Goldman Sachs Physical Gold ETF Reports Decline in Net Assets and Share Activity for Quarter Ending June 30, 2026

Goldman Sachs Physical Gold ETF reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The Trust's net assets decreased to $2.40 billion from $2.54 billion at the end of the previous fiscal period, reflecting a decline in the net asset value (NAV) per share from $42.51 to $39.70. The Trust experienced a net investment loss of $1.23 million for the quarter, alongside a substantial net realized and unrealized loss of approximately $351.89 million, primarily driven by a decrease in gold prices.

In comparison to the same quarter in the previous year, the Trust's performance showed a stark contrast. For the three months ended June 30, 2025, the Trust recorded a net increase in net assets of $70.14 million, attributed to a net realized and unrealized gain of $70.80 million. The current quarter's results indicate a significant shift in market conditions, with the price of gold dropping to $4,026.05 per ounce, down from $4,608.35 at the end of the previous quarter. This decline in gold prices has directly impacted the Trust's financial performance and overall asset valuation.

Operationally, the Trust saw a decrease in share activity, with 1,175,000 shares created and 2,750,000 shares redeemed during the quarter. This resulted in a net decrease of 1,575,000 shares, contrasting with the previous year when 7,157,722 shares were created and only 1,650,000 were redeemed. The total number of outstanding shares as of June 30, 2026, was 60,455,722, up from 59,804,722 at the end of the previous fiscal period. The Trust's gold holdings increased slightly to 596,175.4 ounces, valued at $2.40 billion, compared to 590,283.0 ounces valued at $2.54 billion at the end of December 2025.

The Trust's management has indicated that the current market conditions, including fluctuations in gold prices and investor sentiment, are critical factors influencing its operations. The Sponsor Fee, which is 0.18% of the daily NAV, remains the primary expense for the Trust, with no other significant operational costs reported during the quarter. Looking ahead, the Trust's performance will continue to be closely tied to the dynamics of the gold market, and management has expressed caution regarding future price movements and their potential impact on the Trust's financial health.

In summary, the Goldman Sachs Physical Gold ETF has faced notable challenges in the current fiscal period, with a significant decline in net assets and share activity. The Trust's future performance will depend on the stabilization of gold prices and the overall market environment, as it seeks to align its operations with the evolving landscape of gold investment.