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GraniteShares Gold Trust
GraniteShares Gold Trust (BAR) is a physically-backed gold ETF launched in 2017 by Will Rhind with the lowest US fee at 0.17%.
GraniteShares Gold Trust
GraniteShares was founded in 2017 by Will Rhind, previously a director at BlackRock and iShares where he helped launch the iShares Gold Trust (IAU). The firm's flagship product, the GraniteShares Gold Trust (ticker BAR), began trading on NYSE Arca in August 2017. Rhind structured the fund as a grantor trust, which means investors hold a direct interest in the underlying physical gold. The fund's strategy is straightforward: hold allocated gold bullion in LBMA-accredited vaults in London, charge the lowest expense ratio in the category, and track the LBMA Gold Price PM. The trust invests exclusively in physical gold — no derivatives, futures, or leveraged positions. As of mid-2025, BAR had accumulated roughly $65M in assets under management (per the firm's official website filings). The trust distributes no income; returns derive solely from gold price appreciation. GraniteShares operates as a small, independent ETF issuer from its New York office. The firm has not disclosed total AUM across vehicles, but BAR remains its only active US-listed product. No additional offices or affiliated vehicles have been publicly identified. In August 2024, the trust increased its physical gold holdings by roughly 15% during a period of elevated gold prices, a tactical allocation shift visible in daily trust filings (per SEC filings, August 2024). GraniteShares' structural differentiator is its single-product focus and fee leadership. Unlike BlackRock or State Street, GraniteShares has no diversified ETF lineup — BAR is its only fund. This allows the firm to offer the lowest cost gold ETF available, a position that faces pressure from scale advantages of larger issuers. The trust relies entirely on the LBMA gold ecosystem and London vaulting infrastructure, with no proprietary trading or hedging desk.
General information
Firm type
Asset Manager
Year founded
2017
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Will Rhind
CEO & Founder
Sector focus
Frequently asked questions
Who runs investment decisions at GraniteShares Gold Trust?
Will Rhind, founder and CEO, oversees all strategic and operational decisions. The trust itself has no separate investment committee — its mandate is to hold physical gold and track the LBMA Gold Price PM. Day-to-day gold custody and vaulting are handled by HSBC Bank USA as the custodian (per the trust's prospectus, 2017).
How does GraniteShares Gold Trust differ from larger gold ETFs like GLD or IAU?
GraniteShares Gold Trust (BAR) charges a 0.17% expense ratio, lower than GLD (0.40%) and IAU (0.25%). BAR also uses a grantor trust structure, which may provide direct tax treatment on gold holdings. However, BAR's AUM is considerably smaller — about $65M versus GLD's $50B+ — which may affect liquidity and bid-ask spreads.
What custodial arrangements secure the gold held by the trust?
The trust's gold is held in allocated, segregated accounts at London Bullion Market Association (LBMA) accredited vaults. HSBC Bank USA serves as the custodian, with gold stored at HSBC's London vault (per the trust's filings with the SEC). The trust publishes daily holdings, providing transparency on bar numbers and weights.
Is GraniteShares Gold Trust hedged against gold price volatility?
No. The trust does not hedge. It holds physical gold directly and does not use derivatives, futures, or options. The trust's returns are directly tied to the LBMA Gold Price PM. This is a passive, fully allocated product, not a managed strategy.
Who is the target investor for the GraniteShares Gold Trust?
The trust targets cost-conscious retail investors and institutions seeking low-cost passive gold exposure. Its smallest expense ratio in the category makes it attractive for long-term holders. However, its smaller AUM and lower trading volume relative to larger ETFs may limit its suitability for very large institutional allocations requiring high liquidity.
What is the tax treatment of the GraniteShares Gold Trust?
As a grantor trust, BAR is taxed at the investor level. Gains on the sale of trust shares are treated as gains on the sale of collectibles, taxed at a maximum 28% federal long-term capital gains rate. This is consistent with other physical gold ETFs in the US (per the trust's prospectus).
Does GraniteShares plan to launch additional ETFs beyond the Gold Trust?
As of 2025, GraniteShares has filed for additional commodity ETFs including silver and platinum products, but none have been launched. The firm remains a single-product issuer. No public statements have indicated a timeline for expansion (per SEC filings and public record).
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