Goldman Sachs Physical Gold ETF (NYSE Arca: AAAU) is a commodity exchange-traded fund sponsored by Goldman Sachs Asset Management, L.P. that holds physical gold on behalf of investors through an allocated gold account. The Trust generates no operating revenue in the traditional sense. It earns no interest or dividends. Investors gain exposure to the price of physical gold by holding shares, with each share representing a fractional interest in gold held in an allocated account maintained by a custodian. The Trust operates through Authorized Participants, registered broker-dealers or eligible financial institutions, who submit purchase and redemption orders to create or redeem baskets of shares. Gold is held on an allocated basis in the Goldman Sachs Physical Gold ETF Allocated Gold Account (No. 48041), established under an Allocated Gold Account Agreement dated December 11, 2020, among the Custodian, the Sponsor, and the Trustee. The Sponsor, Goldman Sachs Asset Management, L.P., charges a management fee against Trust assets. The filing was made as a 10-K for the fiscal year ending, filed February 24, 2026, under accession number 0001193125-26-067559.

Revenue model

The Trust charges a sponsor fee assessed against Trust assets. There is no operating revenue, interest income, or dividend income. The economic return to shareholders is derived solely from changes in the price of physical gold.

Products and services

Physical gold held in an allocated account. Exchange-traded fund shares representing fractional ownership of gold. Basket creation and redemption mechanism via Authorized Participants.

Customers and end markets

Authorized Participants, including registered broker-dealers, banks, and other eligible financial institutions that are DTC Participants. End investors who seek physical gold price exposure through an exchange-traded structure.

Value-chain role

Passive holding vehicle. The Trust holds allocated physical gold via a custodian and issues exchange-traded shares. Goldman Sachs Asset Management, L.P. acts as Sponsor. A separate Trustee and Custodian maintain the allocated gold account.

Geographic exposure

Gold held on a loco London basis, consistent with London Platinum and Precious Metals Clearing (LPMCL) conventions, as described in the filing.

Source: SEC 10-K, filed 2026-02-24

Industry: Commodity Contracts Brokers & Dealers