Goldman Sachs Physical Gold ETF reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2025. The Trust's net assets reached approximately $1.97 billion, a substantial increase from $889.6 million at the end of the previous fiscal year. The net asset value (NAV) per share rose to $37.77, up from $25.81 at December 31, 2024, reflecting a 46.52% increase driven by a rise in gold prices. The Trust's investment in gold, valued at $1.97 billion, consisted of 515,000.3 ounces, marking a notable increase from 340,786.7 ounces valued at $889.7 million at the end of 2024.
In comparison to the same period last year, the Trust experienced a significant increase in operations. For the three months ended September 30, 2025, the Trust created 4.6 million shares (184 Baskets) in exchange for 45,422.9 ounces of gold, while no shares were redeemed. This contrasts with the previous year, where 3.1 million shares were created and 475,000 shares were redeemed. Over the nine-month period, the Trust created 19.3 million shares and redeemed 1.65 million shares, indicating a strong demand for its offerings.
Operationally, the Trust's management reported a net increase in net assets resulting from operations of $264.7 million for the three months ended September 30, 2025, compared to $94.5 million for the same period in 2024. This increase was attributed to a net realized and unrealized gain of $265.5 million from operations, primarily due to a significant appreciation in the value of gold. The Trust's expenses remained minimal, with the only notable cost being the sponsor fee, which totaled $758,528 for the quarter.
The Trust's strategic focus remains on maintaining its position as a passive investment vehicle that reflects the performance of gold prices. As of September 30, 2025, the Trust had 56,704,722 outstanding shares, indicating a growing investor base. The Trust continues to operate under the governance of Goldman Sachs Asset Management, L.P., with no significant changes in its organizational structure or operational strategy reported during the quarter.
Looking ahead, the Trust's management expressed optimism regarding the continued performance of gold and its impact on the Trust's shares. However, they acknowledged the inherent risks associated with fluctuations in gold prices and market conditions. The Trust's investment objective remains to reflect the performance of gold prices less operational expenses, and management will continue to monitor market trends closely to navigate potential challenges.
About Goldman Sachs Physical Gold ETF
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