The Goldman Sachs Physical Gold ETF Trust is an investment vehicle that provides investors with access to physical gold through exchange-traded shares representing fractional interests in London Good Delivery–compliant bullion stored in allocated accounts at a major custodian bank vault. The Trust issues shares trading on a public exchange that can be bought and sold by retail and institutional investors through brokerage accounts, while Authorized Participants create and redeem shares in bulk blocks in exchange for physical gold, enabling efficient secondary market trading and price discovery. The Trust generates revenue through an annual sponsor fee based on net asset value and transaction fees charged to Authorized Participants for creation and redemption orders, while assuming ordinary operating costs such as custodial, trustee, and administrative services; shareholders bear the cost of gold sales needed to cover fees and expenses, which gradually reduces the per-share gold amount over time.