☒ | Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, . |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from . |
New York | 61-1848163 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which | ||
Goldman Sachs Physical Gold ETF | AAAU |
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |||
Non-Accelerated Filer | ☒ | Smaller Reporting Company | ☒ | |||
Emerging Growth Company | ☒ |
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Tonnes | 2015 | 2016 | 2017 | 2018 | 2019 | 2016 | 2017 | 2018 | 2019 | �� | 2020 | |||||||||||||||||||||||||||||
SUPPLY | ||||||||||||||||||||||||||||||||||||||||
Mine Production | 3,336 | 3,460 | 3,494 | 3,561 | 3,534 | 3,512 | 3,576 | 3,653 | 3,597 | 3,478 | ||||||||||||||||||||||||||||||
Recycling | 1,103 | 1,264 | 1,138 | 1,160 | 1,297 | 1,233 | 1,111 | 1,132 | 1,272 | 1,279 | ||||||||||||||||||||||||||||||
Net Hedging Supply | 13 | 33 | – | – | – | 38 | — | — | 6 | — | ||||||||||||||||||||||||||||||
Total Supply | 4,453 | 4,756 | 4,632 | 4,721 | 4,831 | 4,783 | 4,688 | 4,785 | 4,876 | 4,757 | ||||||||||||||||||||||||||||||
DEMAND | ||||||||||||||||||||||||||||||||||||||||
Jewelry Fabrication | 2,479 | 2,012 | 2,257 | 2,285 | 2,137 | 2,019 | 2,257 | 2,285 | 2,138 | 1,328 | ||||||||||||||||||||||||||||||
Industrial Demand | 332 | 323 | 333 | 335 | 326 | 323 | 333 | 335 | 326 | 302 | ||||||||||||||||||||||||||||||
Net Physical Investment | 1,072 | 1,062 | 1,035 | 1,067 | 850 | 1,062 | 1,035 | 1,067 | 844 | 892 | ||||||||||||||||||||||||||||||
Net Hedging Demand | – | – | 24 | 9 | 1 | — | 26 | 12 | — | 52 | ||||||||||||||||||||||||||||||
Net Official Sector Buying | 580 | 395 | 379 | 657 | 646 | 395 | 379 | 656 | 606 | 262 | ||||||||||||||||||||||||||||||
Total Demand | 4,463 | 3,798 | 4,028 | 4,352 | 3,959 | 3,798 | 4,029 | 4,355 | 3,914 | 2,837 | ||||||||||||||||||||||||||||||
Market Balance | (10 | ) | 958 | 604 | 369 | 872 | 984 | 659 | 430 | 962 | 1,921 | |||||||||||||||||||||||||||||
Net Investment in ETPs | (129 | ) | 541 | 271 | 75 | 404 | 541 | 272 | 70 | 398 | 887 | |||||||||||||||||||||||||||||
Market Balance less ETPs | 119 | 417 | 332 | 294 | 469 | 443 | 387 | 360 | 564 | 1034 | ||||||||||||||||||||||||||||||
Gold Price (US$/oz, London) | 1,160 | 1,251 | 1,257 | 1,268 | 1,393 | 1,251 | 1,257 | 1,268 | 1,393 | 1,770 |
Item 1A. | Risk Factors. |
Item 1B. | Unresolved Staff Comments. |
Item 2. | Properties. |
Item 3. | Legal Proceedings. |
Item 4. | Mine Safety Disclosures. |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
Period | Total number of Shares redeemed | Average price per Share | ||||||
10/1/20 to 10/31/20 | 0 | 0 | ||||||
11/1/20 to 11/30/20 | 0 | 0 | ||||||
12/1/20 to 12/31/20 | 900,000 | 18.55 | ||||||
TOTAL | 900,000 |
Period | Total number of Shares redeemed | Average price per Share | ||||||
10/1/21 to 10/31/21 | — | — | ||||||
11/1/21 to 11/30/21 | — | — | ||||||
12/1/21 to 12/31/21 | — | — | ||||||
TOTAL | — |
Item 6. |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Ounces | Fair Value | Ounces | Fair Value | |||||||||||||
Beginning balance as of December 31, 2019 | 115,729.0 | $ | 176,255,247 | |||||||||||||
Beginning balance as of December 31, 2020 | 270,112.9 | $ | 510,810,450 | |||||||||||||
Gold bullion contributed | 172,671.1 | 309,001,462 | 43,018.7 | 77,513,065 | ||||||||||||
Gold bullion distributed | (17,930.5 | ) | (32,263,340 | ) | (79,647.1 | ) | (146,246,592 | ) | ||||||||
Net realized gain (loss) from gold bullion distributed | – | 5,905,756 | ||||||||||||||
Net realized gain (loss) from gold bullion distributed for redemptions | — | 47,462,394 | ||||||||||||||
Transfers of gold to pay expenses | (356.7 | ) | (638,718 | ) | (372.6 | ) | (673,299 | ) | ||||||||
Net realized gain (loss) from gold transferred to pay expenses | – | (28,292 | ) | — | (64,093 | ) | ||||||||||
Change in unrealized appreciation (depreciation) on investment in gold bullion | – | 52,578,335 | — | (64,514,869 | ) | |||||||||||
Ending balance as of December 31, 2020 | 270,112.9 | $ | 510,810,450 | |||||||||||||
Ending balance as of December 31, 2021 | 233,111.9 | $ | 424,287,056 | |||||||||||||
Period | Average | High | Date | Low | Date | End of period | Last business day (1) | |||||||||||||||||||||
October 1, 2020 to | ||||||||||||||||||||||||||||
December 31, 2020 | $1,874.23 | $1,940.80 | Nov. 6, 2020 | $1,762.55 | Nov. 30,2020 | $1,891.10 (2) | | Dec. 31, 2020 | | |||||||||||||||||||
July 1, 2020 to | ||||||||||||||||||||||||||||
September 30, 2020 | $1,908.56 | $2,067.15 | Aug. 6, 2020 | $1,771.05 | Jul. 1, 2020 | $1,886.90 | | Sep. 30, 2020 | | |||||||||||||||||||
April 1, 2020 to | ||||||||||||||||||||||||||||
June 30, 2020 | $1,711.13 | $1,771.60 | Jun. 29, 2020 | $1,576.55 | Apr. 1, 2020 | $1,768.10 | | Jun. 30, 2020 | | |||||||||||||||||||
January 1, 2020 to | ||||||||||||||||||||||||||||
March 31, 2020 | $1,582.80 | $1,683.65 | Mar. 6, 2020 | $1,474.25 | Mar. 19, 2020 | $1,608.95 | | Mar. 31, 2020 | | |||||||||||||||||||
(1) The end of period gold price is the LBMA PM Gold Price on the last business day of the period. This is in accordance with the Trust Agreement and the basis used for calculating the NAV of the Trust.(2) December 31, 2020 was the last day of the fiscal year; however, no LBMA PM Gold Price was recorded on that date. Numbers provided are from LBMA AM Gold Price on December 31, 2020, the last price recorded for the fiscal year. |
Period | Average | High | Date | Low | Date | End of period | Last business day (1) | |||||||||||||||||||||
October 1, 2021 to December 31, 2021 | $ | 1,794.88 | $ | 1,872.25 | Nov. 16, 2021 | $ | 1,748.25 | Oct. 06, 2021 | $ | 1,820.10 | (2) | Dec. 31, 2021 | ||||||||||||||||
July 1, 2021 to September 30, 2021 | $ | 1,789.52 | $ | 1,829.30 | July 29, 2021 | $ | 1,723.35 | Aug. 10, 2021 | $ | 1,742.80 | Sep. 30, 2021 | |||||||||||||||||
April 1, 2021 to June 30, 2021 | $ | 1,816.48 | $ | 1,902.75 | June 2, 2021 | $ | 1,726.05 | Apr. 1, 2021 | $ | 1,763.15 | Jun. 30, 2021 | |||||||||||||||||
January 1, 2021 to March 31, 2021 | $ | 1,795.47 | $ | 1,943.20 | Jan. 4, 2021 | $ | 1,683.95 | Mar. 30, 2021 | $ | 1,691.05 | Mar. 31, 2021 |
(1) | The end of period gold price is the LBMA PM Gold Price on the last business day of the period. This is in accordance with the Trust Agreement and the basis used for calculating the NAV of the Trust. |
