Goldman Sachs Physical Gold ETF
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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.
FY2025 · Filed Feb 24, 2026
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 2024-12-31; filed 2025-02-26.
0001193125-25-036907
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-24.
0001193125-26-067559
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 34 previous paragraphs and 32 current paragraphs.
21 unchanged; 10 reworded; 1 added; 3 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 (1)
Current report
LBMA Gold Price PM (in USD)
Removed paragraphs (3)
Previous 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.
Previous 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.
Previous report
LBMA PM Gold Price (in USD)
Reworded paragraphs (10)
Previous wording
The Trustee determines the Net Asset Value of the Trust on each day that the Cboe BZX Exchange (NYSE Arca prior to February 3, 2022) is open for regular trading, as promptly as practical after 4:00 p.m. New York City time. The Net Asset Value of the Trust is the aggregate value of gold and other assets, if any, of the Trust (other than any amounts credited to the Trust’s reserve account, if any) including cash, if any, less liabilities of the Trust, which include estimated accrued but unpaid fees, expenses and other liabilities. In determining the Trust’s Net Asset Value, the Trustee values the gold held by the Trust based on the LBMA Gold Price PM. The LBMA Gold Price PM is set at 3:00 p.m. London time via an auction independently operated and administered by ICE Benchmark Administration (“IBA”). The price is set in U.S. dollars per fine troy ounce (“fine ounce”). If no LBMA Gold Price PM is available for the required day, the Trustee uses the LBMA Gold Price AM. If no LBMA Gold Price PM or LBMA Gold Price AM is available for the day, the Trustee values the Trust’s gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM. If the Sponsor determines that such price is inappropriate to use, it must identify an alternate basis for evaluation to be employed by the Trustee. The Sponsor may instruct the Trustee to use a different price which is reasonably available to the Trustee at no cost to the Trustee that the Sponsor determines to represent fairly the commercial value of the Trust’s gold. At December 31, 2023 and December 31, 2022, the LBMA Gold Price AM was utilized.
Current wording
The Trustee determines the Net Asset Value of the Trust on each day that the Cboe BZX Exchange (NYSE Arca prior to February 3, 2022) is open for regular trading, as promptly as practical after 4:00 p.m. New York City time. The Net Asset Value of the Trust is the aggregate value of gold and other assets, if any, of the Trust (other than any amounts credited to the Trust’s reserve account, if any) including cash, if any, less liabilities of the Trust, which include estimated accrued but unpaid fees, expenses and other liabilities. In determining the Trust’s Net Asset Value, the Trustee values the gold held by the Trust based on the LBMA Gold Price PM. The LBMA Gold Price PM is set at 3:00 p.m. London time via an auction independently operated and administered by ICE Benchmark Administration (“IBA”). The price is set in U.S. dollars per Fine Ounce. If no LBMA Gold Price PM is available for the required day, the Trustee uses the LBMA Gold Price AM. If no LBMA Gold Price PM or LBMA Gold Price AM is available for the day, the Trustee values the Trust’s gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM. If the Sponsor determines that such price is inappropriate to use, it must identify an alternate basis for evaluation to be employed by the Trustee. The Sponsor may instruct the Trustee to use a different price which is reasonably available to the Trustee at no cost to the Trustee that the Sponsor determines to represent fairly the commercial value of the Trust’s gold. At December 31, 2024 and December 31, 2025, the LBMA Gold Price AM was utilized.
Previous 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.
Current wording
For the year ended December 31, 2025, 26,988,722 shares (1,080 Baskets) were created in exchange for 266,584.1 ounces of gold, 1,650,000 shares (66 baskets) were redeemed in exchange for 16,301.0 ounces of gold, and 786.7 ounces of gold were sold to pay expenses.
Previous 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.
Current wording
At December 31, 2025, the Trust’s NAV per share was at $42.51, compared to $25.81 at December 31, 2024. The increase in NAV per share at year-end was primarily due to a higher price of gold of 4,367.80 at period end which represented an increase of 67.29% from $2,610.85 at December 31, 2024.
Previous wording
At December 31, 2023, the Custodian held 307,119.5 ounces of gold on behalf of the Trust in its vault, with a market value of $633,403,259 (cost: $594,100,397) based on the LBMA AM Gold Price at period end.
Current wording
At December 31, 2025, the Custodian held 590,283.0 ounces of gold on behalf of the Trust in its vault, with a market value of $2,542,909,779 (cost: $1,590,130,354) based on the LBMA Gold Price AM at period end.
Previous 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.
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 Gold Price AM at period end.
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 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.
Current wording
The change in net assets from operations for the year-ended December 31, 2025 was $783,446,114, which was due to (i) the Sponsor Fee of $(2,943,778) and (ii) a net realized and unrealized gain of $786,389,892 from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $(54,763), net realized gain from gold bullion distributed for redemptions of $22,098,194 and a net change in unrealized appreciation/depreciation on investments in gold bullion of $764,346,461. Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2025.
Previous 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.
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 transferred to pay expenses of $(5,039), a net realized gain from gold bullion distributed for redemptions of $14,284,935 and a net change in unrealized appreciation/depreciation 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
As of December 31, 2024, the Trust did not have anyoff-balance sheet arrangements.
Current wording
As of December 31, 2025, the Trust did not have any off-balance sheet arrangements.
Previous wording
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 January 1, 2024 to December 31, 2024.
Current wording
The following chart shows movements in the price of gold based on the LBMA Gold Price PM in U.S. dollars per ounce over the period from January 1, 2025 to December 31, 2025.
Previous wording
The average, high, low andend-of-period gold prices for each quarterly period from January 1, 2024 through December 31, 2024, based on the LBMA PM Gold Price were:
Current wording
The average, high, low and end-of-period gold prices for each quarterly period from January 1, 2025 through December 31, 2025, based on the LBMA PM Gold Price PM were: