement of changes in net assets for the nine months ended June 30, 2017 have been prepared on behalf of the Trust and the Fund without audit. In the opinion of management of the Sponsor, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and nine months ended June 30, 2017 and for all periods presented have been made. The results of operations for the three and nine months ended June 30, 2017 are not necessarily indicative of the operating results for the full fiscal year. Capitalized terms used but not defined herein shall have the meaning as set forth in the Declaration of Trust. The Trust had no operations with respect to the Fund’s Shares prior to January 27, 2017 other than matters relating to its organization, the registration of the Fund’s Shares under the Securities Act of 1933, as amended, and the sale and issuance by the Fund on December 19, 2016 to WGC (US) Holdings, Inc. of 10 Shares of the Fund for an aggregate purchase price of $1,000. |
SPDR Long Dollar Gold Trust [Member] | |
Organization | 1. Organization World Currency Gold Trust (the “Trust”) was organized as a Delaware statutory trust on August 27, 2014 and is governed by the Third Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”), dated as of January 6, 2017, between WGC USA Asset Management Company, LLC (the “Sponsor”) and the Delaware Trust Company (the “Trustee”). The Trust is authorized to issue an unlimited number of shares of beneficial interest (“Shares”). The beneficial interest in the Trust may be divided into one or more series. The Trust has established five separate series. The accompanying unaudited financial statements relate to the Trust and the SPDR ® The investment objective of the Fund is to seek to track the performance of the Solactive GLD ® i.e. BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (“BNYM”) is the Administrator and Transfer Agent of the Fund. BNYM also serves as the custodian of the Fund’s cash, if any. HSBC Bank plc (the “Custodian”) is responsible for custody of the Fund’s gold bullion. Merrill Lynch International is the Gold Delivery Provider to the Fund. State Street Global Markets, LLC is the marketing agent of the Fund. Solactive AG (“Index Provider”) has licensed the Index to the Sponsor for use with the Fund. The statement of financial condition and schedule of investments at June 30, 2017, the statements of operations and of cash flows for the three and nine months ended June 30, 2017 and the statement of changes in net assets for the nine months ended June 30, 2017 have been prepared on behalf of the Trust and the Fund without audit. In the opinion of management of the Sponsor, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and nine months ended June 30, 2017 and for all periods presented have been made. The results of operations for the three and nine months ended June 30, 2017 are not necessarily indicative of the operating results for the full fiscal year. Capitalized terms used but not defined herein shall have the meaning as set forth in the Declaration of Trust. The Trust had no operations with respect to the Fund’s Shares prior to January 27, 2017 other than matters relating to its organization, the registration of the Fund’s Shares under the Securities Act of 1933, as amended, and the sale and issuance by the Fund on December 19, 2016 to WGC (US) Holdings, Inc. of 10 Shares of the Fund for an aggregate purchase price of $1,000. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2017 | |
Significant Accounting Policies | 2. Significant Accounting Policies The following is a summary of significant accounting policies. 2.1. Basis of Accounting The accompanying unaudited financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the unaudited financial statements. Actual results could differ from those estimates. These financial statements present the financial condition, results of operations and cash flows of the Fund and the Fund and Trust combined. For the periods presented, there were no balances or activity for the Trust apart from those from the Fund when combined, and the footnotes accordingly relate to the Fund, unless stated otherwise. 2.2. Basis of Presentation The financial statements are presented for the Trust, as the SEC registrant, combined with the Fund and for the Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund shall be enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other fund that the Trust may establish in the future. 2.3. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments of sufficient credit quality with original maturity of three months or less. 2.4. Investment Company Status The Fund is an investment company in accordance with U.S. GAAP and follows the accounting and reporting guidance according to Accounting Standards Codification Topic 946. 2.5. Solactive GLD ® Pursuant to the terms of the Gold Delivery Agreement, the Fund will enter into a transaction to deliver gold bullion to, or receive gold bullion from, Merrill Lynch International, as Gold Delivery Provider, each Business Day. The amount of gold bullion transferred essentially will be equivalent to the Fund’s profit or loss as if the Fund had exchanged the Reference Currencies comprising the FX Basket, in the proportion in which they are reflected in the Index, for USDs in an amount equal to the Fund’s holdings of gold bullion on such day. In general, if there is a currency gain ( i.e., i.e., The Index is designed to represent the daily performance of a long position in physical gold, as represented by the LBMA Gold Price AM, and a short position in the basket of Reference Currencies with weightings determined by the Index (“FX Basket”). The Reference Currencies and their respective weightings in the Index are as follows: euro (EUR/USD) (57.6%), Japanese yen (USD/JPY) (13.6%), British pound sterling (GBP/USD) (11.9%), Canadian dollar (USD/CAD) (9.1%), Swedish krona (USD/SEK) (4.2%), and Swiss franc (USD/CHF) (3.6%). 2.6. Fair Value Measurement U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund’s policy is to value its investments at fair value. Various inputs are used in determining the fair value of the Fund’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are 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 and liability, including the Fund’s assumptions (if any) used in determining the fair value of investments. The following table summarizes the Fund’s investments at fair value: (Amounts in 000’s of US$) June 30, 2017 Level 1 Level 2 Level 3 Investment in Gold $ 26,233 $ — $ — Gold Delivery Agreement — — — Total $ 26,233 $ — $ — There were no transfers between Level 1 and other Levels for the nine months ended June 30, 2017. The Administrator values the gold held by the Fund on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the LBMA Gold Price. In determining the net asset value (“NAV”) of the Fund, the Administrator values the gold held by the Fund on the basis of the price of an ounce of gold determined by the IBA 10:30 AM auction process (“LBMA Gold Price AM”), which is an electronic auction, with the imbalance calculated and the price adjusted in rounds (45 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of the Fund on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price AM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM is used in the determination of the NAV of the Fund, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. 2.7. Custody of Gold Gold bullion is held by HSBC Bank plc on behalf of the Fund. During the nine month period ended June 30, 2017, no gold was held by a subcustodian. 2.8. Gold Delivery Agreement Receivable Gold Delivery Agreement receivable represents the quantity of gold due to be received under the Gold Delivery Agreement. The gold is transferred to the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. Jun-30, (Amounts in 000’s of US$) Gold Delivery Agreement receivable $ — 2.9. Gold Delivery Agreement Payable Gold Delivery Agreement payable represents the quantity of gold due to be delivered under the Gold Delivery Agreement. The gold is transferred from the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. (Amounts in 000’s of US$) Jun-30, Gold Delivery Agreement payable $ 136 2.10. Creations and Redemptions of Shares The Fund creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 10,000 Shares). The Fund issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold and any cash represented by the Creation Units being created or redeemed, the amount of which will be based on the net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received. The Fund commenced trading shares in January 2017. As the Shares of the Fund are redeemable in Creation Units at the option of the Authorized Participants, the Fund has classified the Shares as Net Assets. Changes in the Shares for the nine months ended June 30, 2017 are as follows: Nine Months Ended (Amounts in 000’s) Activity in Number of Shares Issued and Outstanding: Creations 220 Redemptions (— ) Net change in number of Shares Issued and Outstanding 220 Nine Months Ended Jun-30, (Amounts in 000’s of US$) Activity in Value of Shares Issued and Outstanding: Creations $ 26,550 Redemptions (— ) Net change in value of Shares Issued and Outstanding $ 26,550 2.11. Revenue Recognition Policy The Administrator will, at the direction of the Sponsor, sell the Fund’s gold as necessary to pay the Fund’s expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Fund’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, to meet expenses the Administrator will sell gold to the Custodian at the next LBMA Gold Price AM 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 Statement of Operations. All numbers referenced in note 2.11 are in thousands. The Fund’s net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement for the nine month period ended June 30, 2017 of ($407) is made up of a realized gain of $2 from the sale of gold to pay Sponsor fees, a realized loss of ($1,313) from the Gold Delivery Agreement, a realized gain of $154 from gold sold to cover Gold Delivery Provider fees, and a change in unrealized appreciation of $750 on investment in gold and Gold Delivery Agreement. The Fund’s net realized and change in unrealized gain/(loss) on investment in gold for the three month period ended June 30, 2017 of ($1,173) is made up of a realized gain of $1 from the sale of gold to pay Sponsor fees, a realized loss of ($1,227) from the Gold Delivery Agreement, a realized gain of $115 from gold sold to cover Gold Delivery Provider fees, and a net decrease in unrealized appreciation of ($62) on investment in gold. 2.12. Income Taxes The Fund is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Fund will not be subject to U.S. federal income tax. Instead, the Fund’s income and expenses “flow through” to the Shareholders, and the Administrator reports the Fund’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 June 30, 2017. |
