| Significant Accounting Policies (Policies) | 3 Months Ended |
| Dec. 31, 2017 |
| Basis of Accounting | 2.1. Basis of Accounting
The Fund is an investment company and, therefore, applies the
specialized accounting and reporting guidance in Accounting
Standards Codification (“ASC”) Topic 946 Financial
Services—Investment Companies.
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. |
| Solactive GLD Long USD Gold Index-Gold Delivery Agreement | 2.4. Solactive GLD ®
Pursuant to the terms of the Gold Delivery Agreement, the Fund has
entered 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 Index (“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 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 | 2.5. 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$)
December 31, 2017 Level 1 Level 2 Level 3
Investment in Gold $ 19,385 $
— $
—
Gold Delivery Agreement
—
—
—
Total $ 19,385 $
— $
—
(Amounts in 000’s of US$)
September 30, 2017 Level 1 Level 2 Level 3
Investment in Gold $ 14,406 $
— $
—
Gold Delivery Agreement
—
—
—
Total $ 14,406 $
— $
—
There were no transfers between Level 1 and other Levels for
the three months ended December 31, 2017 and the fiscal period
ended September 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 Trust 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 | 2.6. Custody of Gold
Gold bullion is held by HSBC Bank plc (the “Custodian”)
on behalf of the Fund. During the three-month period ended
December 31, 2017, no gold was held by a subcustodian. During
the fiscal year ended September 30, 2017, no gold was held by
a subcustodian. |
| Gold Delivery Agreement Receivable | 2.7. 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.
Dec-31, Sept-30,
(Amounts in 000’s of US$)
Gold Delivery Agreement receivable $
— $ 21 |
| Gold Delivery Agreement Payable | 2.8. 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.
Dec-31, Sept-30,
(Amounts in 000’s of US$)
Gold Delivery Agreement payable $ 134 $ 50 |
| Creations and Redemptions of Shares | 2.9. 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 three months ended
December 31, 2017 and fiscal period ended September 30,
2017 are as follows:
Three Months Ended Dec-31, Fiscal Period Sept-30,
(Amounts in 000’s)
Activity in Number of Shares Issued and Outstanding:
Creations 40 220
Redemptions (— ) (100 )
Net change in number of Shares Issued and Outstanding 40 120
Three Months Ended Dec-31, Fiscal Period Sept-30,
(Amounts in 000’s of US$)
Activity in Value of Shares Issued and Outstanding:
Creations $ 4,814 $ 26,500
Redemptions (— ) (11,840 )
Net change in value of Shares Issued and Outstanding $ 4,814 $ 14,710 |
| Revenue Recognition Policy | 2.10. 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 give a sell order and 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.
The Fund’s net realized and change in unrealized gain/(loss)
on investment in gold and Gold Delivery Agreement for the
three-month period ended December 31, 2017 of $81 is made up
of a realized gain of $1 from the sale of gold to pay Sponsor fees,
a realized loss of ($118) from the Gold Delivery Agreement, a
realized gain of $61 from gold transferred to cover Gold Delivery
Agreement and Gold Delivery Provider fees, and a change in
unrealized appreciation of $137 on investment in gold. |
| Income Taxes | 2.11. Income Taxes
The Fund is classified as a “grantor trust” for U.S.
federal income tax purposes. As a result, the Fund is not subject
to U.S. federal income tax. Instead, the Fund’s income and
expenses “flow through” to the Shareholders, and the
Administrator will report the Fund’s proceeds, income,
deductions, gains and losses to the Internal Revenue Service on
that basis.
The Sponsor has evaluated whether there are uncertain tax positions
that require financial statement recognition and has determined
that no reserves for uncertain tax positions are required as of
December 31, 2017. There are no open tax years or examinations
in progress at period end. |
| SPDR Long Dollar Gold Trust [Member] | |
| Basis of Accounting | 2.1. Basis of Accounting
The Fund is an investment company and, therefore, applies the
specialized accounting and reporting guidance in Accounting
Standards Codification (“ASC”) Topic 946 Financial
Services—Investment Companies.
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 |
| Solactive GLD Long USD Gold Index-Gold Delivery Agreement | 2.4. Solactive GLD ®
Pursuant to the terms of the Gold Delivery Agreement, the Fund has
entered 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 Index (“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 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 | 2.5. 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$)
December 31, 2017 Level 1 Level 2 Level 3
Investment in Gold $ 19,385 $
— $
—
Gold Delivery Agreement
—
—
—
Total $ 19,385 $
— $
—
(Amounts in 000’s of US$)
September 30, 2017 Level 1 Level 2 Level 3
Investment in Gold $ 14,406 $
— $
—
Gold Delivery Agreement
—
—
—
Total $ 14,406 $
— $
—
There were no transfers between Level 1 and other Levels for
the three months ended December 31, 2017 and the fiscal period
ended September 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 Trust 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 | 2.6. Custody of Gold
Gold bullion is held by HSBC Bank plc (the “Custodian”)
on behalf of the Fund. During the three-month period ended
December 31, 2017, no gold was held by a subcustodian. During
the fiscal-year ended September 30, 2017, no gold was held by
a subcustodian. |
| Gold Delivery Agreement Receivable | 2.7. 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.
Dec-31, Sept-30,
(Amounts in 000’s of US$)
Gold Delivery Agreement receivable $
— $ 21 |
| Gold Delivery Agreement Payable | 2.8. 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.
Dec-31, Sept-30,
(Amounts in 000’s of US$)
Gold Delivery Agreement payable $ 134 $ 50 |
| Creations and Redemptions of Shares | 2.9. 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 three months ended
December 31, 2017 and fiscal period ended September 30,
2017 are as follows:
Three Months Ended Dec-31, Fiscal Period Sept-30,
(Amounts in 000’s)
Activity in Number of Shares Issued and Outstanding:
Creations 40 220
Redemptions (— ) (100 )
Net change in number of Shares Issued and Outstanding 40 120
Three Months Ended Dec-31, Fiscal Period Sept-30,
(Amounts in 000’s of US$)
Activity in Value of Shares Issued and Outstanding:
Creations $ 4,814 $ 26,500
Redemptions (— ) (11,840 )
Net change in value of Shares Issued and Outstanding $ 4,814 $ 14,710 |
| Revenue Recognition Policy | 2.10. 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 give a sell order and 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.
The Fund’s net realized and change in unrealized gain/(loss)
on investment in gold and Gold Delivery Agreement for the three
month period ended December 31, 2017 of $81 is made up of a
realized gain of $1 from the sale of gold to pay Sponsor fees, a
realized loss of ($118) from the Gold Delivery Agreement, a
realized gain of $61 from gold transferred to cover Gold Delivery
Agreement and Gold Delivery Provider fees, and a change in
unrealized appreciation of $137 on investment in gold. |
| Income Taxes | 2.11. Income Taxes
The Fund is classified as a “grantor trust” for U.S.
federal income tax purposes. As a result, the Fund is not subject
to U.S. federal income tax. Instead, the Fund’s income and
expenses “flow through” to the Shareholders, and the
Administrator will report the Fund’s proceeds, income,
deductions, gains and losses to the Internal Revenue Service on
that basis.
The Sponsor has evaluated whether there are uncertain tax positions
that require financial statement recognition and has determined
that no reserves for uncertain tax positions are required as of
December 31, 2017. There are no open tax years or examinations
in progress at period end. |
