Global�gold-backed ETF holdings fell 2% in April, resulting in net 2019 outflows to

date
In April, holdings in global�gold-backed ETFs and similar products fell across all
regions by 57 tonnes(t) to 2,424t, equivalent to US$2.2bn in outflows. Global
assets under management (AUM) in US dollars fell by 3% to US$100bn, as the price
of�gold�of�gold�fell 1% during the month. Global�gold-backed ETFs have now lost
assets of US$377mn, 0.4% AUM on the year, reversing January�s strong start.
Regional fund flows
* North American funds saw outflows of 46t (US$1.9bn, 3.7% AUM)**
* Holdings in European funds fell by 8t (US$257mn, 0.6%)
* Funds listed in Asia decreased by 2.5t (US$114mn, 4%)
* Other regions saw outflows of 0.4t (US$16mn, 1.3%).�

Data as of 30 April, 2019

Sources: Bloomberg, Company Filings, ICE Benchmark
Administration,�World�Gold�Council

Individual fund flows

* In North America, SPDR��Gold�Shares lost 38t (US$1.6bn, 5%) and
iShares�Gold�Trust lost 6t (US$252mn, 2%), the lion's share of the region's
outflows
* iShares Physical�Gold�and ETFS Physical�Gold�in the UK each lost ~6t,
collectively losing around US$500mn�
* Invesco Physical�Gold�was a bright spot in Europe, adding 8t (US$337mn, 7%) over
the month. This fund has the largest growth in Europe this year, having added 12t
(US$520, 11%)
* Bosera's listed fund was the only one in Asia to have inflows 3t (US$115mn, 32%),
which is likely the effect of the continued unwind of its unlisted funds. Huaan
Yifu, Asia's largest fund, lost 5t (US$228mn, 24%), making a total loss of 33% this
year.�
Long term trends
* Global�gold-backed ETF flows are negative on the year as the price of�gold�during
2019 is now effectively flat in US dollars
* Total holdings have been heavily�gold- and dollar-price driven as of late, but
long-term strategic holders continue to add to low-cost�gold-backed ETFs
* Holdings in Chinese funds have put a damper on total Asian holdings with assets
in the region falling 10% on the year
* Despite outflows in April, holdings in UK-based�gold-backed ETFs remain near all-
time highs, likely due to Brexit uncertainty driving heavy inflows over the past
few quarters.

Data as of 30�April, 2019

Sources: Bloomberg, Company Filings, ICE Benchmark Administration,
Shanghai�Gold�Exchange,�WorldGold�Council

**Note: We calculate�gold-backed ETF flows both in ounces/tonnes of�gold�and in US

dollars because these two metrics are relevant in understanding funds� performance.
The change in tonnes gives a direct measure of how holdings evolve, while the
dollar value of flows is a finance industry standard that gives a perspective of
how much investment reaches the funds. This month, the reported flows measured in
tonnes of�gold�and their dollar value equivalent seem inconsistent across regions.
Both figures are correct. The disparity is due to the interaction between the
performance of the�gold�price intra-month, the direction of the dollar and the
timing of the flows.�

***Low-cost US-based�gold�backed ETFs are defined as�gold-backed ETFs that trade on

US markets with annual management fees of 20bps or less