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Fund size
$3.90B
OCT 2026
Total cost ratio
0.40%
per year
Since inception
23.6 yrs
MAR 2003
The fund is designed to offer investors a simple, cost-efficient and secure way to access physical gold by providing a return equivalent to the movements in the gold spot price less the applicable management fee. GOLD is backed by physical allocated gold and each share represents a beneficial interest in approximately 1/100th of one fine troy ounce of physical gold held by JP Morgan Chase Bank, N.A., the Custodian Bank, in vaults in London.
US equity 0.00%Non-US equity 0.00%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 0.00 | 0.00 | — |
| Bond | 0.00 | 0.00 | — |
| Cash | 0.00 | 0.00 | — |
| Other | 100.00 | 100.00 | — |
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| Gold | 100.00 | — | 5.81B | — | — | — | United States |
Fund (NAV) Market price
1M
-5.5
3M
3.7
6M
-9.5
YTD
-3.3
1Y
8.8
3Y
30.2
5Y
18.6
10Y
11.7
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -5.48 | -6.03 | -5.45 | — |
| 3 months | 3.73 | 3.64 | 3.83 | — |
| 6 months | -9.47 | -8.83 | -9.29 | — |
| Year to date | -3.25 | -4.21 | -2.96 | — |
| 1 year | 8.84 | 6.77 | 9.28 | — |
| 3 years p.a. | 30.22 | 30.21 | 30.74 | — |
| 5 years p.a. | 18.65 | 18.68 | 19.12 | — |
| 10 years p.a. | 11.75 | 11.57 | 12.20 | — |
Returns to 30 SEP 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Total Capital
2016
11.2
2017
1.1
2018
10.5
2019
17.2
2020
13.8
2021
1.4
2022
4.6
2023
16.0
2024
38.3
2025
54.0
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | 53.97 | 52.59 | — |
| 2024 | 38.26 | 38.95 | — |
| 2023 | 16.04 | 12.64 | — |
| 2022 | 4.61 | 6.33 | — |
| 2021 | 1.39 | 1.29 | — |
| 2020 | 13.79 | 13.16 | — |
| 2019 | 17.24 | 18.53 | — |
| 2018 | 10.52 | 9.85 | — |
| 2017 | 1.14 | 2.70 | — |
| 2016 | 11.22 | 9.20 | — |
| 2015 | 0.72 | -0.77 | — |
FY17
-9.1
FY18
4.1
FY19
18.2
FY20
27.4
FY21
-8.9
FY22
12.1
FY23
8.3
FY24
21.0
FY25
43.2
FY26
15.4
| Financial year | Total % |
|---|---|
| Financial year to date | 3.29 |
| Year to 30 JUN 2026 | 15.38 |
| Year to 30 JUN 2025 | 43.15 |
| Year to 30 JUN 2024 | 21.01 |
| Year to 30 JUN 2023 | 8.28 |
| Year to 30 JUN 2022 | 12.06 |
| Year to 30 JUN 2021 | -8.91 |
| Year to 30 JUN 2020 | 27.39 |
| Year to 30 JUN 2019 | 18.16 |
| Year to 30 JUN 2018 | 4.08 |
| Year to 30 JUN 2017 | -9.06 |
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | 0.77 | 19.41 | 14.44 | 10.17 |
| Beta | 0.07 | 0.24 | 0.12 | 0.06 |
| R-squared | 0.38 | 4.42 | 1.39 | 0.25 |
| Standard deviation | 27.66 | 19.12 | 17.18 | 15.49 |
| Sharpe ratio | 0.12 | 1.27 | 1.01 | 0.73 |
| Sortino ratio | -0.03 | 2.62 | 1.93 | 1.26 |
| Tracking error | 27.19 | 20.11 | 20.03 | 18.81 |
| Information ratio | -1.17 | 0.73 | 0.37 | 0.21 |
| Upside capture % | 33.99 | 104.18 | 66.01 | 50.17 |
| Downside capture % | 88.25 | 22.41 | -8.60 | -13.31 |
| Maximum drawdown % | -21.71 | -21.71 | -21.71 | -21.71 |
Measured against Bloomberg Commodity TR USD with RBA Bank accepted Bills 90 Days as the risk-free rate, to 30 SEP 2026. Maximum drawdown is on gross returns at the latest quarter end.
Risk score
98.4
Morningstar Portfolio Risk Score at 30 SEP 2026.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Gold rose 0.8% last week, briefly touching a 10-week high of $4,408 as geopolitical tensions around the Strait of Hormuz and softer US inflation data supported demand. Fading Fed hike expectations, sustained ETF inflows and increasingly bullish hedge-fund positioning provided a tailwind, although the precious metals failure to break decisively through $4,400 suggests near-term momentum may be tiring, even though we think the backdrop is steadily improving.
Gold and silver both popped over +4% overnight, their best day since February, taking precious metals miners along for the ride Barrick (+7.4%) and Newmont (+6.7%). The catalysts for the move was a soft private payrolls report and easing energy cost’s reducing fears of multiple Fed rate hikes into Christmas - note credit markets are still pricing in at least one hike in the remainder of 2026.
Gold ETF fund flows have been volatile over the past three years with investor demand surging in early 2025 as speculators started to piggy back central bank buying pushing gold to record highs, and driving record ETF inflows, attracting US$35B, more than during COVID. Gold surged above US$5,500 in January of this year as speculators bought the precious metal without thought to risk but 6-months later golds trading ~30% lower and plenty of speculator have undoubtedly been caught.
Gold is struggling under rising inflation concerns as the US-Iran conflict pushed crude oil back toward US$90/barrel keeping US 2-year bond yields firmly above 4%. The inverse correlation between gold and US bond yields is very clear in the chart below and last week’s CPI would normally have added significant support to the precious metal if it hadn’t been for the escalation in hostilities around the Strait.
Golds initial plunge this year was due to crowded and complacent positioning and this extreme overbought condition is why the precious metal remains well below its January high. While we believe the washout in gold & silver is largely behind us, they will be driven largely by bond yields in the coming months, i.e. when oil prices retreat gold should rise - not the case this morning with gold down ~US$46 @ $US4784 (8.25am Sydney time).
Gold bounced on Friday after the weak US jobs report, but the precious metal has struggled in recent sessions as rising inflation fears and a more hawkish tone in global bond markets outweigh safe-haven demand linked to the Iran conflict.
Gold bounced +0.8% overnight but closed well off its highs as sellers into strength reemerged in precious metals. Similarly gold miners in the US opened strongly before surrendering most of their gains to finish marginally higher. A few months oscillating around the $US5,000 area is our preferred scenario for gold, with a strong possibility of a spike down towards the $US4,200-$US4,400 area.
Gold has largely followed MM’s roadmap through 2025 and if we are correct this current surge above $US4,400 is a short-term “blow off” before we see some consolidation between $US4000 and $4500 - note we’ve had the chart below in place for months. Gold and silver surged to all-time highs overnight as bets on further Fed rate cuts added momentum to their best annual performance in over 40-years.
Gold is enjoying a historic rally, surging above $3,500 an ounce after climbing in eight of the past nine trading sessions. The metal is up almost 40% in 2025, its strongest annual performance since 1978, fuelling massive inflows into gold ETFs, including $11.3 billion into SPDR Gold Shares (GLD) and $6.6 billion into iShares Gold Trust (IAU).
As would be expected, gold spiked after Israel conducted airstrikes as its safe haven status came to the fore. The precious metal climbed as much as 1.8% before paring some gains, similar to oil. Israeli Prime Minister Benjamin Netanyahu said the operation would continue until the “threat” was removed, and the conflict and war of words escalated.
MM is bullish toward gold around US$4100
MM is cautiously bullish towards gold
MM is bullish towards gold around US$4,400
MM is bullish towards gold around US4,400
MM is bullish towards gold around US$4350/oz
MM is bullish towards Gold around US$4,400
MM is bullish towards Gold around US$4,250
MM is bullish towards Gold around US$4,250
MM is cautiously bullish towards gold through 2026 around US$4,000
MM remains bullish towards gold through 2026 below US$4,200
ETFS Metal Securities Australia Ltd ETFS Physical Gold is an open-ended Exchange Traded Commodity incorporated in Australia . It is designed to track the Gold price less fees allowing investors to invest in the precious metals market. It is backed by physical allocated metal bullion which has no credit risk. The security only holds LBMA Good Delivery bars.
Weekly Video Update – Peter O’Connor & James Gerrish on GOLD
Released Wednesday 10th March
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