SPDR Long Dollar Gold Trust [Member] | |
Significant Accounting Policies | 2. Significant Accounting Policies The following is a summary of significant accounting policies. 2.1. Basis of Accounting The accompanying unaudited financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the unaudited financial statements. Actual results could differ from those estimates. These financial statements present the financial condition, results of operations and cash flows of the Fund and the Fund and Trust combined. For the periods presented, there were no balances or activity for the Trust apart from those from the Fund when combined, and the footnotes accordingly relate to the Fund, unless stated otherwise. 2.2. Basis of Presentation The financial statements are presented for the Trust, as the SEC registrant, combined with the Fund and for the Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund shall be enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other fund that the Trust may establish in the future. 2.3. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments of sufficient credit quality with original maturity of three months or less. 2.4. Investment Company Status The Fund is an investment company in accordance with U.S. GAAP and follows the accounting and reporting guidance according to Accounting Standards Codification Topic 946. 2.5. Solactive GLD ® Pursuant to the terms of the Gold Delivery Agreement, the Fund will enter into a transaction to deliver gold bullion to, or receive gold bullion from, Merrill Lynch International, as Gold Delivery Provider, each Business Day. The amount of gold bullion transferred essentially will be equivalent to the Fund’s profit or loss as if the Fund had exchanged the Reference Currencies comprising the FX Basket, in the proportion in which they are reflected in the Index, for USDs in an amount equal to the Fund’s holdings of gold bullion on such day. In general, if there is a currency gain ( i.e., i.e., The Index is designed to represent the daily performance of a long position in physical gold, as represented by the LBMA Gold Price AM, and a short position in the basket of Reference Currencies with weightings determined by the Index (“FX Basket”). The Reference Currencies and their respective weightings in the Index are as follows: euro (EUR/USD) (57.6%), Japanese yen (USD/JPY) (13.6%), British pound sterling (GBP/USD) (11.9%), Canadian dollar (USD/CAD) (9.1%), Swedish krona (USD/SEK) (4.2%), and Swiss franc (USD/CHF) (3.6%). 2.6. Fair Value Measurement U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund’s policy is to value its investments at fair value. Various inputs are used in determining the fair value of the Fund’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are 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 and liability, including the Fund’s assumptions (if any) used in determining the fair value of investments. The following table summarizes the Fund’s investments at fair value: (Amounts in 000’s of US$) June 30, 2017 Level 1 Level 2 Level 3 Investment in Gold $ 26,233 $ — $ — Gold Delivery Agreement — — — Total $ 26,233 $ — $ — There were no transfers between Level 1 and other Levels for the nine months ended June 30, 2017. The Administrator values the gold held by the Fund on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the LBMA Gold Price. In determining the net asset value (“NAV”) of the Fund, the Administrator values the gold held by the Fund on the basis of the price of an ounce of gold determined by the IBA 10:30 AM auction process (“LBMA Gold Price AM”), which is an electronic auction, with the imbalance calculated and the price adjusted in rounds (45 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of the Fund on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price AM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM is used in the determination of the NAV of the Fund, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. 2.7. Custody of Gold Gold bullion is held by HSBC Bank plc on behalf of the Fund. During the nine month period ended June 30, 2017, no gold was held by a subcustodian. 2.8. Gold Delivery Agreement Receivable Gold Delivery Agreement receivable represents the quantity of gold due to be received under the Gold Delivery Agreement. The gold is transferred to the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. Jun-30, (Amounts in 000’s of US$) Gold Delivery Agreement receivable $ — 2.9. Gold Delivery Agreement Payable Gold Delivery Agreement payable represents the quantity of gold due to be delivered under the Gold Delivery Agreement. The gold is transferred from the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. (Amounts in 000’s of US$) Jun-30, Gold Delivery Agreement payable $ 136 2.10. Creations and Redemptions of Shares The Fund creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 10,000 Shares). The Fund issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold and any cash represented by the Creation Units being created or redeemed, the amount of which will be based on the net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received. The Fund commenced trading shares in January 2017. As the Shares of the Fund are redeemable in Creation Units at the option of the Authorized Participants, the Fund has classified the Shares as Net Assets. Changes in the Shares for the nine months ended June 30, 2017 are as follows: Nine Months Ended (Amounts in 000’s) Activity in Number of Shares Issued and Outstanding: Creations 220 Redemptions (— ) Net change in number of Shares Issued and Outstanding 220 Nine Months Ended Jun-30, (Amounts in 000’s of US$) Activity in Value of Shares Issued and Outstanding: Creations $ 26,550 Redemptions (— ) Net change in value of Shares Issued and Outstanding $ 26,550 2.11. Revenue Recognition Policy The Administrator will, at the direction of the Sponsor, sell the Fund’s gold as necessary to pay the Fund’s expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Fund’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, to meet expenses the Administrator will sell gold to the Custodian at the next LBMA Gold Price AM 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 Statement of Operations. All numbers referenced in note 2.11 are in thousands. The Fund’s net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement for the nine month period ended June 30, 2017 of ($407) is made up of a realized gain of $2 from the sale of gold to pay Sponsor fees, a realized loss of ($1,313) from the Gold Delivery Agreement, a realized gain of $154 from gold sold to cover Gold Delivery Provider fees, and a change in unrealized appreciation of $750 on investment in gold and Gold Delivery Agreement. The Fund’s net realized and change in unrealized gain/(loss) on investment in gold for the three month period ended June 30, 2017 of ($1,173) is made up of a realized gain of $1 from the sale of gold to pay Sponsor fees, a realized loss of ($1,227) from the Gold Delivery Agreement, a realized gain of $115 from gold sold to cover Gold Delivery Provider fees, and a net decrease in unrealized appreciation of ($62) on investment in gold. 2.12. Income Taxes The Fund is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Fund will not be subject to U.S. federal income tax. Instead, the Fund’s income and expenses “flow through” to the Shareholders, and the Administrator reports the Fund’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 June 30, 2017. |
Related Parties - Sponsor
Related Parties - Sponsor | 9 Months Ended |
Jun. 30, 2017 | |
Related Parties - Sponsor | 3. Related Parties – Sponsor The Sponsor receives an annual fee equal to 0.33% of NAV of the Fund, calculated on a daily basis. The Sponsor is responsible for the payment of all ordinary fees and expenses of the Fund, including but not limited to the following: fees charged by the Fund’s administrator, custodian, index provider, marketing agent and trustee; exchange listing fees; typical maintenance and transaction fees of The Depository Trust Company; SEC registration fees; printing and mailing costs; audit fees and expenses; and, legal fees not in excess of $100,000 per annum and expenses and applicable license fees. The Sponsor is not, however, required to pay any extraordinary expenses incurred in the ordinary course of the Fund’s business as outlined in the Sponsor’s agreement with the Trust. |
