Goldman Sachs Physical Gold ETF
For the period ended Mar 31, 2026. Filed May 11, 2026.
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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.
Mar 31, 2026 · Filed May 11, 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-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-271745
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001193125-26-216995
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 35 previous paragraphs and 33 current paragraphs.
19 unchanged; 12 reworded; 2 added; 4 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
For the three months ended March 31, 2026, 2,926,000 Shares (117 Baskets) were created in exchange for 28,872.2 ounces of gold, 700,000 shares (28 baskets) were redeemed in exchange for 6,905.3 ounces of gold, and 258.1 ounces of gold were sold to pay expenses. The Trust’s NAV per Share ended the period at $45.46, due to a higher price of gold of $4,608.35 at period end which represented an increase of 5.51% from the AM price of $4,367.80 on December 31, 2025.
Current report
The change in net assets from operations for the three months ended March 31, 2026 was $164,120,086, which was due to (i) the Sponsor Fee of $(1,312,899) and (ii) a net realized and unrealized gain from operations of $165,432,985 (consisting of a net realized gain of $17,870,604 related to the distribution of gold bullion, a net realized loss of ($51,699) related to gold sold to pay expenses, and a net change in unrealized appreciation on investments in gold bullion of $147,614,080). Other than the Sponsor Fee, the Trust had no expenses during the three months ended March 31, 2026.
Removed paragraphs (4)
Previous report
For the three months ended September 30, 2024, 3,085,000 Shares (123 Baskets) were created in exchange for 30,516.1 ounces of gold, 475,000 Shares (19 Baskets) were redeemed in exchange for 4,699.7 ounces of gold, and 138.2 ounces of gold were sold to pay expenses. For the nine months ended September 30, 2024, 5,935,000 Shares (237 Baskets) were created in exchange for 58,725.3 ounces of gold, 3,025,000 Shares (121 Baskets) were redeemed in exchange for 29,948.6 ounces of gold, and 402.8 ounces of gold were sold to pay expenses. The Trust’s NAV per Share ended the period at $26.01 compared to $23.06 at June 30, 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 $2,629.95 at period end, which represented an increase of 12.83% from $2,330.90 at June 30, 2024 and an increase of 27.52% from $2,062.40 at December 31, 2023.
Previous report
The change in net assets from operations for the three months ended September 30, 2025 was $264,732,294, which was due to (i) the Sponsor Fee of $(758,528) and (ii) a net realized and unrealized gain of $265,490,822 from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $(7,913) and a net change in unrealized appreciation/depreciation on investments in gold bullion of $265,498,735. Other than the Sponsor Fee, the Trust had no expenses during the three months ended September 30, 2025.
Previous report
The change in net assets from operations for the nine months ended September 30, 2025 was $522,726,915, which was due to (i) the Sponsor Fee of $(1,885,925) and (ii) a net realized and unrealized gain of $524,612,840 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 $(33,060) and a net change in unrealized appreciation/depreciation on investments in gold bullion of $502,547,706. Other than the Sponsor Fee, the Trust had no expenses during the nine months ended September 30, 2025.
Previous report
The change in net assets from operations for the nine months ended September 30, 2024 was $169,924,776, which was due to (i) the Sponsor Fee of $(938,764) and (ii) a net realized and unrealized gain of $170,863,540 from operations, which in turn resulted from a net realized gain on gold distributed for redemptions of $6,682,618, a net realized loss on gold sold to pay expenses of $(2,489) and a net change in unrealized appreciation on investments in gold bullion of $164,183,411. Other than the Sponsor Fee, the Trust had no expenses during the nine months ended September 30, 2024.
Reworded paragraphs (12)
Previous wording
Goldman Sachs Physical Gold ETF (the “Trust”) is organized as a New York trust. The Trust is governed by the provisions of the First Amended and Restated Depositary Trust Agreement (as amended from time to time, the “Trust Agreement”) executed after the close of business on December 11, 2020 by Goldman Sachs Asset Management, L.P. (the “Sponsor”) and The Bank of New York Mellon (the “Trustee”). The Trust issues Goldman Sachs Physical Gold ETF Shares (the “Shares”), which represent units of fractional undivided beneficial interest in the Trust. The Trust commenced operations on July 26, 2018.
