AAAU is an efficient option for investors seeking exposure to physical gold. At launch, AAAUs shares corresponded to 1/100th of an ounce of gold (though this will decrease over time due to expenses). This low handle should be helpful for those investors placing small orders but could be a deal-breaker for those paying per-share commissions. The daily NAV of the fund is determined using the LBMA PM Gold Price, so the fund has an extremely close relationship with spot prices. Its structure as a grantor trust protects investors, trustees cannot lend the gold bars. However, taxes on long-term gains can be steep, as AAAU is deemed a collectible by the IRS. GSAM acquired this fund on December 14, 2020, from Cottonwood ETF Holdings and changed the fund name from Perth Mint Physical Gold ETF. After the acquisition, the ETF lost its convertibility feature that allowed investors to exchange shares for delivery of physical gold in the form of gold coins and bars.