At a glance
AAAU charges 0.18% a year, below the 0.21% average of the 7 funds most like it (the 4th cheapest of 7). It has $2.40B in assets, the 8th largest of that group. Over the past year it returned +1.6% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +26.3% a year. At its worst it fell 12.4% in the 2020 crash (S&P 500: 33.7%) and 20.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 14 months after the lows.
The short version
Goldman Sachs Physical Gold ETF (AAAU) is a grantor trust that holds physical gold bullion through a custodian and aims to track the price of gold, minus expenses. Its 0.18% yearly sponsor fee is below the 0.21% average of similar gold funds. GLDM (0.10%) and IAUM (0.09%) cost less. AAAU pays no income. It had about $2.4 billion in net assets as of June 30, 2026, the smallest of its peer group.
Price history
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AAAU +1.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AAAU price data to Oct 27, 2026 | -5.9% | +1.6% | +26.3% | +17.5% | — | +16.1% |
- Over the year to Oct 27, 2026, AAAU returned +1.6%, 4th of 8 among similar funds.
- Its 5-year annualized return was +17.5%.
- In the 2020 COVID crash it fell 12.4% and regained its old high 0.7 months after the low.
- Its worst full calendar year was 2021 (-4.0%); its best was 2025 (+64.1%).
- The deepest fall in its price history was 26.3% (Jan 29, 2026 to Jul 16, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.0% |
| 2025 | +64.1% |
| 2024 | +26.9% |
| 2023 | +13.0% |
| 2022 | -0.5% |
| 2021 | -4.0% |
| 2020 | +25.0% |
| 2019 | +18.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 3.7% over that stretch · deepest drop along the way 12.4%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.2% over that stretch · deepest drop along the way 20.9%, back to its old high 14.2 months after the low |
What's inside
The trust holds physical gold directly, worth $2.40B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
AAAU does not follow a stock index, and no manager picks holdings. Its goal is for each share to reflect the price of gold, minus the trust's expenses. The trust holds gold bullion that meets the London Good Delivery Standards, the quality rules of the London gold market. A custodian stores the gold for the trust. The trust does not use futures contracts. It is not registered under the Investment Company Act of 1940, the law that governs most mutual funds and ETFs, so it lacks some of the protections that law provides.
Large brokers called Authorized Participants create and redeem shares in blocks of at least 25,000, called Baskets, in exchange for gold. Everyone else buys and sells shares on the Cboe BZX Exchange. Shareholders cannot exchange their shares for physical gold. On each business day after 4:00 p.m. New York time, the trustee values the gold at the LBMA Gold Price PM, a benchmark price set in London, and calculates the net asset value per share.
The 0.18% sponsor fee builds up daily and is paid monthly, usually by selling gold. In return, the sponsor covers routine costs such as custody, trustee and audit fees, up to a set cap. Because gold is sold to pay fees, the gold behind each share slowly shrinks. Those sales are a taxable event for shareholders.
What it really costs
- AAAU charges 0.18% a year, versus an average of 0.21% for the similar funds below (4th of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
Physical gold pays no income and moves differently from stocks, so it may spread risk alongside stock and bond holdings rather than anchor a portfolio.
Gold often moves differently from stocks and bonds, and that is the main reason to hold it. AAAU did not exist in 2008. During the 2020 COVID crash it lost 3.7% while stocks plunged, and it recovered from its deepest dip of 12.4% in under a month. In the 2022 bear market it fell 7.2%, but a 20.9% slide from March to September 2022 took about 14 months to recover. Its worst calendar year was 2021, at -4%. Its deepest drop came later: 26.3% from January 29 to July 16, 2026. It had not recovered as of October 27, 2026.
AAAU pays no income, so taking cash from it means selling shares, possibly after a fall like that one. Its 0.18% fee is below the 0.21% peer average. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want gold exposure through a brokerage account, backed by physical bullion held by a custodian rather than by futures contracts.
- Cost-conscious gold buyers: AAAU's 0.18% sponsor fee is less than half of GLD's 0.40% and below IAU's and OUNZ's 0.25%.
- Long-term holders who can sit through sharp swings, such as the 26.3% drop from January to July 2026, without needing to sell.
Look elsewhere if
- Investors who need income: the trust has paid no distributions, so getting cash out means selling shares.
- Investors focused on fees: GLDM (0.10%) and IAUM (0.09%) also hold physical gold, for about half the cost.
- Taxable-account investors worried about the collectibles rate: long-term gains can be taxed at up to 28%, and gold sold to pay fees is taxable.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AAAU this fund | 0.18% | $2.40B | +1.6% | +26.3% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
Questions investors ask
Is AAAU good for retirement?
AAAU can serve as a diversifier in a retirement portfolio rather than a core holding. It holds physical gold, pays no income and can swing sharply. It returned 64.06% in 2025, then fell 26.3% from January 29 to July 16, 2026, and had not recovered as of October 27, 2026. Gold has sometimes held up better than stocks: AAAU lost only 3.7% during the 2020 COVID crash. Past results don't predict future ones.
AAAU vs GLD: what's the difference?
Both hold physical gold bullion. The main difference is cost: AAAU charges a 0.18% sponsor fee, compared with 0.40% for SPDR Gold Shares (GLD). GLD is much larger, with about $130.1 billion in net assets versus about $2.4 billion for AAAU as of June 30, 2026. Over three years, AAAU returned 26.3% a year through October 27, 2026, and GLD returned 25.6% a year through October 29, 2026. Part of that gap reflects the difference in fees.
Does AAAU pay dividends?
No. AAAU has no recorded distributions. Gold bullion earns no interest or dividends. The trust simply holds gold and sells small amounts to cover its 0.18% sponsor fee, so returns come only from changes in the gold price. Investors who need cash from the holding would have to sell shares. That can mean selling after a decline, such as the 26.3% drop between January and July 2026.
Can I exchange AAAU shares for physical gold?
No. Individual shareholders cannot exchange AAAU shares for physical gold or take delivery of the bullion. Only Authorized Participants, large firms with a contract with the sponsor and trustee, can redeem shares for gold, and only in Baskets of at least 25,000 shares. Everyone else buys and sells shares on the Cboe BZX Exchange. The gold is London Good Delivery bullion held by the trust's custodian.
How is AAAU taxed?
AAAU is taxed like the gold it holds. Because it is a physically backed grantor trust, US long-term gains can be taxed at the collectibles rate of up to 28%, instead of the lower rates that usually apply to stocks and stock ETFs. The trust also sells gold to pay its monthly sponsor fee, and those sales are a taxable event for shareholders. A tax professional can explain how this applies to a specific situation.