Gold ETFs Officially Traded as a New Alternative for Gold Investment
JAKARTA, KOMPAS — Investors in Indonesia now have a new option for gold investment. Starting Monday (10/8/2026), gold can be accessed through exchange-traded fund (ETF) instruments traded on the Indonesia Stock Exchange (BEI). This allows investors to buy and sell exposure to gold through the stock trading mechanism on the exchange.
Coinciding with the anniversary of the Indonesian Capital Market on 10 August, the BEI listed the first five sharia gold ETFs. The five products are the XTRA-Trimegah Syariah ETF Emas by PT Trimegah Asset Management, XDES-BRI MI Gold ETF Syariah by PT BRI Manajemen Investasi, XMES-Mandiri ETF Emas Syariah by PT Mandiri Manajemen Investasi, XSGO-Syailendra ETF Sharia Gold by PT Syailendra Capital, and XGLD-Premier ETF Gold Sharia Indonesia by PT Indo Premier Investment Management.
In the initial phase after the launch, the combined five ETFs recorded approximately 63.8 million participation units with a total initial Net Asset Value (NAV) of around IDR 21.68 billion.
Trimegah Asset Management President Director Antony Dirga stated that their ETF, trading under the code XTRA, can be accessed through securities company trading platforms and traded on the BEI secondary market. “This gold ETF is launched on the exchange, so access is immediately broad for the public; they can trade directly on the exchange, in the secondary market,” Antony said during the launch event at the BEI Building, Jakarta.
With this mechanism, investors do not need to transact in physical gold to gain exposure to gold price movements. The gold ETF is traded like other securities on the exchange, allowing its price and transactions to be monitored through the capital market trading system. The instrument differs from physical gold as ownership and trading occur within the capital market ecosystem. Investors only need a securities account to transact through a securities firm. The instrument also allows investors to gain exposure to gold without handling physical storage.
Antony said Trimegah Asset Management is targeting assets under management for its gold ETF to reach hundreds of billions of rupiah by the end of 2026. This is equivalent to about 1 per cent of Trimegah Asset Management’s total AUM target of IDR 60 trillion by year-end.
Like other investment instruments, gold ETFs carry risks. The unit price can move in line with the gold price and market conditions. Antony noted the product presents an opportunity by offering a new instrument for people who want to invest in gold through the capital market. “This is a new instrument, an alternative instrument. So far, Pegadaian, BSI and others have been selling through digital gold. There are many, but none in the capital market yet,” he said. He assessed that the exchange listing will broaden access to gold investment as the instrument can be purchased by both retail and institutional investors.
OJK Board of Commissioners Chairman Friderica Widyasari Dewi said in her remarks that gold ETFs offer practicality and liquidity for investors. “Gold ETFs offer practicality and are also liquid because they are traded on the Indonesia Stock Exchange,” Friderica stated. This characteristic allows gold ETFs to be used as a portfolio diversification option. Gold has long been known as an asset often used as a hedge during times of uncertainty or volatility in financial markets. However, like other investment instruments, gold ETFs carry risks. As they are traded on the exchange, investors also face the risk of price changes during trading hours and other market risks.
Friderica noted that the gold ETF concept had been under study for about 10 to 15 years. However, the instrument could only be realised after regulatory changes allowed the development of the bullion market and gold-based products in the capital market. OJK has included gold ETFs as part of efforts to expand the bullion market while deepening Indonesia’s financial market. The gold ETF has also entered the sharia financial ecosystem after obtaining sharia compliance from the National Sharia Board of the Indonesian Ulema Council.
Globally, the assets under management for gold ETFs in 2025 reached USD 559 billion with gold holdings of 4,025 tonnes.
Deputy Finance Minister Juda Agung said in his remarks that the prospects for gold ETFs in Indonesia can be seen from the significant growth of similar instruments in the global market. Based on long-term historical data compiled by the World Gold Council (WGC) and market analysis, gold ETFs have been traded since 2003. The government sees an opportunity to develop a similar market in Indonesia alongside the development of the national bullion ecosystem since 2023. “So, what we are doing today is not just adding a product; we are expanding investment choices while deepening our financial market so it can compete with regional and global capital markets,” he said.
Coordinating Minister for Economic Affairs Airlangga Hartarto noted that based on demographics, the United States is the country with the highest value of gold ETFs.