Goldman Sachs Physical Gold ETF
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 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-Q
Period ended 2025-03-31; filed 2025-05-08.
0001193125-25-116016
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001193125-25-174363
Item 2. 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 33 previous paragraphs and 35 current paragraphs.
26 unchanged; 7 reworded; 2 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 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 (2)
Current report
The change in net assets from operations for the three months ended June 30, 2024 was $32,753,880, which was due to (i) the Sponsor Fee of $(312,737) and (ii) a net realized and unrealized gain of $33,066,617 from operations, which in turn resulted from a net realized gain on gold sold to pay expenses of $1,362 and a net change in unrealized appreciation on investments in gold bullion of $33,065,255. Other than the Sponsor Fee, the Trust had no expenses during the three months ended June 30, 2024.
Current report
The change in net assets from operations for the six months ended June 30, 2024 was $75,443,374, which was due to (i) the Sponsor Fee of $(586,773) and (ii) a net realized and unrealized gain of $76,030,147 from operations, which in turn resulted from a net realized gain on gold distributed for redemptions of $4,004,013, a net realized gain on gold sold to pay expenses of $308 and a net change in unrealized appreciation on investments in gold bullion of $72,025,826. Other than the Sponsor Fee, the Trust had no expenses during the six months ended June 30, 2024.
Reworded paragraphs (7)
Previous wording
Three Months Ended March 31, 2025 and 2024
Current wording
Three and Six Months Ended June 30, 2025 and 2024
Previous wording
For the three months ended March 31, 2025, 7,581,000 Shares (303 Baskets) were created in exchange for 74,927.5 ounces of gold, and 153.4 ounces of gold were sold to pay expenses. The Trust’s NAV per Share ended the period at $30.78, due to a higher price of gold of $3,115.10 at period end which represented an increase of 19.3% from the AM price of $2,610.85 on December 31, 2024.
Current wording
For the three months ended June 30, 2025, 7,157,722 Shares (286 Baskets) were created in exchange for 70,717.0 ounces of gold, 1,650,000 Shares (66 Baskets) were redeemed in exchange for 16,301.0 ounces of gold, and 190.1 ounces of gold were sold to pay expenses. For the six months ended June 30, 2025, 14,738,722 Shares (590 Baskets) were created in exchange for 145,644.5 ounces of gold, 1,650,000 Shares ((66) Baskets) were redeemed in exchange for 16,301.0 ounces of gold, and 343.5 ounces of gold were sold to pay expenses. The Trust’s NAV per Share ended the period at $32.47 compared to $30.78 at March 31, 2025 and $25.81 at December 31, 2024. The change in the NAV per Share was due to a change in the price of gold to $3,287.45 at period end, which represented an increase of 5.53% from $3,115.10 at March 31, 2025 and an increase of 25.91% from the AM price of $2,610.85 on December 31, 2024.
Previous wording
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.
Current wording
For the three months ended June 30, 2024, 2,350,000 Shares (94 Baskets) were created in exchange for 23,258.7 ounces of gold, no shares were redeemed, and 130.8 ounces of gold were sold to pay expenses. For the six months ended June 30, 2024, 2,850,000 Shares (114 Baskets) were created in exchange for 28,209.2 ounces of gold, 2,550,000 Shares ((102) Baskets) were redeemed in exchange for 25,248.9 ounces of gold, and 264.6 ounces of gold were sold to pay expenses. The Trust’s NAV per Share ended the period at $23.06 compared to $21.92 at March 31, 2024 and $20.43 at December 31, 2023. The change in the NAV per Share was due to a change in the price of gold to $2,330.90 at period end, which represented an increase of 5.26% from $2,214.35 at March 31, 2024 and an increase of 13.02% from $2,062.40 at December 31, 2023.
Previous wording
At March 31, 2025, the Custodian held 415,560.7 ounces of gold on behalf of the Trust in its vault, with a market value of $1,294,512,987 (cost: $917,750,716) based on the LBMA PM Gold Price at period end.
Current wording
At June 30, 2025, the Custodian held 469,786.6 ounces of gold on behalf of the Trust in its vault, with a market value of $1,544,399,965 (cost: $1,118,918,030) based on the LBMA PM Gold Price at period end.
Previous wording
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.
Current wording
At June 30, 2024, the Custodian held 309,815.2 ounces of gold on behalf of the Trust in its vault, with a market value of $722,148,331 (cost: $610,819,643) based on the LBMA PM Gold Price at period end.
Previous wording
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 sold 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.
Current wording
The change in net assets from operations for the three months ended June 30, 2025 was $70,142,684 which was due to (i) the Sponsor Fee of $(656,801) and (ii) a net realized and unrealized gain of $70,799,485 from operations, which in turn resulted from a net realized gain on gold distributed for redemptions of $22,098,194, a net realized loss on gold sold to pay expenses of $(18,373) and a net change in unrealized appreciation on investments in gold bullion of $48,719,664. Other than the Sponsor Fee, the Trust had no expenses during the three months ended June 30, 2025.
Previous wording
The change in net assets from operations for the three months ended March 31, 2025 was $187,851,937, which was due to (i) the Sponsor Fee of $(470,596) and (ii) a net realized and unrealized gain of $188,322,533 from operations, which in turn resulted from a net realized loss on gold sold to pay expenses of $(6,774) and a net change in unrealized appreciation on investments in gold bullion of $188,329,307. Other than the Sponsor Fee, the Trust had no expenses during the three months ended March 31, 2025.
Current wording
The change in net assets from operations for the six months ended June 30, 2025 was $257,994,621, which was due to (i) the Sponsor Fee of $(1,127,397) and (ii) a net realized and unrealized gain of $259,122,018 from operations, which in turn resulted from a net realized gain on gold distributed for redemptions of $22,098,194, a net realized loss on gold transferred to pay expenses of $(25,147) and a net change in unrealized appreciation on investments in gold bullion of $237,048,971. Other than the Sponsor Fee, the Trust had no expenses during the six months ended June 30, 2025.