(2) | December 31, 2021 was the last day of the fiscal year; however, no LBMA PM Gold Price was recorded on that date. Numbers provided are from LBMA AM Gold Price on December 31, 2021, the last price recorded for the fiscal year. |
Three Months ended March 31, 2020 | Three Months ended June 30, 2020 | Three Months ended September 30, 2020 | Three Months ended December 31, 2020 | Year ended December 31, 2020 | Three Months ended March 31, 2021 | Three Months ended June 30, 2021 | Three Months ended September 30, 2021 | Three Months ended December 31, 2021 | Year ended December 31, 2021 | |||||||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||||||
Custodial Sponsor fee | $ | (88,744 | ) | $ | (131,057 | ) | $ | (212,831 | ) | $ | (224,900 | ) | $ | (657,532 | ) | |||||||||||||||||||||||||
Sponsor fee | $ | (171,799 | ) | $ | (158,782 | ) | $ | (172,760 | ) | $ | (188,415 | ) | $ | (691,756 | ) | |||||||||||||||||||||||||
Total expenses | (88,744 | ) | (131,057 | ) | (212,831 | ) | (224,900 | ) | (657,532 | ) | (171,799 | ) | (158,782 | ) | (172,760 | ) | (188,415 | ) | (691,756 | ) | ||||||||||||||||||||
Net investment income (loss) | (88,744 | ) | (131,057 | ) | (212,831 | ) | (224,900 | ) | (657,532 | ) | (171,799 | ) | (158,782 | ) | (172,760 | ) | (188,415 | ) | (691,756 | ) | ||||||||||||||||||||
Net realized and unrealized gain (loss) | ||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on gold bullion distributed for redemptions | 919,264 | — | (1,024,775 | ) | 6,011,267 | 5,905,756 | 47,462,394 | — | — | — | 47,462,394 | |||||||||||||||||||||||||||||
Net realized gain (loss) on gold transferred to pay expenses | (378 | ) | (1,314 | ) | (786 | ) | (25,814 | ) | (28,292 | ) | (17,064 | ) | (19,046 | ) | (2,352 | ) | (25,631 | ) | (64,093 | ) | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investment in gold | 8,546,217 | 25,217,179 | 24,031,732 | (5,216,793 | ) | 52,578,335 | (89,908,308 | ) | 12,389,389 | (4,914,001 | ) | 17,918,051 | (64,514,869 | ) | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) from operations | 9,465,103 | 25,215,865 | 23,006,171 | 768,660 | $ | 58,455,799 | (42,462,978 | ) | 12,370,343 | (4,916,353 | ) | 17,892,420 | $ | (17,116,568 | ) | |||||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 9,376,359 | $ | 25,084,808 | $ | 22,793,340 | $ | 543,760 | $ | 57,798,267 | $ | (42,634,777 | ) | $ | 12,211,561 | $ | (5,089,113 | ) | $ | 17,704,005 | $ | (17,808,324 | ) | |||||||||||||||||
Three Months ended March 31, 2019 | Three Months ended June 30, 2019 | Three Months ended September 30, 2019 | Three Months ended December 31, 2019 | Year ended December 31, 2019 | Three Months ended March 31, 2020 | Three Months ended June 30, 2020 | Three Months ended September 30, 2020 | Three Months ended December 31, 2020 | Year ended December 31, 2020 | |||||||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||||||
Custodial Sponsor fee | $ | (45,346 | ) | $ | (50,784 | ) | $ | (68,564 | ) | $ | (76,248 | ) | $ | (240,942 | ) | |||||||||||||||||||||||||
Sponsor fee | $ | (88,744 | ) | $ | (131,057 | ) | $ | (212,831 | ) | $ | (224,900 | ) | $ | (657,532 | ) | |||||||||||||||||||||||||
