AAAU 10-Q
Goldman Sachs Physical Gold ETF (AAAU)
Table of Contents
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| ☒ | Accelerated Filer | ☐ | ||||
Non-Accelerated Filer |
☐ | Smaller Reporting Company | ||||
| Emerging Growth Company | ||||||
Table of Contents
Goldman Sachs Physical Gold ETF
Table of Contents
Table of Contents
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June 30, 2026 (unaudited) |
December 31, 2025 |
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Assets |
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Investment in gold, at fair value (cost $ |
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Total assets |
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Liabilities |
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Sponsor fee payable |
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Total liabilities |
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Net Assets |
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Shares issued and outstanding ( number of Shares authorized, |
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Net asset value per Share |
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Ounces |
Cost |
Fair Value |
% of Net Assets |
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Investment in gold, at fair value |
$ | $ | % | |||||||||||||
Total Investments |
$ | $ | % | |||||||||||||
Liabilities in excess of other assets |
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Net Assets |
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Ounces |
Cost |
Fair Value |
% of Net Assets |
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Investment in gold, at fair value |
$ | $ | % | |||||||||||||
Total Investments |
$ | $ | % | |||||||||||||
Liabilities in excess of other assets |
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Net Assets |
$ | % | ||||||||||||||
Three Months Ended June 30, 2026 (unaudited) |
Three Months Ended June 30, 2025 (unaudited) |
Six Months Ended June 30, 2026 (unaudited) |
Six Months Ended June 30, 2025 (unaudited) |
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Expenses |
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Sponsor fee |
$ | ( |
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Total expenses |
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Net investment loss |
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Net realized and unrealized gain (loss) |
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Net realized gain (loss) on gold bullion distributed for redemptions |
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Net realized gain (loss) on gold sold to pay expenses |
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Net realized gain |
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Net change in unrealized appreciation (depreciation) on investment in gold |
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Net realized and unrealized gain (loss) from operations |
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Net Increase (Decrease) in Net Assets resulting from operations |
$ | ( |
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Net Increase (Decrease) in Net Assets resulting from operations per Share |
$ | ( |
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Average number of Shares |
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Three Months Ended June 30, 2026 (unaudited) |
Three Months Ended June 30, 2025 (unaudited) |
Six Months Ended June 30, 2026 (unaudited) |
Six Months Ended June 30, 2025 (unaudited) |
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Net Assets, beginning of period |
$ | $ | $ | $ | ||||||||||||
Creations |
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Redemptions |
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Net creations (redemptions) |
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Net investment loss |
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Net realized gain |
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Net change in unrealized appreciation (depreciation) on investments in gold |
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Net Assets, end of period |
$ | $ | $ | $ | ||||||||||||
Three Months Ended June 30, 2026 (unaudited) |
Three Months Ended June 30, 2025 (unaudited) |
Six Months Ended June 30, 2026 (unaudited) |
Six Months Ended June 30, 2025 (unaudited) |
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Cash Flows from Operating Activities: |
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Proceeds from gold bullion sold to pay expenses |
$ | $ | $ | $ | ||||||||||||
Expenses – Sponsor’s fee paid |
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Net cash provided by operating activities |
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Increase (decrease) in cash |
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Cash, beginning of period |
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Cash, end of period |
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Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash provided by (Used in) Operating Activities: |
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Net increase in net assets resulting from operations |
$ | ( |
) | $ | $ | ( |
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Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities |
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Proceeds from gold bullion sold to pay expenses |
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Net realized (gain) loss |
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Net change in unrealized (appreciation) depreciation on investment in gold |
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Change in operating assets and liabilities: |
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Sponsor’s fee payable |
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Net cash provided by (used in) operating activities |
$ | $ | $ | $ | ||||||||||||
Supplemental disclosure of non-cash information: |
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Gold bullion contributed for Shares issued |
$ | $ | $ | $ | ||||||||||||
Gold bullion distributed for Shares redeemed |
$ | ( |
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Three Months Ended June 30, 2026 (unaudited) |
Three Months Ended June 30, 2025 (unaudited) |
Six Months Ended June 30, 2026 (unaudited) |
Six Months Ended June 30, 2025 (unaudited) |
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Per Share Performance (for a share outstanding throughout each period) |
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Net asset value per share, beginning of period |
$ | $ | $ | $ | ||||||||||||
Net investment loss (a) |
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Net realized and unrealized gain (loss) on investment in gold |
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Change in net assets from operations |
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Net asset value per share, end of period |
$ | $ | $ | $ | ||||||||||||
Market value per share, beginning of period |
$ | $ | $ | $ | ||||||||||||
Market value per share, end of period |
$ | $ | $ | $ | ||||||||||||
Total Return, at net asset value (b) |
( |
)% | % | ( |
)% | % | ||||||||||
Total Return, at market value (b) |
( |
)% | % | ( |
)% | % | ||||||||||
Net assets ($000’s) |
