How do the expense ratios of these funds compare?

AAAU has an expense ratio of 0.18%, while PHYS has an expense ratio of 0.41%. This represents a difference of 0.23 percentage points. The lower fee for AAAU means that, all else being equal, more of the investor's capital is directed towards the gold holding, potentially influencing long-term returns. The higher fee for PHYS might be offset by other factors in its structure.

What is the difference between an ETF and a physical gold trust?

AAAU is an exchange-traded fund (ETF) that tracks the price of gold. PHYS is a physical gold trust, which is a closed-end fund that holds physical gold bullion. ETFs are generally more liquid and trade throughout the day, while trusts might have different trading patterns and tax treatments. Investors should consider these structural differences when evaluating how to gain exposure to gold.

Why are there no top holdings listed for these funds?

For AAAU, the top holdings and sector weights are currently not available. Similarly, the information is not available for PHYS. This is common for physical gold ETFs or trusts because the underlying asset is the gold itself, rather than a basket of stocks or bonds. The focus is on the metal, not equity holdings.

What does a 0.00% dividend yield indicate for these gold funds?

Both AAAU and PHYS show a 0.00% dividend yield. This is expected for physical gold instruments. Gold itself does not generate income, such as interest or dividends. Any return for investors comes from the change in the price of the gold, not from periodic payments. The fund's objective is to provide exposure to the metal's value.

What is the significance of the 'Index tracked' being 'not available'?

Both AAAU and PHYS list 'not available' for their tracked index. This is typical for funds focused on physical commodities. They are designed to track the spot price of gold directly, rather than replicating a stock or bond index. The performance is tied to the gold market, not a traditional benchmark index.

How does the inception date of each fund differ, and does it matter?

AAAU was launched on 26 July 2018, while PHYS began trading on 25 February 2010. This means PHYS has a longer operational history of over 16 years, offering a longer track record for investors to assess. AAAU has a moderate track record of about five years. The longer history of PHYS might provide more context on how it behaves in different market environments.

Are these funds suitable for long-term investment goals?

Gold is often considered by investors as a portfolio diversifier and a hedge against inflation or economic uncertainty. Both AAAU and PHYS are structured to provide pure exposure to the price of gold. This makes them tools for investors seeking a hedge or asset allocation balance, rather than for generating income or high growth from equities.

How do liquidity and net assets affect investing in these funds?

AAAU has net assets of $2.8 billion, indicating a highly liquid fund. Large net assets generally correlate with higher trading volumes and tighter bid-ask spreads. The net assets for PHYS are not available, which limits an assessment of its size and liquidity. Investors can generally expect easier transaction execution in funds with disclosed, substantial net assets.

What is the primary purpose of these ETFs?

The primary purpose of AAAU and PHYS is to provide a vehicle for investors to track the spot price of physical gold without needing to store the metal themselves. AAAU is an exchange-traded fund, while PHYS is a physical gold trust. Both offer a way to gain exposure to gold as an asset class.

What is the role of the expense ratio in these investments?

The expense ratio is the annual fee, as a percentage of assets, that the fund manager charges to operate the fund. For AAAU, it is 0.18%, and for PHYS, it is 0.41%. This fee directly reduces the fund's return. Lower expense ratios mean a smaller drag on investment performance over time, all else being equal.

What is the fundamental nature of the asset held by these funds?

Both AAAU and PHYS hold physical gold as their sole asset. This means their value is directly tied to the market price of gold bullion. Unlike commodity funds that might hold futures contracts, these funds hold the metal itself, providing a more direct and transparent link to the spot price of gold for investors.

What is a key structural difference to consider between these two vehicles?

A key structural difference is that AAAU is an exchange-traded fund (ETF), whereas PHYS is a physical gold trust. This distinction can influence factors like tax treatment for investors in some jurisdictions, such as the potential for more favourable long-term capital gains treatment for certain trusts. Investors should consult a tax advisor.

AAAU vs PHYS

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare AAAU (Goldman Sachs Physical Gold Etf Unit) and PHYS (Sprott Physical Gold Trust) for fees, holdings, dividends and tracking. AAAU: 0.18% expense ratio. PHYS: 0.41% expense ratio. Index focus not available for either. Both show 0.00% dividend yield. Educational content, not financial advice.

Compare AAAU (Goldman Sachs Physical Gold Etf Unit) and PHYS (Sprott Physical Gold Trust) for fees, holdings, dividends and tracking. AAAU: 0.18% expense ratio. PHYS: 0.41% expense ratio. Index focus ...

Fund Snapshot

Key Fund Metrics

Metric

0.18%

Expense Ratio

0.41%

0.00%

Dividend Yield

0.00%

$2.78B

Net Assets

–

1

Holdings

–

Jul 26, 2018

Inception Date

Feb 25, 2010

–

Index Tracked

–

Commodities Focused

Fund Category

–

AAAU costs about $23.00 less per year for every $10,000 invested.

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AAAU vs IAU

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Investment Analysis

AAAU

Pros

Goldman Sachs Physical Gold ETF offers a lower expense ratio of 0.18% compared to alternative physical gold trusts.
With net assets of $2.8 billion, the fund provides substantial liquidity for large transactions.
Inception in 2018 establishes a moderate track record for this commodity-focused exchange-traded fund.

Considerations

The fund's 0.00% dividend yield means investors receive no periodic income from holdings.
Top holdings and sector weight data are currently not available, limiting transparency.
Index tracked details are not provided, making methodology assessment difficult for investors.

PHYS

Pros

Sprott Physical Gold Trust has an extended inception history dating back to February 2010.
The trust's physical gold backing supports its role in commodity-focused portfolio allocations.
Long operating history provides investors with over 16 years of performance context.

Considerations

The expense ratio of 0.41% is higher than competing gold exchange-traded funds.
Net assets are not available, making fund size and liquidity assessment impossible.
Like its counterpart, it offers 0.00% dividend yield and lacks disclosed holdings data.

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About AAAU and PHYS

AAAU (AAAU)

PHYS (PHYS)

Sprott Physical Gold Trust (PHYS) provides investors with direct exposure to physical gold bullion held in secure vaults. Each unit is backed by allocated gold, with the trust aiming to reflect the market price of gold minus fees and expenses. With a market capitalisation of around $14.4 billion, PHYS is one of the larger vehicles offering bullion exposure and is commonly used by investors seeking a straightforward, asset-backed way to participate in gold’s price movements. It does not pay dividends and its returns depend wholly on the gold price; shares can trade at a premium or discount to the trust’s net asset value. Key considerations include the risks of gold price volatility, trust fees and storage costs, potential tax treatments, and liquidity differences compared with ETFs or owning physical coins. This information is educational and not personal financial advice — investors should assess suitability for their own objectives and risk tolerance.

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