The Goldman Sachs Physical Gold ETF (ticker: AAAU) is a grantor trust that holds physical gold bullion on behalf of investors. The trust gives investors exposure to gold prices through a standard brokerage account, without the need to buy, store, or insure physical gold directly. The trust holds gold in allocated form through its custodian, JPMorgan Chase Bank's London branch, and does not trade derivatives, hold futures, or actively manage investments. Retail and institutional investors buy and sell shares on the Cboe BZX Exchange. Only large institutional counterparties called Authorized Participants — currently Virtu Americas and Goldman Sachs — can create or redeem shares, and only in blocks of at least 25,000 shares exchanged for physical gold. Goldman Sachs Asset Management, as Sponsor, charges an annual fee of 0.18% of net asset value, which accrues daily and is paid by gradually selling small amounts of the trust's gold holdings. In exchange, the Sponsor covers all operating expenses, including trustee, custodian, exchange listing, audit, and marketing costs. The Sponsor's fee income scales directly with assets under management, which is driven by the number of shares outstanding and the price of gold.