Goldman Sachs Physical Gold ETF
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 26, 2025
AAAU$40.06-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-03-07.
0001193125-24-062325
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-26.
0001193125-25-036907
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 31 previous paragraphs and 34 current paragraphs.
26 unchanged; 5 reworded; 3 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
The LBMA Gold Price benchmark is administered and licensed by ICE Benchmark Administration Limited (IBA). The LBMA Gold Price benchmark displayed on this website is provided for information purposes only and may not be copied, distributed or used for any other purpose, commercial or otherwise.
Current report
A comparison of the fiscal years ended December 31, 2023 and 2022 can be found in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2023 located within Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, which is incorporated by reference herein.
Current report
The LBMA Gold Price benchmark is administered and licensed by ICE Benchmark Administration Limited (IBA). The LBMA Gold Price benchmark displayed on this website is provided for information purposes only and may not be copied, distributed or used for any other purpose, commercial or otherwise.
Reworded paragraphs (5)
Previous wording
For the year ended December 31, 2023, 22,446,000 shares (898 Baskets) were created in exchange for 222,564.6 ounces of gold, 15,740,000 shares (630 baskets) were redeemed in exchange for 156,051.8 ounces of gold, and 518.9 ounces of gold were sold to pay expenses.
Current wording
For the year ended December 31, 2024, 7,860,000 Shares (314 Baskets) were created in exchange for 77,762.2 ounces of gold, 4,400,000 Shares (176 Baskets) were redeemed in exchange for 43,543.3 ounces of gold, and 551.8 ounces of gold were sold to pay expenses.
Previous wording
At December 31, 2023, the Trust’s NAV per share was at $20.43, compared to $17.98 at December 31, 2022. The increase in NAV per share atyear-end was primarily due to a higher price of gold of $2,062.40 at period end which represented an increase of 13.80% from $1,812.35 at December 31, 2022.
Current wording
At December 31, 2024, the Trust’s NAV per Share was at $25.81, compared to $20.43 at December 31, 2023. The increase in NAV per Share atyear-end was primarily due to a higher price of gold of $2,610.85 at period end which represented an increase of 26.59% from $2,062.40 at December 31, 2023.
Previous wording
At December 31, 2022, the Custodian held 241,125.6 ounces of gold on behalf of the Trust in its vault, with a market value of $437,004,008 (cost: $449,702,252) based on the LBMA AM Gold Price at period end.
Current wording
At December 31, 2024, the Custodian held 340,786.6 ounces of gold on behalf of the Trust in its vault, with a market value of $889,742,864 (cost: $701,309,900) based on the LBMA AM Gold Price at period end.
Previous wording
The change in net assets from operations for the year ended December 31, 2022 was $(10,870,549), which was due to (i) the Sponsor Fee of $(965,357) and (ii) a net realized and unrealized loss of $(9,905,192) from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $(87,826), a net realized gain from gold bullion distributed for redemptions of $18,471,011 and a net change in unrealized appreciation/depreciation on investments in gold bullion of $(28,288,377). Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2022.
Current wording
The change in net assets from operations for the year ended December 31, 2024 was $162,054,699, which was due to (i) the Sponsor Fee of $(1,355,299) and (ii) a net realized and unrealized gain of $163,409,998 from operations, which in turn resulted from a net realized loss on gold sold to pay expenses of $(5,039), net realized gain from gold bullion distributed for redemptions of $14,284,935 and a net change in unrealized appreciation on investments in gold bullion of $149,130,102. Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2024.
Previous wording
The change in net assets from operations for the year ended December 31, 2023 was $56,397,249, which was due to (i) the Sponsor Fee of $(1,035,138) and (ii) a net realized and unrealized gain of $57,432,387 from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $(35,485), net realized gain from gold bullion distributed for redemptions of $5,466,766 and a net change in unrealized appreciation/depreciation on investments in gold bullion of $52,001,106. Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2023.
Current wording
The change in net assets from operations for the year ended December 31, 2023 was $56,397,249, which was due to (i) the Sponsor Fee of $(1,035,138) and (ii) a net realized and unrealized gain of $57,432,387 from operations, which in turn resulted from a net realized loss on gold sold to pay expenses of $(35,485), a net realized gain from gold bullion distributed for redemptions of $5,466,766 and a net change in unrealized appreciation on investments in gold bullion of $52,001,106. Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2023.