SPDR Long Dollar Gold Trust [Member] | |
Related Parties - Sponsor | 3. Related Parties – Sponsor The Sponsor receives an annual fee equal to 0.33% of NAV of the Fund, calculated on a daily basis. The Sponsor is responsible for the payment of all ordinary fees and expenses of the Fund, including but not limited to the following: fees charged by the Fund’s administrator, custodian, index provider, marketing agent and trustee; exchange listing fees; typical maintenance and transaction fees of The Depository Trust Company; SEC registration fees; printing and mailing costs; audit fees and expenses; and, legal fees not in excess of $100,000 per annum and expenses and applicable license fees. The Sponsor is not, however, required to pay any extraordinary expenses incurred in the ordinary course of the Fund’s business as outlined in the Sponsor’s agreement with the Trust. |
Fund Expenses
Fund Expenses | 9 Months Ended |
Jun. 30, 2017 | |
Fund Expenses | 4. Fund Expenses The Fund’s only ordinary recurring operating expenses are the Sponsor’s annual fee of 0.33% of the NAV of the Fund and the Gold Delivery Provider’s annual fee of 0.17% of the NAV of the Fund, each of which accrue daily. The Sponsor’s fee is payable by the Fund monthly in arrears, while the Gold Delivery Provider’s fee is paid daily, so that the Fund’s total annual expense ratio is expected to equal to 0.50% of daily net assets. Expenses payable by the Fund reduce the NAV of the Fund. |
SPDR Long Dollar Gold Trust [Member] | |
Fund Expenses | 4. Fund Expenses The Fund’s only ordinary recurring operating expenses are the Sponsor’s annual fee of 0.33% of the NAV of the Fund and the Gold Delivery Provider’s annual fee of 0.17% of the NAV of the Fund, each of which accrue daily. The Sponsor’s fee is payable by the Fund monthly in arrears, while the Gold Delivery Provider’s fee is paid daily, so that the Fund’s total annual expense ratio is expected to equal to 0.50% of daily net assets. Expenses payable by the Fund reduce the NAV of the Fund. |
Concentration of Risk
Concentration of Risk | 9 Months Ended |
Jun. 30, 2017 | |
Concentration of Risk | 5. Concentration of Risk The Fund’s primary business activities are the investment in gold bullion, the gold delivery agreement, and the issuance and sale of Shares. Various factors can affect the price of gold including: (i) global gold supply and demand, which is influenced by such factors as 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, South Africa 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; and (vi) global or regional political, economic or financial events and situations. In addition, 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 Fund’s financial position and results of operations. |
SPDR Long Dollar Gold Trust [Member] | |
Concentration of Risk | 5. Concentration of Risk The Fund’s primary business activities are the investment in gold bullion, the gold delivery agreement, and the issuance and sale of Shares. Various factors can affect the price of gold including: (i) global gold supply and demand, which is influenced by such factors as 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, South Africa 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; and (vi) global or regional political, economic or financial events and situations. In addition, 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 Fund’s financial position and results of operations. |
Foreign Currency Risk
Foreign Currency Risk | 9 Months Ended |
Jun. 30, 2017 | |
Foreign Currency Risk | 6. Foreign Currency Risk The Fund does not hold foreign currency, but it is exposed to foreign currency risk as a result of its transactions under the Gold Delivery Agreement. Foreign currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. The value of the Reference Currencies included in the FX Basket may be impacted by several factors, including: monetary policies of central banks within the relevant foreign countries or markets; global or regional economic, political or financial events; inflation or interest rates of the relevant foreign countries and investor expectations concerning inflation or interest rates; and debt levels and trade deficits of the relevant foreign countries. Currency exchange rates are influenced by the factors identified above and may also be influenced by, among other things: changing supply and demand for a particular currency; monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries); changes in balances of payments and trade; trade restrictions; and currency devaluations and revaluations. Also, governments from time to time intervene in the currency markets, directly and by regulation, in order to influence rates directly. These events and actions are unpredictable. The resulting volatility in the Reference Currency exchange rates relative to the USD could materially and adversely affect the value of the Shares. |
SPDR Long Dollar Gold Trust [Member] | |
Foreign Currency Risk | 6. Foreign Currency Risk The Fund does not hold foreign currency, but it is exposed to foreign currency risk as a result of its transactions under the Gold Delivery Agreement. Foreign currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. The value of the Reference Currencies included in the FX Basket may be impacted by several factors, including: monetary policies of central banks within the relevant foreign countries or markets; global or regional economic, political or financial events; inflation or interest rates of the relevant foreign countries and investor expectations concerning inflation or interest rates; and debt levels and trade deficits of the relevant foreign countries. Currency exchange rates are influenced by the factors identified above and may also be influenced by, among other things: changing supply and demand for a particular currency; monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries); changes in balances of payments and trade; trade restrictions; and currency devaluations and revaluations. Also, governments from time to time intervene in the currency markets, directly and by regulation, in order to influence rates directly. These events and actions are unpredictable. The resulting volatility in the Reference Currency exchange rates relative to the USD could materially and adversely affect the value of the Shares. |
Counterparty Risk
Counterparty Risk | 9 Months Ended |
Jun. 30, 2017 | |
Counterparty Risk | 7. Counterparty Risk If the Gold Delivery Provider fails to deliver Gold pursuant to its obligations under the Gold Delivery Agreement, such failure would have an adverse effect on the Fund in meeting its investment objective. Moreover, to the extent that the Gold Delivery Provider is unable to honor its obligations under the Agreement, such as due to bankruptcy or default under the Agreement or for any other reason, the Fund would need to find a new entity to act in the same capacity as the Gold Delivery Provider. If the Fund could not quickly find a new entity to act in that capacity, the Fund may not be able to meet its investment objective. The transactions under the Gold Delivery Agreement will terminate on June 28, 2019, unless the parties can agree on extension terms. If the parties cannot agree on extension terms and the Fund is unable to find a new entity to act as Gold Delivery Provider, the Fund may not be able to meet its investment objective. |
SPDR Long Dollar Gold Trust [Member] | |
Counterparty Risk | 7. Counterparty Risk If the Gold Delivery Provider fails to deliver Gold pursuant to its obligations under the Gold Delivery Agreement, such failure would have an adverse effect on the Fund in meeting its investment objective. Moreover, to the extent that the Gold Delivery Provider is unable to honor its obligations under the Agreement, such as due to bankruptcy or default under the Agreement or for any other reason, the Fund would need to find a new entity to act in the same capacity as the Gold Delivery Provider. If the Fund could not quickly find a new entity to act in that capacity, the Fund may not be able to meet its investment objective. The transactions under the Gold Delivery Agreement will terminate on June 28, 2019, unless the parties can agree on extension terms. If the parties cannot agree on extension terms and the Fund is unable to find a new entity to act as Gold Delivery Provider, the Fund may not be able to meet its investment objective. |
Derivative Contract Information
Derivative Contract Information | 9 Months Ended |
Jun. 30, 2017 | |
