ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) Name |
Name of each exchange on which registered | ||
SPDR ® Gold MiniShares SM |
Accelerated filer ☐ |
Non-Accelerated filer ☐ |
Smaller reporting company | ||||
Emerging growth company |
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Page |
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1 |
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Item 1. |
1 |
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1 |
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2 |
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3 |
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4 |
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7 |
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10 |
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10 |
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14 |
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18 |
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Item 1A. |
19 |
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Item 1B. |
28 |
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Item 2. |
28 |
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Item 3. |
28 |
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Item 4. |
28 |
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29 |
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Item 5. |
29 |
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Item 6. |
29 |
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Item 7. |
29 |
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Item 7A. |
34 |
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Item 8. |
34 |
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Item 9. |
34 |
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Item 9A. |
34 |
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Item 9B. |
37 |
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38 |
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Item 10. |
38 |
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Item 11. |
40 |
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Item 12. |
40 |
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Item 13. |
40 |
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Item 14. |
40 |
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42 |
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Item 15. |
42 |
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Item 16. |
44 |
Tonnes |
2016 |
2017 |
2018 |
2019 |
2020 |
|||||||||||||||
SUPPLY |
||||||||||||||||||||
Mine Production |
3,512 | 3,576 | 3,653 | 3,597 | 3,478 | |||||||||||||||
Recycling |
1,233 | 1,111 | 1,132 | 1,272 | 1,279 | |||||||||||||||
Net Hedging Supply |
38 | — | — | 6 | — | |||||||||||||||
Total Supply |
4,783 |
4,688 |
4,785 |
4,876 |
4,757 |
|||||||||||||||
DEMAND |
||||||||||||||||||||
Jewelry Fabrication |
2,019 | 2,257 | 2,285 | 2,138 | 1,328 | |||||||||||||||
Industrial Demand |
323 | 333 | 335 | 326 | 302 | |||||||||||||||
Net Physical Investment |
1,062 | 1,035 | 1,067 | 844 | 892 | |||||||||||||||
Net Hedging Demand |
— | 26 | 12 | — | 52 | |||||||||||||||
Net Official Sector Buying |
395 | 379 | 656 | 606 | 262 | |||||||||||||||
Total Demand |
3,798 |
4,029 |
4,355 |
3,914 |
2,837 |
|||||||||||||||
Market Balance |
984 | 659 | 430 | 962 | 1,921 | |||||||||||||||
Net Investment in ETPs |
541 | 272 | 70 | 398 | 887 | |||||||||||||||
Market Balance less ETPs |
443 | 387 | 360 | 564 | 1,034 | |||||||||||||||
Gold Price (US$/oz, London) |
1,251 | 1,257 | 1,268 | 1,393 | 1,770 |
1 |
Gold Focus 2021 |
Member |
Membership Type |
Spot (S) |
Forwards (F) |
Options (O) | ||||
Citibank N A |
Full Market Makers | x | x | x | ||||
Goldman Sachs International |
Full Market Makers | x | x | x | ||||
HSBC |
Full Market Makers | x | x | x | ||||
JP Morgan Chase Bank |
Full Market Makers | x | x | x | ||||
Morgan Stanley & Co International Ltd |
Full Market Makers | x | x | x | ||||
UBS AG |
Full Market Makers | x | x | x | ||||
BNP Paribas |
