<div id="readability-page-1"><div>The Goldman Sachs Physical Gold ETF, a New York trust that issues shares representing units of fractional undivided beneficial interest in the Trust, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant financial gains driven by rising gold prices and robust operational performance, reflecting the Trust's objective to mirror the price of gold, less operational expenses. Financial Highlights <ul><li>Net Asset Value per Share: $37.77, reflecting a 16.36% increase from June 30, 2025, and a 46.52% increase from December 31, 2024, due to a rise in gold prices.</li><li>Net Increase in Net Assets from Operations: $264.73 million for the three months ended September 30, 2025, driven by a net realized and unrealized gain of $265.49 million.</li><li>Net Increase in Net Assets from Operations: $522.73 million for the nine months ended September 30, 2025, primarily due to a net realized and unrealized gain of $524.61 million.</li><li>Sponsor Fee: $(758,528) for the three months ended September 30, 2025, and $(1,885,925) for the nine months ended September 30, 2025, representing the only ordinary expense of the Trust.</li><li>Gold Price: $3,825.30 per ounce at September 30, 2025, marking a significant increase from $3,287.45 at June 30, 2025, and $2,610.85 at December 31, 2024.</li></ul> Business Highlights <ul><li>Trust Overview: The Goldman Sachs Physical Gold ETF is organized as a New York trust, governed by the First Amended and Restated Depositary Trust Agreement. The Trust issues shares representing units of fractional undivided beneficial interest in the Trust, with operations commencing on July 26, 2018.</li><li>Custodian and Gold Storage: JP Morgan Chase Bank, N.A., London branch serves as the Custodian for the Trust’s gold bullion, responsible for holding and converting allocated and unallocated gold on behalf of the Trust. The gold held meets the 'London Good Delivery Standards'.</li><li>Share Creation and Redemption: The Trust issues and redeems shares in blocks of at least 25,000 shares called 'Baskets' in exchange for gold from Authorized Participants. As of September 30, 2025, Goldman Sachs &amp; Co. LLC, JP Morgan Securities Inc., and Virtu Americas LLC are authorized to create and redeem Baskets.</li><li>Investment Objective: The Trust aims for its shares to reflect the performance of the price of gold, less the expenses of the Trust’s operations. The Trust is not actively managed and trades on the Cboe BZX Exchange under the symbol 'AAAU'.</li><li>Gold Valuation Methodology: The Trustee values the gold held by the Trust based on the LBMA Gold Price PM, set at 3:00 p.m. London time. If unavailable, the LBMA Gold Price AM is used. The Trustee may use an alternate price if deemed necessary by the Sponsor.</li><li>Operational Performance: For the three months ended September 30, 2025, 4,600,000 shares were created in exchange for 45,422.9 ounces of gold, with no shares redeemed. For the nine months ended September 30, 2025, 19,338,722 shares were created, and 1,650,000 shares were redeemed.</li><li>Gold Holdings: As of September 30, 2025, the Custodian held 515,000.3 ounces of gold on behalf of the Trust, with a market value of $1,970,030,751 based on the LBMA PM Gold Price.</li><li>Price of Gold Movements: The price of gold increased by 16.36% from June 30, 2025, and by 46.52% from December 31, 2024, ending at $3,825.30 per ounce on September 30, 2025.</li><li>Future Outlook: The Trust does not anticipate any material changes to its liquidity needs. The Sponsor Fee is the only ordinary expense, and the Trust does not have any off-balance sheet arrangements.</li></ul>SEC Filing: Goldman Sachs Physical Gold ETF [ AAAU ] - 10-Q - Nov. 07, 2025</div></div>

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The Goldman Sachs Physical Gold ETF has released its Form 10-Q report for Q3 2025, showing significant financial gains due to rising gold prices. Key highlights include a Net Asset Value per Share of $37.77, a 16.36% increase from June 30, 2025, and a net increase in net assets from operations of $264.73 million for the quarter. The price of gold reached $3,825.30 per ounce, marking a 46.52% increase from December 31, 2024. The Trust aims to reflect gold price performance, less operational expenses, and operates under the symbol 'AAAU' on the Cboe BZX Exchange.

Goldman Sachs Physical Gold ETF SEC 10-Q Report