Derivative Contract Information | 8. Derivative Contract Information For the three and nine months ended June 30, 2017, the effect of derivative contracts in the Fund’s Statements of Operations was as follows: Risk exposure derivative type Location of Gain or Loss on Derivatives Recognized in Income Nine months ended Jun-30, 2017 (Amounts in 000’s of US$) Currency Risk Net Realized gain/(loss) from Gold Delivery Agreement $ (1,313 ) The table below summarizes the average daily notional value of derivative contracts outstanding during the period: Nine months ended Jun-30, 2017 (Amounts in 000’s of US$) Average notional $ 25,851 Risk exposure derivative type Location of Gain or Loss on Derivatives Recognized in Income Three months ended Jun-30, 2017 (Amounts in 000’s of US$) Currency Risk Net Realized gain/(loss) from Gold Delivery Agreement $ (1,227 ) The table below summarizes the average daily notional value of derivative contracts outstanding during the period: Three months ended Jun-30, 2017 (Amounts in 000’s of US$) Gold Delivery Agreement Average notional $ 27,153 The notional of the contract varies daily based on the value of gold held at the Custodian. At June 30, 2017, the Fund’s over-the-counter (“OTC”) derivative assets and liabilities are as follows: Gross Amounts of Assets and Liabilities Presented in the Statement of Financial Condition Assets a Liabilities a Derivatives Swap Contracts $ — $ — a Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Financial Condition. At June 30, 2017, the Fund’s OTC derivative assets, which may offset against the Fund’s OTC derivative liabilities and collateral received from the counterparty, are as follows: Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Financial Instruments Financial Cash Net Amount Counterparty Merrill Lynch International $ — $ — $ — $ — $ — At June 30, 2017, the Fund’s OTC derivative liabilities, which may offset against the Fund’s OTC derivative assets and collateral pledged from the counterparty, are as follows: Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Financial Instruments Financial Cash Net Counterparty Merrill Lynch International $ — $ — $ — $ — $ — |
SPDR Long Dollar Gold Trust [Member] | |
Derivative Contract Information | 8. Derivative Contract Information For the three and nine months ended June 30, 2017, the effect of derivative contracts in the Fund’s Statements of Operations was as follows: Risk exposure derivative type Location of Gain or Loss on Derivatives Recognized in Income Nine months ended Jun-30, 2017 (Amounts in 000’s of US$) Currency Risk Net Realized gain/(loss) from Gold Delivery Agreement $ (1,313 ) The table below summarizes the average daily notional value of derivative contracts outstanding during the period: Nine months ended Jun-30, 2017 (Amounts in 000’s of US$) Average notional $ 25,851 Risk exposure derivative type Location of Gain or Loss on Derivatives Recognized in Income Three months ended Jun-30, 2017 (Amounts in 000’s of US$) Currency Risk Net Realized gain/(loss) from Gold Delivery Agreement $ (1,227 ) The table below summarizes the average daily notional value of derivative contracts outstanding during the period: Three months ended Jun-30, 2017 (Amounts in 000’s of US$) Gold Delivery Agreement Average notional $ 27,153 The notional of the contract varies daily based on the value of gold held at the Custodian. At June 30, 2017, the Fund’s over-the-counter (“OTC”) derivative assets and liabilities are as follows: Gross Amounts of Assets and Liabilities Presented in the Statement of Financial Condition Assets a Liabilities a Derivatives Swap Contracts $ — $ — a Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Financial Condition. At June 30, 2017, the Fund’s OTC derivative assets, which may offset against the Fund’s OTC derivative liabilities and collateral received from the counterparty, are as follows: Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Financial Instruments Financial Cash Net Amount Counterparty Merrill Lynch International $ — $ — $ — $ — $ — At June 30, 2017, the Fund’s OTC derivative liabilities, which may offset against the Fund’s OTC derivative assets and collateral pledged from the counterparty, are as follows: Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Financial Instruments Financial Cash Net Counterparty Merrill Lynch International $ — $ — $ — $ — $ — |
Indemnification
Indemnification | 9 Months Ended |
Jun. 30, 2017 | |
Indemnification | 9. Indemnification The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Fund of the costs of expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust. The Trustee and each of its officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence. The Sponsor will not be liable to the Trust, the Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any gold bullion or other assets of the Fund. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct. |
SPDR Long Dollar Gold Trust [Member] | |
Indemnification | 9. Indemnification The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Fund of the costs of expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust. The Trustee and each of its officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence. The Sponsor will not be liable to the Trust, the Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any gold bullion or other assets of the Fund. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct. |
Financial Highlights
Financial Highlights | 9 Months Ended |
Jun. 30, 2017 | |
Financial Highlights | 10. Financial Highlights The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three and nine month periods ended June 30, 2017. The net investment loss and total expense ratios have been annualized. 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, 2017 Nine Months Ended Jun-30, 2017 Net Asset Value Net asset value per Share, beginning of period $ 124.07 $ 118.42 Net investment income/(loss) (0.15 ) (0.26 ) Net Realized and Change in Unrealized Gain (Loss) (5.33 ) 0.43 Net Income/(Loss) (5.48 ) 0.17 Net asset value per Share, end of period $ 118.59 $ 118.59 Market value per Share, beginning of period (1) $ 124.39 $ 119.53 Market value per Share, end of period $ 117.43 $ 117.43 Ratio to average net assets Net Investment income/(loss) (2) (0.50 )% (0.50 )% Gross expenses (2) (0.50 )% (0.50 )% Net expenses (2) (0.50 )% (0.50 )% Total Return, at net asset value (1)(3) (4.42 )% 0.14 % Total Return, at market value (1)(3) (5.60 )% (1.76 )% (1) Shares began publicly trading on January 30, 2017; therefore the Total Return, at net asset value and Total Return, at market value are based on the period of January 30, 2017 to June 30, 2017. (2) Percentages are annualized. (3) Percentages are not annualized. No comparative has been provided as the Fund commenced operations on January 27, 2017. |
SPDR Long Dollar Gold Trust [Member] | |
Financial Highlights | 10. Financial Highlights The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three and nine month periods ended June 30, 2017. The net investment loss and total expense ratios have been annualized. 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, 2017 Nine Months Ended Jun-30, 2017 Net Asset Value Net asset value per Share, beginning of period $ 124.07 $ 118.42 Net investment income/(loss) (0.15 ) (0.26 ) Net Realized and Change in Unrealized Gain (Loss) (5.33 ) 0.43 Net Income/(Loss) (5.48 ) 0.17 Net asset value per Share, end of period $ 118.59 $ 118.59 Market value per Share, beginning of period (1) $ 124.39 $ 119.53 Market value per Share, end of period $ 117.43 $ 117.43 Ratio to average net assets Net Investment income/(loss) (2) (0.50 )% (0.50 )% Gross expenses (2) (0.50 )% (0.50 )% Net expenses (2) (0.50 )% (0.50 )% Total Return, at net asset value (1)(3) (4.42 )% 0.14 % Total Return, at market value (1)(3) (5.60 )% (1.76 )% (1) Shares began publicly trading on January 30, 2017; therefore the Total Return, at net asset value and Total Return, at market value are based on the period of January 30, 2017 to June 30, 2017. (2) Percentages are annualized. (3) Percentages are not annualized. No comparative has been provided as the Fund commenced operations on January 27, 2017. |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2017 | |
Basis of Accounting | 2.1. Basis of Accounting The accompanying unaudited financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the unaudited financial statements. Actual results could differ from those estimates. These financial statements present the financial condition, results of operations and cash flows of the Fund and the Fund and Trust combined. For the periods presented, there were no balances or activity for the Trust apart from those from the Fund when combined, and the footnotes accordingly relate to the Fund, unless stated otherwise. |
Basis of Presentation | 2.2. Basis of Presentation The financial statements are presented for the Trust, as the SEC registrant, combined with the Fund and for the Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund shall be enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other fund that the Trust may establish in the future. |
Cash and Cash Equivalents | 2.3. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments of sufficient credit quality with original maturity of three months or less. |
Investment Company Status | 2.4. Investment Company Status The Fund is an investment company in accordance with U.S. GAAP and follows the accounting and reporting guidance according to Accounting Standards Codification Topic 946. |
Solactive GLD Long USD Gold Index-Gold Delivery Agreement | 2.5. Solactive GLD ® Pursuant to the terms of the Gold Delivery Agreement, the Fund will enter into a transaction to deliver gold bullion to, or receive gold bullion from, Merrill Lynch International, as Gold Delivery Provider, each Business Day. The amount of gold bullion transferred essentially will be equivalent to the Fund’s profit or loss as if the Fund had exchanged the Reference Currencies comprising the FX Basket, in the proportion in which they are reflected in the Index, for USDs in an amount equal to the Fund’s holdings of gold bullion on such day. In general, if there is a currency gain ( i.e., i.e., The Index is designed to represent the daily performance of a long position in physical gold, as represented by the LBMA Gold Price AM, and a short position in the basket of Reference Currencies with weightings determined by the Index (“FX Basket”). The Reference Currencies and their respective weightings in the Index are as follows: euro (EUR/USD) (57.6%), Japanese yen (USD/JPY) (13.6%), British pound sterling (GBP/USD) (11.9%), Canadian dollar (USD/CAD) (9.1%), Swedish krona (USD/SEK) (4.2%), and Swiss franc (USD/CHF) (3.6%). |