Market Makers | x | ||||||
ICBC Standard Bank Plc |
Market Makers | x | ||||||
Merrill Lynch International |
Market Makers | x | x | |||||
Standard Chartered Bank |
Market Makers | x | x | |||||
The Bank of Nova Scotia |
Market Makers | x | x | |||||
Toronto-Dominion Bank |
Market Makers | x |
2 |
http://www.lbma.org.uk/aboutmembership |
• | An individual who is a U.S. citizen or resident of the United States for U.S. federal income tax purposes; |
• | An entity treated as a corporation for U.S. federal income tax purposes that is created or organized in or under the laws of the United States or any political subdivision thereof; |
• | An estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or |
• | A trust, if (1) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust; or (2) the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. |
• | The Trust, on behalf of GLDM, has agreed to indemnify the Sponsor and its affiliates pursuant to the terms of the Declaration of Trust. |
• | The Sponsor, its affiliates and their officers and employees are not prohibited from engaging in other businesses or activities, including those that might be in direct competition with GLDM. |
Item 5. |
Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Period |
Total number of Shares redeemed |
Average ounces of gold per Share |
||||||
7/1/21 to 7/31/21 |
— |
— |
||||||
8/1/21 to 8/31/21 |
— |
— |
||||||
9/1/21 to 9/30/21 |
3,200,000 |
.00994 |
||||||
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|
|
|
|||||
TOTAL |
3,200,000 |
.00994 |
(Amount in 000’s of US$) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
Investment in gold – cost |
$ | 4,237,696 | $ | 3,014,561 | ||||
Unrealized appreciation/(depreciation) on investment in gold |
150,035 | 528,435 | ||||||
|
|
|
|
|||||
Investment in gold – market value |
$ | 4,387,731 | $ | 3,542,996 | ||||
|
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|
|
Financial Highlights (All amounts in the following table and the subsequent paragraphs, are in 000’s of US$) |
For the year ended Sep-30, 2021 |
For the year ended Sep-30, 2020 |
For the year ended Sep-30, 2019 |
|||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
$ | (338,455 | ) | $ | 446,656 | $ | 130,766 | |||||
Net income |
$ | (345,917 | ) | $ | 443,161 | $ | 129,660 | |||||
Net cash provided by operating activities |
$ | — | $ | — | $ | — |
Year ended Sep-30, 2021 |
Year ended Sep-30, 2020 |
Year ended Sep-30, 2019 |
||||||||||
Ounces of Gold: |
||||||||||||
Opening balance |
1,877,680.9 | 697,523.6 | 185,927.0 | |||||||||
Creations ( excluding gold receivable at September 30, 2021—0; September 30, 2020—9,959.7 and September 30, 2019 – 9,977.5 |
893,821.8 | 1,355,433.7 | 551,248.1 | |||||||||
Redemptions ( excluding gold payable at September 30, 2021 – 0; September 30, 2020 – 0 and September 30, 2019 – 0 |
(249,855.2 | ) | (173,448.7 | ) | (38,930.5 | ) | ||||||
Sales of gold |
(4,014.8 | ) | (1,827.7 | ) | (721.0 | ) | ||||||
|
|
|
|
|
|
|||||||
Closing balance |
2,517,632.7 | 1,877,680.9 | 697,523.6 | |||||||||
|
|
|
|
|
|
|||||||
Gold price per ounce – LBMA Gold Price PM |
$ | 1,742.80 | $ | 1,886.90 | $ | 1,485.30 | ||||||
|
|
|
|
|
|
|||||||
Market value of gold holdings (in 000’s) |
$ | 4,387,731 | $ | 3,542,996 | $ | 1,036,032 | ||||||
|
|
|
|
|
|
|||||||
Number of Shares (in 000’s): |
||||||||||||
Opening balance |
189,500 | 70,900 | 19,300 | |||||||||
Creations |
88,800 | 136,000 | 55,500 | |||||||||
Redemptions . |
(25,100 | ) | (17,400 | ) | (3,900 | ) | ||||||
|
|
|
|
|
|
|||||||
Closing balance |
253,200 | 189,500 | 70,900 | |||||||||
|
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|
|
|
|
Period |
Average |
High |
Date |
Low |
Date |
End of period |
Last business day (1) |
|||||||||||||||||||||
Three months to December 31, 2018 |
$ |
1,226.28 |
$ |
1,279.00 |
Dec 28, 2018 |
$ |
1,185.55 |
Oct 9, 2018 |
$ |
1,281.65 |
Dec 31, 2018 |
(2) | ||||||||||||||||
Three months to March 31, 2019 |
$ |
1,303.79 |
$ |
1,343.75 |
Feb 20, 2019 |
$ |
1,279.55 |
