Goldman Sachs Physical Gold ETF

Three and Six Months Ended June 30, 2026 and 2025

For the three months ended June 30, 2026, 1,175,000 Shares (47 Baskets) were created in exchange for 11,587.5 ounces of gold, 2,750,000 Shares (110 Baskets) were redeemed in exchange for 27,119.2 ounces of gold, and 284.7 ounces of gold were sold to pay expenses. For the six months ended June 30, 2026, 4,101,000 Shares (164 Baskets) were created in exchange for 40,459.7 ounces of gold, 3,450,000 Shares (138 Baskets) were redeemed in exchange for 34,024.5 ounces of gold, and 542.8 ounces of gold were sold to pay expenses. The Trust’s NAV per Share ended the period at $39.70 compared to $45.46 at March 31, 2026 and $42.51 at December 31, 2025. The change in the NAV per Share was due to a change in the price of gold to $4,026.05 at period end, which represented a decrease of 12.64% from $4,608.35 at March 31, 2026 and a decrease of 7.82% from the PM price of $4,367.80 on December 30, 2025.

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.

At June 30, 2026, the Custodian held 596,175.4 ounces of gold on behalf of the Trust in its vault, with a market value of $2,400,232,142 (cost: $1,720,671,471) based on the LBMA PM Gold Price at period end.

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.

The change in net assets from operations for the three months ended June 30, 2026 was $(353,124,366) which was due to (i) the Sponsor Fee of $(1,232,300) and (ii) a net realized and unrealized loss of $(351,892,066) from operations, which in turn resulted from a net realized gain on gold distributed for redemptions of $69,139,537, a net realized loss on gold sold to pay expenses of $(198,769) and a net change in unrealized appreciation on investments in gold bullion of $(420,832,834). Other than the Sponsor Fee, the Trust had no expenses during the three months ended June 30, 2026.

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.

The change in net assets from operations for the six months ended June 30, 2026 was $(189,004,280), which was due to (i) the Sponsor Fee of $(2,545,199) and (ii) a net realized and unrealized loss of $(186,459,081) from operations, which in turn resulted from a net realized gain on gold distributed for redemptions of $87,010,141, a net realized loss on gold transferred to pay expenses of $(250,468) and a net change in unrealized appreciation on investments in gold bullion of $(273,218,754). Other than the Sponsor Fee, the Trust had no expenses during the six months ended June 30, 2026.

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 sold 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.

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 June 30, 2026 and 2025, the Trust did not have any cash balances.

Off-Balance Sheet Arrangement

At June 30, 2026 and 2025, 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 31, 2025 to June 30, 2026.

Source: Bloomberg, LBMA Gold Price PM USD, December 31, 2025 – June 30, 2026

The average, high, low andend-of-period gold prices for each quarterly period from July 1, 2025 through June 30, 2026, based on the LBMA PM Gold Price were: