10-Q: Goldman Sachs Physical Gold ETF Reports Q2 2026 Results

The Goldman Sachs Physical Gold ETF experienced a notable decline in Net Asset Value per Share during the second quarter of 2026, primarily driven by a significant decrease in the price of gold.

Summary

• The Goldman Sachs Physical Gold ETF (AAAU) reported its financial results for the quarter ended June 30, 2026.
• Net Asset Value (NAV) per Share decreased to $39.70 from $45.46 at the end of the previous quarter (March 31, 2026) and $42.51 at the end of the prior fiscal year (December 31, 2025).
• This decline was attributed to a 12.64% decrease in the price of gold during the quarter, falling from $4,608.35 to $4,026.05 per ounce.
• The Trust experienced net creations of 11,587.5 ounces of gold in exchange for shares during the three months ended June 30, 2026, while redemptions accounted for 27,119.2 ounces.
• Total expenses for the quarter were $1,232,300, primarily consisting of the Sponsor Fee.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative sentiment due to the significant decrease in Net Asset Value per Share and the substantial unrealized loss on gold investments during the period, despite the underlying asset's inherent volatility.

Positives

• The Trust maintained 100.02% of its Net Assets in gold bullion as of June 30, 2026, indicating a full investment in the underlying asset.
• The Sponsor continues to cover most of the Trust's expenses, with the Sponsor Fee being the primary ordinary expense.
• The Trust's disclosure controls and procedures were deemed effective as of June 30, 2026.

Negatives

• Net Asset Value per Share decreased by 12.67% for the three months ended June 30, 2026, to $39.70.
• The Trust reported a net realized and unrealized loss of $351,892,066 for the three months ended June 30, 2026.
• There was a significant net change in unrealized depreciation on the investment in gold totaling $420,832,834 for the three months ended June 30, 2026.
• The market value per share also declined by 14.33% during the same period.

Risks

• Fluctuations in the price of gold, influenced by global supply and demand, inflation expectations, currency exchange rates, interest rates, and geopolitical events, can materially affect the Trust's financial position.
• There is no assurance that gold will maintain its long-term value in terms of purchasing power.
• The Trust's sole business activity is investment in gold bullion, creating a concentration of risk.

Future Outlook

The Trust's performance is directly tied to the price of gold. Future outlook depends on market conditions affecting gold prices, with no specific forward-looking guidance provided beyond reflecting gold's performance.

Management Comments

• The Trust's investment objective is for the Shares to reflect the performance of the price of gold less the expenses of the Trusts operations.
• The Sponsor does not intend to waive any of its fees at present.
• The Trust is not actively managed.

Industry Context

StockSavvy.ai notes that the performance of gold ETFs is intrinsically linked to the spot price of gold. The significant decline in gold prices during Q2 2026, as reflected in this filing, is consistent with broader market trends for precious metals during periods of shifting macroeconomic sentiment or risk appetite.

Comparison to Industry Standards

• The Trust's expense ratio of 0.18% is competitive within the gold ETF industry.
• Performance is benchmarked against the spot price of gold, a standard practice for physically-backed gold ETFs.
• Competitors like SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) also track the price of gold, with similar objectives but potentially different fee structures or operational nuances.

Legal Proceedings

• Not applicable.

Related Party Transactions

• A Sponsor Fee is paid to Goldman Sachs Asset Management, L.P. at an annualized rate of 0.18% of the Trust's Net Asset Value.
• The Sponsor assumes responsibility for various Trust expenses up to a defined Fee Cap.
• Affiliates of the Trustee may act as Authorized Participants or trade gold/Trust Shares.

Stakeholder Impact

• Shareholders are directly impacted by the decline in the Net Asset Value per Share and the overall performance of gold prices.
• The Sponsor (Goldman Sachs Asset Management, L.P.) receives fees for its services.
• Authorized Participants are involved in the creation and redemption of Shares.

Next Steps

• Continue to reflect the performance of the price of gold.
• Accrue and pay Sponsor Fees monthly in arrears.
• Monitor gold prices and market conditions.

Key Dates

Recommendation

The filing indicates a significant decline in the ETF's Net Asset Value due to the drop in gold prices, resulting in negative returns for the quarter. While this presents a negative short-term outlook, gold's role as a safe-haven asset and inflation hedge suggests potential for recovery. Given the inherent volatility of gold and the ETF's passive nature, a 'hold' recommendation is appropriate for investors seeking exposure to gold, pending further market developments.

Keywords

Gold ETF, Physical Gold, Commodity ETF, Goldman Sachs, Investment Fund, Precious Metals, Quarterly Report, AAAU