Jan 21, 2019 |
$ |
1,295.40 |
Mar 29, 2019 |
|||||||||||||||||
Three months to June 30, 2019 |
$ |
1,309.39 |
$ |
1,431.40 |
June 25, 2019 |
$ |
1,269.50 |
Apr 23, 2019 |
$ |
1,409.00 |
June 28, 2019 |
|||||||||||||||||
Three months to September 30, 2019 |
$ |
1,472.47 |
$ |
1,546.10 |
Sep 4, 2019 |
$ |
1,388.65 |
July 5, 2019 |
$ |
1,485.30 |
Sep 30, 2019 |
|||||||||||||||||
Three months to December 31, 2019 |
$ |
1,480.96 |
$ |
1,517.10 |
Oct 3, 2019 |
$ |
1,452.05 |
Nov 12, 2019 |
$ |
1,523.00 |
Dec 31, 2019 |
(2) | ||||||||||||||||
Three months 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 |
|||||||||||||||||
Three months to June 30, 2020 |
$ |
1,711.13 |
$ |
1,771.60 |
June 29, 2020 |
$ |
1,576.55 |
Apr 1, 2020 |
$ |
1,768.10 |
June 30, 2020 |
|||||||||||||||||
Three months to September 30, 2020 |
$ |
1,908.56 |
$ |
2,067.15 |
Aug 6, 2020 |
$ |
1,771.05 |
July 1, 2020 |
$ |
1,886.90 |
Sep 30, 2020 |
|||||||||||||||||
Three months to December 31, 2020 |
$ |
1,874.23 |
$ |
1,940.80 |
Nov 6, 2020 |
$ |
1,762.55 |
Nov 30, 2020 |
$ |
1,891.10 |
Dec 31, 2020 |
(2) | ||||||||||||||||
Three months to March 31, 2021 |
$ |
1,794.01 |
$ |
1,943.20 |
Jan 4, 2021 |
$ |
1,683.95 |
Mar 30, 2021 |
$ |
1,691.05 |
Mar 31, 2021 |
|||||||||||||||||
Three months to June 30, 2021 |
$ |
1,816.48 |
$ |
1,902.75 |
June 2, 2021 |
$ |
1,726.05 |
Apr 1, 2021 |
$ |
1,763.15 |
June 30, 2021 |
|||||||||||||||||
Three months to September 30, 2021 |
$ |
1,789.52 |
$ |
1,829.30 |
Jul 29, 2021 |
$ |
1,723.35 |
Aug 10, 2021 |
$ |
1,742.80 |
Sep 30, 2021 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Twelve months ended September 30, 2019 |
$ |
1,329.69 |
$ |
1,546.10 |
Sep 4, 2019 |
$ |
1,185.55 |
Oct 9, 2018 |
$ |
1,485.30 |
Sep 30, 2019 |
|||||||||||||||||
Twelve months ended September 30, 2020 |
$ |
1,672.83 |
$ |
2,067.15 |
Aug 6, 2020 |
$ |
1,452.05 |
Nov 12, 2019 |
$ |
1,886.90 |
Sep 30, 2020 |
|||||||||||||||||
Twelve months ended September 30, 2021 |
$ |
1,818.12 |
$ |
1,943.20 |
Jan 04, 2021 |
$ |
1,683.95 |
Mar 30, 2021 |
$ |
1,742.80 |
Sep 30, 2021 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
June 26, 2018 to September 30, 2021 |
$ |
1,574.59 |
$ |
2,067.15 |
Aug 6, 2020 |
$ |
1,178.40 |
Aug 17, 2018 |
$ |
1,742.80 |
Sep 30, 2021 |
|||||||||||||||||
|
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|
|
|
|
|
|
|
|
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|
(1) |
The end of period gold price is the LBMA Gold Price PM on the last business day of the period. This is in accordance with the Trust Indenture and the basis used for calculating the Net Asset Value of the Trust. |
(2) |
There was no LBMA Gold Price PM on the last business day of December 2020, 2019 or 2018. The LBMA Gold Price AM on the last business day of December 2020, 2019 and 2018 was $1,891.10, $1,523.00 and $1,281.65, respectively. The Net Asset Value of the Trust on December 31, 2020, 2019 and 2018 was calculated using the LBMA Gold Price AM, in accordance with the Trust Indenture. |
Item 12. Security |
Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Years Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Audit fees |
$ | 77,000 | $ | 89,600 | ||||
Audit-related fees |
$ | 43,000 | 48,000 | |||||
|
|
|
|
|||||
Total |
$ | 120,000 | $ | 137,600 | ||||
|
|
|
|
Exhibit Number |
Exhibit Description |
Incorporated by Reference | ||||||
Form |
Exhibit |
Filing Date/Period End Date | ||||||
10.4.2 |
10-K |
10.4.2 |
12/10/19 | |||||
10.5 |
S-1/A |
10.7 |
1/9/17 | |||||
10.5.1 |
10-K |
10.11 |
11/29/17 | |||||
10.5.2 |
S-1/A |
10.9 |
6/13/18 | |||||
10.6 |
S-1/A |
10.8 |
1/9/17 | |||||
10.6.1 |
S-1/A |
10.11 |
6/13/18 | |||||
10.6.2 |
10-K |
10.6.2 |
12/10/19 | |||||
10.7 |
S-1/A |
10.10 |
8/30/16 | |||||
10.7.1 |
S-1/A |
10.13 |
6/13/18 | |||||
23.1* |
||||||||
23.2* |
||||||||
31.1* |
||||||||
31.2* |
||||||||
32.1* |
||||||||
32.2* |
||||||||
101.INS* |
XBRL Instance Document | |||||||
101.SCH* |
XBRL Taxonomy Extension Schema Document | |||||||
101.CAL* |
XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF* |
XBRL Taxonomy Extension Definition Linkbase Document |
Exhibit Number |
Exhibit Description |
Incorporated by Reference | ||||||
Form |
Exhibit |
Filing Date/Period End Date | ||||||
101.LAB* |
XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE* |
XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104.1 |
Cover Page Interactive Data File – The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
* |
Filed herewith. |
WGC USA Asset Management Company, LLC Sponsor of the World Gold Trust (Registrant) |
/s/ Joseph R. Cavatoni |
Joseph R. Cavatoni Principal Executive Officer* |
/s/ Brandon Woods |
Brandon Woods Principal Financial and Accounting Officer* |
/s/ David Tait |
David Tait Director* |
/s/ William J. Shea |
William J. Shea Director* |
/s/ Neal Wolkoff |
Neal Wolkoff Director* |
/s/ Carlos Rodriguez |
Carlos Rodriguez Director* |
* | The Registrant is a trust and the persons are signing in their capacities as officers or directors of WGC USA Asset Management Company, LLC, the Sponsor of the Registrant. |
Page |
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F-2 |
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F-4 |
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F-5 |
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F-6 |
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F-7 |
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F-8 |
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F-9 |
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F-18 |
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F-20 |
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F-21 |
||||
F-22 |
||||
F-23 |
||||
F-24 |
||||
F-25 |
(Amounts in 000’s of US$) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
ASSETS |
||||||||
Investments in Gold, at fair value (cost $ |
$ |
$ |
||||||
Gold receivable |
||||||||
|
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|
|||||
Total Assets |
$ |
$ |
||||||
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|||||
LIABILITIES |
||||||||
Accounts payable to Sponsor |
$ |
$ |
||||||
|
|
|
|
|||||
Total Liabilities |
$ |
$ |
||||||
|
|
|
|
|||||
Net Assets |
$ |
$ |
||||||
|
|
|
|
September 30, 2021 |
Ounces of gold |
Cost |
Fair Value |
% of Net Assets |
||||||||||||
Investment in Gold |
$ |
$ |
% | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total Investment |
$ |
$ |
% | |||||||||||||
Liabilities in excess of other assets |
( |
) |
( |
)% | ||||||||||||
|
|
|
|
|||||||||||||
Net Assets |
$ |
% | ||||||||||||||
|
|
|
|
September 30, 202 0 |
Ounces of gold |
Cost |
Fair Value |
% of Net Assets |
||||||||||||
Investment in Gold |
$ |
$ |
% | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total Investment |
$ |
$ |
% | |||||||||||||
Other assets in excess of liabilities |
% | |||||||||||||||
|
|
|
|
|||||||||||||
Net Assets |
$ |
% | ||||||||||||||
|
|
|
|
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 (1) |
|||||||||
EXPENSES |
||||||||||||
Sponsor fees |
$ |
$ |
$ |
|||||||||
Gold Delivery Provider fees |
||||||||||||
|
|
|
|
|
|
|||||||
Total expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Net investment loss |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement |
||||||||||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees |
||||||||||||
Net realized gain/(loss) on Gold Delivery Agreement |
||||||||||||
Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees |
||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
||||||||||||
Net realized gain (loss) from investment in gold sold to pay distributions |
||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
Net realized and change in unrealized gain/(loss) on investment in gold and Gold Delivery Agreement |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
Net Income/(Loss) |
$ |
( |
) |
$ |
$ |
|||||||
|
|
|
|
|
|
(1) |
Information is reflective of the period from October 1, 2018 through September 16, 2019 for GLDW (see note 1) and the year ended September 30, 2019 for GLDM. |
