Goldman Sachs Physical Gold ETF

Goldman Sachs Physical Gold ETF is a trust that issues exchange-traded shares backed by physical gold bullion held in custody. Its investment objective is simple: track the price of gold, less trust expenses, giving investors market access to gold through a listed security rather than direct bullion ownership.

— Goldman Sachs Physical Gold ETF
%
Physical gold-backed ETF shares100% Listed shares designed to mirror the price of gold less trust expenses.
Custodied gold bullion0% Allocated London Good Delivery gold held on behalf of the Trust.
Creation and redemption mechanism0% Basket issuance and redemption process used by authorized participants.

The Trust is bought by investors who want gold exposure in a brokerage account, including institutions, trading desks,...

  • Retail investorsprimary

    Buy shares for simple, brokerage-account access to gold price exposure.

  • Institutional investorsprimary

    Use the ETF as a liquid gold allocation, inflation hedge, or risk offset.

  • Authorized participantssecondary

    Create and redeem baskets against physical gold to support market liquidity.

  • Trading desks and market makerssecondary

    Trade shares against bullion and futures to manage spreads and arbitrage.

The Trust is U.S.-domiciled, but its gold custody and pricing are tied to the global bullion market, especially London...

  • •U.S.-domiciled trust structure
  • •Gold custody centered in London through the custodian
  • •Pricing reference tied to LBMA Gold Price in London
  • •Trading and liquidity influenced by New York, London, and Zurich
  • •Global gold demand and futures markets affect share value

The Trust’s strategy is not active management; it is to maintain tight tracking of gold prices while keeping operating...

01
Maintain price tracking to goldshort-term

The product value proposition depends on minimizing tracking error versus bullion.

02
Preserve low-cost structureshort-term

Lower expenses improve investor outcomes and help the ETF remain competitive.

03
Support secondary-market liquiditymedium-term

Basket creation/redemption helps keep share price aligned with underlying gold value.

The main risk is that the ETF’s value moves directly with gold prices, so any decline in bullion prices reduces NAV and...

high

Gold price volatility

The Trust is designed to track gold, so share value falls when bullion prices fall.

Scope
Direct exposure to LBMA gold prices
Materiality
high
high

Central bank and government selling

Large official-sector sales can increase supply and weaken gold prices.

Scope
Global bullion market
Materiality
high
high

Operational and custody risk

The Trust relies on a custodian and basket mechanics to hold and transfer gold safely.

Scope
Third-party custody and administration
Materiality
high
medium

Liquidity and trading disruption

ETF pricing depends on active secondary-market trading and arbitrage by participants.

Scope
Exchange trading and authorized participants
Materiality
medium
Fair value of gold bullion
Changes in LBMA gold price flow through NAV and unrealized gains/losses
Sponsor fee accrual and expense funding
Reduces ounces held and can create realized gains or losses
Creation and redemption accounting
Affects NAV per share and tracking precision

abrdn Gold ETF Trust

SGOL · Commodity Contracts Brokers & Dealers

abrdn Precious Metals Basket ETF Trust

GLTR · Commodity Contracts Brokers & Dealers

ISHARES GOLD TRUST

IAU · Commodity Contracts Brokers & Dealers

iShares Gold Trust Micro

IAUM · Commodity Contracts Brokers & Dealers

GraniteShares Gold Trust

BAR · Commodity Contracts Brokers & Dealers

VanEck Merk Gold ETF

OUNZ · Commodity Contracts Brokers & Dealers

: 28/04/2026