| Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
| Mar. 31, 2018 | Sep. 30, 2017 |
| Basis of Accounting | 2.1. Basis of Accounting
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.
The Fund is an investment company within the scope of Financial
Accounting Standards Board Accounting Standards Codification
(“ASC”) 946, Financial Services—Investment
Companies | 2.1. Basis of Accounting
The accompanying audited 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 audited 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. | 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. | 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 Long USD
Gold Index—Gold Delivery Agreement
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., the value of the USD against the
Reference Currencies comprising the FX Basket increases), the Fund
will receive gold bullion. In general, if there is a currency loss
(i.e., the value of the USD against the Reference Currencies
comprising the FX Basket decreases), the Fund will deliver gold
bullion. In this manner, the amount of gold bullion held by the
Fund will be adjusted to reflect the daily change in the value of
the Reference Currencies comprising the FX Basket against the USD.
The Gold Delivery Agreement requires gold bullion ounces calculated
pursuant to formulas contained in the Gold Delivery Agreement to be
delivered to the custody account of the Fund or Gold Delivery
Provider, as applicable. The fee that the Fund pays the Gold
Delivery Provider for its services under the Gold Delivery
Agreement is accrued daily and reflected in the calculation of the
amount of gold bullion to be delivered pursuant to the Gold
Delivery Agreement. The realized gain/loss from the Gold Delivery
Agreement is disclosed on the Statement of Operations and the
Statement of Changes in Net Assets. The realized gain/loss is only
shown on the Statement of Financial Condition to the extent not
received/paid.
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%). | 2.5. Solactive GLD Long USD
Gold Index—Gold Delivery Agreement
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 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%). |
| 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. |
| 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$)
March 31, 2018
Level 1 Level 2 Level 3
Investment in Gold $ 16,666 $ — $ —
Gold Delivery Agreement — — —
Total $ 16,666 $ — $ —
(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
six months ended March 31, 2018 and 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. | 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$)
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
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 a.m. 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 a.m. and 3:00
p.m. 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 p.m. 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 p.m. 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 six-month period ended
March 31, 2018, no gold was held by a subcustodian. During the
fiscal period ended September 30, 2017, no gold was held by a
subcustodian. | 2.7. Custody of Gold
Gold bullion is held by HSBC Bank plc on behalf of the Fund. During
the fiscal period 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.
(Amounts in 000’s of US$) Mar-31, Sep-30,
Gold Delivery Agreement receivable $ 170 $ 21 | 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.
(Amounts in 000’s of US$) Sept-30,
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.
(Amounts in 000’s of US$) Mar-31, Sep-30,
Gold Delivery Agreement payable $ — $ 50 | 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$) Sept-30,
Gold Delivery Agreement payable $ 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 at the option of the Authorized
Participants, the Fund has classified the Shares as Net Assets.
Changes in the Shares for the six months ended March 31, 2018
and fiscal period ended September 30, 2017 are as follows:
(Amounts in 000’s) Six Months Mar-31, 2018 Fiscal Period Sep-30, 2017
Activity in Number of Shares Issued and Outstanding:
Creations 40 220
Redemptions (20 ) (100 )
Net change in number of Shares Issued and Outstanding 20 120
(Amounts in 000’s of US$) Six Months Mar-31, 2018 Fiscal Period Sep-30, 2017
Activity in Value of Shares Issued and Outstanding:
Creations $ 4,814 $ 26,500
Redemptions (2,393 ) (11,840 )
Net change in value of Shares Issued and Outstanding $ 2,421 $ 14,710 | 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 fiscal period ended
September 30, 2017 are as follows:
(Amounts in 000’s) Fiscal Period Sept-30, 2017
Activity in Number of Shares Issued and Outstanding:
Creations 220
Redemptions (100 )
Net change in number of Shares Issued and Outstanding 120
(Amounts in 000’s of
US$) Fiscal Period Sept-30, 2017
Activity in Value of Shares Issued and Outstanding:
Creations $ 26,550
Redemptions (11,840 )
Net change in value of Shares Issued and Outstanding $ 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 six-month
period ended March 31, 2018 of $82 is made up of a realized
gain of $2 from the sale of gold to pay Sponsor fees, a realized
loss of ($533) from the Gold Delivery Agreement, a realized gain of
$229 from gold transferred to cover Gold Delivery Agreement and
Gold Delivery Provider fees, a realized gain of $149 from gold
distributed for the redemption of shares, and a change in
unrealized appreciation of $235 on investment in gold.