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 (1) |
|||||||||
INCREASE/DECREASE IN CASH FROM OPERATIONS: |
||||||||||||
Cash proceeds received from sales of gold |
$ |
$ |
$ |
|||||||||
Cash expenses paid |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Increase/(Decrease) in cash resulting from operations |
||||||||||||
INCREASE/DECREASE IN CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||||||
Cash proceeds from issuance of shares |
||||||||||||
Cash paid for repurchase of shares |
||||||||||||
Cash proceeds from sales of gold to pay distributions |
||||||||||||
Distributions |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Increase/(Decrease) in cash resulting from financing activities |
||||||||||||
Cash and cash equivalents at beginning of period |
||||||||||||
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|
|
|
|
|||||||
Cash and cash equivalents at end of period |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: |
||||||||||||
Value of gold received for creation of shares-net of change in gold receivable |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Value of gold distributed for redemption of shares-net of change in gold payable |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
|
|
|
|
|
|
|||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING ACTIVITIES |
||||||||||||
Value of Gold Delivery Agreement inflows — net of Gold Delivery Agreement receivable |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Value of Gold Delivery Agreement outflows — net of Gold Delivery Agreement Payable |
$ |
$ |
$ |
( |
) | |||||||
|
|
|
|
|
|
|||||||
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 (1) |
|||||||||
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES |
||||||||||||
Net Income/(Loss) |
$ |
( |
) |
$ |
$ |
|||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |
||||||||||||
Gold paid for gold Delivery Provider fees |
||||||||||||
Proceeds from sales of gold to pay expenses |
||||||||||||
Net realized (gain)/loss from investment in gold sold to pay Sponsor fees |
( |
) |
( |
) |
( |
) | ||||||
Net realized gain/(loss) on Gold Delivery Agreement |
( |
) | ||||||||||
Net realized gain/(loss) from investment in gold sold to pay distributions |
( |
) | ||||||||||
Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees |
( |
) | ||||||||||
Net realized (gain)/loss from gold distributed for the redemption of shares |
( |
) |
( |
) |
( |
) | ||||||
Net change in unrealized (appreciation)/depreciation on investment in gold |
( |
) |
( |
) | ||||||||
Increase/(Decrease) in accounts payable to Sponsor |
||||||||||||
|
|
|
|
|
|
|||||||
Net cash provided by operating activities |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
(1) |
Information is reflective of the period from October 1, 2018 through September 16, 2019 for GLDW (see note 1) and the year ended September 30, 2019 for GLDM. |
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 (1) |
|||||||||
Net Assets – Opening Balance |
$ |
$ |
$ |
|||||||||
Creations |
||||||||||||
Redemptions |
( |
) |
( |
) |
( |
) | ||||||
Distributions |
( |
) | ||||||||||
Net investment loss |
( |
) |
( |
) |
( |
) | ||||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees |
||||||||||||
Net realized gain/(loss) from investment in gold sold to pay distributions |
||||||||||||
Net realized gain/(loss) on Gold Delivery Agreement |
||||||||||||
Net realized gain/(loss) on gold transferred to cover Gold Delivery Agreement and Gold Delivery Provider fees |
||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
Net Assets – Closing Balance |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
(1) |
Information is reflective of the period from October 1, 2018 through September 16, 2019 for GLDW (see note 1) and the year ended September 30, 2019 for GLDM. |
Level 1 – |
Unadjusted quoted prices in active markets for identical assets or liabilities; |
Level 2 – |
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and |
Level 3 – |
