Item 8. Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data.
Goldman Sachs Physical Gold ETF
Quarterly Statements of Operations
For the years ended December 31, 2025 and 2024
(Unaudited)
Three Months
ended March 31,
2025
Three Months
ended June 30,
2025
Three Months
ended September
30, 2025
Three Months
ended December
31, 2025
Year ended
December 31,
2025
EXPENSES
Custodial Sponsor fee
$
(470,596
)
$
(656,801
)
$
(758,528
)
$
(1,057,853
)
$
(2,943,778
)
Total expenses
(470,596
)
(656,801
)
(758,528
)
(1,057,853
)
(2,943,778
)
Net investment income (loss)
(470,596
)
(656,801
)
(758,528
)
(1,057,853
)
(2,943,778
)
Net realized and unrealized gain (loss)
Net realized gain (loss) on gold bullion distributed for redemptions
—
22,098,194
—
—
22,098,194
Net realized gain (loss) on gold transferred to pay expenses
(6,774
)
(18,373
)
(7,913
)
(21,703
)
(54,763
)
Change in unrealized appreciation (depreciation) on investment in gold
188,329,307
48,719,664
265,498,735
261,798,755
764,346,461
Net realized and unrealized gain (loss) from operations
188,322,533
70,799,485
265,490,822
261,777,052
$
786,389,892
Net increase in net assets resulting from operations
$
187,851,937
$
70,142,684
$
264,732,294
$
260,719,199
$
783,446,114
34
Table of Contents
Three Months
ended March 31,
2024
Three Months
ended June 30,
2024
Three Months
ended September
30, 2024
Three Months
ended December
31, 2024
Year ended
December 31,
2024
EXPENSES
Custodial Sponsor fee
$
(274,036
)
$
(312,737
)
$
(351,991
)
$
(416,535
)
$
(1,355,299
)
Total expenses
(274,036
)
(312,737
)
(351,991
)
(416,535
)
(1,355,299
)
Net investment income (loss)
(274,036
)
(312,737
)
(351,991
)
(416,535
)
(1,355,299
)
Net realized and unrealized gain (loss)
4,004,013
—
2,678,605
7,602,317
14,284,935
Net realized gain (loss) on gold transferred to pay expenses
(1,054
)
1,362
(2,797
)
(2,550
)
(5,039
)
Change in unrealized appreciation (depreciation) on investment in gold
38,960,571
33,065,255
92,157,585
(15,053,309
)
149,130,102
Net realized and unrealized gain (loss) from operations
42,963,530
33,066,617
94,833,393
(7,453,542
)
$
163,409,998
Net increase in net assets resulting from operations
$
42,689,494
$
32,753,880
$
94,481,402
$
(7,870,077
)
$
162,054,699
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
There have been no disagreements with accountants on any matter of accounting principles or practices or financial statement disclosures during the last two fiscal years.
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