# Goldman Sachs Physical Gold ETF

Goldman Sachs Physical Gold ETF is an Exchange-Traded Fund based in New York, United States.

## Overview

- **Organization type:** Exchange-Traded Fund
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2010
- **Assets under management:** Undisclosed
- **Website:** www.goldmansachs.com

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Commodities
- Gold
- Precious Metals

## People

- Goldman Sachs Asset Management — Issuer

## 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.

### 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.

### 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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Last updated: 2026-06-03T20:00:00.000Z

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