OUNZMEDIUM SIGNALFINANCIAL10-K

OUNZ experienced substantial growth in assets under management with share count increasing to 62.4 million shares and per-share value rising to $46.56, while total liabilities dropped dramatically from $13.8M to $108K.

The trust shows strong organic growth with both share count and per-share value expanding meaningfully, indicating robust investor demand and underlying gold price appreciation. The dramatic reduction in liabilities suggests improved operational efficiency or resolution of previous obligations, strengthening the trust's financial position.

Comparing 2026-03-27 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

OUNZ demonstrated strong balance sheet improvement with total liabilities collapsing by over 99% from $13.8M to just $108K, indicating resolution of significant obligations or operational streamlining. Operating losses expanded modestly to $1.0M, which is typical for a passive trust structure. The overall financial picture signals a healthier, more efficient operation with substantially reduced leverage and continued growth in assets under management.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
-99.2%
$13.8M$108K

Liabilities reduced 99.2% — deleveraging improves balance sheet strength and financial flexibility.

Operating Income
P&L
-53.5%
-$660K-$1.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

LANGUAGE CHANGES
NEW — 2026-03-27
PRIOR — 2025-03-28
ADDED
The redeemable per share value of the Shares increased from $27.01 at January 31, 2025 to $46.56 at January 31, 2026, the Trust s fiscal year end.
Outstanding Shares in the Trust increased from 48,664,686 Shares at January 31, 2025 to 62,358,853 Shares outstanding at January 31, 2026.
At the end of 2025, the estimated total existing above-ground stock of gold amounted to 7.1 billion Ounces 1 , and 44% of the estimated total has been used in jewelry.
Gold jewelry demand on average has been around 69.2 million Ounces per year from the period of 2010 to 2025.
Total annual jewelry demand amounted to 52.7 million Ounces in 2025.
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REMOVED
The redeemable per share value of the Shares increased from $19.69 at January 31, 2024 to $27.01 at January 31, 2025, the Trust s fiscal year end.
Outstanding Shares in the Trust increased from 39,626,030 Shares at January 31, 2024 to 48,664,686 Shares outstanding at January 31, 2025.
At the end of 2017, the estimated total existing above-ground stock of gold amounted to 6.1 billion Ounces 1 , and about half of the estimated total has been used in jewelry.
Gold jewelry demand on average has been around 70.1 million Ounces per year from the period of 2010 to 2024.
Total annual jewelry demand amounted to 64.4 million Ounces in 2024.
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