01—Abstract
Summary
Summary of the 10-K filed November 25, 2024. Cited figures are marked; the original filing is the authoritative source.
SPDR Gold Trust (GLD) has filed its 10-K for the fiscal year ending September 29, 2024.
The Trust's primary objective is to reflect the performance of the price of gold bullion, less operational expenses. The Trust holds physical gold bullion in allocated accounts with custodians HSBC Bank plc and JPMorgan Chase Bank, N.A. The report highlights that the Trust's assets are entirely composed of gold, with no derivative instruments employed.
For the year ended September 30, 2024, the Trust experienced significant growth in net assets, driven by a substantial increase in the market value of its gold holdings. The net income for the year was $20.36 billiona, a considerable increase from the prior year, reflecting the appreciation of gold prices.
The Trust's operational expenses are covered by selling gold as needed, and the sponsor's fee remains a consistent 0.40%b of the daily Net Asset Value (NAV). Investors should note that the value of the Shares directly correlates with the price of gold, and the Trust's passive investment strategy means it does not engage in active management or hedging.
02—Key points
Key Highlights
- The SPDR Gold Trust (GLD) aims to track the price performance of gold bullion, less expenses.
- As of September 30, 2024, the Trust held 28,033.9 ounces of gold with a market value of approximately $73.7 billion.
- For the fiscal year ended September 30, 2024, the Trust reported a net income of $20.36 billion, driven by the appreciation in the value of its gold holdings.
- The Trust's primary expense is the Sponsor's fee, which is set at an annual rate of 0.40% of the daily Net Asset Value (NAV).
- Gold is held in allocated accounts by custodians HSBC and JPMorgan.
- The Trust does not engage in active management or hedging strategies, relying solely on the passive tracking of gold prices.
- The Shares are exchange-traded, providing investors with accessible exposure to the gold market.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed November 25, 2024Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Operating Expenses | $242.09M$221.61M | +9.2% |
| Net Income | $20.36B$5.55B | +267.0% |
| EPS (Basic) | $69.02$17.50 | +294.4% |
| Shares Outstanding (Basic) | 295.04M316.95M | −6.9% |
05—Questions
Frequently Asked Questions
What is the primary investment objective of the SPDR Gold Trust (GLD)?
The primary investment objective of the SPDR Gold Trust (GLD) is for its Shares to reflect the performance of the price of gold bullion, less the Trust's expenses.
How does the Trust hold its assets?
The Trust holds physical gold bullion in allocated accounts with its custodians, HSBC Bank plc and JPMorgan Chase Bank, N.A. The Trust's assets consist solely of gold and do not include any derivative instruments.
How are the Trust's expenses paid?
The Trust's expenses are paid by selling gold held by the Trust on an as-needed basis. The Sponsor's fee, which covers ordinary operating expenses, is 0.40% of the daily Net Asset Value (NAV).
What are the main risks associated with investing in GLD?
The primary risk is the fluctuation in the price of gold, which directly impacts the value of the Shares. Other risks include potential loss or theft of gold held by custodians, limitations on recovery in case of loss, and the fact that the Trust is a passive investment vehicle without active management or hedging strategies.
06—Continue