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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2021.

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to .

Primary Standard Industrial Classification Code Number: 6221

wShares Enhanced Gold ETF

Sponsored by Wilshire Phoenix Funds LLC

(Exact name of registrant as specified in its charter)

Delaware

84-6953191

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

2 Park Avenue, 20^thFloor

New York, New York 10016

(917) 671-9097

(Address, including Zip Code, and Telephone

Number, including Area Code, of Registrant’s

Principal Executive Offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class:		Trading Symbol(s)		Name of each exchange on which registered:
Units of Beneficial Interest		WGLD		NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☒
Emerging Growth Company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes ☒ No

The registrant had 100,001 issued and outstanding Shares as of November 1, 2021.

wShares Enhanced Gold ETF

Table of Contents

	Page
Part I. FINANCIAL INFORMATION.	1

Item 1. Unaudited Financial Statements.	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	14

Item 3. Quantitative and Qualitative Disclosure About Market Risk.	18

Item 4. Controls and Procedures.	18

Part II. OTHER INFORMATION.	19

Item 1. Legal Proceedings.	19

Item 1A. Risk Factors.	19

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	19

Item 3. Defaults Upon Senior Securities.	19

Item 4. Mine Safety Disclosures.	19

Item 5. Other Information.	19

Item 6. Exhibits.	19

SIGNATURES.	21

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

wShares Enhanced Gold ETF

Index to Financial Statements

Documents		Page

Statements of Financial Condition at September 30, 2021 (unaudited) and December 31, 2020		2

Schedules of Investment at September 30, 2021 (unaudited) and December 31, 2020		3

Statements of Operations for the three and nine months ended September 30, 2021 (unaudited)		4

Statement of Cash Flows for the nine months ended September 30, 2021 (unaudited)		5

Statements of Change in Net Assets for three and nine months ended September 30, 2021 (unaudited)		6

Financial Highlights for the three and nine months ended September 30, 2021 (unaudited)		7

Notes to Unaudited Financial Statements		8

wShares Enhanced Gold ETF

Statements of Financial Condition

	September 30, 2021		December 31, 2020
	(unaudited)
Assets
Investment in gold, at fair value (cost $1,706,106 and $–, respectively)	$	1,672,175	$	—
Cash		197		18
Gold receivable		4,008		—
Offering costs		38,974		—
Other asset		25,569		—
Total assets		1,740,923		18

Liabilities
Sponsor’s fee payable		2,954		—
Total liabilities		2,954		—

Net assets	$	1,737,969	$	18

Shares issued and outstanding, unlimited authorized Shares with par value of $0.00 per Share		100,001		1
Net asset value per Share	$	17.38	$	18.00

wShares Enhanced Gold ETF 10-Q