48 unchanged sentences
Fee through in-kind transfers of gold to the Sponsor.
−Removed: At September 30, 2020 the Trust did not have any cash balances.
+Added: At March 31, 2020 the Trust did not have any cash balances.
Sheet Arrangements
10 unchanged sentences
of Operations
−Removed: Quarter Ended September 30, 2021
−Removed: Trust’s net asset value grew from $1,009,450,266 on June 30, 2021 to $1,041,477,197 on September 30, 2021, a 3.2% increase.
−Removed: increase in the Trust’s net asset value was due to an increase in the number of shares outstanding from 57,650,000 to 60,200,000
−Removed: over this period.
−Removed: The net 2,550,000 shares increase was a result of 57 creations and 6 redemption orders (50,000 shares per creation
−Removed: and redemption).
−Removed: The increase occurred despite the change in the price of gold, which decreased 1.15% from $1,763.15 on June 30, 2021
−Removed: to $1,742.80 on September 30, 2021.
−Removed: 1.20% decrease in the Trust’s net asset value per share, from $17.51 at June 30, 2021 to $17.30 at September 30, 2021 is directly
−Removed: related to the 1.15% decrease in the price of gold.
−Removed: Trust’s net asset value per share decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s
+Added: Quarter Ended December 31, 2021
+Added: Trust’s net asset value decreased from $1,041,477,197 on September 30, 2021 to $912,010,117 on December 31, 2021, a 12.4% decrease.
+Added: The decrease in the Trust’s net asset value over this period was due to a reduction in the number of shares outstanding from 60,200,000
+Added: to 50,500,000, a 16.1% decrease.
+Added: The 9,700,000 shares decrease was the net result of 14 creation orders and 208 redemption orders (50,000
+Added: shares per creation and redemption order).
+Added: The impact of the redemption activity on the Trust’s net asset value was reduced by
+Added: the positive change in the price of gold, which increased 4.4% from $1,742.80 on September 30, 2021 to $1,820.10 on December 31, 2021.
+Added: 4.4% increase in the Trust’s net asset value per share, from $17.30 on September 30, 2021 to $18.06 on December 31, 2021 is directly
+Added: related to the 4.4% increase in the price of gold.
+Added: Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s
fees, which were $406,685 for the quarter, or 0.044% of the Trust’s average weighted net assets of $922,663,288 during the quarter.
−Removed: The net asset value per share of $18.16 on July 28, 2021 was the highest during the quarter, compared with a low during the quarter of
−Removed: $17.11 on August 09, 2021.
−Removed: decrease in net assets resulting from operations for the quarter ended September 30, 2021 was $13,264,104, resulting primarily from an
−Removed: unrealized loss on investment in gold bullion of $13,471,423, reduced by a gain of $668,311 on metal sold to cover redemption
−Removed: orders and Sponsor’s fees but increased by the Sponsor’s fees of $ 460,992.
−Removed: Other than the Sponsor’s fees the
−Removed: Trust had no expenses during the quarter.
+Added: The net asset value per share of $18.51 on November 17, 2021 was the highest during the quarter, compared with a low during the quarter
+Added: of $17.40 on October 06, 2021.
+Added: increase in net assets resulting from operations for the quarter ended December 31, 2021 was $41,097,364, resulting from an unrealized
+Added: gain on investment in gold bullion of $17,987,632, a gain of $23,516,417 on metal sold to cover the redemption orders and the Sponsor’s
+Added: fees but reduced by the Sponsor’s fees of $406,685.
+Added: Other than the Sponsor’s fees the Trust had no expenses during the quarter.
+Added: Months Ended December 31, 2021
+Added: Trust’s net asset value decreased from $ 1,009,450,266 on June 30, 2021 to $912,010,117 on December 31, 2021, a 9.7% decrease.
+Added: The decrease in the Trust’s net asset value over this period was due to a reduction in the number of shares outstanding from 57,650,000
+Added: to 50,500,000, a 12.4% decrease.
+Added: The 7,150,000 shares decrease was the net result of 71 creation orders and 214 redemption orders (50,000
+Added: shares per creation and redemption order).
+Added: The impact of the redemption activity on the Trust’s net asset value was reduced by
+Added: the positive change in the price of gold, which increased 3.2% from $1,763.15 on June 30, 2021 to $1,820.10 on December 31, 2021.
+Added: 3.1% increase in the Trust’s net asset value per share, from $17.51 at June 30, 2021 to $18.06 at December 31, 2021 is directly
+Added: related to the 3.2% increase in the price of gold.
+Added: Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s
+Added: fees, which were $867,677 for the period, or 0.088% of the Trust’s average weighted net assets of $984,175,613 during the six-month
+Added: The net asset value per share of $18.51 on November 17, 2021 was the highest during the period, compared with a low during the
+Added: period of $17.11 on August 10, 2021.
+Added: increase in net assets resulting from operations for the 6 months period ending December 31, 2021 was $27,833,260, resulting from an
+Added: unrealized gain on investment in gold bullion of $4,516,209, increased by a gain of $24,184,728 on metal sold to cover the redemption
+Added: orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $867,677.
+Added: Other than the Sponsor’s fees the Trust
+Added: had no expenses during the quarter.
Quantitative and Qualitative Disclosures About Market Risk
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.