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AAAU on CBOE

Goldman Sachs Physical Gold ETF

Goldman Sachs Physical Gold ETF is an American commodity contracts brokers and dealers company based in New York.2 Its shares trade on CBOE under the symbol AAAU.2

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Last updated Oct 21, 2026.

Overview

$783.4MNet income, fiscal 20253

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  • TickerAAAU on CBOE2
  • IndustryCommodity Contracts Brokers & Dealers2
  • HeadquartersNew York, United States2
  • Incorporated inNY4
  • Business address240 Greenwich Street, 8Th Floor, New York, Ny 102864
  • Filer categoryLarge accelerated filer4
  • Legal formFund2
  • Kind of organizationFund2
  • LEI549300OEKWWGF8GREP702
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address240 Greenwich Street, 10286 8th Floor, United States2
  • Registered withSecurities and Exchange Commission, 00017086462

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The Trust was formed on July 26, 2018. The Trust’s investment objective is for the Shares to reflect the performance of the price of gold less the expenses of the Trust’s operations. Although the Shares are not the exact equivalent of an investment in gold, they provide investors with an alternative that allows a level of participation in the gold market through the securities market. Each Share represents a fractional undivided beneficial interest in the Trust’s net assets. The Trust’s assets consist principally of gold held by the Custodian for safekeeping on the Trust’s behalf. Physical gold held on behalf of the Trust by the Custodian consists of gold bullion that meets the London Good Delivery Standards.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income67893$783.4M in 2025+3404% since 2019
-$250.0M0$250.0M$500.0M$750.0M$1.0B2019: $22.4M$22.4M20192020: $57.8M$57.8M2020+158%2021: -$17.8M-$17.8M20212022: -$10.9M-$10.9M2022−39%2023: $56.4M$56.4M20232024: $162.1M$162.1M2024+187%2025: $783.4M$783.4M2025+383%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Sponsor fee-$2.9M-$1.4M-$1.0M
Total expenses-$2.9M-$1.4M-$1.0M
Net investment loss-$2.9M-$1.4M-$1.0M
Net realized gain (loss) on gold bullion distributed for redemptions$22.1M$14.3M$5.5M
Net realized gain (loss) on gold transferred to pay expenses-$54.8K-$5.0K-$35.5K
Net realized gain$22.0M$14.3M$5.4M
Net change in unrealized appreciation (depreciation) on investment in gold$764.3M$149.1M$52.0M
Net realized and unrealized gain (loss) from operations$786.4M$163.4M$57.4M
Net Income (Loss)$783.4M$162.1M$56.4M
Net income (loss) per share$16.58$5.11$1.89
Average number of shares47.2M shares31.7M shares29.8M shares

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Subsidiaries and ownership

Fund manager

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Former names

  • Perth Mint Physical Gold ETFAug 30, 2017 to Nov 6, 20204

Timeline

  1. Mar 1, 20248-K Executive or director change14
  2. Jan 20, 20228-K Other events15
  3. May 25, 2018Founded Goldman Sachs Physical Gold ETF is founded2

Filings

35 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 2 major events, 13 other. The latest 20:

  1. Aug 7, 202610-Q EDGAR
  2. May 11, 202610-Q EDGAR
  3. Mar 31, 2026424I EDGAR
  4. Feb 24, 202610-K EDGAR
  5. Nov 7, 202510-Q EDGAR
  6. Aug 6, 202510-Q EDGAR
  7. May 8, 202510-Q EDGAR
  8. Mar 26, 2025424I EDGAR
  9. Feb 26, 202510-K EDGAR
  10. Nov 7, 202410-Q EDGAR
  11. Aug 7, 202410-Q EDGAR
  12. May 9, 202410-Q EDGAR
  13. Mar 28, 2024424I EDGAR
  14. Mar 7, 202410-K EDGAR
  15. Mar 1, 20248-K EDGAR
  16. Nov 8, 202310-Q EDGAR
  17. Aug 7, 202310-Q EDGAR
  18. May 4, 202310-Q EDGAR
  19. Mar 17, 2023424I EDGAR
  20. Mar 2, 202310-K EDGAR

