Goldman Sachs Physical Gold ETF

Three Months Ended March 31, 2024 and 2023

For the three months ended March 31, 2024, 500,000 shares (20 Baskets) were created in exchange for 4,950.5 ounces of gold, 2,550,000 shares (102 Baskets) were redeemed in exchange for (25,248.9) ounces of gold, and (133.8) ounces of gold were sold to pay expenses. The Trust’s NAV per share ended the period at $21.92, due to a higher price of gold of $2,214.35 at period end which represented an increase of 7.4% from $2,062.40 at December 31, 2023.

The change in net assets from operations for the three months ended March 31, 2024 was $42,689,494, which was due to (i) the Sponsor Fee of $(274,036) and (ii) a net realized and unrealized gain of $42,963,530 from operations, which in turn resulted from a net realized loss on gold distributed for redemptions of $(1,054), from a net realized gain on gold transferred to pay expenses of $4,004,013 and a net change in unrealized appreciation on investments in gold bullion of $38,960,571. Other than the Sponsor Fee, the Trust had no expenses during the three months ended March 31, 2024.

At March 31, 2024, the Custodian held 286,687.3 ounces of gold on behalf of the Trust in its vault, with a market value of $634,826,038 (cost: $556,562,605) based on the LBMA PM Gold Price at period end.

For the three months ended March 31, 2023, 9,610,000 shares (384 Baskets) were created in exchange for 95,325.3 ounces of gold, 7,860,000 shares (314 Baskets) were redeemed in exchange for 77,961.0 ounces of gold, and 113.5 ounces of gold were sold to pay expenses. The Trust’s NAV per share ended the period at $19.63, due to a higher price of gold of $1,979.70 at period end which represented an increase of 9.2% from $1,812.35 at December 31, 2022.

The change in net assets from operations for the three months ended March 31, 2023 was $36,805,579, which was due to (i) the Sponsor Fee of $(218,841) and (ii) a net realized and unrealized gain of $37,024,420 from operations, which in turn resulted from a net realized loss on gold distributed for redemptions of $(125,062), from a net realized loss on gold transferred to pay expenses of $(10,863) and a net change in unrealized appreciation on investments in gold bullion of $37,160,345. Other than the Sponsor Fee, the Trust had no expenses during the three months ended March 31, 2023.

At March 31, 2023, the Custodian held 258,376.4 ounces of gold on behalf of the Trust in its vault, with a market value of $511,507,670 (cost: $487,045,569) based on the LBMA PM Gold Price at period end.

Liquidity and Capital Resources

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and be responsible for the payment of most of the expenses incurred by the Trust, up to a maximum amount equal to the greater of $500,000 per annum and the amount that is equal to 0.15% of the average total value of the gold held by the Trust, as determined by the Trustee on each business day, plus the value of all other assets of the Trust (other than any amount credited to the Trust’s reserve account), including cash, if any. As such, the only ordinary expense of the Trust during the period covered by this report was the Sponsor Fee. The Sponsor Fee accrues daily based on the prior business day’s NAV and is payable in cash from the Trust Property or the sale of gold in accordance with the Trust Agreement.

The Trustee will, when directed by the Sponsor, and, in the absence of such direction may, in its discretion, sell gold in such quantity and at such times as may be necessary to permit payment in cash of the Trust’s extraordinary expenses not assumed by the Sponsor. At March 31, 2024 and 2023, the Trust did not have any cash balances.

Off-Balance Sheet Arrangement

At March 31, 2024 and 2023, the Trust did not have anyoff-balance sheet arrangements.

Analysis of Movements in the Price of Gold

As movements in the price of gold are expected to directly affect the price of the Trust’s shares, it is important for investors to understand and follow movements in the price of gold. Past movements in the gold price are not indicators of future movements.

The following chart shows movements in the price of gold based on the LBMA PM Gold Price in U.S. dollars per ounce over the period from December 30, 2023 to March 31, 2024.

Source: Bloomberg, LBMA Gold Price PM USD, December 31, 2023 – March 31, 2024

The average, high, low andend-of-period gold prices for each quarterly period from April 1, 2023 through March 31, 2024, based on the LBMA PM Gold Price were: