What changed in this filing

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Item 1. Financial Statements

2024-11-07 compared with 2024-08-08 · 54 added, 64 removed, 311 unchanged (28% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At June 30, 2024 and December 31, 2023

At September 30, 2024 and December 31, 2023

September 30,

Investment in gold bullion, at fair value (a)

17 unchanged sentences

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2024 and 2023

For the three and nine months ended September 30, 2024 and 2023

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

$ 261,326 $ 222,268 $ 486,438 $ 457,180

Sponsor’s fees waiver

( 58,070 ) ( 49,405 ) ( 108,124 ) ( 101,613 )

Total expenses

203,256 172,863 378,314 355,567

Net investment loss

( 203,256 ) ( 172,863 ) ( 378,314 ) ( 355,567 )

Net Realized and Unrealized Gain (Loss)

1 unchanged sentence

Gold bullion sold to pay expenses

35,311 14,814 51,348 21,810

Gold bullion distributed for the redemption of Shares

9,139,690 9,029,427 33,969,122 23,605,837

Net realized gain

9,175,001 9,044,241 34,020,470 23,627,647

Net change in unrealized appreciation/depreciation

48,899,779 ( 42,090,064 ) 99,043,090 35,110,738

Net realized and unrealized gain (loss)

58,074,780 ( 33,045,823 ) 133,063,560 58,738,385

Net increase (decrease) in net assets resulting from operations

$ 57,871,524 $ ( 33,218,686 ) $ 132,685,246 $ 58,382,818

Net increase (decrease) in net assets per Share (a)

$ 1.15 $ ( 0.66 ) $ 2.69 $ 1.10

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

2 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2024

Six Months Ended

June 30, 2024

For the three, six and nine months ended September 30, 2024

Nine Months Ended

September 30, 2024

Net Assets at December 31, 2023

21 unchanged sentences

Distributions for Shares redeemed

( 44,906,237 )

Net increase in net assets from capital share transactions

2 unchanged sentences

1,201,326,993

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at September 30, 2024

1,450,991,617

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 14,500,000 )

Net decrease in Shares issued and outstanding

( 7,700,000 )

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2023

Six Months Ended

June 30, 2023

For the three, six and nine months ended September 30, 2023

Nine Months Ended

September 30, 2023

Net Assets at December 31, 2022

13 unchanged sentences

Net Assets at March 31, 2023

$ 963,872,250

Net investment loss

1 unchanged sentence

Net change in unrealized appreciation/depreciation

( 42,090,064 )

Net decrease in net assets resulting from operations

( 33,218,686 )

Capital Share Transactions:

3 unchanged sentences

Net decrease in net assets from capital share transactions

( 14,106,264 )

Decrease in net assets

( 47,324,950 )

Net Assets at June 30, 2023

$ 916,547,300

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net decrease in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

Net decrease in net assets from capital share transactions

Decrease in net assets

Net Assets at September 30, 2023

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 23,450,000 )

Net decrease in Shares issued and outstanding

( 14,300,000 )

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2024 and 2023

Six Months Ended

For the nine months ended September 30, 2024 and 2023

Nine Months Ended

September 30,

Cash Flows from Operating Activities

Proceeds from gold bullion sold to pay expenses

$ 375,971 $ 365,101

Expenses – Sponsor’s fees paid

( 375,971 ) ( 365,101 )

Net cash provided by operating activities

4 unchanged sentences

Net increase in net assets resulting from operations

$ 132,685,246 $ 58,382,818

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

Proceeds from gold bullion sold to pay expenses

375,971 365,101

Net realized (gain) loss

( 34,020,470 ) ( 23,627,647 )

Net change in unrealized appreciation/depreciation

2 unchanged sentences

Sponsor’s fees payable

2,343 ( 9,534 )

Net cash provided by (used in) operating activities

1 unchanged sentence

Gold bullion contributed for Shares issued

$ 151,514,898 $ 177,671,263

Gold bullion distributed for Shares redeemed

( 325,024,401

( 540,532,873

See notes to financial statements.

1 unchanged sentence

Schedules of Investments (Unaudited)

At June 30, 2024 and December 31, 2023

June 30, 2024

At September 30, 2024 and December 31, 2023

September 30, 2024

551,749 $ 1,079,058,547 $ 1,451,073,250

14 unchanged sentences

Notes to Financial Statements (Unaudited)

June 30, 2024

September 30, 2024

1 - Organization

28 unchanged sentences

Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method.

The following tables summarize activity in gold bullion for the three months ended June 30, 2024 and 2023:

Three Months Ended June 30, 2024

The following tables summarize activity in gold bullion for the three months ended September 30, 2024 and 2023:

Three Months Ended September 30, 2024

Beginning balance

12 unchanged sentences

551,749 $ 1,079,058,547 $ 1,451,073,250 $ 4,769,416

Three Months Ended June 30, 2023

Three Months Ended September 30, 2023

Beginning balance

12 unchanged sentences

462,274 $ 846,257,547 $ 864,682,325 $ 4,713,180

The following tables summarize activity in gold bullion for the six months ended June 30, 2024 and 2023:

Six Months Ended June 30, 2024

The following tables summarize activity in gold bullion for the nine months ended September 30, 2024 and 2023:

Nine Months Ended September 30, 2024

Beginning balance

12 unchanged sentences

551,749 $ 1,079,058,547 $ 1,451,073,250 $ 38,789,886

Six Months Ended June 30, 2023

Nine Months Ended September 30, 2023

Beginning balance

27 unchanged sentences

Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of September 30, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

5 unchanged sentences

Should the Sponsor choose to revert to the 0.09 % fee (or an amount higher than 0.07 % but no greater than 0.09 % annualized), prior to June 30, 2027, it will provide shareholders with at least 30 days’ prior written notice of such change through either a prospectus supplement to its registration statement or through a report furnished on Form 8 -K.

For the six months ended June 30, 2024, the amount waived was $ 108,124 .

For the nine months ended September 30, 2024, the amount waived was $ 175,158 .

The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

27 unchanged sentences

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2024 and 2023.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

$ 22.10 $ 19.77 $ 20.59 $ 18.10

Net investment loss (a)

) (b) ( 0.01 ) ( 0.01 )

Net realized and unrealized gain (loss) (c)

1.16 ( 0.68 ) 2.68 1.00

Net increase (decrease) in net assets from operations

1.16 ( 0.68 ) 2.67 0.99

Net asset value per Share, end of period

$ 23.26 $ 19.09 $ 23.26 $ 19.09

Total return, at net asset value (d)(e)

5.25 % ( 3.44 )% 12.97 % 5.47 %

Ratio to average net assets:

Net investment loss (f)

( 0.07 )% ( 0.07 )% ( 0.07 )% ( 0.07 )%

Total expenses (f)

0.09 % 0.09 % 0.09 % 0.09 %

Total expenses after fees waived

0.07 % 0.07 % 0.07 % 0.07 %

Based on average Shares outstanding during the period.

Amount is more than $( 0.005 ).

Amount is greater than $( 0.005 ).

The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.

13 unchanged sentences

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At June 30, 2024 and December 31, 2023, the value of the gold bullion held by the Trust is categorized as Level 1.

At September 30, 2024 and December 31, 2023, the value of the gold bullion held by the Trust is categorized as Level 1.

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.

What changed 10-Q

Item 1. Financial Statements