The 35 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
NEOS Investment Management LLC2,734,560$108.2M0.4%+761,400
Wellspring Financial Advisors, LLC2,225,662$88.1M5.8%+159,898
LPL Financial LLC1,151,110$45.5M0.0%−32,048
Heirloom Wealth Management1,005,004$39.8M5.8%+826,256
Raymond James Financial Inc826,242$32.7M0.0%−48,801
Osaic Holdings, Inc.823,586$32.6M0.0%+151,665
Proficio Capital Partners LLC759,580$30.1M1.1%−295,177
Exchange Traded Concepts, LLC529,428$20.9M0.1%−31,414
Mirae Asset Global Investments Co., Ltd.511,600$20.2M0.0%−125,000
Stifel Financial Corp412,635$16.3M0.0%−909
Royal Bank Of Canada393,243$15.6M0.0%−31,309
Augustine Asset Management Inc380,296$15.0M3.0%−843
Sonoma Allocations LLC308,858$12.4M3.9%−3,218
Colton Groome Financial Advisors, LLC310,579$12.3M3.0%+3,218
Kestra Advisory Services, LLC282,294$11.2M0.0%−3,364
Alerus Financial Na281,513$11.1M0.5%−25,000
Clg LLC276,529$10.9M2.4%+43,572
Cetera Investment Advisers274,731$10.9M0.0%−25,841
China Universal Asset Management Co., Ltd.242,000$9.6M0.6%No change
GoalVest Advisory LLC221,219$8.8M1.6%+18,844
American National Bank & Trust220,351$8.7M0.7%+154,793
Jpmorgan Chase & Co210,759$8.3M0.0%+116,555
Elevation Point Wealth Partners, LLC208,601$8.3M0.2%New
Vestmark Advisory Solutions, Inc.208,281$8.2M0.1%New
Oarsman Capital, Inc.204,694$8.1M0.9%+12,990

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Goldman Sachs Physical Gold ETF is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGoldman Sachs Physical Gold ETF1
  • CIK0001708646
  • Employer ID (EIN)61-18481635
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inNew York5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address240 Greenwich Street, 8Th Floor, New York, NY 102861
  • Phone718-315-45911
  • Shares outstanding61,055,722 as of Aug 3, 202611
  • Public float$1.5B as of Jun 30, 20255
  • AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceAug 30, 20171
  • Filings81 in all: 10-Q (24), 10-K (8), 424B3 (7), CORRESP (7), UPLOAD (6), 424I (4), 8-K (4), EFFECT (4)1
    All 18 form types

    S-1/A (3), 8-A12B (2), AW (2), CERT (2), S-1 (2), S-3 (2), 25 (1), AW WD (1), DRS (1), POS AM (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Mar 1, 2024

Securities registered for trading

ClassSymbolExchange
Goldman Sachs Physical Gold ETFAAAUCboe BZX Exchange, Inc.

From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Goldman Sachs Physical Gold ETF names in Item 1A of its 10-K filed Feb 24, 2026: 36 risks under these headings, as written.5