Inputs that are unobservable for the asset and liability, including the Funds’ assumptions (if any) used in determining the fair value of investments. |
(Amounts in 000’s of US$) September 30, 2021 |
Level 1 |
Level 2 |
Level 3 |
|||||||||
Investment in Gold |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Total |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
(Amounts in 000’s of US$) September 30, 2020 |
Level 1 |
Level 2 |
Level 3 |
|||||||||
Investment in Gold |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Total |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
(Amounts in 000’s of US$) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
Gold receivable |
$ |
$ |
(Amounts in 000’s of US$) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
Gold payable |
$ |
$ |
(Amounts are in 000’s) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 |
|||||||||
Activity in Number of Shares Created and Redeemed: |
||||||||||||
Creations |
||||||||||||
Redemptions |
( |
) |
( |
) |
( |
) | ||||||
Distributions |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Net Change in Number of Shares Created and Redeemed |
||||||||||||
|
|
|
|
|
|
|||||||
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 |
|||||||||
Activity in Value of Shares Created and Redeemed: |
||||||||||||
Creations |
$ |
$ |
$ |
|||||||||
Redemptions |
( |
) |
( |
) |
( |
) | ||||||
Distributions |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Net change in Value of Shares Created and Redeemed |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
Three Months Ended (unaudited) |
Year Ended Sep 30, 2021 |
|||||||||||||||||||
(Amounts in 000’s of US$, except per share data) |
Dec 31, 2020 |
Mar 31, 2021 |
Jun 30, 2021 |
Sep 30, 2021 |
||||||||||||||||
EXPENSES |
||||||||||||||||||||
Sponsor fees |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment loss |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees |
||||||||||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
||||||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
( |
) |
( |
) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income/(loss) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended (unaudited) |
Year Ended Sep 30, 2020 |
|||||||||||||||||||
(Amounts in 000’s of US$, except per share data) |
Dec 31, 2019 |
Mar 31, 2020 |
Jun 30, 2020 |
Sep 30, 2020 |
||||||||||||||||
EXPENSES |
||||||||||||||||||||
Sponsor fees |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment loss |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses |
||||||||||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
||||||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income/(loss) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
Risk exposure derivative type |
Location of Gain or Loss on Derivatives Recognized in Income |
Year Ended Sep-30, 2019 (1) |
||||
(Amounts in 000’s of US$) |
||||||
Currency Risk |
Net Realized gain/(loss) on Gold Delivery Agreement |
$ |
(1) |
The Gold Delivery Agreement terminated with the liquidation of GLDW as of September 12, 2019. |
Year Ended Sep-30, 2019 (1) |
||||
(Amounts in 000’s of US$) |
||||
Average notional |
$ |
(1) |
The Gold Delivery Agreement terminated with the liquidation of GLDW as of September 12, 2019. |
(Amounts in 000’s of US$ except for share and per share data) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
ASSETS |
||||||||
Investments in Gold, at fair value (cost $ |
$ |
$ |
||||||
Gold receivable |
||||||||
|
|
|
|
|||||
Total Assets |
$ |
$ |
||||||
|
|
|
|
|||||
LIABILITIES |
||||||||
Accounts payable to Sponsor |
$ |
$ |
||||||
|
|
|
|
|||||
Total Liabilities |
$ |
$ |
||||||
|
|
|
|
|||||
Net Assets |
$ |
$ |
||||||
|
|
|
|
|||||
Shares issued and outstanding (1) |
||||||||
Net asset value per Share |
$ |
$ |
(1) |
Authorized share capital is unlimited and the par value of the Shares is $ |
(Amounts in 000’s except for percentages) |
Ounces of gold |
Cost |
Fair Value |
% of Net Assets |
||||||||||||
September 30, 2021 |
||||||||||||||||
Investment in Gold |
$ |
$ |
% | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total Investment |
$ |
$ |
% | |||||||||||||
Liabilities in excess of other assets |
( |
) |
( |
)% | ||||||||||||
|
|
|
|
|||||||||||||
Net Assets |
$ |
% | ||||||||||||||
|
|
|
|
Ounces of gold |
Cost |
Fair Value |
% of Net Assets |
|||||||||||||
September 30, 2020 |
||||||||||||||||
Investment in Gold |
$ |
$ |
% | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total Investment |
$ |
$ |
% | |||||||||||||
Other assets in excess of liabilities |
% | |||||||||||||||
|
|
|
|
|||||||||||||
Net Assets |
$ |
% | ||||||||||||||
|
|
|
|
(Amounts in 000’s of US$, except per share data) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 |
|||||||||
EXPENSES |
||||||||||||
Sponsor fees |
$ |
$ |
$ |
|||||||||
Total expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Net investment loss |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees |
||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
Net income/(loss) |
$ |
( |
) |
$ |
$ |
|||||||
|
|
|
|
|
|
|||||||
Net income/(loss) per share |
$ |
( |
) |
$ |
$ |
|||||||
Weighted average number of shares (in 000’s) |
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 |
|||||||||
INCREASE/DECREASE IN CASH FROM OPERATIONS: |
||||||||||||
Cash proceeds received from sales of gold |
$ |
$ |
$ |
|||||||||
Cash expenses paid |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Increase/(Decrease) in cash resulting from operations |
||||||||||||
Cash and cash equivalents at beginning of period |
||||||||||||
|
|
|
|
|
|
|||||||
Cash and cash equivalents at end of period |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: |
||||||||||||
Value of gold received for creation of shares-net of change in gold receivable |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Value of gold distributed for redemption of shares-net of change in gold payable |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
|
|
|
|
|
|
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 |
|||||||||
RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES |
||||||||||||
Net income/(loss) |
$ |
( |
) |
$ |
$ |
|||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |
||||||||||||
Proceeds from sales of gold to pay expenses |
||||||||||||
Net realized (gain)/loss from investment in gold sold to pay Sponsor fees |
( |
) |
( |
) |
( |
) | ||||||
Net realized (gain)/loss from gold distributed for the redemption of shares |
( |
) |
( |
) |
( |
) | ||||||
Net change in unrealized (appreciation)/depreciation on investment in gold |
( |
) |
( |
) | ||||||||
Increase/(Decrease) in accounts payable to Sponsor |
||||||||||||
|
|
|
|
|
|
|||||||
Net cash provided by operating activities |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 |
|||||||||
Net Assets—Opening Balance |
$ |
$ |
$ |
|||||||||
Creations |
||||||||||||
Redemptions |
( |
) |
( |
) |
( |
) | ||||||
Net investment loss |
( |
) |
( |
) |
( |
) | ||||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees |
||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
Net Assets—Closing Balance |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
Level 1 – |
Unadjusted quoted prices in active markets for identical assets or liabilities; |
Level 2 – |
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and |
Level 3 – |
Inputs that are unobservable for the asset and liability, including a fund’s assumptions (if any) used in determining the fair value of investments. |
(Amounts in 000’s of US$) September 30, 2021 |
Level 1 |
Level 2 |
Level 3 |
|||||||||
Investment in Gold |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Total |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
(Amounts in 000’s of US$) September 30, 2020 |
Level 1 |
Level 2 |
Level 3 |
|||||||||
Investment in Gold |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Total |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
(Amounts in 000’s of US$) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
Gold receivable |
$ |
$ |
(Amounts in 000’s of US$) |
Sep-30, 2021 |
Sep-30, 2020 |
||||||
Gold payable |
$ |
$ |
(Amounts are in 000’s) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 |
|||||||||
Activity in Number of Shares Created and Redeemed: |
||||||||||||
Creations |
||||||||||||
Redemptions |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Net Change in Number of Shares Created and Redeemed |
||||||||||||
|
|
|
|
|
|
(Amounts in 000’s of US$) |
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 |
|||||||||
Activity in Value of Shares Created and Redeemed: |
||||||||||||
Creations |
$ |
$ |
$ |
|||||||||
Redemptions |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Net change in Value of Shares Created and Redeemed |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
Three Months Ended (unaudited) |
||||||||||||||||||||
(Amounts in 000’s of US$, except per share data) |
Dec 31, 2020 |
Mar 31, 2021 |
Jun 30, 2021 |
Sep 30, 2021 |
Year Ended Sep 30, 2021 |
|||||||||||||||
EXPENSES |
||||||||||||||||||||
Sponsor fees |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment loss |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay Sponsor fees |
||||||||||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
||||||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
( |
) |
( |
) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income/(loss) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income/(loss) per share |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted average number of shares (in 000’s) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended (unaudited) |
||||||||||||||||||||
(Amounts in 000’s of US$, except per share data) |
Dec 31, 2019 |
Mar 31, 2020 |
Jun 30, 2020 |
Sep 30, 2020 |
Year Ended Sep 30, 2020 |
|||||||||||||||
EXPENSES |
||||||||||||||||||||
Sponsor fees |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment loss |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||||||||||
Net realized gain/(loss) from investment in gold sold to pay expenses |
||||||||||||||||||||
Net realized gain/(loss) from gold distributed for the redemption of shares |
||||||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investment in gold |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net realized and change in unrealized gain/(loss) on investment in gold |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income/(loss) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income/(loss) per share |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted average number of shares (in 000’s) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Year Ended Sep-30, 2021 |
Year Ended Sep-30, 2020 |
Year Ended Sep-30, 2019 |
||||||||||
Net Asset Value |
||||||||||||
Net asset value per Share, beginning of period |
$ |
$ |
$ |
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Net investment income/(loss) |
( |
) |
( |
) |
( |
) | ||||||
Net Realized and Change in Unrealized Gain/(Loss) |
( |
) |
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Net Income/(Loss) |
( |
) |
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Net asset value per Share, end of period |
$ |
$ |
$ |
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Market value per Share, beginning of period |
$ |
$ |
$ |
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Market value per Share, end of period |
$ |
$ |
$ |
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Ratio to average net assets |
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Net investment loss |
( |
)% |
( |
)% |
( |
)% | ||||||
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Gross expenses |
% |
% |
% | |||||||||
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|
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Net expenses |
% |
% |
% | |||||||||
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Total Return, at net asset value |
( |
)% |
% |
% | ||||||||
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Total Return, at market value |
( |
)% |
% |
% | ||||||||
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