Fair Value Measurement | 2.6. Fair Value Measurement U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund’s policy is to value its investments at fair value. Various inputs are used in determining the fair value of the Fund’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are 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 and liability, including the Fund’s assumptions (if any) used in determining the fair value of investments. The following table summarizes the Fund’s investments at fair value: (Amounts in 000’s of US$) June 30, 2017 Level 1 Level 2 Level 3 Investment in Gold $ 26,233 $ — $ — Gold Delivery Agreement — — — Total $ 26,233 $ — $ — There were no transfers between Level 1 and other Levels for the nine months ended June 30, 2017. The Administrator values the gold held by the Fund on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the LBMA Gold Price. In determining the net asset value (“NAV”) of the Fund, the Administrator values the gold held by the Fund on the basis of the price of an ounce of gold determined by the IBA 10:30 AM auction process (“LBMA Gold Price AM”), which is an electronic auction, with the imbalance calculated and the price adjusted in rounds (45 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of the Fund on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price AM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM is used in the determination of the NAV of the Fund, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. |
Custody of Gold | 2.7. Custody of Gold Gold bullion is held by HSBC Bank plc on behalf of the Fund. During the nine month period ended June 30, 2017, no gold was held by a subcustodian. |
Gold Delivery Agreement Receivable | 2.8. Gold Delivery Agreement Receivable Gold Delivery Agreement receivable represents the quantity of gold due to be received under the Gold Delivery Agreement. The gold is transferred to the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. Jun-30, (Amounts in 000’s of US$) Gold Delivery Agreement receivable $ — |
Gold Delivery Agreement Payable | 2.9. Gold Delivery Agreement Payable Gold Delivery Agreement payable represents the quantity of gold due to be delivered under the Gold Delivery Agreement. The gold is transferred from the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. (Amounts in 000’s of US$) Jun-30, Gold Delivery Agreement payable $ 136 |
Creations and Redemptions of Shares | 2.10. Creations and Redemptions of Shares The Fund creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 10,000 Shares). The Fund issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold and any cash represented by the Creation Units being created or redeemed, the amount of which will be based on the net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received. The Fund commenced trading shares in January 2017. As the Shares of the Fund are redeemable in Creation Units at the option of the Authorized Participants, the Fund has classified the Shares as Net Assets. Changes in the Shares for the nine months ended June 30, 2017 are as follows: Nine Months Ended (Amounts in 000’s) Activity in Number of Shares Issued and Outstanding: Creations 220 Redemptions (— ) Net change in number of Shares Issued and Outstanding 220 Nine Months Ended Jun-30, (Amounts in 000’s of US$) Activity in Value of Shares Issued and Outstanding: Creations $ 26,550 Redemptions (— ) Net change in value of Shares Issued and Outstanding $ 26,550 |
Revenue Recognition Policy | 2.11. Revenue Recognition Policy The Administrator will, at the direction of the Sponsor, sell the Fund’s gold as necessary to pay the Fund’s expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Fund’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, to meet expenses the Administrator will sell gold to the Custodian at the next LBMA Gold Price AM 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 Statement of Operations. All numbers referenced in note 2.11 are in thousands. The Fund’s net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement for the nine month period ended June 30, 2017 of ($407) is made up of a realized gain of $2 from the sale of gold to pay Sponsor fees, a realized loss of ($1,313) from the Gold Delivery Agreement, a realized gain of $154 from gold sold to cover Gold Delivery Provider fees, and a change in unrealized appreciation of $750 on investment in gold and Gold Delivery Agreement. The Fund’s net realized and change in unrealized gain/(loss) on investment in gold for the three month period ended June 30, 2017 of ($1,173) is made up of a realized gain of $1 from the sale of gold to pay Sponsor fees, a realized loss of ($1,227) from the Gold Delivery Agreement, a realized gain of $115 from gold sold to cover Gold Delivery Provider fees, and a net decrease in unrealized appreciation of ($62) on investment in gold. |
Income Taxes | 2.12. Income Taxes The Fund is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Fund will not be subject to U.S. federal income tax. Instead, the Fund’s income and expenses “flow through” to the Shareholders, and the Administrator reports the Fund’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 June 30, 2017. |
SPDR Long Dollar Gold Trust [Member] | |
Basis of Accounting | 2.1. Basis of Accounting The accompanying unaudited financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the unaudited financial statements. Actual results could differ from those estimates. These financial statements present the financial condition, results of operations and cash flows of the Fund and the Fund and Trust combined. For the periods presented, there were no balances or activity for the Trust apart from those from the Fund when combined, and the footnotes accordingly relate to the Fund, unless stated otherwise. |
Basis of Presentation | 2.2. Basis of Presentation The financial statements are presented for the Trust, as the SEC registrant, combined with the Fund and for the Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund shall be enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other fund that the Trust may establish in the future. |
Cash and Cash Equivalents | 2.3. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments of sufficient credit quality with original maturity of three months or less. |
Investment Company Status | 2.4. Investment Company Status The Fund is an investment company in accordance with U.S. GAAP and follows the accounting and reporting guidance according to Accounting Standards Codification Topic 946. |
Solactive GLD Long USD Gold Index-Gold Delivery Agreement | 2.5. Solactive GLD ® Pursuant to the terms of the Gold Delivery Agreement, the Fund will enter into a transaction to deliver gold bullion to, or receive gold bullion from, Merrill Lynch International, as Gold Delivery Provider, each Business Day. The amount of gold bullion transferred essentially will be equivalent to the Fund’s profit or loss as if the Fund had exchanged the Reference Currencies comprising the FX Basket, in the proportion in which they are reflected in the Index, for USDs in an amount equal to the Fund’s holdings of gold bullion on such day. In general, if there is a currency gain ( i.e., i.e., The Index is designed to represent the daily performance of a long position in physical gold, as represented by the LBMA Gold Price AM, and a short position in the basket of Reference Currencies with weightings determined by the Index (“FX Basket”). The Reference Currencies and their respective weightings in the Index are as follows: euro (EUR/USD) (57.6%), Japanese yen (USD/JPY) (13.6%), British pound sterling (GBP/USD) (11.9%), Canadian dollar (USD/CAD) (9.1%), Swedish krona (USD/SEK) (4.2%), and Swiss franc (USD/CHF) (3.6%). |
Fair Value Measurement | 2.6. Fair Value Measurement U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund’s policy is to value its investments at fair value. Various inputs are used in determining the fair value of the Fund’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are 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 and liability, including the Fund’s assumptions (if any) used in determining the fair value of investments. The following table summarizes the Fund’s investments at fair value: (Amounts in 000’s of US$) June 30, 2017 Level 1 Level 2 Level 3 Investment in Gold $ 26,233 $ — $ — Gold Delivery Agreement — — — Total $ 26,233 $ — $ — There were no transfers between Level 1 and other Levels for the nine months ended June 30, 2017. The Administrator values the gold held by the Fund on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the LBMA Gold Price. In determining the net asset value (“NAV”) of the Fund, the Administrator values the gold held by the Fund on the basis of the price of an ounce of gold determined by the IBA 10:30 AM auction process (“LBMA Gold Price AM”), which is an electronic auction, with the imbalance calculated and the price adjusted in rounds (45 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of the Fund on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price AM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM is used in the determination of the NAV of the Fund, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. |
