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Goldman Sachs Physical Gold ETF
Goldman Sachs Physical Gold ETF (AAUN) launched in 2010, offering allocated gold exposure with a 0.18% expense ratio.
Goldman Sachs Physical Gold ETF
The Goldman Sachs Physical Gold ETF, issued by Goldman Sachs Asset Management, debuted in June 2010. It is structured as a grantor trust that holds physical gold bullion in allocated accounts at JPMorgan Chase vaults in London. The fund's objective is to track the spot price of gold, net of expenses. The ETF invests exclusively in physical gold bars meeting LBMA Good Delivery standards. It does not use derivatives or futures. The fund has a single share class and trades on the NYSE Arca. As of 2025, it remained a niche product relative to larger competitors, with net assets estimated well below $1 billion. The fund's expense ratio is 0.18%, lower than the 0.40% charged by the SPDR Gold Shares (GLD). It is managed by Goldman Sachs' Global Banking & Markets division, which handles trading and custody. The fund does not have a dedicated management team publicly listed. A structural differentiator is the use of allocated gold accounts, meaning each investor's gold is separately identified. This provides greater legal protection compared to unallocated pools. The fund is also eligible for IRA accounts.
General information
Firm type
Exchange-Traded Fund
Year founded
2010
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Goldman Sachs Asset Management
Issuer
Sector focus
Frequently asked questions
How does the Goldman Sachs Physical Gold ETF differ from SPDR Gold Shares (GLD)?
AAUN offers lower expenses (0.18% vs 0.40% for GLD) and holds allocated gold bars in London vaults, meaning each investor's gold is separately identified. GLD uses unallocated gold. AAUN is smaller and less liquid.
Is the fund suitable for long-term holders?
Yes, the fund is designed for investors seeking long-term gold exposure. The low expense ratio and physical gold backing make it cost-efficient. However, the small asset base may lead to wider bid-ask spreads.
What is the fund's expense ratio and how does it compare to peers?
The expense ratio is 0.18%, which is lower than most physically-backed gold ETFs. SPDR Gold Shares charges 0.40%, iShares Gold Trust charges 0.25%. The lower cost is a key differentiator.
Does the fund distribute income or capital gains?
No, the fund does not distribute dividends or capital gains. Gold does not generate income. Investors realize gains or losses only upon selling shares.
How is the gold stored and custodied?
Gold is stored in allocated accounts at JPMorgan Chase vaults in London. Each gold bar is held for the fund's specific benefit. The custodian is JPMorgan Chase Bank.
What is the fund's trading volume and liquidity?
Liquidity is lower than larger gold ETFs. Average daily volume in 2024 was under 100,000 shares. The fund may have wider spreads during market stress.
Is the fund regulated in any way?
Yes, the fund is registered under the Securities Act of 1933 and the Investment Company Act of 1940. It is traded on the NYSE Arca and subject to SEC oversight.
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