Current wording
Goldman Sachs Physical Gold ETF (the “Trust”) is organized as a New York trust. The Trust is governed by the provisions of the First Amended and Restated Depository Trust Agreement (as amended from time to time, the “Trust Agreement”) executed after the close of business on December 11, 2020 by Goldman Sachs Asset Management, L.P. (the “Sponsor”) and The Bank of New York Mellon (the “Trustee”). The Trust issues Goldman Sachs Physical Gold ETF Shares (the “Shares”), which represent units of fractional undivided beneficial interest in the Trust. The Trust commenced operations on July 26, 2018.
Previous wording
The Sponsor of the Trust is Goldman Sachs Asset Management, L.P., a Delaware limited partnership. Goldman Sachs Asset Management, L.P. is an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc. (“GS Group Inc.”) and an affiliate of Goldman Sachs & Co. LLC.
Current wording
The Sponsor of the Trust is Goldman Sachs Asset Management, L.P., a Delaware limited partnership. Goldman Sachs Asset Management, L.P. is an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc. (“Goldman Sachs”) and an affiliate of Goldman Sachs & Co. LLC.
Previous wording
The Trustee is generally responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational records. JP Morgan Chase Bank, N.A., London branch (the “Custodian”) serves as the Custodian for the Trust’s gold bullion. The Custodian is responsible for holding the Trust’s gold, as well as receiving and converting allocated and unallocated gold on behalf of the Trust.
Current wording
The Trustee is generally responsible for theday-to-day administration of the Trust, including keeping the Trust’s operational records. JPMorgan Chase Bank, N.A., London branch (the “Custodian”) serves as the Custodian for the Trust’s gold bullion. The Custodian is responsible for holding the Trust’s gold, as well as receiving and converting allocated and unallocated gold on behalf of the Trust.
Previous wording
Physical gold that the Trust holds consists of gold bullion that meets the specifications for “good delivery” gold bars (“London Good Delivery Standards”), including the specifications for weight, dimension, fineness (or purity), identifying marks and appearance of gold bars, set forth in the good delivery rules promulgated by the London Bullion Market Association (“LBMA”). The Trust issues the Shares in blocks of at least 25,000 Shares called “Baskets” in exchange for gold from certain registered broker-dealers or other securities market participants (the “Authorized Participants”), which is then allocated as physical gold and stored by the Custodian. The Trust issues and redeems Baskets on an ongoing basis at net asset value (“NAV” or “Net Asset Value”) to and from Authorized Participants who have entered into a contract with the Sponsor and the Trustee. As of September 30, 2025, each of Goldman Sachs & Co. LLC, JP Morgan Securities Inc., and Virtu Americas LLC has signed an Authorized Participant Agreement with the Sponsor and the Trustee, and may create and redeem Baskets.
Current wording
Physical gold that the Trust holds consists of gold bullion that meets the specifications for “good delivery” gold bars (“London Good Delivery Standards”), including the specifications for weight, dimension, fineness (or purity), identifying marks and appearance of gold bars, set forth in the good delivery rules promulgated by the London Bullion Market Association (“LBMA”). The Trust issues the Shares in blocks of at least 25,000 Shares called “Baskets” in exchange for gold from certain registered broker-dealers or other securities market participants (the “Authorized Participants”), which is then allocated as physical gold and stored by the Custodian. The Trust issues and redeems Baskets on an ongoing basis at net asset value (“NAV” or “Net Asset Value”) to and from Authorized Participants who have entered into a contract with the Sponsor and the Trustee. As of March 31, 2026, each of Virtu Americas LLC and Goldman Sachs & Co. LLC has signed an Authorized Participant Agreement with the Sponsor and the Trustee, and may create and redeem Baskets.