Custody of Gold | 2.7. Custody of Gold Gold bullion is held by HSBC Bank plc on behalf of the Fund. During the nine month period ended June 30, 2017, no gold was held by a subcustodian. |
Gold Delivery Agreement Receivable | 2.8. Gold Delivery Agreement Receivable Gold Delivery Agreement receivable represents the quantity of gold due to be received under the Gold Delivery Agreement. The gold is transferred to the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. Jun-30, (Amounts in 000’s of US$) Gold Delivery Agreement receivable $ — |
Gold Delivery Agreement Payable | 2.9. Gold Delivery Agreement Payable Gold Delivery Agreement payable represents the quantity of gold due to be delivered under the Gold Delivery Agreement. The gold is transferred from the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. (Amounts in 000’s of US$) Jun-30, Gold Delivery Agreement payable $ 136 |
Creations and Redemptions of Shares | 2.10. Creations and Redemptions of Shares The Fund creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 10,000 Shares). The Fund issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold and any cash represented by the Creation Units 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 Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received. The Fund commenced trading shares in January 2017. As the Shares of the Fund are redeemable in Creation Units at the option of the Authorized Participants, the Fund has classified the Shares as Net Assets. Changes in the Shares for the nine months ended June 30, 2017 are as follows: Nine Months Ended (Amounts in 000’s) Activity in Number of Shares Issued and Outstanding: Creations 220 Redemptions (— ) Net change in number of Shares Issued and Outstanding 220 Nine Months Ended Jun-30, (Amounts in 000’s of US$) Activity in Value of Shares Issued and Outstanding: Creations $ 26,550 Redemptions (— ) Net change in value of Shares Issued and Outstanding $ 26,550 |
Revenue Recognition Policy | 2.11. Revenue Recognition Policy The Administrator will, at the direction of the Sponsor, sell the Fund’s gold as necessary to pay the Fund’s expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Fund’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, to meet expenses the Administrator will sell gold to the Custodian at the next LBMA Gold Price AM 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 Statement of Operations. All numbers referenced in note 2.11 are in thousands. The Fund’s net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement for the nine month period ended June 30, 2017 of ($407) is made up of a realized gain of $2 from the sale of gold to pay Sponsor fees, a realized loss of ($1,313) from the Gold Delivery Agreement, a realized gain of $154 from gold sold to cover Gold Delivery Provider fees, and a change in unrealized appreciation of $750 on investment in gold and Gold Delivery Agreement. The Fund’s net realized and change in unrealized gain/(loss) on investment in gold for the three month period ended June 30, 2017 of ($1,173) is made up of a realized gain of $1 from the sale of gold to pay Sponsor fees, a realized loss of ($1,227) from the Gold Delivery Agreement, a realized gain of $115 from gold sold to cover Gold Delivery Provider fees, and a net decrease in unrealized appreciation of ($62) on investment in gold. |
Income Taxes | 2.12. Income Taxes The Fund is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Fund will not be subject to U.S. federal income tax. Instead, the Fund’s income and expenses “flow through” to the Shareholders, and the Administrator reports the Fund’s proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis. The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of June 30, 2017. |
Significant Accounting Polici19
Significant Accounting Policies (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Summary of Fund's Investments at Fair Value | The following table summarizes the Fund’s investments at fair value: (Amounts in 000’s of US$) June 30, 2017 Level 1 Level 2 Level 3 Investment in Gold $ 26,233 $ — $ — Gold Delivery Agreement — — — Total $ 26,233 $ — $ — |
Gold Delivery Agreement Receivable | Gold Delivery Agreement receivable represents the quantity of gold due to be received under the Gold Delivery Agreement. The gold is transferred to the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. Jun-30, (Amounts in 000’s of US$) Gold Delivery Agreement receivable $ — |
Gold Delivery Agreement Payable | Gold Delivery Agreement payable represents the quantity of gold due to be delivered under the Gold Delivery Agreement. The gold is transferred from the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. (Amounts in 000’s of US$) Jun-30, Gold Delivery Agreement payable $ 136 |
Creations and Redemptions of Shares | Changes in the Shares for the nine months ended June 30, 2017 are as follows: Nine Months Ended (Amounts in 000’s) Activity in Number of Shares Issued and Outstanding: Creations 220 Redemptions (— ) Net change in number of Shares Issued and Outstanding 220 Nine Months Ended Jun-30, (Amounts in 000’s of US$) Activity in Value of Shares Issued and Outstanding: Creations $ 26,550 Redemptions (— ) Net change in value of Shares Issued and Outstanding $ 26,550 |
SPDR Long Dollar Gold Trust [Member] | |
Summary of Fund's Investments at Fair Value | The following table summarizes the Fund’s investments at fair value: (Amounts in 000’s of US$) June 30, 2017 Level 1 Level 2 Level 3 Investment in Gold $ 26,233 $ — $ — Gold Delivery Agreement — — — Total $ 26,233 $ — $ — |
Gold Delivery Agreement Receivable | Gold Delivery Agreement receivable represents the quantity of gold due to be received under the Gold Delivery Agreement. The gold is transferred to the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. Jun-30, (Amounts in 000’s of US$) Gold Delivery Agreement receivable $ — |
Gold Delivery Agreement Payable | Gold Delivery Agreement payable represents the quantity of gold due to be delivered under the Gold Delivery Agreement. The gold is transferred from the Fund’s allocated gold bullion account at the Custodian two business days after the valuation date. Jun-30, Gold Delivery Agreement payable $ 136 |
Creations and Redemptions of Shares | Changes in the Shares for the nine months ended June 30, 2017 are as follows: Nine Months Ended (Amounts in 000’s) Activity in Number of Shares Issued and Outstanding: Creations 220 Redemptions (— ) Net change in number of Shares Issued and Outstanding 220 Nine Months Ended Jun-30, (Amounts in 000’s of US$) Activity in Value of Shares Issued and Outstanding: Creations $ 26,550 Redemptions (— ) Net change in value of Shares Issued and Outstanding $ 26,550 |
Derivative Contract Informati20
Derivative Contract Information (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Effect of Derivative Contracts in the Fund's Statements of Operations | For the three and nine months ended June 30, 2017, the effect of derivative contracts in the Fund’s Statements of Operations was as follows: Risk exposure derivative type Location of Gain or Loss on Derivatives Recognized in Income Nine months ended Jun-30, 2017 (Amounts in 000’s of US$) Currency Risk Net Realized gain/(loss) from Gold Delivery Agreement $ (1,313 ) Risk exposure derivative type Location of Gain or Loss on Derivatives Recognized in Income Three months ended Jun-30, 2017 (Amounts in 000’s of US$) Currency Risk Net Realized gain/(loss) from Gold Delivery Agreement $ (1,227 ) |
Fund's OTC Derivative Liabilities | At June 30, 2017, the Fund’s OTC derivative liabilities, which may offset against the Fund’s OTC derivative assets and collateral pledged from the counterparty, are as follows: Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Financial Instruments Financial Cash Net Counterparty Merrill Lynch International $ — $ — $ — $ — $ — |
Summary of Average Daily Notional Value of Derivative Contracts Outstanding | The table below summarizes the average daily notional value of derivative contracts outstanding during the period: Nine months ended Jun-30, 2017 (Amounts in 000’s of US$) Average notional $ 25,851 Three months ended Jun-30, 2017 (Amounts in 000’s of US$) Gold Delivery Agreement Average notional $ 27,153 |
Fund's OTC Derivative Assets | At June 30, 2017, the Fund’s OTC derivative assets, which may offset against the Fund’s OTC derivative liabilities and collateral received from the counterparty, are as follows: Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Financial Instruments Financial Cash Net Amount Counterparty Merrill Lynch International $ — $ — $ — $ — $ — |
Over-the-Counter ("OTC") [Member] | |
Fund's OTC Derivative Assets and Liabilities | At June 30, 2017, the Fund’s over-the-counter (“OTC”) derivative assets and liabilities are as follows: Gross Amounts of Assets and Liabilities Presented in the Statement of Financial Condition Assets a Liabilities a Derivatives Swap Contracts $ — $ — a Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Financial Condition. |
SPDR Long Dollar Gold Trust [Member] | |