Total expenses | (45,346 | ) | (50,784 | ) | (68,564 | ) | (76,248 | ) | (240,942 | ) | (88,744 | ) | (131,057 | ) | (212,831 | ) | (224,900 | ) | (657,532 | ) | ||||||||||||||||||||
Net investment income (loss) | (45,346 | ) | (50,784 | ) | (68,564 | ) | (76,248 | ) | (240,942 | ) | (88,744 | ) | (131,057 | ) | (212,831 | ) | (224,900 | ) | (657,532 | ) | ||||||||||||||||||||
Net realized and unrealized gain (loss) | ||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on gold bullion distributed for redemptions | 919,264 | — | (1,024,775 | ) | 6,011,267 | 5,905,756 | ||||||||||||||||||||||||||||||||||
Net realized gain (loss) on gold transferred to pay expenses | 999 | (60 | ) | (108 | ) | (2,716 | ) | (1,885 | ) | (378 | ) | (1,314 | ) | (786 | ) | (25,814 | ) | (28,292 | ) | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investment in gold | 1,030,713 | 10,122,345 | 7,049,001 | 4,400,096 | 22,602,155 | 8,546,217 | 25,217,179 | 24,031,732 | (5,216,793 | ) | 52,578,335 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) from operations | 1,031,712 | 10,122,285 | 7,048,893 | 4,397,380 | $ | 22,600,270 | 9,465,103 | 25,215,865 | 23,006,171 | 768,660 | $ | 58,455,799 | ||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 986,366 | $ | 10,071,501 | $ | 6,980,329 | $ | 4,321,132 | $ | 22,359,328 | $ | 9,376,359 | $ | 25,084,808 | $ | 22,793,340 | $ | 543,760 | $ | 57,798,267 | ||||||||||||||||||||
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. |
Not applicable. Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevents Inspections. |
Item 10. Directors, Executive Officers and Corporate Governance. |
Item 11. Executive Compensation. |
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
Item 13. Certain Relationships and Related Transactions and Director Independence. |
Item 14. Principal Accounting Fees and Services. |
2020 | 2021 | 2020 | ||||||||||
Audit fees | $ | 80,000 | $ | 116,000 | $ | 80,000 | ||||||
Audit-related fees | — | — | — | |||||||||
Total | $ | 80,000 | $ | 116,000 | $ | 80,000 | ||||||
2020 | 2019 | 2020 | ||||||||||
Audit fees | $ | 70,500 | $ | 86,000 | $ | 70,500 | ||||||
Audit-related fees | — | — | — | |||||||||
Total | $ | 70,500 | $ | 86,000 | $ | 70,500 | ||||||
Item 15. Exhibits and Financial Statements Schedules |
* | Filed herewith. |
Item 16. Form 10-K Summary. |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. | ||
Sponsor of Goldman Sachs Physical Gold ETF | ||
By: | /s/ Michael Crinieri | |
Michael Crinieri | ||
Global Head of Exchange Traded Funds | ||
(Principal Executive Officer) |
Signature | Capacity | Date | ||||
By: | /s/ Michael Crinieri Michael Crinieri | Global Head of Exchange Traded Funds | March | |||
By: | /s/ Joseph DiMaria Joseph DiMaria | Managing Director | March |
* | The Registrant is a trust and the persons are signing in their capacities as Managing Directors of Goldman Sachs Asset Management, L.P., the Sponsor of the Registrant. |
Page | ||||
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F-3 |
F-4 | ||||
F-5 | ||||
F-6 | ||||
F-7 | ||||
F-8 | ||||
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||
Assets | ||||||||||||||||
Investment in gold, at fair value (cost $430,705,448 and $148,728,580, respectively) | $ | 510,810,450 | $ | 176,255,247 | ||||||||||||
