Goldman Sachs Physical Gold ETF (AAAU)

Price$43.72Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Physical gold, not an operating businessAAAU is a passive trust backed by allocated physical gold, so its economic value is bullion NAV rather than an earnings or cash-flow multiple.

At June 30, 2026 it held 596,175.4 oz of LBMA Good Delivery gold worth $2.400b, about 100% of net assets. The supplied SEC-derived figures—FY2025 net income $783.4m on $2.543b assets and $0.381m liabilities; FY2024 $162.1m on $898.1m assets; FY2023 $56.4m on $640.6m assets; and Q2 2026 -$353.1m on $2.400b assets and $0.381m liabilities—mainly reflect realized/unrealized gold-price changes plus sponsor fees, not business revenue. Q2 included $420.8m of unrealized gold depreciation. Standardized revenue, equity, EPS and operating-cash-flow fields are unavailable or not meaningful for this vehicle; the SEC cash-flow statement shows zero net operating cash flow after reconciling gold sales used to pay fees.

Near-NAV pricing supports a fair-price viewAAAU closed September 16 at $42.12 versus $42.06 NAV, an indicated premium of only about 0.14%; the current early-session quote is consistent with today's higher gold price.

For a physically backed gold trust, 'fair-priced' means trading close to the gold value per share after fees and normal bid/ask friction, not a low P/E. The annual sponsor/expense rate is 0.18%, or about $18 per $10,000 before trading costs. That is modest but not the cheapest physical-gold exposure: IAUM lists 0.09% and GLDM 0.10%, so long holding periods can favor lower-fee peers if liquidity and structure are otherwise suitable.

Creation/redemption mechanism aids tracking and liquidityAuthorized Participants can create or redeem blocks of at least 25,000 shares for gold at NAV, helping arbitrage market-price deviations from bullion value.

The SEC filing states a $500 transaction fee on creation/redemption orders; ordinary investors trade shares on Cboe and cannot redeem single shares directly for bars. September 16 volume was about 3.1m shares versus roughly 1.5m average volume, indicating active secondary-market liquidity. Risks remain from bid/ask spreads, temporary premiums/discounts, Authorized Participant capacity, custody/settlement concentration and stressed gold-market conditions.

Portfolio role is a direct macro gold exposureAAAU can diversify stock/bond exposure and may serve as an inflation or geopolitical hedge, but it produces no operating earnings or yield and can be volatile.

Spot gold was up 1.2% to $4,312.05/oz on September 17 after a near six-week low, helped by a softer dollar and easing oil even as the Fed's rate hike and prospect of further tightening create a headwind for non-yielding gold. World Gold Council data show August global gold-ETF inflows of $18b and record holdings of 4,189 tonnes after gold rose about 13% that month. Higher real rates, a stronger dollar, lower inflation/geopolitical risk, or reversal of crowded gold demand could pressure AAAU.

AI: News

Gold rebounds after the Fed hikeGold rose more than 1% on September 17 as the dollar softened and oil eased, while markets reassessed the Fed's first rate hike in more than three years.

Reuters reported spot gold at $4,312.05/oz, up 1.2%, after a near six-week low. Further Fed tightening is a direct risk because higher rates raise the opportunity cost of non-yielding bullion, while continuing geopolitical uncertainty supports hedge demand. The move is immediately relevant to AAAU because the trust says gold-price movements are expected to directly affect its shares.

Latest AAAU periodic report shows structure unchangedThe August 7 10-Q confirms physical-gold backing, a 0.18% sponsor fee and no material change in the trust's risk-factor assessment.

The filing reported 596,175.4 oz of gold at June 30, $2.400b of assets, $0.381m of liabilities and 61,055,722 shares outstanding as of August 3. It also found no material subsequent event requiring financial-statement disclosure through issuance. The Q2 -$353.1m accounting loss was driven chiefly by gold valuation changes rather than operating-company activity.

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Revenue

No reported data

Net income

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Free cash flow

No reported data

Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Operating expenses	$2.9M	$1.4M	$1.0M	$965,357	$691,756	$657,532	$240,942	$37,112
Net income	$783.4M	$162.1M	$56.4M	−$10.9M	−$17.8M	$57.8M	$22.4M	$4.9M
Basic EPSper basic share	$16.58	$5.11	$1.89	-$0.37	-$0.83	$2.85	$2.37	$1.27

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Owners

Reported shareholders

Reference date Jun 30, 2026

4.52%of listed shares

NEOS Investment Management LLC2.73M shares · Jun 30, 2026

View holders

Top 20 reported holders of AAAU
Holder	% owned
NEOS Investment Management LLC	4.52%2.73M shares
Wellspring Financial Advisors, LLC	3.68%2.23M shares
LPL Financial LLC	1.90%1.15M shares
Heirloom Wealth Management	1.66%1.01M shares
RAYMOND JAMES FINANCIAL INC	1.37%826.24K shares
OSAIC HOLDINGS, INC.	1.36%823.59K shares
Proficio Capital Partners LLC	1.26%759.58K shares
Cambridge Investment Research Advisors, Inc.	0.88%529.5K shares
EXCHANGE TRADED CONCEPTS, LLC	0.88%529.43K shares
Mirae Asset Global Investments Co., Ltd.	0.85%511.6K shares
STIFEL FINANCIAL CORP	0.68%412.64K shares
ROYAL BANK OF CANADA	0.65%393.24K shares
AUGUSTINE ASSET MANAGEMENT INC	0.63%380.3K shares
COLTON GROOME FINANCIAL ADVISORS, LLC	0.51%310.58K shares
Sonoma Allocations LLC	0.51%308.86K shares
Kestra Advisory Services, LLC	0.47%282.29K shares
ALERUS FINANCIAL NA	0.47%281.51K shares
CLG LLC	0.46%276.53K shares
Cetera Investment Advisers	0.45%274.73K shares
China Universal Asset Management Co., Ltd.	0.40%242K shares