10-QPeriod: Q2 FY2019

SPDR GOLD TRUST Quarterly Report for Q2 Ended Mar 31, 2019

Filed May 7, 2019For Securities:GLD

Summary

The SPDR Gold Trust (GLD) 10-Q filing for the period ending March 30, 2019, indicates a significant increase in the Trust's assets and net asset value per share compared to the previous fiscal year-end. Total assets grew from approximately $28.3 billion to $32.7 billion, with the Net Asset Value (NAV) per share rising from $112.35 to $122.34. This growth is primarily driven by an increase in the fair value of the Trust's gold holdings, reflecting a positive net change in unrealized appreciation of $2.6 billion for the six months ending March 31, 2019. For the three months ended March 31, 2019, the Trust reported a net income of $344.8 million, a decrease from $706.8 million in the same period of the prior year. This was influenced by a lower net realized and change in unrealized gain/(loss) on investment in gold. Despite this quarterly dip, the six-month period shows robust net income of $2.6 billion, significantly up from $1.0 billion in the prior year's comparable period. The Trust's operations continue to be directly tied to the price of gold, with no active management or hedging strategies employed.

Financial Highlights

10 data points
Beta

Net Income

$344.84M

EPS (Diluted)

$1.28

Total Assets

$32.66B

Cash & Equivalents

$0.00

Free Cash Flow

$0.00

Financial Statements
Beta
Operating Expenses$32.74M
Net Income$344.84M
EPS (Basic)$1.28
Shares Outstanding (Basic)269.55M

Key Highlights

  • 1Total Assets increased to $32.7 billion as of March 31, 2019, from $28.3 billion as of September 30, 2018.
  • 2Net Asset Value (NAV) per Share rose to $122.34 on March 31, 2019, from $112.35 on September 30, 2018.
  • 3The Trust experienced a net change in unrealized appreciation on its gold investment of $2.61 billion for the six months ended March 31, 2019.
  • 4For the six months ended March 31, 2019, the Trust reported a net income of $2.63 billion, a substantial increase from $1.03 billion in the same period of the prior year.
  • 5Total expenses for the six months ended March 31, 2019, were $62.9 million, down from $70.2 million in the prior year's comparable period.
  • 6The Trust created 50,500 Baskets (representing 505,000,000 shares) and redeemed 35,700 Baskets (representing 357,000,000 shares) in the six months ended March 31, 2019.
  • 7The Trust holds 100% of its assets in allocated gold bullion, valued at fair value on the LBMA Gold Price PM, with no derivative instruments or active management.

Frequently Asked Questions

For the quarter ending March 31, 2019, the Net Asset Value (NAV) per Share increased to $122.34, up from $112.35 at the end of the prior fiscal year on September 30, 2018. The total return at net asset value for the three months ended March 31, 2019, was 0.97%.

The Trust's total assets saw a significant increase, rising to $32,663,174,000 as of March 31, 2019, from $28,331,953,000 as of September 30, 2018. This growth is primarily attributed to the increase in the fair value of the Trust's gold holdings.

The Trust's financial performance is largely driven by the change in the market value of gold. Its main expenses consist of sponsor fees, which accrue daily at an annual rate of 0.40% of the daily Net Asset Value. The Trust does not actively manage its gold holdings or engage in hedging, so its results are directly tied to gold price fluctuations and incurred operating expenses.

Yes, in the six months ended March 31, 2019, the Trust saw creations of 50,500 Baskets (representing approximately 505 million shares) and redemptions of 35,700 Baskets (representing approximately 357 million shares). The net effect was an increase in outstanding shares and net assets.