The Fund’s net realized and change in unrealized gain/(loss)
on investment in gold and Gold Delivery Agreement for the six-month
period ended March 31, 2017 of $766 is made up of a realized
gain of $1 from the sale of gold to pay Sponsor fees, a realized
loss of ($86) from the Gold Delivery Agreement, a realized gain of
$39 from gold transferred to cover Gold Delivery Agreement and Gold
Delivery Provider fees, and a change in unrealized appreciation of
$812 on investment in gold. | 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 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 fiscal
period ended September 30, 2017 of ($260) is made up of a
realized gain of $3 from the sale of gold to pay Sponsor fees, a
realized loss of ($1,833) from the Gold Delivery Agreement, a
realized gain of $270 on gold transferred to cover Gold Delivery
Agreement and Gold Delivery Provider fees, a realized gain of $486
from gold distributed for the redemption of Shares, and a change in
unrealized appreciation of $814 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
March 31, 2018. There are no open tax years or examinations in
progress at period end. | 2.12. 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 or not there are uncertain tax
positions that require financial statement recognition and has
determined that no reserves for uncertain tax positions are
required as of September 30, 2017. There are no tax years open
for examination. |
| SPDR Long Dollar Gold Trust [Member] | | |
| Basis of Accounting | 2.1. Basis of Accounting
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.
The Fund is an investment company within the scope of Financial
Accounting Standards Board Accounting Standards Codification
(“ASC”) 946, Financial Services—Investment
Companies | 2.1. Basis of Accounting
The accompanying audited 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 audited 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. | 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. | 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 Long USD
Gold Index—Gold Delivery Agreement
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., the value of the USD against the
Reference Currencies comprising the FX Basket increases), the Fund
will receive gold bullion. In general, if there is a currency loss
(i.e., the value of the USD against the Reference Currencies
comprising the FX Basket decreases), the Fund will deliver gold
bullion. In this manner, the amount of gold bullion held by the
Fund will be adjusted to reflect the daily change in the value of
the Reference Currencies comprising the FX Basket against the USD.
The Gold Delivery Agreement requires gold bullion ounces calculated
pursuant to formulas contained in the Gold Delivery Agreement to be
delivered to the custody account of the Fund or Gold Delivery
Provider, as applicable. The fee that the Fund pays the Gold
Delivery Provider for its services under the Gold Delivery
Agreement is accrued daily and reflected in the calculation of the
amount of gold bullion to be delivered pursuant to the Gold
Delivery Agreement. The realized gain/loss from the Gold Delivery
Agreement is disclosed on the Statement of Operations and the
Statement of Changes in Net Assets. The realized gain/loss is only
shown on the Statement of Financial Condition to the extent not
received/paid.
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%). | 2.5. Solactive GLD Long USD
Gold Index—Gold Delivery Agreement
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 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%). |
| 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. |
| 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$)
March 31, 2018
Level 1 Level 2 Level 3
Investment in Gold $ 16,666 $ — $ —
Gold Delivery Agreement — — —
Total $ 16,666 $ — $ —
(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
six months ended March 31, 2018 and 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. | 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$)
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
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 a.m. 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 a.m. and 3:00
p.m. 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 p.m. 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 p.m. 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 six-month period ended
March 31, 2018, no gold was held by a subcustodian. During the
fiscal period ended September 30, 2017, no gold was held by a
subcustodian. | 2.7. Custody of Gold
Gold bullion is held by HSBC Bank plc on behalf of the Fund. During
the fiscal period 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.
(Amounts in 000’s of US$) Mar-31, Sep-30,
Gold Delivery Agreement receivable $ 170 $ 21 | 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.
(Amounts in 000’s of US$) Sept-30,
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.
(Amounts in 000’s of US$) Mar-31, Sep-30,
Gold Delivery Agreement payable $ — $ 50 | 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$) Sept-30,
Gold Delivery Agreement payable $ 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 at the option of the Authorized
Participants, the Fund has classified the Shares as Net Assets.
