44 unchanged sentences
The use of indicators of the value of gold bullion other than the LBMA Gold Price AM and LBMA Gold Price PM could result in materially different fair value pricing of the gold held by the Trust, and as such, could result in different cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital Shares.
−Removed: Having valued the gold held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the gold held by the Trust and other assets held by the Trust.
+Added: Having valued the gold held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the gold and other assets held by the Trust.
The result is the net asset value of the Trust.
8 unchanged sentences
These estimates and assumptions affect the Trust’s application of accounting policies.
−Removed: Below is a description of the valuation of gold bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Gold Bullion;
+Added: A description of the valuation of gold bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Gold Bullion;
Computation of Net Asset Value” above.
12 unchanged sentences
The Trust’s net asset value increased from $1,221,830,170 at December 31, 2023 to $1,359,466,882 at December 31, 2024, an 11.26% increase.
+Added: The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 26.59% from $2,062.40 at December 31, 2023 to $2,610.85 at December 31, 2024, partially offset by a decrease in the number of outstanding Shares, which fell from 59,350,000 Shares at December 31, 2023 to 52,200,000 Shares at December 31, 2024, a consequence of 14,150,000 Shares (283 Baskets) being created and 21,300,000 Shares (426 Baskets) being redeemed during the year.
+Added: The 26.47% increase in the NAV from $20.59 at December 31, 2023 to $26.04 at December 31, 2024 is directly related to the 26.59% increase in the price of gold.
+Added: The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $861,506 for the year, or 0.07% of the Trust’s average weighted assets of $1,231,336,576 during the year.
+Added: The NAV of $27.71 on October 30, 2024 was the highest during the year, compared with a low of $19.81 on February 14, 2024.
+Added: Net increase in net assets resulting from operations for the year ended December 31, 2024 was $284,556,077, resulting from an unrealized gain on investment in gold bullion of $204,861,131, a net realized gain of $80,394,076 on gold bullion distributed for the redemption of Shares and a net realized gain of $162,376 from gold bullion sold to pay expenses, partially offset by a net investment loss of $861,506.
+Added: Other than the Sponsor’s fees of $861,506, the Trust had no expenses during the year.
+Added: The Year Ended December 31, 2023
+Added: The Trust’s net asset value increased from $1,127,844,172 at December 31, 2022 to $1,221,830,170 at December 31, 2023, an 8.33% increase.
The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 13.80% from $1,812.35 at December 31, 2022 to $2,062.40 at December 31, 2023, partially offset by a decrease in the number of outstanding Shares, which fell from 62,300,000 at December 31, 2022 to 59,350,000 at December 31, 2023, a consequence of 26,200,000 Shares (524 Baskets) being created and 29,150,000 Shares (583 Baskets) being redeemed during the year.
2 unchanged sentences
The NAV of $20.75 on December 28, 2023 was the highest during the year, compared with a low of $18.09 on February 24, 2023.
−Removed: Net increase in net assets resulting from operations for the year ended December 31, 2023 was $137,591,766, resulting from an unrealized gain on investment in gold bullion of $109,176,583 and a net realized gain of $29,060,925, on gold bullion distributed for the redemption of Shares and a net realized gain of $40,838 from gold bullion sold to pay expenses, partially offset by a net investment loss of $686,580.
+Added: Net increase in net assets resulting from operations for the year ended December 31, 2023 was $137,591,766, resulting from an unrealized gain on investment in gold bullion of $109,176,583, a net realized gain of $29,060,925 on gold bullion distributed for the redemption of Shares and a net realized gain of $40,838 from gold bullion sold to pay expenses, partially offset by a net investment loss of $686,580.
Other than the Sponsor’s fees of $686,580, the Trust had no expenses during the year.
6 unchanged sentences
The NAV of $20.38 on March 8, 2022 was the highest during the year, compared with a low of $16.27 on November 3, 2022.
−Removed: Net increase in net assets resulting from operations for the year ended December 31, 2022 was $2,422,092, resulting from an unrealized loss on investment in gold bullion of $6,619,441 and a net realized gain of $9,817,439, on gold bullion distributed for the redemption of Shares, a net realized loss of $2,481 from gold bullion sold to pay expenses, and a net investment loss of $773,425.
+Added: Net increase in net assets resulting from operations for the year ended December 31, 2022 was $2,422,092, resulting from an unrealized loss on investment in gold bullion of $6,619,441, a net realized gain of $9,817,439 on gold bullion distributed for the redemption of Shares, a net realized loss of $2,481 from gold bullion sold to pay expenses, and a net investment loss of $773,425.
Other than the Sponsor’s fees of $773,425, the Trust had no expenses during the year.
−Removed: The Period from June 15, 2021 (Date of Inception) to December 31, 2021
−Removed: The Trust’s net asset value increased from $9,325,500 at June 15, 2021 (Date of inception) to $872,384,122 at December 31, 2021, a 9,254.82% increase.
−Removed: The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 500,000 at June 15, 2021 (Date of Inception) to 47,950,000 Shares at December 31, 2021, a consequence of 49,450,000 Shares (989 Baskets) being created and 2,000,000 Shares (40 Baskets) being redeemed during the period.
−Removed: The increase in the Trust’s net asset value was partially offset by a decrease in the price of gold, which fell 2.41% from $1,865.10 at June 15, 2021 (Date of Inception) to $1,820.10 at December 31, 2021.
−Removed: The 2.47% decrease in the NAV from $18.65 at June 15, 2021 (Date of Inception) to $18.19 at December 31, 2021 is directly related to the 2.41% decrease in the price of gold.
−Removed: The NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fees, which were $233,105 for the period, or 0.04% of the Trust’s average weighted assets of $611,957,013 during the period.
−Removed: The NAV of $18.64 on November 17, 2021 was the highest during the period, compared with a low during the period of $17.23 on August 10, 2021.
−Removed: Net increase in net assets resulting from operations for the period from June 15, 2021 (Date of Inception) through December 31, 2021 was $13,664,266, resulting from an unrealized gain on investment in gold bullion of $13,796,050 and a net realized gain of $101,713 on gold bullion distributed for the redemption of Shares, partially offset by a net realized loss of $392 from gold bullion sold to pay expenses during the period, and a net investment loss of $233,105.
−Removed: Other than the Sponsor’s fees of $233,105, the Trust had no expenses during the period.
Quantitative and Qualitative Disclosures About Market Risk.
1 unchanged sentence
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.