Independent Attestation

LQV — Monthly Auditor Report (2025 M1)

Period end: 2025-01-31 — Issued: 2025-02-01

Executive Summary

We attest that LQV liabilities were fully backed by physical gold reserves as of 2025-01-31.

Methodology

  1. Vault confirmations
  2. Bar list reconciliation
  3. On-chain reserve verification
  4. Liability Merkle root recomputation

Findings

MetricValue
Fine oz reserves98,210.44
Liabilities98,132.73
Coverage100.08%

Conclusion

Liabilities fully backed at period end.