Previous wording
The Net Asset Value of the Trust is the aggregate value of gold and other assets, if any, of the Trust (other than 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. The reserve account, if established, will be a separate non-interest bearing account with the Trustee or such other banking institution specified by the Sponsor, or if the Sponsor fails so to specify, as selected by the Trustee, in the name, and for the benefit, of the Trust, subject only to draft or order by the Trustee acting pursuant to the terms of the Trust Agreement. The Trustee will hold in such account all cash that it has credited to such account to reflect the reserves for taxes or other governmental charges and other contingent liabilities payable out of the Trust that the Trustee has determined from time to time to be required by GAAP. The Trustee determines the Net Asset Value per Share by dividing the Net Asset Value of the Trust by the number of the Shares outstanding as of the close of trading on the Cboe BZX Exchange (which includes the net number of any Shares deemed created or redeemed on such evaluation day).
Current wording
The Net Asset Value of the Trust is the aggregate value of gold and other assets, if any, of the Trust (other than 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. The reserve account, if established, will be a separatenon-interest bearing account with the Trustee or such other banking institution specified by the Sponsor, or if the Sponsor fails so to specify, as selected by the Trustee, in the name, and for the benefit, of the Trust, subject only to draft or order by the Trustee acting pursuant to the terms of the Trust Agreement. The Trustee will hold in such account all cash that it has credited to such account to reflect the reserves for taxes or other governmental charges and other contingent liabilities payable out of the Trust that the Trustee has determined from time to time to be required by GAAP. The Trustee determines the Net Asset Value per Share by dividing the Net Asset Value of the Trust by the number of the Shares outstanding as of the close of trading on the Cboe BZX Exchange (which includes the net number of any Shares deemed created or redeemed on such evaluation day).
Previous wording
Three and Nine Months Ended September 30, 2025 and 2024
Current wording
Three Months Ended March 31, 2026 and 2025
Previous wording
At September 30, 2025, the Custodian held 515,000.3 ounces of gold on behalf of the Trust in its vault, with a market value of $1,970,030,751 (cost: $1,279,050,081) based on the LBMA PM Gold Price at period end.
Current wording
At March 31, 2026, the Custodian held 611,991.8 ounces of gold on behalf of the Trust in its vault, with a market value of $2,820,272,587 (cost: $1,719,879,082) based on the LBMA PM Gold Price at period end.
Previous wording
For the three months ended September 30, 2025, 4,600,000 Shares (184 Baskets) were created in exchange for 45,422.9 ounces of gold, no Shares were redeemed, and 209.2 ounces of gold were sold to pay expenses. For the nine months ended September 30, 2025, 19,338,722 Shares (774 Baskets) were created in exchange for 191,067.4 ounces of gold, 1,650,000 Shares (66 Baskets) were redeemed in exchange for 16,301.0 ounces of gold, and 552.7 ounces of gold were sold to pay expenses. The Trust’s NAV per Share ended the period at $37.77 compared to $32.47 at June 30, 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 $3,825.30 at period end, which represented an increase of 16.36% from $3,287.45 at June 30, 2025 and an increase of 46.52% from $2,610.85 at December 31, 2024.
Current 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 $2,610.85 at December 31, 2024.
Previous wording
The change in net assets from operations for the three months ended September 30, 2024 was $94,481,402, which was due to (i) the Sponsor Fee of $(351,991) and (ii) a net realized and unrealized gain of $94,833,393 from operations, which in turn resulted from a net realized gain on gold distributed for redemptions of $2,678,605, a net realized loss on gold sold to pay expenses of $(2,797) and a net change in unrealized appreciation on investments in gold bullion of $92,157,585. Other than the Sponsor Fee, the Trust had no expenses during the three months ended September 30, 2024.
Current 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.
Previous wording
At September 30, 2024, the Custodian held 335,493.4 ounces of gold on behalf of the Trust in its vault, with a market value of $882,330,780 (cost:$678,844,507) based on the LBMA PM Gold Price at period end.
Current 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.
Previous wording
At September 30, 2025 and 2024, the Trust did not have any off-balance sheet arrangements.
Current wording
At March 31, 2026 and 2025, the Trust did not have anyoff-balance sheet arrangements.
Previous wording
The average, high, low and end-of-period gold prices for each quarterly period from October 1, 2024 through September 30, 2025, based on the LBMA PM Gold Price were:
Current wording
The average, high, low andend-of-period gold prices for each quarterly period from April 1, 2025 through March 31, 2026, based on the LBMA PM Gold Price were: