Goldman Sachs Physical Gold ETF
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsGoldman Sachs Physical Gold ETF (AAAU) is a passive grantor trust that holds physical gold bullion and issues shares reflecting gold's performance minus trust expenses.
What they do
The Trust issues and redeems baskets of shares in exchange for gold bullion, which is held by JPMorgan Chase Bank, N.A., London branch. It sells a small amount of gold to pay the sponsor fee and expenses. Shares trade on Cboe BZX Exchange under the symbol AAAU. The Trust has no employees and is not actively managed.
Revenue drivers
- Gold bullion — The Trust's sole revenue driver is the appreciation in the price of gold, as it holds physical gold bullion and does not generate operating revenue. At December 31, 2025, the gold was valued at $2.54 billion (590,283 ounces).
Recent performance
For fiscal year 2025, net income was $783.4 million, up from $162.1 million in 2024, and diluted EPS rose from $5.11 to $16.58. The NAV per share increased to $42.51 at December 31, 2025 from $25.81 a year earlier, driven by a higher gold price. Shares created during 2025 were 26,988,722 (1,080 Baskets), while 1,650,000 shares (66 Baskets) were redeemed. As of June 30, 2026, total assets were $2.40 billion and total liabilities were $380,832.
Strategy
The Trust's strategy is to passively track the price of gold, less expenses, with no active management. It does not hold commodity futures or register as an investment company. The Sponsor's role is limited to administrative functions, such as paying expenses from gold sales. The Trust has no stated growth strategy beyond maintaining its gold-backed structure.
Risks
- Gold price volatility — The value of the shares is directly tied to gold prices, which can be volatile and decline sharply, reducing NAV per share.
- Expense drag — Cumulative trust expenses reduce the NAV per share relative to the gold price over time, as shown in the MD&A divergence table.
- Liquidity and redemption constraints — Individual shares are not redeemable; only Authorized Participants can redeem baskets, so retail investors may face wider spreads or inability to exit at NAV.
- Custody and concentration risk — All physical gold is held by a single custodian, JPMorgan Chase Bank, N.A., and any custodial failure or loss could severely harm the Trust.
Outlook
Management does not provide formal guidance, as the Trust is a passive vehicle. The outlook depends entirely on future gold prices and the pace of creations/redeemers. The Trust will continue to sell gold to cover expenses as needed, and its NAV will fluctuate with the LBMA Gold Price.