Investment in gold, at fair value (cost $408,696,923 and $ 430,705,448 , respectively) | $ | 424,287,056 | $ | 510,810,450 | ||||||||||||
Total assets | 510,810,450 | 176,255,247 | 424,287,056 | 510,810,450 | ||||||||||||
Liabilities | ||||||||||||||||
Sponsor fee payable | 45,219 | 26,405 | 63,676 | 45,219 | ||||||||||||
Total liabilities | 45,219 | 26,405 | 63,676 | 45,219 | ||||||||||||
Net Assets | $ | 510,765,231 | $ | 176,228,842 | $ | 424,223,380 | $ | 510,765,231 | ||||||||
Shares issued and outstanding (unlimited number of shares authorized, 0 par value) | 27,125,000 | 11,600,000 | 23,450,000 | 27,125,000 | ||||||||||||
Net asset value per Share | $ | 18.83 | $ | 15.19 | $ | 18.09 | $ | 18.83 |
December 31, 2020 | ||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Ounces | Cost | Fair Value | % of Net Assets | Ounces | Cost | Fair Value | % of Net Assets | |||||||||||||||||||||||||
Investment in gold, at fair value | 270,112.9 | $ | 430,705,448 | $ | 510,810,450 | 100.01 | % | 233,111.9 | $ | 408,696,923 | $ | 424,287,056 | 100.02 | % | ||||||||||||||||||
Total Investments | $ | 430,705,448 | $ | 510,810,450 | 100.01 | % | $ | 408,696,923 | $ | 424,287,056 | 100.02 | % | ||||||||||||||||||||
Liabilities in excess of other assets | (45,219 | ) | (0.01 | )% | (63,676 | ) | (0.02 | )% | ||||||||||||||||||||||||
Net Assets | $ | 510,765,231 | 100.00 | % | $ | 424,223,380 | 100.00 | % | ||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Ounces | Cost | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||
Ounces | Cost | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||
Investment in gold, at fair value | 115,729.0 | $ | 148,728,580 | $ | 176,255,247 | 100.01 | % | 270,112.9 | $ | 430,705,448 | $ | 510,810,450 | 100.01 | % | ||||||||||||||||||
Total Investments | $ | 148,728,580 | $ | 176,255,247 | 100.01 | % | $ | 430,705,448 | $ | 510,810,450 | 100.01 | % | ||||||||||||||||||||
Liabilities in excess of other assets | (26,405 | ) | (0.01 | )% | (45,219 | ) | (0.01 | )% | ||||||||||||||||||||||||
Net Assets | $ | 176,228,842 | 100.00 | % | $ | 510,765,231 | 100.00 | % | ||||||||||||||||||||||||
F-4 |
For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | |||||||||||||
Expenses | ||||||||||||||||
Sponsor fee | $ | (657,532 | ) | $ | (240,942 | ) | $ | (691,756 | ) | $ | (657,532 | ) | ||||
Total expenses | (657,532 | ) | (240,942 | ) | (691,756 | ) | (657,532 | ) | ||||||||
Net investment loss | (657,532 | ) | (240,942 | ) | (691,756 | ) | (657,532 | ) | ||||||||
Net realized and unrealized gain (loss) | ||||||||||||||||
Net realized gain (loss) on gold bullion distributed for redemptions | 5,905,756 | 0– | 47,462,394 | 5,905,756 | ||||||||||||
Net realized gain (loss) on gold transferred to pay expenses | (28,292 | ) | (1,885 | ) | (64,093 | ) | (28,292 | ) | ||||||||
Net realized gain (loss) | 5,877,464 | (1,885 | ) | |||||||||||||
Net realized gain | 47,398,301 | 5,877,464 | ||||||||||||||
Net change in unrealized appreciation (depreciation) on investment in gold | 52,578,335 | 22,602,155 | (64,514,869 | ) | 52,578,335 | |||||||||||