$ | $ | $ | $ | ||||||||||||
Ratios to average net assets (c) |
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Net investment loss |
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Total expenses |
( |
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| (a) | Calculated using average Shares outstanding. |
| (b) | Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares at NAV on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
June 30, 2026 |
June 30, 2025 |
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Beginning Share Balance |
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Creations (representing |
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Redemptions (representing |
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Ending Share Balance |
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June 30, 2026 |
June 30, 2025 |
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Beginning Share Balance |
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Creations (representing |
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Redemptions (representing |
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Ending Share Balance |
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Amount in ounces |
Amount in US$ |
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Balance at March 31, 2026 |
$ | |||||||
Creations |
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Redemptions |
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Net realized gain (loss) from gold bullion distributed for redemptions |
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Transfer of gold to pay expenses |
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Net realized gain (loss) from gold sold to pay expenses |
( |
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Change in unrealized appreciation (depreciation) on investment in gold |
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Balance at June 30, 2026 |
$ | |||||||
Amount in ounces |
Amount in US$ |
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Balance at December 31, 2025 |
$ | |||||||
Creations |
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Redemptions |
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Net realized gain (loss) from gold bullion distributed for redemptions |
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Transfer of gold to pay expenses |
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Net realized gain (loss) from gold sold to pay expenses |
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Change in unrealized appreciation (depreciation) on investment in gold |
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Balance at June 30, 2026 |
$ | |||||||
Table of Contents
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Form 10-Q. This Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements involve risks and uncertainties. All statements (other than statements of historical fact) included in this Form 10-Q that address activities, events or developments that may occur in the future, including such matters as future gold prices, gold sales, costs, objectives, changes in commodity prices and market conditions (for gold and the Shares), the Trust’s operations, the Sponsor’s plans and references to the Trust’s future success and other similar matters are forward-looking statements. Words such as “could,” “would,” “may,” “expect,” “intend,” “estimate,” “predict,” and variations on such words or negatives thereof, and similar expressions that reflect our current views with respect to future events and Trust performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties that are difficult to predict and many of which are outside of our control, and actual results could differ materially from those discussed. Forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed therein. We express our estimates, expectations, beliefs, and projections in good faith and believe them to have a reasonable basis. However, we make no assurances that management’s estimates, expectations, beliefs, or projections will be achieved or accomplished. These forward-looking statements are based on assumptions about many important factors that could cause actual results to differ materially from those in the forward-looking statements. Such factors are discussed in: Part I, Item 1A. Risk Factors of the Trust’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”); Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2025 Form 10-K; Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-Q, and other parts of this Form 10-Q. We do not intend to update any forward-looking statements even if new information becomes available or other events occur in the future, except as required by the federal securities laws.
Organization and Trust Overview
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.
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.
The Trustee is generally responsible for the day-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.
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 June 30, 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.
The Trust’s investment objective is for the Shares to reflect the performance of the price of gold less the expenses of the Trust’s operations. The Trust is not actively-managed. The Shares trade on the Cboe BZX Exchange, Inc. (“Cboe BZX Exchange”) under the symbol “AAAU.”
The Trust’s fiscal year-end is December 31.
Valuation of Gold and Computation of Net Asset Value
On each business day that the Cboe BZX Exchange is open for regular trading, as promptly as practicable after 4:00 p.m. New York City time, the Trustee values the gold held by the Trust and determines the Net Asset Value of the Trust, as described below.
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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 holds 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).
All gold is valued based on its fine troy ounce (“Fine Ounce”) content, calculated by multiplying the weight of gold by its purity. The same methodology is applied independent of the type of gold held by the Trust; similarly, the value of up to 430 Fine Ounces of unallocated gold the Trust may hold is calculated by multiplying the number of Fine Ounces with the price of gold determined by the Trustee. 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.
The Trustee’s estimation of accrued but unpaid fees, expenses and liabilities is conclusive upon all persons interested in the Trust, and no revision or correction in any computation made under the Trust Agreement is required by reason of any difference in amounts estimated from those actually paid.
The Sponsor and the investors may rely on any evaluation or determination of any amount made by the Trustee, and, except for any determination by the Sponsor as to the price to be used to evaluate gold, the Sponsor has no responsibility for the evaluation’s accuracy. The determinations the Trustee makes are made in good faith upon the basis of, and the Trustee will not be liable for any errors contained in, information reasonably available to it. The Trustee is not liable to the Sponsor, Authorized Participants, investors or any other person for errors in judgment. However, the preceding liability exclusion will not protect the Trustee against any liability resulting from bad faith or gross negligence in the performance of its duties.
