In plain words
And yet beings do not truly abide in Me—behold My divine yoga. Sustaining beings and bringing them forth, My Ātma is not situated in beings.
Word for word
And [yet] beings do not abide in Me: behold My divine yoga; sustaining beings and not abiding in beings, My Ātma [is] the bringer forth of beings.
The commentators
Bhagavadgītābhāṣyam
अत एव असंसर्गित्वात् मम —
न च मत्स्थानि भूतानि ब्रह्मादीनि । पश्य मे योगं युक्तिं घटनं मे मम ऐश्वरम् ईश्वरस्य इमम् ऐश्वरम् , योगम् आत्मनो याथात्म्यमित्यर्थः । तथा च श्रुतिः असंसर्गित्वात् असङ्गतां दर्शयति — ‘ असङ्गो न हि सज्जते’(बृ. उ. ३ । ९ । २६) इति । इदं च आश्चर्यम् अन्यत् पश्य — भूतभृत् असङ्गोऽपि सन् भूतानि बिभर्ति ; न च भूतस्थः, यथोक्तेन न्यायेन दर्शितत्वात् भूतस्थत्वानुपपत्तेः । कथं पुनरुच्यते ‘असौ मम आत्मा’ इति ? विभज्य देहादिसङ्घातं तस्मिन् अहङ्कारम् अध्यारोप्य लोकबुद्धिम् अनुसरन् व्यपदिशति ‘मम आत्मा’ इति, न पुनः आत्मनः आत्मा अन्यः इति लोकवत् अजानन् । तथा भूतभावनः भूतानि भावयति उत्पादयति वर्धयतीति वा भूतभावनः ॥ ५ ॥
In plain words
And it is exactly because I have no such contact —
And no — not even Brahmā, not even the shining ones at the top, actually live inside Me the way a tenant lives in a house. Look closely at what I mean by My yoga: it isn't a place I keep things in, it's simply what I am — my own aiśvarya, sovereignty itself, the true nature of the Self showing itself. Scripture says the same thing about the unattached: nothing sticks to what was never joined to anything in the first place. Here's the deeper wonder, though: I carry the weight of every being — I hold up the whole universe — and still nothing rests inside me. That isn't a contradiction; it only looks like one from the side that hasn't done the work of separating what's really there. So when you hear 'this is My Self,' understand what's happening: your habit of ownership gets peeled off the body first, then, speaking your own language, the teaching lets you call your inmost being 'mine' — not because there are two selves, one owning the other, but because that's how people naturally talk. And when I'm called the one who brings beings to life, that's simple: I'm the one who produces them, who makes them grow, who lets them become at all.
Close to the Sanskrit
Precisely for this reason, because of My unconnectedness —
And beings, beginning with Brahmā, are not situated in Me. Behold My yoga — [that is,] the yukti, the ghaṭana — mine, the lordly power of the Īśvara, this lordly power; [that is,] yoga means the true nature (yāthātmya) of the Self — such is the meaning. And thus the śruti shows non-attachment on account of non-connection: 'The unattached one indeed does not cling' (Bṛhadāraṇyaka Upaniṣad 3.9.26) — thus. And behold this other wonder: the sustainer of beings, though unattached, bears beings; and yet he is not situated in beings, because — by the reasoning already stated — the state of being situated in beings is shown to be untenable. But how then is it said, 'That is My Self'? Having distinguished the aggregate beginning with the body, and having superimposed the notion of 'I' upon it, [the teaching,] following the understanding of ordinary people, designates it as 'my Self' — not, however, meaning that the self of the self is something other — in the manner of the world, though not actually unknowing. Likewise, bhūtabhāvana: he causes beings to become — that is, he produces or nourishes them — thus [he is called] bhūtabhāvana.