EX-4.2.3



 Exhibit 4.2.3 

AMENDMENT NO. 3 
 TO 

SPDR® GOLD TRUST 

PARTICIPANT AGREEMENTS 

This amendment (this “Amendment”), dated as of July 18, 2014, is to the
SPDR® Gold Trust Participant Agreements (the “Participants Agreements,” and each a “Participant Agreement”) among The Bank of New York Mellon, not in its
individual capacity, but solely as trustee (the “Trustee”) of the SPDR® Gold Trust (the “Trust”), World Gold Trust Services, LLC, as the sponsor (the
“Sponsor”) of the Trust, and the authorized participants of the Trust set forth on Schedule A hereto (the “Authorized Participants”). 

WHEREAS, the Trustee and the Sponsor have previously entered into a Participant Agreement with each of the Authorized Participants identified
on Schedule A hereto and the same are in full force and effect; and 
 WHEREAS, Section 20(a) of each Participant Agreement
provides that the Participant Agreement, the procedures described in Attachment A thereto (the “Procedures”) and the Exhibits thereto may be amended, modified or supplemented by the Trustee and the Sponsor without the consent of any
Beneficial Owner or Authorized Participant by following the procedures provided for therein; and 
 WHEREAS, the Sponsor and the Trustee are
amending the Trust Indenture of the Trust to, among other things, provide that Creation Baskets shall only be issued and delivered by the Trustee after the Creation Basket Gold Deposit Amount received by the Trust from an Authorized Participant has
been transferred by the Custodian from the Trust Unallocated Account to the Trust Allocated Account; and 
 WHEREAS, in connection with the
foregoing amendment to the Trust Indenture of the Trust, the Sponsor and the Trustee wish to make conforming changes to the Procedures. 

NOW, THEREFORE, the Trustee and the Sponsor agree as follows: 

1. (a) The first sentence of the second paragraph of the section of the Procedures entitled “Scope of Procedures and Overview” is
hereby amended to read in its entirety as follows: 
 Under these Procedures, Baskets may be issued only with respect to Gold transferred to
and held in the Trust’s allocated Gold account maintained in London, England by HSBC Bank USA, National Association, London Branch, as custodian (the “Custodian”). 







 (b) The following introductory paragraph of the section of the Procedures entitled “CREATION
PROCESS’ is hereby amended to read in its entirety as follows: 
 An order to purchase one or more Baskets placed by a Participant with
the Trustee by 4:00 p.m. N.Y. time on a Business Day (such day, “CREATION T”) results in the following taking place, in most instances, by 11:00 a.m. N.Y. time, (usually 4:00 p.m. London time) on CREATION T+3: 

 

	 	•	 	Transfer to the Trust Allocated Account of the amount of Gold satisfying the LBMA Good Delivery Rules in the amount corresponding to the Baskets to be issued; and 


 

	 	•	 	Transfer to the Participant’s account at The Depository Trust Company (“DTC”) of the number of Baskets corresponding to the Gold the Participant has transferred to the Trust. 


(c) Paragraph 3 of the section of the Procedures entitled “CREATION T+3” are hereby amended to read in its entirety as follows: 

 

	 	3.	At 11:00 a.m. N.Y. time (usually 4:00 p.m. London time), following receipt of the notice from the Custodian of the status of the allocation process described in item (2) above, the Trustee authorizes the creation
and issuance of the Baskets ordered by each Participant on CREATION T for which the Trustee has received confirmation from the Custodian that the relevant amount(s) of Gold have been transferred from the Trust Unallocated Account to the Trust
Allocated Account. If the Custodian is unable to complete the allocation of Gold from the Trust Unallocated Account to the Trust Allocated Account by such time, the Trustee will issue Baskets as soon as practical after the Custodian has notified the
Trustee by email and fax that it has completed the allocation of Gold to the Trust Allocated Account in the relevant amount(s). The creation and issuance of Baskets will occur through the DTC system known as “Deposit and Withdrawal at
Custodian” or “DWAC”. 

 2. The foregoing amendments shall be effective in the manner provided for in
Section 20(a) of each Participant Agreement. 
 3. The form of Notice to Authorized Participants attached as Exhibit A hereto
shall accompany the copies of this Amendment to be distributed to the Authorized Participants by the Trustee in accordance with Section 20(a) of each Participant Agreement. 

4. Except as modified by this Amendment, the Participant Agreements shall remain unmodified and in full force and effect. 

5. This Amendment shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might
otherwise govern under applicable New York conflict of laws principles) as to all matters, including, without limitation, matters of validity, construction, effect, performance and remedies. 

  
 -2- 








 6. Capitalized terms used but not defined in this Amendment shall have the meanings assigned to
such terms in the Participant Agreements. 
 7. This Amendment may be executed in any number of counterparts, each of which when executed
and delivered shall be deemed an original, but together shall constitute one and the same instrument. Facsimile and PDF signatures shall be acceptable and binding. 

[Signature Page Follows] 

  
 -3- 








 IN WITNESS WHEREOF, the Trustee and the Sponsor have executed and delivered this Amendment as of
the date first above specified. 
  

			
	WORLD GOLD TRUST SERVICES, LLC,
	as sponsor of the SPDR® Gold Trust
		
	By:	 	 /s/ John Adrian Pound

	Name:	 	John Adrian Pound
	Title:	 	CFO, World Gold Trust Services, LLC
	
	THE BANK OF NEW YORK MELLON,
	not in its individual capacity,
	but solely as trustee of the SPDR® Gold Trust
		
	By:	 	 /s/ Thomas N. O’Donnell

	Name:	 	Thomas N. O’Donnell
	Title:	 	Managing Director


 [Signature Page to Amendment No. 3 to SPDR®
Gold Trust Participant Agreements] 

  
 -4- 








 SCHEDULE A 

AUTHORIZED PARTICIPANTS 
 Barclays Capital
Inc., 
 Citigroup Global Markets Inc. 
 Credit Suisse
Securities (USA) LLC 
 Deutsche Bank Securities Inc. 
 Goldman,
Sachs & Co. 
 Goldman Sachs Execution & Clearing, L.P. 

HSBC Securities (USA) Inc. 
 J.P. Morgan Securities Inc. 

Merrill Lynch Professional Clearing Corp. 
 Morgan
Stanley & Co. Incorporated 
 Newedge USA LLC 
 RBC
Capital Markets Corporation 
 Scotia Capital (USA) Inc. 
 UBS
Securities LLC 
 Virtu Financial BD LLC