GraniteShares Gold Trust

Previous wording

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of gold to the Sponsor. On September 30, 2023 the Trust did not have any cash balances.

Current wording

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of gold to the Sponsor. At March 31, 2024 the Trust did not have any cash balances.

Previous wording

The Trust’s net asset value increased from $883,519,519 on September 30 to $960,483,199 on December 31, 2023, a 8.71% increase. The increase in the Trust’s net asset value was due to a 10.26% increase of gold price from $1,870.50 on September 30, 2023 to $2,062.40 on December 31, 2023. The gold price increase was negatively affected by a decrease in the number of shares outstanding from 47,750,000 to 47,100,000 over this period. The net 650,000 shares decrease was a result of 11 creation orders and 24 redemption orders (50,000 shares per creation and redemption).

Current wording

The Trust’s net asset value increased from $960,483,199 on December 31, 2023 to $1,003,452,876 on March 31, 2024, a 4.47% increase. The increase in the Trust’s net asset value was due to a change in the price of gold, which increased 7.37% from $2,062.40 on December 31, 2023 to $2,214.35 on March 31, 2024. The impact of the increase of gold prices was reduced by the Trust’s number of shares outstanding which changed from 47,100,000 in December 31, 2023 to 45,850,000 in March 31, 2024 as a result 25 redemption orders (50,000 shares orders). There were no creation orders during the period.

Previous wording

The 7.77% increase in the Trust’s net asset value per share, from $18.92 at June 30, 2023 to $20.39 at December 31, 2023 is directly related to the 7.85% increase in the price of gold.

Current wording

The 7.36% increase in the Trust’s net asset value per share, from $ 20.39 on December 31, 2023 to $ 21.89 on March 31, 2024 is related to the increase in the price of gold.

Previous wording

The Trust’s net asset value per share decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fees, which were $406,153 for the quarter, or 0.044% of the Trust’s average weighted net assets of $923,656,201 during the quarter. The net asset value per share of $20.55 on December 28, 2023, was the highest during the quarter, compared with a low during the quarter of $17.99 on October 4, 2023.

Current wording

The 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 $412,810 for the quarter, or 0.043% of the Trust’s average weighted net assets of $ 949,605,896 during the quarter. The net asset value per share of $ 21.89 on March 28, 2024 was the highest during the quarter, compared with a low during the quarter of $19.62 on February 14, 2024.

Previous wording

Net increase in net assets resulting from operations for the quarter ended December 31, 2023 was $89,567,431, resulting primarily from an unrealized gain on investment in gold bullion of $84,042,332, increased by a gain of $5,931,252 on metal sold to cover redemption orders and Sponsor’s fees but reduced by the Sponsor’s fees of $406,153. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Current wording

Net increase in net assets resulting from operations for the quarter ended March 31, 2024 was $67,930,370, resulting from an unrealized gain on investment in gold bullion of $63,244,208 increased by a gain of $5,098,972 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $412,810. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Previous wording

The Trust’s net asset value increased from $935,811,456 on June 30, 2023 to $960,483,199 on December 31, 2023, a 2.64% increase. The increase in the Trust’s net asset value over this period was affected by a reduction in the number of shares outstanding from 49,450,000 to 47,100,000, a 4.75% decrease. The 2,350,000 shares decrease was the net result of 16 creation orders and 63 redemption orders (50,000 shares per creation and redemption order). The impact of the net redemption activity on the Trust’s net asset value was reduced by the positive change in the price of gold, which increased by 7.85% from $1,912.25 on June 30, 2023 to $2,062.40 on December 31, 2023.

Current wording

The Trust’s net asset value increased from $935,811,456 on June 30, 2023 to $1,003,452,876 on March 31, 2024 a 7.23% increase. The increase in the Trust’s net asset value was mainly caused by a 15.80% increase in gold price from $1,912.25 on June 30, 2023 to $2,214.35 on March 31, 2024. The positive impact of the gold price was negatively impacted the reduction in number of shares outstanding from 49,450,000 on June 30, 2023 to 45,850,000 on March 31, 2024, or (7.28%). The 3,600,000 shares decrease was the net result of 16 creations orders and 88 redemption orders (50,000 shares per creation and redemption order).

Previous wording

The 10.22% increase in the Trust’s net asset value per share, from $18.50 on September 30, 2023 to $20.39 on December 31, 2023 is directly related to the 10.26% increase in the price of gold.

Current wording

The 15.70% increase in the Trust’s net asset value per share, from $18.92 on June 30, 2023 to $21.89 on March 31, 2024 is directly related to the 15.80% increase in the price of gold.

Previous wording

The Trust’s net asset value per share decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fees, which were $815,309 for the period, or 0.088% of the Trust’s average weighted net assets of $926,875,134 during the six-month period. The net asset value per share of $20.55 on December 28, 2023, was the highest during the period, compared with a low during the quarter of $17.99 on October 4, 2023.

Current wording

The 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 $1,228,120 for the period, or 0.131% of the Trust’s average weighted net assets of $934,396,949 during the nine-month period. The net asset value per share of $ 21.89 on March 28, 2024 was the highest during the period, compared with a low during the period of $17.99 on October 04, 2023.

Previous wording

Net increase in net assets resulting from operations for the 6 months period ending December 31, 2023, was $69,179,039, resulting from an unrealized gain on investment in gold bullion of $59,757,186, increased by a gain of $10,237,162 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $815,309. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Current wording

The net increase in net assets resulting from operations for the 9 months period ending March 31, 2024 was $137,109,409, resulting from an unrealized gain on investment in gold bullion of $123,001,394, increased by a gain of $15,336,135 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,228,120. Other than the Sponsor’s fees the Trust had no expenses during the quarter.