Net realized and unrealized gain (loss) from operations | 58,455,799 | 22,600,270 | (17,116,568 | ) | 58,455,799 | |||||||||||
Net Income | $ | 57,798,267 | $ | 22,359,328 | ||||||||||||
Net income per share | $ | 2.85 | $ | 2.37 | ||||||||||||
Net Income (Loss) | $ | (17,808,324 | ) | $ | 57,798,267 | |||||||||||
Net income (loss) per share | $ | (0.83 | ) | $ | 2.85 | |||||||||||
Average number of shares | 20,250,615 | 9,445,753 | 21,456,781 | 20,250,615 | ||||||||||||
F-5 |
For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | |||||||||||||
Net Assets, beginning of period | $ | 176,228,842 | $ | 89,013,610 | $ | 510,765,231 | $ | 176,228,842 | ||||||||
Creations | 309,001,462 | 64,855,904 | 77,513,065 | 309,001,462 | ||||||||||||
Redemptions | (32,263,340 | ) | 0– | (146,246,592 | ) | (32,263,340 | ) | |||||||||
Net creations (redemptions) | 276,738,122 | 64,855,904 | (68,733,527 | ) | 276,738,122 | |||||||||||
Net investment loss | (657,532 | ) | (240,942 | ) | (691,756 | ) | (657,532 | ) | ||||||||
Net realized gain (loss) | 5,877,464 | (1,885 | ) | |||||||||||||
Net change in unrealized appreciation investments in gold | 52,578,335 | 22,602,155 | ||||||||||||||
Net realized gain | 47,398,301 | 5,877,464 | ||||||||||||||
Net change in unrealized appreciation (depreciation) investments in gold | (64,514,869 | ) | 52,578,335 | |||||||||||||
Net Assets, end of period | $ | 510,765,231 | $ | 176,228,842 | $ | 424,223,380 | $ | 510,765,231 | ||||||||
F-6 |
For the year ended December 31, 2021 | For the year ended December 31, 2020 | |||||||
Per Share Performance (for a share outstanding throughout each year) | ||||||||
Net asset value per share, beginning of year | $ | 18.83 | $ | 15.19 | ||||
Net investment loss (a) | (0.03 | ) | (0.03 | ) | ||||
Net realized and unrealized gain (loss) on investment in gold | (0.71 | ) | 3.67 | |||||
Change in net assets from operations | (0.74 | ) | 3.64 | |||||
Net asset value per share, end of year | $ | 18.09 | $ | 18.83 | ||||
Market value per share, beginning of year | $ | 18.94 | $ | 15.14 | ||||
Market value per share, end of year | $ | 18.18 | $ | 18.94 | ||||
Total Return, at net asset value (b) | (3.93 | )% | 23.95 | % | ||||
Total Return, at market value (b) | (4.01 | )% | 25.10 | % | ||||
Net assets ($000’s) | $ | 424,223 | $ | 510,765 | ||||
Ratios to average net assets | ||||||||
Net investment loss | (0.18 | )% | (0.18 | )% | ||||
Total expenses | (0.18 | )% | (0.18 | )% | ||||
For the year ended December 31, 2020 | For the year ended December 31, 2019 | |||||||
Per Share Performance (for a share outstanding throughout each year) | ||||||||
Net asset value per share, beginning of year | $ | 15.19 | $ | 12.81 | ||||
Net investment loss ( a ) | (0.03 | ) | (0.03 | ) | ||||
Net realized and unrealized gain (loss) on investment in gold | 3.67 | 2.41 | ||||||
Change in net assets from operations | 3.64 | 2.38 | ||||||
Net asset value per share, end of year | $ | 18.83 | $ | 15.19 | ||||
Market value per share, beginning of year | $ | 15.14 | $ | 12.82 | ||||
Market value per share, end of year | $ | 18.94 | $ | 15.14 | ||||
Total Return, at net asset value ( b ) | 23.95 | % | 18.62 | % | ||||
Total Return, at market value ( b ) | 25.10 | % | 18.10 | % | ||||
Net assets ($000’s) | $ | 510,765 | $ | 176,229 | ||||
Ratios to average net assets | ||||||||
Net investment loss | (0.18 | )% | (0.18 | )% | ||||
Total expenses | (0.18 | )% | (0.18 | )% |
(a) | Calculated using average shares outstanding. |
(b) | Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. |
F-7 |
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||
Beginning Share Balance | 11,600,000 | 6,950,000 | 27,125,000 | 11,600,000 | ||||||||||||
Creations (representing 693 baskets, respectively) and 186 | 17,325,000 | 4,650,000 | ||||||||||||||
Redemptions (representing 72 and 0– | (1,800,000 | ) | 0 | |||||||||||||
Creations (representing 173 and 693 baskets, respectively) | 4,325,000 | 17,325,000 | ||||||||||||||
Redemptions (representing 320 and 72 baskets, respectively) | (8,000,000 | ) | (1,800,000 | ) | ||||||||||||
Ending Share Balance | 27,125,000 | 11,600,000 | 23,450,000 | 27,125,000 |
Amount in ounces | Amount in US$ | |||||||
Balance at December 31, 2019 | 115,729.0 | $ | 176,255,247 | |||||
Creations | 172,671.1 | 309,001,462 | ||||||
Redemptions | (17,930.5 | ) | (32,263,340 | ) | ||||
Net realized gain (loss) from gold bullion distributed for redemptions | 0– | 5,905,756 | ||||||
Transfer of gold to pay expenses | (356.7 | ) | (638,718 | ) | ||||
Net realized gain (loss) from gold transferred to pay expenses | 0– | (28,292 | ) | |||||
Change in unrealized appreciation (depreciation) on investment in gold | 0– | 52,578,335 | ||||||
Balance at December 31, 2020 | 270,112.9 | $ | 510,810,450 |
Amount in ounces | Amount in US$ | |||||||
Balance at December 31, 2020 | 270,112.9 | $ | 510,810,450 | |||||
Creations | 43,018.7 | 77,513,065 | ||||||
Redemptions | (79,647.1 | ) | (146,246,592 | ) | ||||
Net realized gain (loss) from gold bullion distributed for redemptions | 0— | 47,462,394 | ||||||
Transfer of gold to pay expenses | (372.6 | ) | (673,299 | ) | ||||
Net realized gain (loss) from gold transferred to pay expenses | 0— | (64,093 | ) | |||||
Change in unrealized appreciation (depreciation) on investment in gold | 0— | (64,514,869 | ) | |||||
Balance at December 31, 2021 | 233,111.9 | $ | 424,287,056 |
Amount in ounces | Amount in US$ | |||||||
Balance at December 31, 2018 | 69,462.3 | $ | 89,026,308 | |||||
Creations | 46,429.2 | 64,855,904 | ||||||
Redemptions | 0 | 0 | ||||||
Transfer of gold to pay expenses | (162.5 | ) | (229,120 | ) | ||||
Change in unrealized appreciation (depreciation) on investment in gold | 0 | 22,602,155 | ||||||
Balance at December 31, 2019 | 115,729.0 | $ | 176,255,247 |
Amount in ounces | Amount in US$ | |||||||
Balance at December 31, 2019 | 115,729.0 | $ | 176,255,247 | |||||
Creations | 172,671.1 | 309,001,462 | ||||||
Redemptions | (17,930.5 | ) | (32,263,340 | ) | ||||
Net realized gain (loss) from gold bullion distributed for redemptions | 0— | 5,905,756 | ||||||
Transfer of gold to pay expenses | (356.7 | ) | (638,718 | ) | ||||
Net realized gain (loss) from gold transferred to pay expenses | 0— | (28,292 | ) | |||||
Change in unrealized appreciation (depreciation) on investment in gold | 0— | 52,578,335 | ||||||
Balance at December 31, 2020 | 270,112.9 | $ | 510,810,450 |