Effect of Derivative Contracts in the Fund's Statements of Operations | For the three and nine months ended June 30, 2017, the effect of derivative contracts in the Fund’s Statements of Operations was as follows: Risk exposure derivative type Location of Gain or Loss on Derivatives Recognized in Income Nine months ended Jun-30, 2017 (Amounts in 000’s of US$) Currency Risk Net Realized gain/(loss) from Gold Delivery Agreement $ (1,313 ) Risk exposure derivative type Location of Gain or Loss on Derivatives Recognized in Income Three months ended Jun-30, 2017 (Amounts in 000’s of US$) Currency Risk Net Realized gain/(loss) from Gold Delivery Agreement $ (1,227 ) |
Fund's OTC Derivative Liabilities | At June 30, 2017, the Fund’s OTC derivative liabilities, which may offset against the Fund’s OTC derivative assets and collateral pledged from the counterparty, are as follows: Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Financial Instruments Financial Cash Net Counterparty Merrill Lynch International $ — $ — $ — $ — $ — |
Summary of Average Daily Notional Value of Derivative Contracts Outstanding | The table below summarizes the average daily notional value of derivative contracts outstanding during the period: Nine months ended Jun-30, 2017 (Amounts in 000’s of US$) Average notional $ 25,851 Three months ended Jun-30, 2017 (Amounts in 000’s of US$) Gold Delivery Agreement Average notional $ 27,153 |
Fund's OTC Derivative Assets | At June 30, 2017, the Fund’s OTC derivative assets, which may offset against the Fund’s OTC derivative liabilities and collateral received from the counterparty, are as follows: Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Financial Instruments Financial Cash Net Amount Counterparty Merrill Lynch International $ — $ — $ — $ — $ — |
SPDR Long Dollar Gold Trust [Member] | Over-the-Counter ("OTC") [Member] | |
Fund's OTC Derivative Assets and Liabilities | At June 30, 2017, the Fund’s over-the-counter (“OTC”) derivative assets and liabilities are as follows: Gross Amounts of Assets and Liabilities Presented in the Statement of Financial Condition Assets a Liabilities a Derivatives Swap Contracts $ — $ — a Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Financial Condition. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Summary of Financial Highlights | The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three and nine month periods ended June 30, 2017. The net investment loss and total expense ratios have been annualized. 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, 2017 Nine Months Ended Jun-30, 2017 Net Asset Value Net asset value per Share, beginning of period $ 124.07 $ 118.42 Net investment income/(loss) (0.15 ) (0.26 ) Net Realized and Change in Unrealized Gain (Loss) (5.33 ) 0.43 Net Income/(Loss) (5.48 ) 0.17 Net asset value per Share, end of period $ 118.59 $ 118.59 Market value per Share, beginning of period (1) $ 124.39 $ 119.53 Market value per Share, end of period $ 117.43 $ 117.43 Ratio to average net assets Net Investment income/(loss) (2) (0.50 )% (0.50 )% Gross expenses (2) (0.50 )% (0.50 )% Net expenses (2) (0.50 )% (0.50 )% Total Return, at net asset value (1)(3) (4.42 )% 0.14 % Total Return, at market value (1)(3) (5.60 )% (1.76 )% (1) Shares began publicly trading on January 30, 2017; therefore the Total Return, at net asset value and Total Return, at market value are based on the period of January 30, 2017 to June 30, 2017. (2) Percentages are annualized. (3) Percentages are not annualized. |
SPDR Long Dollar Gold Trust [Member] | |
Summary of Financial Highlights | The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three and nine month periods ended June 30, 2017. The net investment loss and total expense ratios have been annualized. 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, 2017 Nine Months Ended Jun-30, 2017 Net Asset Value Net asset value per Share, beginning of period $ 124.07 $ 118.42 Net investment income/(loss) (0.15 ) (0.26 ) Net Realized and Change in Unrealized Gain (Loss) (5.33 ) 0.43 Net Income/(Loss) (5.48 ) 0.17 Net asset value per Share, end of period $ 118.59 $ 118.59 Market value per Share, beginning of period (1) $ 124.39 $ 119.53 Market value per Share, end of period $ 117.43 $ 117.43 Ratio to average net assets Net Investment income/(loss) (2) (0.50 )% (0.50 )% Gross expenses (2) (0.50 )% (0.50 )% Net expenses (2) (0.50 )% (0.50 )% Total Return, at net asset value (1)(3) (4.42 )% 0.14 % Total Return, at market value (1)(3) (5.60 )% (1.76 )% (1) Shares began publicly trading on January 30, 2017; therefore the Total Return, at net asset value and Total Return, at market value are based on the period of January 30, 2017 to June 30, 2017. (2) Percentages are annualized. (3) Percentages are not annualized. |
Organization - Additional Infor
Organization - Additional Information (Detail) | 9 Months Ended | ||
Jun. 30, 2017Seriesshares | Dec. 19, 2016USD ($)shares | ||
Number of established separate series | Series | 5 | ||
Shares issued | shares | 220,000 | [1],[2] | 10 |
Aggregate purchase price | $ | $ 1,000 | ||
SPDR Long Dollar Gold Trust [Member] | |||
Shares issued | shares | 220,000 | [1],[2] | 10 |
Aggregate purchase price | $ | $ 1,000 | ||
[1] | Authorized share capital is unlimited and the par value of the Shares is $0.00. | ||
[2] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Significant Accounting Polici23
Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($)shares | |||
Significant Accounting Policies [Line Items] | ||||
Fair value of assets and liabilities, amount transferred between levels | $ 0 | |||
Maximum number of business days within which gold is transferred from the Fund's allocated bullion account with the Custodian | 2 days | |||
Minimum denomination of shares issued redeemed against gold | shares | 10,000 | |||
Net realized and change in unrealized gain/(loss) on investment in gold | $ (1,173,000) | [1] | $ (407,000) | [1] |
Net realized gain/(loss) from investment in gold sold to pay expenses | 1,000 | [1] | 2,000 | [1] |
Net realized gain/(loss) from gold distributed for the redemption of shares | (1,227,000) | (1,313,000) | ||
Net change in unrealized appreciation/(depreciation) on investment in gold | (62,000) | [1] | 750,000 | [1] |
Net realized gain/(loss) from gold sold to cover Gold Delivery Agreement | 115,000 | [1] | 154,000 | [1] |
Reserve for uncertain tax positions | 0 | $ 0 | ||
Euro [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 57.60% | |||
Japanese Yen [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 13.60% | |||
British Pound Sterling [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 11.90% | |||
Canadian Dollar [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 9.10% | |||
Swedish Krona [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 4.20% | |||
Swiss Franc [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 3.60% | |||
SPDR Long Dollar Gold Trust [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Fair value of assets and liabilities, amount transferred between levels | $ 0 | |||
Maximum number of business days within which gold is transferred from the Fund's allocated bullion account with the Custodian | 2 days | |||
Minimum denomination of shares issued redeemed against gold | shares | 10,000 | |||
Net realized and change in unrealized gain/(loss) on investment in gold | (1,173,000) | [1] | $ (407,000) | [1] |
Net realized gain/(loss) from investment in gold sold to pay expenses | 1,000 | [1] | 2,000 | [1] |
Net realized gain/(loss) from gold distributed for the redemption of shares | (1,227,000) | (1,313,000) | ||
Net change in unrealized appreciation/(depreciation) on investment in gold | (62,000) | [1] | 750,000 | [1] |
Net realized gain/(loss) from gold sold to cover Gold Delivery Agreement | 115,000 | [1] | 154,000 | [1] |
Reserve for uncertain tax positions | $ 0 | $ 0 | ||
SPDR Long Dollar Gold Trust [Member] | Euro [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 57.60% | |||
SPDR Long Dollar Gold Trust [Member] | Japanese Yen [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 13.60% | |||
SPDR Long Dollar Gold Trust [Member] | British Pound Sterling [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 11.90% | |||
SPDR Long Dollar Gold Trust [Member] | Canadian Dollar [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 9.10% | |||
SPDR Long Dollar Gold Trust [Member] | Swedish Krona [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 4.20% | |||
SPDR Long Dollar Gold Trust [Member] | Swiss Franc [Member] | Solactive GLD Long USD Gold Index [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of currency weightage | 3.60% | |||
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Significant Accounting Polici24
Significant Accounting Policies - Summary of Fund's Investments at Fair Value (Detail) $ in Thousands | Jun. 30, 2017USD ($) | |
Investment Holdings [Line Items] | ||
Fund's investments at fair value | $ 26,233 | [1] |
SPDR Long Dollar Gold Trust [Member] | ||
Investment Holdings [Line Items] | ||
Fund's investments at fair value | 26,233 | [1] |
Investment in Gold [Member] | ||
Investment Holdings [Line Items] | ||
Fund's investments at fair value | 26,233 | [1] |
Investment in Gold [Member] | SPDR Long Dollar Gold Trust [Member] | ||
Investment Holdings [Line Items] | ||
Fund's investments at fair value | 26,233 | [1] |
Fair Value, Inputs, Level 1 [Member] | ||
Investment Holdings [Line Items] | ||
Fund's investments at fair value | 26,233 | |
Fair Value, Inputs, Level 1 [Member] | SPDR Long Dollar Gold Trust [Member] | ||
Investment Holdings [Line Items] | ||
Fund's investments at fair value | 26,233 | |
