From ETF Strategy, by James Lord, CFA | Category: Commodities:

Goldman Sachs Asset Management has entered into an agreement to acquire the $500 million Perth Mint Physical Gold ETF (AAAU US).

The fund, which will be GSAM’s first commodity ETF, currently provides exposure to physical gold [held] and guaranteed by The Perth Mint, a wholly owned subsidiary of the Government of Western Australia.

…The ETF will remain listed on NYSE Arca and its ticker will be unchanged.

However, the mint will no longer act as custodian, with a new third-party custodian, as yet undisclosed, set to be appointed.

Michael Crinieri, GSAM’s Global Head of ETF Strategy, commented, “Our team aimed to respond to investor demand for an asset class that has demonstrated resilience and popularity …

“Our goal at GSAM is to continue to give investors thoughtful and cost-effective ways to diversify their portfolios, and we believe this fund is an attractive addition to GSAM’s growing ETF suite.”

AAAU …is one of the lowest-cost gold ETFs in the US with an expense ratio of just 0.18%…