Goldman Sachs Physical Gold ETF Files 2023 Annual Report

TL;DR

<b>Goldman Sachs Physical Gold ETF (AAAU) has filed its 2023 10-K report, detailing its financial performance and operational structure.</b>

AI Summary

Goldman Sachs Physical Gold ETF (AAAU) filed a Annual Report (10-K) with the SEC on March 7, 2024. The Goldman Sachs Physical Gold ETF (AAAU) filed its 10-K report for the fiscal year ended December 31, 2023. The ETF is sponsored by Goldman Sachs Asset Management, L.P. and incorporated in New York. AAAU shares are registered and traded on the Cboe BZX Exchange, Inc. The report details calculations for Total Return at Net Asset Value (NAV) and market value. Key financial data points for December 31, 2023, and December 31, 2022, are referenced.

Why It Matters

For investors and stakeholders tracking Goldman Sachs Physical Gold ETF, this filing contains several important signals. This filing provides investors with a comprehensive overview of the ETF's financial health and performance metrics for the past fiscal year. Understanding the ETF's structure and how its returns are calculated is crucial for investors assessing its suitability and comparing it to other gold-backed investment vehicles.

Risk Assessment

Risk Level: low — Goldman Sachs Physical Gold ETF shows low risk based on this filing. The filing is a standard annual report (10-K) for a well-established ETF, indicating routine disclosure rather than immediate financial distress or significant new risks.

Analyst Insight

Review the detailed financial statements and performance calculations within the 10-K to assess AAAU's year-over-year performance and compare its expense ratios and holdings to peers.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-03-07 — Filing Date (Date of Report)
• 001-38620 — Commission File Number (SEC Identifier)
• 61-1848163 — IRS Employer Identification No. (Tax Identifier)

Key Players & Entities

• Goldman Sachs Physical Gold ETF (company) — Registrant Name
• AAAU (company) — Trading Symbol
• Goldman Sachs Asset Management, L.P. (company) — Sponsor
• Cboe BZX Exchange, Inc. (company) — Exchange
• New York (location) — State of Incorporation
• 2023-12-31 (date) — Fiscal Year End
• 2024-03-07 (date) — Filing Date

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The ETF must comply with various regulations under the Securities Act of 1934 and other applicable laws.
• Gold Price Volatility [high — market]: The value of the ETF is directly tied to the price of gold, which can be highly volatile.
• Operational Risks [medium — operational]: Risks associated with the custody of physical gold, fund management, and potential disruptions in trading operations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-07: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

NAV (Net Asset Value)

The per-share market value of a fund's assets minus its liabilities, calculated daily. (Crucial for understanding the underlying value of ETF shares and calculating performance.)

Total Return

Measures the performance of an investment over a period, including price changes and income (like dividends or interest). (Essential for investors to gauge the overall profitability of their investment in the ETF.)

Key Financial Figures

• $500,000 — maximum amount equal to the greater of $500,000 per annum and the amount that is equal

Filing Documents

• d700274d10k.htm (10-K) — 754KB
• d700274dex231.htm (EX-23.1) — 2KB
• d700274dex311.htm (EX-31.1) — 7KB
• d700274dex312.htm (EX-31.2) — 7KB
• d700274dex321.htm (EX-32.1) — 4KB
• d700274dex322.htm (EX-32.2) — 4KB
• d700274dex971.htm (EX-97.1) — 38KB
• g700274g43i83.jpg (GRAPHIC) — 213KB
• g700274g71p15.jpg (GRAPHIC) — 159KB
• g700274g73t54.jpg (GRAPHIC) — 138KB
• 0001193125-24-062325.txt (&nbsp;) — 3747KB
• aaau-20231231.xsd (EX-101.SCH) — 27KB
• aaau-20231231_cal.xml (EX-101.CAL) — 12KB
• aaau-20231231_def.xml (EX-101.DEF) — 23KB
• aaau-20231231_lab.xml (EX-101.LAB) — 138KB
• aaau-20231231_pre.xml (EX-101.PRE) — 97KB
• d700274d10k_htm.xml (XML) — 240KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 43 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 49 Item 9. Changes in and Disagreements with Accounting on Accounting and Financial Disclosure. 50 Item 9A.

Controls and Procedures

Controls and Procedures. 50 Item 9B. Other Information. 51 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 51 Part III. 52 Item 10. Directors, Executive Officers and Corporate Governance. 52 Item 11.

Executive Compensation

Executive Compensation. 52 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 52 Item 13. Certain Relationships and Related Transactions and Director Independence. 52 Item 14. Principal Accounting Fees and Services. 53 Part IV. 53 Item 15. Exhibits and Financial Statements Schedules. 53 Item 16. Form 10-K Summary. 54 Table of Contents Part I. Item1. Business. DESCRIPTION OF THE TRUST Overview The Trust was formed on July 26, 2018. The Trust's investment objective is for the Shares to reflect the performance of the price of gold less the expenses of the Trust's operations. Although the Shares are not the exact equivalent of an investment in gold, they provide investors with an alternative that allows a level of participation in the gold market through the securities market. Each Share represents a fractional undivided beneficial interest in the Trust's net assets. The Trust's assets consist principally of gold held by the Custodian for safekeeping on the Trust's behalf. Physical gold held on behalf of the Trust by the Custodian consists of gold bullion that meets the London Good Delivery Standards. The Sponsor of the Trust is Goldman Sachs Asset Management, L.P., a Delaware limited partnership. Goldman Sachs Asset Management, L.P. is an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc. ("GS Group Inc.") and an affiliate of Goldman Sachs & Co. LLC. Founded in 1869, GS Group, Inc. is a publicly-held financial holding company and a leading global investment banking, securities and investment management firm. The Shares are neither interests in nor obligations of, and are not guaranteed by, the Sponsor, its directors, officers, or member(s), or any of their affiliates. The Trust is governed by the provisions of the First Amended and Restated Depositary Trust Agreement (as amended from time to time, the "Trust Agreement") executed as of December 11, 2020 by the Sponsor and the Trustee. The

View Full Filing

View this 10-K filing on SEC EDGAR