FGDLHIGH SIGNALFINANCIAL10-K

FGDL experienced explosive growth with net income surging 465% and total assets more than tripling to $187M, while outstanding shares increased from 2.2M to 5.2M.

This dramatic expansion suggests either a highly successful period for the gold fund or significant new capital inflows that substantially grew the fund's size. The massive increase in outstanding shares indicates substantial new investor interest and capital raising activity during this period.

Comparing 2025-06-30 vs 2024-07-01View on EDGAR →
FINANCIAL ANALYSIS

FGDL demonstrated exceptional growth across all key financial metrics, with net income exploding from $6.1M to $34.6M (+465%) while total assets more than tripled from $62.1M to $187M. Stockholders' equity nearly tripled to $136.5M, indicating strong value creation for investors. The dramatic financial expansion, combined with the share count more than doubling from 2.2M to 5.2M shares, signals a fund experiencing significant growth in both performance and investor capital inflows.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+464.7%
$6.1M$34.6M

Net income grew 464.7% — bottom-line growth signals improving overall business health.

Total Assets
Balance Sheet
+201%
$62.1M$187.0M

Asset base grew 201% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+195%
$46.3M$136.5M

Equity base grew 195% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Liabilities
Balance Sheet
+176.3%
$8K$21K

Liabilities grew 176.3% — significant increase in debt or obligations, assess impact on financial flexibility.

LANGUAGE CHANGES
NEW — 2025-06-30
PRIOR — 2024-07-01
ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
The registrant had 5,200,000 outstanding shares as of June 3, 2025.
LBMA Gold Price The price per troy ounce of gold bullion for delivery in London through a member of the LBMA stated in USDs and set via an electronic auction process run twice daily at 10:30 a.m.
In some cases, you can identify such forward-looking statements by terminology such as may, should, could, expect, plan, anticipate, believe, estimate, predict, potential or the negative of these terms or other comparable terminology.
These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.
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REMOVED
Cost of investment in gold bullion: $50,923,216 at March 31, 2024 and $104,131,755 at March 31, 2023.
Net increase (decrease) in net assets per Share based on average shares outstanding during the period.
Includes initial seed creation of 100,000 shares for an amount of $2,500,000.
The registrant had 2,200,000 outstanding shares as of June 4, 2024.
Words such as could, would, may, expect, intend, estimate, predict, and variations on such words or negatives thereof, and similar expressions that reflect our current views with respect to future events and Fund performance, are intended to identify such forward-looking statements.
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