Separate product quotes and tax rates are entered assumptions. Equal starting cash does not imply equal exposure, risk, liquidity or tax treatment. This comparison is not a product recommendation.
What this scenario measures
Physical charges use an assumed geometric price path and end-of-year metal value, including the prior zero-price-path convention. Fund expenses reduce terminal NAV. Costs above sale value are disclosed as unfunded; no borrowing is assumed. Tax is entered on positive net economic gain only, with no loss credit. These are cost scenarios, not forecasts, eligibility checks or tax classifications. Floating-point estimates are not cent-exact over every extreme input.
Price basis
An entered spot quote requires a source and date. Exit prices are uncertain scenarios. No quote is fetched or independently checked.
Historical returns and current product fees are not inferred from the illustrative inputs. Enter actual product quotes and costs separately. Mining-company returns are not a fixed multiple of gold returns.
Zero profit
A zero economic terminal value over a positive holding period is a complete loss: holding-period, annualized and real return are −100%. A negative cost balance is shown separately as an unfunded shortfall; it is not borrowed or forgiven.
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