QUARTERLY 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 of each exchange on which registered | ||
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |||
Non-Accelerated Filer |
☒ | Smaller Reporting Company | ||||
Emerging Growth Company |
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16 |
Item 1. |
Unaudited Financial Statements. |
Page |
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
June 30, 2022 |
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(Unaudited) |
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Assets |
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Investment in gold, at fair value (a) |
$ | |||
Total assets |
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Liabilities |
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Sponsor’s fee payable |
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Commitments and contingent liabilities (Note 7) |
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Total liabilities |
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Net assets |
$ | |||
Shares issued and outstanding (b) |
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Net asset value per Share |
$ |
(a) | Cost of investment in gold bullion: $ |
(b) | No par value, unlimited amount authorized. |
Ounces of Gold |
Cost |
Fair Value |
% of Net Assets |
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Investment in gold |
$ | $ | % | |||||||||||||
Total investments |
$ | $ | % | |||||||||||||
Liabilities in excess of other assets |
( |
) | ( |
)% (a) | ||||||||||||
Net assets |
$ | % | ||||||||||||||
(a) | Rounds to less than (0.01)%. |
For the period from May 24, 2022 (Date of inception) to June 30, 2022 |
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(Unaudited) |
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Expenses |
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Sponsor’s fee |
$ | |||
Total expenses |
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Net investment loss |
( |
) | ||
Net realized and change in unrealized gain (loss) on investment in gold |
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Net change in unrealized appreciation (depreciation) on investment in gold |
( |
) | ||
Net realized and change in unrealized gain (loss) on investment in gold |
( |
) | ||
Net increase (decrease) in net assets resulting from operations |
$ | ( |
) | |
Net increase (decrease) in net assets per Share (a) |
$ | ( |
) |
(a) |
Net increase (decrease) in net assets per Share based on average shares outstanding during the period. |
For the period from May 24, 2022 (Date of inception) to June 30, 2022 |
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(Unaudited) |
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Cash Flows from Operating Activities: |
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Proceeds from gold bullion sold to pay expenses |
$ | |||
Expenses – Sponsor’s fees paid |
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|
|
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Net cash provided by operating activities |
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Increase (decrease) in cash |
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Cash, beginning of period |
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Cash, end of period |
$ | |||
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|
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Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities: |
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Net increase (decrease) in net assets resulting from operations |
$ | ( |
) | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |
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Proceeds from gold bullion sold to pay expenses |
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Net realized (gain) loss |
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Net change in unrealized appreciation/depreciation |
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Change in operating assets and liabilities: |
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Sponsor’s fees payable |
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|
|
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Net cash provided by (used in) operating activities |
$ | |||
|
|
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Supplemental disclosure of non-cash information: |
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Gold bullion contributed for Shares issued |
$ | |||
Gold bullion distributed for Shares redeemed |
$ |
For the period from May 24, 2022 (Date of inception) to June 30, 2022 |
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(Unaudited) |
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Net assets, beginning of period |
$ | |||
Operations: |
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Net investment loss |
( |
) | ||
Net change in unrealized appreciation (depreciation) on investment in gold bullion |
( |
) | ||
|
|
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Net decrease in net assets resulting from operations |
( |
) | ||
|
|
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Capital Share Transactions: |
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Contributions for Shares issued |
(a) | |||
Distributions for Shares redeemed |
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Net increase in net assets from capital share transactions |
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Net assets, end of period |
$ | |||
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|
(a) |
The amount represents the initial deposit in exchange for Seed Creation Units. |
Shares |
Amount |
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Balance at May 24, 2022* |
$ |
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Creation of Shares |
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Redemption of Shares |
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Balance at June 30, 2022 |
$ |
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* |
The date represents the Initial Seed Creatio n. |
Amount in ounces |
Amount in US$ |
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Balance at May 24, 2022* |
$ | |||||||
Gold received for the creation of Shares |
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Gold distributed for the redemption of Shares |
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Net realized gain (loss) from gold transferred to pay expenses |
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Net change in unrealized appreciation (depreciation) on investment in gold |
( |
) | ||||||
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|
|
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Balance at June 30, 2022 |
$ | |||||||
|
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|
* |
The date represents the Initial Seed Creation. |
Per Share Performance (for a Share outstanding throughout each period presented) |
For the period from May 24, 2022 (Date of inception) to June 30, 2022 |
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(Unaudited) |
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Net asset value per Share, beginning of period |
$ | (a) | ||
|
|
|||
Net investment loss (b) |
( |
) (c) | ||
Net realized and unrealized gain (loss) on investment in gold |
( |
) | ||
|
|
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Net change in net assets from operations |
( |
) | ||
|
|
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Net asset value per Share, end of period |
$ | |||
|
|
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Total return, at net asset value (d) |
( |
)% | ||
Ratio to average net assets (e) |
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Net investment loss |
( |
)% | ||
Net expenses |
% |
(a) | The amount represents the initial Seed Creation. |
(b) | Calculated using average Shares outstanding. |
(c) | Amount represents less than $0.01. |
(d) | Calculation based on the change in net asset value of a Share during the period. Total return for periods of less than a year are not annualized. |
(e) | Annualized. |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. |
Controls and Procedures. |
Item 1. |
Legal Proceedings. |
Item 1A. |
Risk Factors. |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. |
Defaults Upon Senior Securities. |
Item 4. |
Mine Safety Disclosures. |
Item 5. |
Other Information. |
Item 6. |
Exhibits. |
Exhibit No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2* | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1* | Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2* | Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | Inline XBRL Instance Document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed herewith |
By: | /s/ David Mann* | |
David Mann | ||
President and Chief Executive Officer | ||
(serving in the capacity of principal executive officer) | ||
By: | /s/ Matthew Hinkle* | |
Matthew Hinkle | ||
Chief Financial Officer | ||
(serving in the capacity of principal financial officer) |
* | The registrant is a trust and the person is signing in his capacity as an officer of Franklin Holdings, LLC, the Sponsor of the registrant. |