Fair Value, Inputs, Level 1 [Member] | Investment in Gold [Member] | ||
Investment Holdings [Line Items] | ||
Fund's investments at fair value | 26,233 | |
Fair Value, Inputs, Level 1 [Member] | Investment in Gold [Member] | SPDR Long Dollar Gold Trust [Member] | ||
Investment Holdings [Line Items] | ||
Fund's investments at fair value | $ 26,233 | |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Significant Accounting Polici25
Significant Accounting Policies - Gold Delivery Agreement Receivable (Detail) $ in Thousands | Jun. 30, 2017USD ($) |
Gold Delivery Agreement Receivable | |
Gold Delivery Agreement receivable | $ 0 |
SPDR Long Dollar Gold Trust [Member] | |
Gold Delivery Agreement Receivable | |
Gold Delivery Agreement receivable | $ 0 |
Significant Accounting Polici26
Significant Accounting Policies - Gold Delivery Agreement Payable (Detail) $ in Thousands | Jun. 30, 2017USD ($) | [1] |
Gold Delivery Agreement Payable | ||
Gold Delivery Agreement payable | $ 136 | |
SPDR Long Dollar Gold Trust [Member] | ||
Gold Delivery Agreement Payable | ||
Gold Delivery Agreement payable | $ 136 | |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Significant Accounting Polici27
Significant Accounting Policies - Creations and Redemptions of Shares (Detail) $ in Thousands | 9 Months Ended | |
Jun. 30, 2017USD ($)shares | ||
Activity in Number of Shares Issued and Outstanding: | ||
Creations | shares | 220,000 | |
Redemptions | shares | 0 | |
Net change in number of Shares Issued and Outstanding | shares | 220,000 | |
Activity in Value of Shares Issued and Outstanding: | ||
Creations | $ | $ 26,550 | [1] |
Redemptions | $ | 0 | |
Net change in value of Shares Issued and Outstanding | $ | $ 26,550 | |
SPDR Long Dollar Gold Trust [Member] | ||
Activity in Number of Shares Issued and Outstanding: | ||
Creations | shares | 220,000 | |
Redemptions | shares | 0 | |
Net change in number of Shares Issued and Outstanding | shares | 220,000 | |
Activity in Value of Shares Issued and Outstanding: | ||
Creations | $ | $ 26,550 | [1] |
Redemptions | $ | 0 | |
Net change in value of Shares Issued and Outstanding | $ | $ 26,550 | |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Related Parties - Sponsor - Add
Related Parties - Sponsor - Additional Information (Detail) | 9 Months Ended |
Jun. 30, 2017USD ($) | |
Related Party Transaction [Line Items] | |
Percentage of operating expenses annual fee of net asset value | 0.50% |
Maximum [Member] | |
Related Party Transaction [Line Items] | |
Legal fees | $ 100,000 |
Sponsor [Member] | |
Related Party Transaction [Line Items] | |
Percentage of operating expenses annual fee of net asset value | 0.33% |
SPDR Long Dollar Gold Trust [Member] | |
Related Party Transaction [Line Items] | |
Percentage of operating expenses annual fee of net asset value | 0.50% |
SPDR Long Dollar Gold Trust [Member] | Maximum [Member] | |
Related Party Transaction [Line Items] | |
Legal fees | $ 100,000 |
SPDR Long Dollar Gold Trust [Member] | Sponsor [Member] | |
Related Party Transaction [Line Items] | |
Percentage of operating expenses annual fee of net asset value | 0.33% |
Fund Expenses - Additional Info
Fund Expenses - Additional Information (Detail) | 9 Months Ended |
Jun. 30, 2017 | |
Percentage of operating expenses annual fee of net asset value | 0.50% |
Sponsor [Member] | |
Percentage of operating expenses annual fee of net asset value | 0.33% |
Gold Delivery Providers [Member] | |
Percentage of operating expenses annual fee of net asset value | 0.17% |
SPDR Long Dollar Gold Trust [Member] | |
Percentage of operating expenses annual fee of net asset value | 0.50% |
SPDR Long Dollar Gold Trust [Member] | Sponsor [Member] | |
Percentage of operating expenses annual fee of net asset value | 0.33% |
SPDR Long Dollar Gold Trust [Member] | Gold Delivery Providers [Member] | |
Percentage of operating expenses annual fee of net asset value | 0.17% |
Counterparty Risk - Additional
Counterparty Risk - Additional Information (Detail) | 9 Months Ended |
Jun. 30, 2017 | |
Risk and uncertainty [Line Items] | |
Gold Delivery Agreement termination period | Jun. 28, 2019 |
SPDR Long Dollar Gold Trust [Member] | |
Risk and uncertainty [Line Items] | |
Gold Delivery Agreement termination period | Jun. 28, 2019 |
Derivative Contract Informati31
Derivative Contract Information - Effect of Derivative Contracts in the Fund's Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net realized gain/(loss) from Gold Delivery Agreement | [1] | $ (1,227) | $ (1,313) |
Currency Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net realized gain/(loss) from Gold Delivery Agreement | (1,227) | (1,313) | |
SPDR Long Dollar Gold Trust [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net realized gain/(loss) from Gold Delivery Agreement | [1] | (1,227) | (1,313) |
SPDR Long Dollar Gold Trust [Member] | Currency Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net realized gain/(loss) from Gold Delivery Agreement | $ (1,227) | $ (1,313) | |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |
Derivative Contract Informati32
Derivative Contract Information - Summary of Average Daily Notional Value of Derivative Contracts Outstanding (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gold Delivery Agreement Average notional | $ 27,153,000 | $ 25,851,000 |
SPDR Long Dollar Gold Trust [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gold Delivery Agreement Average notional | $ 27,153,000 | $ 25,851,000 |
Derivative Contract Informati33
Derivative Contract Information - Fund's OTC Derivative Assets and Liabilities (Detail) - Over-the-Counter ("OTC") [Member] - Swap Contracts [Member] $ in Thousands | Jun. 30, 2017USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Gross Amounts of Assets and Liabilities Presented in the Statement of Financial Condition, Assets | $ 0 |
Gross Amounts of Assets and Liabilities Presented in the Statement of Financial Condition, Liabilities | 0 |
SPDR Long Dollar Gold Trust [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Gross Amounts of Assets and Liabilities Presented in the Statement of Financial Condition, Assets | 0 |
Gross Amounts of Assets and Liabilities Presented in the Statement of Financial Condition, Liabilities | $ 0 |
Derivative Contract Informati34
Derivative Contract Information - Fund's OTC Derivative Assets (Detail) - Merrill Lynch International [Member] - Over-the-Counter ("OTC") [Member] $ in Thousands | Jun. 30, 2017USD ($) |
Offsetting Assets [Line Items] | |
Gross Amounts of Assets Presented in the Statement of Financial Condition | $ 0 |
Financial Instruments Available for Offset | 0 |
Financial Instruments Collateral Received | 0 |
Cash Collateral Received | 0 |
Net Amount | 0 |
SPDR Long Dollar Gold Trust [Member] | |
Offsetting Assets [Line Items] | |
Gross Amounts of Assets Presented in the Statement of Financial Condition | 0 |
Financial Instruments Available for Offset | 0 |
Financial Instruments Collateral Received | 0 |
Cash Collateral Received | 0 |
Net Amount | $ 0 |
Derivative Contract Informati35
Derivative Contract Information - Fund's OTC Derivative Liabilities (Detail) - Merrill Lynch International [Member] - Over-the-Counter ("OTC") [Member] | Jun. 30, 2017USD ($) |
Offsetting Liabilities [Line Items] | |
Gross Amounts of Liabilities Presented in the Statement of Financial Condition | $ 0 |
Financial Instruments Available for Offset | 0 |
Financial Instruments Collateral Pledged | 0 |
Cash Collateral Pledged | 0 |
Net Amount | 0 |
SPDR Long Dollar Gold Trust [Member] | |
Offsetting Liabilities [Line Items] | |
Gross Amounts of Liabilities Presented in the Statement of Financial Condition | 0 |
Financial Instruments Available for Offset | 0 |
Financial Instruments Collateral Pledged | 0 |
Cash Collateral Pledged | 0 |
Net Amount | $ 0 |
Financial Highlights - Summary
Financial Highlights - Summary of Financial Highlights (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | ||
Net Asset Value | |||
Net asset value per Share, beginning of period | $ 124.07 | $ 118.42 | |
Net investment income/(loss) | (0.15) | (0.26) | |
Net Realized and Change in Unrealized Gain (Loss) | (5.33) | 0.43 | |
Net Income/(Loss) | (5.48) | 0.17 | |
Net asset value per Share, end of period | [1] | 118.59 | 118.59 |
Market value per Share, beginning of period | 124.39 | 119.53 | |
Market value per Share, end of period | $ 117.43 | $ 117.43 | |
Ratio to average net assets | |||
Net Investment income/(loss) | (0.50%) | (0.50%) | |
Gross expenses | (0.50%) | (0.50%) | |
Net expenses | (0.50%) | (0.50%) | |
Total Return, at net asset value | (4.42%) | 0.14% | |
Total Return, at market value | (5.60%) | (1.76%) | |
SPDR Long Dollar Gold Trust [Member] | |||
Net Asset Value | |||
Net asset value per Share, beginning of period | $ 124.07 | $ 118.42 | |
Net investment income/(loss) | (0.15) | (0.26) | |
Net Realized and Change in Unrealized Gain (Loss) | (5.33) | 0.43 | |
Net Income/(Loss) | (5.48) | 0.17 | |
Net asset value per Share, end of period | [1] | 118.59 | 118.59 |
Market value per Share, beginning of period | 124.39 | 119.53 | |
Market value per Share, end of period | $ 117.43 | $ 117.43 | |
Ratio to average net assets | |||
Net Investment income/(loss) | (0.50%) | (0.50%) | |
Gross expenses | (0.50%) | (0.50%) | |
Net expenses | (0.50%) | (0.50%) | |
Total Return, at net asset value | (4.42%) | 0.14% | |
Total Return, at market value | (5.60%) | (1.76%) | |
[1] | No comparative has been provided as operations commenced on January 27, 2017. See Note 1. |