☒ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
New York | 61-1848163 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Goldman Sachs Physical Gold ETF | AAAU | NYSE Arca |
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |||
Non-Accelerated Filer | ☒ | Smaller Reporting Company | ☒ | |||
Emerging Growth Company | ☒ |
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June 30, (unaudited) | December 31, 2020 | September 30, 2021 (unaudited) | December 31, 2020 | |||||||||||||
Assets | ||||||||||||||||
Investment in gold, at fair value (cost $357,922,790 and $430,705,448, respectively) | $ | 360,508,873 | $ | 510,810,450 | ||||||||||||
Gold receivable | 4,385,085 | — | ||||||||||||||
Investment in gold, at fair value (cost $400,109,939 and $430,705,448, respectively) | $ | 397,782,021 | $ | 510,810,450 | ||||||||||||
Total assets | 364,893,958 | 510,810,450 | 397,782,021 | 510,810,450 | ||||||||||||
Liabilities | ||||||||||||||||
Sponsor fee payable | 54,899 | 45,219 | 57,342 | 45,219 | ||||||||||||
Total liabilities | 54,899 | 45,219 | 57,342 | 45,219 | ||||||||||||
Net Assets | $ | 364,839,059 | $ | 510,765,231 | $ | 397,724,679 | $ | 510,765,231 | ||||||||
Shares issued and outstanding (unlimited number of shares authorized, 0 par value) | 20,800,000 | 27,125,000 | ||||||||||||||
Shares issued and outstanding ( unlimited | 22,950,000 | 27,125,000 | ||||||||||||||
Net asset value per Share | $ | 17.54 | $ | 18.83 | $ | 17.33 | $ | 18.83 |
June 30, 2021 (unaudited) | Ounces | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||
Investment in gold, at fair value | 204,468.6 | $ | 357,922,790 | $ | 360,508,873 | 98.81 | % | |||||||||||||||||||||||||
September 30, 2021 (unaudited) | ||||||||||||||||||||||||||||||||
Ounces | Cost | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||
Total Investments | $ | 357,922,790 | $ | 360,508,873 | 98.81 | % | ||||||||||||||||||||||||||
Other assets in excess of liabilities | 4,330,186 | 1.19 | % | |||||||||||||||||||||||||||||
Net Assets | $ | 364,839,059 | 100.00 | % | ||||||||||||||||||||||||||||
December 31, 2020 | Ounces | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||
Investment in gold, at fair value | 270,112.9 | $ | 430,705,448 | $ | 510,810,450 | 100.01 | % | 228,243.1 | $ | 400,109,939 | $ | 397,782,021 | 100.01 | % | ||||||||||||||||||
Total Investments | $ | 430,705,448 | $ | 510,810,450 | 100.01 | % | $ | 400,109,939 | $ | 397,782,021 | 100.01 | % | ||||||||||||||||||||
Liabilities in excess of other assets | (45,219 | ) | (0.01 | )% | (57,342 | ) | (0.01 | )% | ||||||||||||||||||||||||
Net Assets | $ | 510,765,231 | 100.00 | % | $ | 397,724,679 | 100.00 | % | ||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||
Ounces | Cost | Fair Value | % of Net Assets | |||||||||||||
Investment in gold, at fair value | 270,112.9 | $ | 430,705,448 | $ | 510,810,450 | 100.01 | % | |||||||||
Total Investments | $ | 430,705,448 | $ | 510,810,450 | 100.01 | % | ||||||||||
Liabilities in excess of other assets | (45,219 | ) | (0.01 | )% | ||||||||||||
Net Assets | $ | 510,765,231 | 100.00 | % | ||||||||||||
Three Months Ended June 30, 2021 (unaudited) | Three Months Ended June 30, 2020 (unaudited) | Six Months Ended June 30, 2021 (unaudited) | Six Months Ended June 30, 2020 (unaudited) | Three Months Ended September 30, 2021 (unaudited) | Three Months Ended September 30, 2020 (unaudited) | Nine Months Ended September 30, 2021 (unaudited) | Nine Months Ended September 30, 2020 (unaudited) | |||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Sponsor fee | $ | (158,782 | ) | $ | (131,057 | ) | $ | (330,581 | ) | $ | (219,801 | ) | $ | (172,760 | ) | $ | (212,831 | ) | $ | (503,341 | ) | $ | (432,632 | ) | ||||||||
Total expenses | (158,782 | ) | (131,057 | ) | (330,581 | ) | (219,801 | ) | (172,760 | ) | (212,831 | ) | (503,341 | ) | (432,632 | ) | ||||||||||||||||
Net investment (loss) | (158,782 | ) | (131,057 | ) | (330,581 | ) | (219,801 | ) | (172,760 | ) | (212,831 | ) | (503,341 | ) | (432,632 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on gold bullion distributed for redemptions | 0— | 0— | 47,462,394 | 919,264 | 0— | (1,024,775 | ) | 47,462,394 | (105,511 | ) | ||||||||||||||||||||||
Net realized gain (loss) on gold transferred to pay expenses | (19,046 | ) | (1,314 | ) | (36,110 | ) | (1,692 | ) | (2,352 | ) | (786 | ) | (38,462 | ) | (2,478 | ) | ||||||||||||||||
Net realized gain (loss) | (19,046 | ) | (1,314 | ) | 47,426,284 | 917,572 | (2,352 | ) | (1,025,561 | ) | 47,423,932 | (107,989 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investment in gold | 12,389,389 | 25,217,179 | (77,518,919 | ) | 33,763,396 | (4,914,001 | ) | 24,031,732 | (82,432,920 | ) | 57,795,128 | |||||||||||||||||||||
Net realized and unrealized gain (loss) from operations | 12,370,343 | 25,215,865 | (30,092,635 | ) | 34,680,968 | (4,916,353 | ) | 23,006,171 | (35,008,988 | ) | 57,687,139 | |||||||||||||||||||||
Net Income (Loss) | $ | 12,211,561 | $ | 25,084,808 | $ | (30,423,216 | ) | $ | 34,461,167 | $ | (5,089,113 | ) | $ | 22,793,340 | $ | (35,512,329 | ) | $ | 57,254,507 | |||||||||||||
Net income (loss) per share | $ | 0.62 | $ | 1.48 | $ | (1.48 | ) | $ | 2.35 | $ | (0.24 | ) | $ | 0.93 | $ | (1.70 | ) | $ | 3.19 | |||||||||||||
Average number of shares | 19,625,000 | 16,905,769 | 20,559,254 | 14,655,907 | 21,397,826 | 24,385,326 | 20,841,850 | 17,922,719 | ||||||||||||||||||||||||
Three Months Ended June 30, 2021 (unaudited) | Three Months Ended June 30, 2020 (unaudited) | Six Months Ended June 30, 2021 (unaudited) | Six Months Ended June 30, 2020 (unaudited) | Three Months Ended September 30, 2021 (unaudited) | Three Months Ended September 30, 2020 (unaudited) | Nine Months Ended September 30, 2021 (unaudited) | Nine Months Ended September 30, 2020 (unaudited) | |||||||||||||||||||||||||
Net Assets, beginning of period | $ | 321,883,862 | $ | 222,186,093 | $ | 510,765,231 | $ | 176,228,842 | $ | 364,839,059 | $ | 365,200,439 | $ | 510,765,231 | $ | 176,228,842 | ||||||||||||||||
Creations | 30,743,636 | 117,929,538 | 30,743,636 | 158,960,770 | 37,974,733 | 110,426,972 | 68,718,369 | 269,387,742 | ||||||||||||||||||||||||
Redemptions | 0— | 0— | (146,246,592 | ) | (4,450,340 | ) | 0— | (11,115,625 | ) | (146,246,592 | ) | (15,565,965 | ) | |||||||||||||||||||
Net creations (redemptions) | 30,743,636 | 117,929,538 | (115,502,956 | ) | 154,510,430 | 37,974,733 | 99,311,347 | (77,528,223 | ) | 253,821,777 | ||||||||||||||||||||||
Net investment loss | (158,782 | ) | (131,057 | ) | (330,581 | ) | (219,801 | ) | (172,760 | ) | (212,831 | ) | (503,341 | ) | (432,632 | ) | ||||||||||||||||
Net realized gain (loss) | (19,046 | ) | (1,314 | ) | 47,426,284 | 917,572 | (2,352 | ) | (1,025,561 | ) | 47,423,932 | (107,989 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments in gold | 12,389,389 | 25,217,179 | (77,518,919 | ) | 33,763,396 | (4,914,001 | ) | 24,031,732 | (82,432,920 | ) | 57,795,128 | |||||||||||||||||||||
Net Assets, end of period | $ | 364,839,059 | $ | 365,200,439 | $ | 364,839,059 | $ | 365,200,439 | $ | 397,724,679 | $ | 487,305,126 | $ | 397,724,679 | $ | 487,305,126 | ||||||||||||||||
Three Months Ended June 30, 2021 (unaudited) | Three Months Ended June 30, 2020 (unaudited) | Six Months Ended June 30, 2021 (unaudited) | Six Months Ended June 30, 2020 (unaudited) | Three Months Ended September 30, 2021 (unaudited) | Three Months Ended September 30, 2020 (unaudited) | Nine Months Ended September 30, 2021 (unaudited) | Nine Months Ended September 30, 2020 (unaudited) | |||||||||||||||||||||||||