Results of Operations
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.
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Table of Contents
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 any off-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
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Table of Contents
The average, high, low and end-of-period gold prices for each quarterly period from July 1, 2025 through June 30, 2026, based on the LBMA PM Gold Price were:
| Period |
Average | High | Date | Low | Date | End of period |
Last business day(1) |
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| April 1, 2026 to June 30, 2026 |
$ | 4,506.29 | $ | 4,870.50 | Apr. 17, 2026 | $ | 4,001.80 | Jun. 25, 2026 | $ | 4,026.05 | Jun. 30, 2026 | |||||||||||||||||
| January 1, 2026 to March 31, 2026 |
$ | 4,872.89 | $ | 5,405.00 | Jan. 29, 2026 | $ | 4,352.95 | Jan. 2, 2026 | $ | 4,608.35 | Mar. 31, 2026 | |||||||||||||||||
| October 1, 2025 to December 31, 2025 |
$ | 4,135.24 | $ | 4,449.40 | Dec. 23, 2025 | $ | 3,872.00 | Oct. 1, 2025 | $ | 4,367.80 | Dec. 31, 2025 | (2) | ||||||||||||||||
| July 1, 2025 to September 30, 2025 |
$ | 3,456.54 | $ | 3,826.85 | Sep. 29, 2025 | $ | 3,298.85 | Jul. 31, 2025 | $ | 3,825.30 | Sep. 30, 2025 | |||||||||||||||||
| (1) | The end of period gold price is the LBMA Gold Price PM on the last business day of the period. This is in accordance with the Trust Agreement and the basis used for calculating the NAV of the Trust. |
| (2) | December 31, 2025 was the last day of the fiscal year; however, no LBMA Gold Price PM was recorded on that date. Numbers provided are from LBMA Gold Price PM on December 30, 2025, the last price recorded for the fiscal year. |
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
The Trust is a passive investment vehicle. It is not actively managed. The Trust’s investment objective is for the Shares to reflect the performance of the price of gold less the expenses of the Trust’s operations. Accordingly, fluctuations in the price of gold will affect the value of the Trust’s Shares.
Item 4. Controls and Procedures.
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports that are filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the duly authorized officers of the Sponsor, who perform functions similar to those the principal executive officer and principal financial officer of the Trust would perform if the Trust had officers, to allow timely decisions regarding required disclosure.
Under the supervision and with the participation of such duly authorized officers of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e), as of June 30, 2026. Based on this evaluation, the duly authorized officers of the Sponsor, who perform functions similar to those the principal executive officer and principal financial officer of the Trust would perform if the Trust had officers, concluded that the Trust’s disclosure controls and procedures were effective as of June 30, 2026.
Changes in Internal Control over Financial Reporting
There was no change in the Trust’s internal control over financial reporting that occurred during the Trust’s most recently completed fiscal quarter ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, these internal controls.
Part II. OTHER INFORMATION.
Item 1. Legal Proceedings.
Not applicable.
Item 1A. Risk Factors.
The operations of the Trust are subject to numerous risks and uncertainties. As a result, the risks and uncertainties discussed in Part I, Item 1A. Risk Factors in the 2025 Form 10-K should be carefully considered. There have been no material changes in the assessment of the Trust’s risk factors from those set forth in the 2025 Form 10-K.
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Period |
Total Number of Shares Redeemed |
Average Price Per Share |
||||||
4/1/26 to 4/30/26 |
450,000 | $ | 47.57 | |||||
5/1/26 to 5/31/26 |
650,000 | $ | 45.73 | |||||
6/1/26 to 6/30/26 |
1,650,000 | $ | 41.94 | |||||
Total |
2,750,000 | |||||||
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EXHIBIT INDEX
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.
| GOLDMAN SACHS ASSET MANAGEMENT, L.P. | ||
| Sponsor of Goldman Sachs Physical Gold ETF | ||
| By: | /s/ Alyson Shupe* | |
| Alyson Shupe | ||
| Head of Global Product Strategy Group | ||
| (Principal Executive Officer) | ||
| By: | /s/ Joseph DiMaria* | |
| Joseph DiMaria | ||
| Managing Director | ||
| (Principal Financial and Accounting Officer) | ||
Date: August 7, 2026
| * | The Registrant is a trust and the persons are signing in their capacities as Managing Directors of Goldman Sachs Asset Management, L.P., the Sponsor of the Registrant. |
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