  • Risks Related to Gold
  • The international gold market has experienced historically high trading prices in recent years. Because there can be no assurance that this historically high trading price of gold will be sustained, there could be significant decreases in the value of net assets and the Net Asset Value of the Trust.
  • Substantial sales of gold by central banks, governmental agencies and multi-lateral institutions could adversely affect an investment in the Shares.
  • Because the Trust invests only in gold, an investment in the Trust may be more volatile than an investment in a more broadly diversified portfolio.
  • If concerns about the integrity or reliability of the LBMA Gold Price PM or LBMA Gold Price AM arise, even if eventually shown to be without merit, such concerns could adversely affect investor interest in gold and therefore adversely affect the price of gold and the value of an investment in the Shares.
  • The price of gold may be affected by the sale of other investment vehicles, such as exchange traded vehicles (“ETVs”) tracking gold markets, which could negatively affect gold prices and the price and Net Asset Value of the Shares.
  • Risks Related to the Shares
  • The value of the Shares fluctuates based upon the price of the gold held by the Trust. Fluctuations in the price of gold could materially adversely affect an investment in the Shares, which creates the potential for losses, regardless of the period of time the Shares are held.
  • The Shares may trade at Net Asset Value or at a price that is above or below Net Asset Value. Any discount or premium in the trading price relative to the Net Asset Value per Share may widen as a result of the different trading hours of the Cboe BZX Exchange and other exchanges.
  • The lack of an active trading market for the Shares could result in losses on your investment at the time of disposition of your Shares.
  • The amount of gold represented by each Share will decrease when the Trustee sells the Trust’s gold to pay Trust expenses. Without increases in the price of gold sufficient to compensate for that decrease, the price of the Shares will also decline and you will lose money on your investment in the Shares.
  • There may be situations where the Trust suspends redemptions of Baskets by Authorized Participants, which could affect the price of the Shares. To the extent the value of gold declines, these delays may result in a decrease in the value of the gold received upon redemption by an Authorized Participant, as well as a reduction in liquidity for all investors in the secondary market.
The other 26 risks
  • The withdrawal of an Authorized Participant and substantial redemptions by Authorized Participants could affect the liquidity of the Shares. The liquidity of the Shares also may be affected by substantial redemptions by Authorized Participants related to or independent of the withdrawal from participation of Authorized Participants.
  • If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions intended to keep the price of the Shares closely linked to the price of gold may not exist and, as a result, the price of the Shares may fall.
  • In issuing Baskets, the Trustee will rely on certain information received from the Custodian that is subject to confirmation after the Trustee has relied on the information. If such information turns out to be incorrect, Baskets may be issued in exchange for an amount of gold that is more or less than the amount of gold required to be deposited with the Trust.
  • The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee or the Custodian as contemplated in the Trust Agreement and the Custody Agreement.
  • Investors do not have the rights normally associated with ownership of shares of other types of investment vehicles. For example, investors have extremely limited voting rights in comparison to those of shareholders in traditional operating companies.
  • By the acceptance of a Share of the Trust, each investor consents to New York jurisdiction and waives any claim that a New York court is an inconvenient venue or is otherwise inappropriate.
  • Investors will not have the protections normally associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the Commodity Exchange Act.
  • The Trust may be required to terminate and liquidate at a time that is disadvantageous to investors.
  • Risks Related to the Trust and Its Operations
  • The Trust may be negatively impacted by the effects of the spread of illnesses or other public health emergencies on the global economy and the markets and service providers relevant to the performance of the Trust.
  • Future governmental decisions may have significant impact on the price of gold, which may result in a significant decrease or increase in the value of the net assets and the Net Asset Value of the Trust.
  • The value of the Shares could decline if unanticipated operational or trading problems arise.
  • The Trust is exposed to various operational risks.
  • The Trust relies on the information and technology systems of the Trustee, the Custodian, and the Sponsor, which could be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions, which could affect your personal information or result in a decline in the price of the Shares.
  • The Sponsor has limited experience with a trust the only assets of which are gold.
  • The Sponsor or its affiliates and associates may manage other accounts, funds or trusts, including those that invest in physical gold bullion or other precious metals, and conflicts of interest may occur, which may reduce the value of the net assets of the Trust, the NAV and the trading price of the Shares.
  • The Sponsor and the Trustee may agree to amend the Trust Agreement without the consent of any investor.
  • Risks Related to Tax
  • If a U.S. investor who or that is an individual, estate or trust (each referred to in this paragraph and the next two paragraphs as an “individual”) sells or exchanges the Shares held for more than a year in a taxable exchange, any gain recognized on the sale or exchange generally will be subject to federal income tax at a maximum rate of 28% rather than the lower maximum rates applicable to most other long-term capital gains an individual recognizes.
  • The purchase of the Shares by an IRA or a Tax-Qualified Account may constitute the acquisition of a collectible or be treated as a tax distribution to the IRA owner or plan participant under Code section 408(m).
  • An investor may recognize income for federal income tax purposes in the absence of a corresponding cash distribution.
  • Risks Related to the Custody of Gold
  • Gold owned by the Trust may be subject to loss, damage, destruction, mis-delivery, theft or restriction on access.
  • The gold bullion custody operations of the Custodian are not subject to specific governmental regulatory supervision.
  • Although the relationship between the Custodian, on the one hand, and the Sponsor and the Trustee, on the other hand, concerning the custody of the Trust’s gold is expressly governed by U.K. law, a court hearing any legal dispute concerning that arrangement may disregard that choice of law and apply U.S. law, in which case the ability of the Trust to seek legal redress against the Custodian may be frustrated.
  • Investors and Authorized Participants lack the right under the Custody Agreement to assert claims directly against the Custodian, which significantly limits their options for recourse.
  • The Trust relies on the Custodian for the safekeeping of essentially all of the Trust’s gold. As a result, failure by the Custodian to exercise due care in the safekeeping of the Trust’s gold could result in a loss to the Trust.
  • Gold held in the Unallocated Account and any Authorized Participant’s unallocated gold account generally will not be segregated from the Custodian’s assets. If the Custodian becomes insolvent, the Trust would be an unsecured creditor, and the Custodian’s assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant.
  • The Trust’s lack of insurance protection and the investors’ limited rights of legal recourse against the Trust, the Trustee, the Sponsor, the Custodian and any Sub-Custodian expose the investors to the risk of loss of the Trust’s gold for which no person is liable.

Sources

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    SEC EDGAROther events