Per Share Performance (for a share outstanding throughout each period) | ||||||||||||||||||||||||||||||||
Net asset value per share, beginning of period | $ | 16.83 | $ | 16.04 | $ | 18.83 | $ | 15.19 | $ | 17.54 | $ | 17.62 | $ | 18.83 | $ | 15.19 | ||||||||||||||||
Net investment loss (a) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investment in gold | 0.72 | 1.59 | (1.27 | ) | 2.44 | (0.20 | ) | 1.19 | (1.48 | ) | 3.63 | |||||||||||||||||||||
Change in net assets from operations | 0.71 | 1.58 | (1.29 | ) | 2.43 | (0.21 | ) | 1.18 | (1.50 | ) | 3.61 | |||||||||||||||||||||
Net asset value per share, end of period | $ | 17.54 | $ | 17.62 | 17.54 | 17.62 | $ | 17.33 | $ | 18.80 | $ | 17.33 | $ | 18.80 | ||||||||||||||||||
Market value per share, beginning of period | $ | 16.99 | $ | 15.70 | 18.94 | 15.14 | $ | 17.60 | $ | 17.76 | $ | 18.94 | $ | 15.14 | ||||||||||||||||||
Market value per share, end of period | $ | 17.60 | $ | 17.76 | 17.60 | 17.76 | $ | 17.46 | $ | 18.79 | $ | 17.46 | $ | 18.79 | ||||||||||||||||||
Total Return, at net asset value (b) | 4.22 | % | 9.84 | % | (6.85 | )% | 15.99 | % | (1.20 | )% | 6.67 | % | (7.97 | )% | 23.73 | % | ||||||||||||||||
Total Return, at market value (b) | 3.59 | % | 13.12 | % | (7.07 | )% | 17.30 | % | (0.80 | )% | 5.80 | % | (7.81 | )% | 24.11 | % | ||||||||||||||||
Net assets ($000’s) | $ | 364,839 | $ | 365,200 | $ | 364,839 | $ | 365,200 | $ | 397,725 | $ | 487,305 | $ | 397,725 | $ | 487,305 | ||||||||||||||||
Ratios to average net assets (c) | ||||||||||||||||||||||||||||||||
Net investment loss | (0.18 | )% | (0.18 | )% | (0.18 | )% | (0.18 | )% | (0.18 | )% | (0.18 | )% | (0.18 | )% | (0.18 | )% | ||||||||||||||||
Total expenses | (0.18 | )% | (0.18 | )% | (0.18 | )% | (0.18 | )% | (0.18 | )% | (0.18 | )% | (0.18 | )% | (0.18 | )% | ||||||||||||||||
(a) | Calculated using average shares outstanding. |
(b) | Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of are not annualized. |
(c) | Annualized. |
June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||
Beginning Share Balance | 19,125,000 | 13,850,000 | 20,800,000 | 20,725,000 | ||||||||||||
Creations (representing 67 and 275 baskets, respectively) | 1,675,000 | 6,875,000 | ||||||||||||||
Redemptions (representing 0 and 0 baskets, respectively) | 0 | 0 | ||||||||||||||
Creations (representing 86 and 232 baskets, respectively) | 2,150,000 | 5,800,000 | ||||||||||||||
Redemptions (representing 0 and 24 baskets, respectively) | 0 | (600,000 | ) | |||||||||||||
Ending Share Balance | 20,800,000 | 20,725,000 | 22,950,000 | 25,925,000 |
June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||
Beginning Share Balance | 27,125,000 | 11,600,000 | 27,125,000 | 11,600,000 | ||||||||||||
Creations (representing 67 and 377 baskets, respectively) | 1,675,000 | 9,425,000 | ||||||||||||||
Redemptions (representing 320 and 12 baskets, respectively) | (8,000,000 | ) | (300,000 | ) | ||||||||||||
Creations (representing 153 and 609 baskets, respectively) | 3,825,000 | 15,225,000 | ||||||||||||||
Redemptions (representing 320 and 36 baskets, respectively) | (8,000,000 | ) | (900,000 | ) | ||||||||||||
Ending Share Balance | 20,800,000 | 20,725,000 | 22,950,000 | 25,925,000 |
Amount in ounces | Amount in US$ | Amount in ounces | Amount in US$ | |||||||||||||
Balance at March 31, 2021 | 190,375.2 | $ | 321,933,965 | |||||||||||||
Balance at June 30, 2021 | 204,468.6 | $ | 360,508,873 | |||||||||||||
Creations | 14,178.6 | 26,358,551 | 23,869.0 | 42,359,818 | ||||||||||||
Redemptions | 0— | 0— | 0— | 0— | ||||||||||||
Net realized gain (loss) from gold bullion distributed for redemptions | 0— | 0— | 0— | 0— | ||||||||||||
Transfer of gold to pay expenses | (85.2 | ) | (153,986 | ) | (94.5 | ) | (170,317 | ) | ||||||||
Net realized gain (loss) from gold transferred to pay expenses | 0— | (19,046 | ) | 0— | (2,352 | ) | ||||||||||
Change in unrealized appreciation (depreciation) on investment in gold | 0— | 12,389,389 | 0— | (4,914,001 | ) | |||||||||||
Balance at June 30, 2021 | 204,468.6 | $ | 360,508,873 | |||||||||||||
Balance at September 30, 2021 | 228,243.1 | $ | 397,782,021 |
Amount ounces | Amount in US$ | Amount in ounces | Amount in US$ | |||||||||||||
Balance at December 31, 2020 | 270,112.9 | $ | 510,810,450 | 270,112.9 | $ | 510,810,450 | ||||||||||
Creations | 14,178.6 | 26,358,551 | 38,047.6 | 68,718,369 | ||||||||||||
Redemptions | (79,647.1 | ) | (146,246,592 | ) | (79,647.1 | ) | (146,246,592 | ) | ||||||||
Net realized gain (loss) from gold bullion distributed for redemptions | 0— | 47,462,394 | 0— | 47,462,394 | ||||||||||||
Transfer of gold to pay expenses | (175.8 | ) | (320,901 | ) | (270.3 | ) | (491,218 | ) | ||||||||
Net realized gain (loss) from gold transferred to pay expenses | 0— | (36,110 | ) | 0— | (38,462 | ) | ||||||||||
Change in unrealized appreciation (depreciation) on investment in gold | 0— | (77,518,919 | ) | 0— | (82,432,920 | ) | ||||||||||
Balance at June 30, 2021 | 204,468.6 | $ | 360,508,873 | |||||||||||||
Balance at September 30, 2021 | 228,243.1 | $ | 397,782,021 |
Period | Average | High | Date | Low | Date | End of period | Last business day (1) | Average | High | Date | Low | Date | End of period | Last business day (1) | ||||||||||||||||||||||||||||||||||||||||||
July 1, 2021 to September 30, 2021 | $ | 1,789.52 | $ | 1,829.30 | July 29, 2021 | $ | 1,723.35 | Aug. 10, 2021 | $ | 1,742.80 | Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
April 1, 2021 to June 30, 2021 | $ | 1,816.48 | $ | 1,902.75 | June 2, 2021 | $ | 1,726.05 | Apr. 1, 2021 | $ | 1,763.15 | Jun. 30, 2021 | $ | 1,816.48 | $ | 1,902.75 | June 2, 2021 | $ | 1,726.05 | Apr. 1, 2021 | $ | 1,763.15 | Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||
January 1, 2021 to March 31, 2021 | $ | 1,795.47 | $ | 1,943.20 | Jan. 4, 2021 | $ | 1,683.95 | Mar. 30, 2021 | $ | 1,691.05 | Mar. 31, 2021 | $ | 1,795.47 | $ | 1,943.20 | Jan. 4, 2021 | $ | 1,683.95 | Mar. 30, 2021 | $ | 1,691.05 | Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||
October 1, 2020 to December 31, 2020 | $ | 1,874.23 | $ | 1,940.80 | Nov. 6, 2020 | $ | 1,762.55 | Nov. 30, 2020 | $ | 1,891.10 | (2) | Dec. 31, 2020 | $ | 1,874.23 | $ | 1,940.80 | Nov. 6, 2020 | $ | 1,762.55 | Nov. 30,2020 | $ | 1,891.10 | (2) | Dec. 31, 2020 | ||||||||||||||||||||||||||||||||
July 1, 2020 to September 30, 2020 | $ | 1,908.56 | $ | 2,067.15 | Aug. 6, 2020 | $ | 1,771.05 | Jul. 1, 2020 | $ | 1,886.90 | Sep. 30, 2020 |
(1) | The end of period gold price is the LBMA PM Gold Price on the last business day of the period. This is in accordance with the Trust Agreement and the basis used for calculating the NAV of the Trust. |
(2) | The last business day of the period was December 31, 2020; however, no LBMA PM Gold Price was recorded on that date. Numbers provided are from LBMA AM Gold Price on December 31, 2020, the last price recorded for the period. |
Period | Total Number of Shares Redeemed | Average Price Per Share | ||||||
— | $ | — | ||||||
— | $ | — | ||||||
— | $ | — | ||||||
Total | — | |||||||
By: | ||
Michael Crinieri | ||
Global Head of Exchange Traded Funds | ||
By: | ||
Joseph DiMaria | ||
Managing Director | ||
* | The Registrant is a trust and the persons are signing in their capacities as Managing Directors of Goldman Sachs Asset Management, L.P., the Sponsor of the Registrant. |