A novel structure containing self-assembled, unstrained GaAs quantum dots is obtained by combining solid-source molecular beam epitaxy and atomic-layer precise in situ etching. Photo-luminescence (PL) spectroscopy reveals light emission with very narrow inhomogeneous broadening and clearly resolved excited states at high excitation intensity. The dot morphology is determined by scanning probe microscopy and, combined with single band and eight-band k.p theory calculations, is used to interpret PL and single-dot spectra with no adjustable structural parameter.