Changes in the Shares for the six months ended March 31, 2018
and fiscal period ended September 30, 2017 are as follows:
(Amounts in 000’s) Six Months Mar-31, 2018 Fiscal Period Sep-30, 2017
Activity in Number of Shares Issued and Outstanding:
Creations 40 220
Redemptions (20 ) (100 )
Net change in number of Shares Issued and Outstanding 20 120
(Amounts in 000’s of US$) Six Months Mar-31, 2018 Fiscal Period Sep-30, 2017
Activity in Value of Shares Issued and Outstanding:
Creations $ 4,814 $ 26,500
Redemptions (2,393 ) (11,840 )
Net change in value of Shares Issued and Outstanding $ 2,421 $ 14,710 | 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 fiscal period ended
September 30, 2017 are as follows:
(Amounts in 000’s) Fiscal Period Sept-30, 2017
Activity in Number of Shares Issued and Outstanding:
Creations 220
Redemptions (100 )
Net change in number of Shares Issued and Outstanding 120
(Amounts in 000’s of
US$) Fiscal Period Sept-30, 2017
Activity in Value of Shares Issued and Outstanding:
Creations $ 26,550
Redemptions (11,840 )
Net change in value of Shares Issued and Outstanding $ 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 six-month
period ended March 31, 2018 of $82 is made up of a realized
gain of $2 from the sale of gold to pay Sponsor fees, a realized
loss of ($533) from the Gold Delivery Agreement, a realized gain of
$229 from gold transferred to cover Gold Delivery Agreement and
Gold Delivery Provider fees, a realized gain of $149 from gold
distributed for the redemption of shares, and a change in
unrealized appreciation of $235 on investment in gold.
The Fund’s net realized and change in unrealized gain/(loss)
on investment in gold and Gold Delivery Agreement for the six-month
period ended March 31, 2017 of $766 is made up of a realized
gain of $1 from the sale of gold to pay Sponsor fees, a realized
loss of ($86) from the Gold Delivery Agreement, a realized gain of
$39 from gold transferred to cover Gold Delivery Agreement and Gold
Delivery Provider fees, and a change in unrealized appreciation of
$812 on investment in gold. | 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 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 fiscal
period ended September 30, 2017 of ($260) is made up of a
realized gain of $3 from the sale of gold to pay Sponsor fees, a
realized loss of ($1,833) from the Gold Delivery Agreement, a
realized gain of $270 on gold transferred to cover Gold Delivery
Agreement and Gold Delivery Provider fees, a realized gain of $486
from gold distributed for the redemption of Shares, and a change in
unrealized appreciation of $814 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
March 31, 2018. There are no open tax years or examinations in
progress at period end. | 2.12. 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 or not there are uncertain tax
positions that require financial statement recognition and has
determined that no reserves for uncertain tax positions are
required as of September 30, 2017. There are no tax years open
for examination. |
| The Gold Trust [Member] | | |
| Basis of Accounting | | 2.1. Basis of Accounting
The accompanying statement of financial condition has 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 statement of financial condition. Actual results
could differ from those estimates. |
| Basis of Presentation | | 2.2. Basis of Presentation
The statement of financial condition is presented for the Fund
individually. The debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to the
Fund will be enforceable only against the assets of the Fund and
not against the assets of the Trust generally or any other series
of the Trust now existing or that may be established 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. |
| 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 Fund had no assets or liabilities as of September 30,
2017.
After the commencement of operations, the Fund expects to invest
its assets in allocated Gold Bullion and, from time to time, cash,
which will be used to pay expenses.
The Administrator will value any Gold Bullion held by the Fund on
the basis of the price of an ounce of gold as determined by the ICE
Benchmark Administration Limited (“IBA”), a benchmark
administrator, which provides an independently administered auction
process as well as the overall administration and governance for
the London Bullion Market Association (“LBMA”) Gold
Price. In determining the net asset value (“NAV”) of
the Fund, the Administrator will value the Gold Bullion held by the
Fund on the basis of the price of an ounce of gold determined by
the IBA 3:00 PM auction process (“LBMA Gold Price PM”),
which is an electronic auction, with the imbalance calculated, and
the price adjusted in rounds (45 seconds in duration). The auction
runs twice daily at 10:30 AM and 3:00 PM London time. The
Administrator will calculate the NAV of the Fund on each day the
NYSE Arca is open for regular trading, at the earlier LBMA Gold
Price PM for the day or 12:00 PM New York time. If no LBMA Gold
Price PM 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 PM
will be used in the determination of the NAV of the Fund, unless
the Sponsor determines that such price is inappropriate to use as
the basis for such determination. |
| Creations and Redemptions of Shares | | 2.6. Creations and Redemptions of
Shares
The Fund will create and redeem Shares from time to time, but only
in one or more Creation Units (a Creation Unit is an aggregation of
a large number of Shares). The Fund will issue Shares in Creation
Units to certain authorized participants (“Authorized
Participants”) on an ongoing basis. The creation and
redemption of Creation Units will only be 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 NAV
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. |
| Income Taxes | | 2.7. Income Taxes
The Fund is expected to be 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 will “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.
No uncertain tax positions exist at the date of the statement of
financial condition. |
