Indonesia’s capital market regulators launched the country’s first gold-backed exchange-traded funds on August 10, 2026, giving investors a new way to gain exposure to gold prices without holding physical bullion. The launch, timed to the 49th anniversary of Indonesia’s capital market, forms part of the Financial Services Authority’s broader push to deepen and diversify the country’s financial sector.
Key Facts At A Glance
- Five Sharia-compliant gold ETFs began trading on the Indonesia Stock Exchange on August 10, 2026
- Products are managed by five separate investment managers: Syailendra Capital, Indo Premier Investment Management, BRI Manajemen Investasi, Trimegah Asset Management, and Mandiri Manajemen Investasi
- All five ETFs carry a fatwa of compliance from the National Sharia Council of the Indonesian Ulema Council (MUI)
- Physical gold underlies the funds, with ownership recorded digitally through Electronic Gold Receipts at the Indonesian Central Securities Depository (KSEI)
- Initial listed units ranged from 1.5 million units (Syailendra) to 48 million units (Trimegah), with launch prices between roughly IDR 248 and IDR 1,021 per unit
- Global gold ETF assets under management stood at $559 billion and around 4,025 tonnes of gold in 2025, according to the Deputy Finance Minister
- The launch is one of eight “quick win” initiatives under OJK’s capital market deepening action plan
- IDX-listed issuers had surpassed 962 as of the launch date, even as the Jakarta Composite Index was down 25.87% year-to-date through August 7
Indonesia’s Financial Services Authority (OJK), alongside the country’s self-regulatory organizations, formally introduced the gold ETFs at a ceremony at the Indonesia Stock Exchange building in Jakarta. OJK Board of Commissioners Chairwoman Friderica Widyasari Dewi told attendees the concept had been studied for 10 to 15 years but was previously blocked by regulatory constraints, calling the launch the expansion of the bullion market as a quick win within the regulator’s eight action plans.
The five funds, all structured as Sharia mutual funds under the ETF format, trade under tickers including XTRA, XGLD, XDES and XSGO. Each is backed by physical gold held as the underlying asset, with ownership tracked through Electronic Gold Receipts recorded at KSEI before participation units are traded on the exchange. KSEI President Director Samsul Hidayat described the structure as bridging physical commodities with the traditional capital market, saying the initiative aims to diversify local investment options.
Deputy Finance Minister Juda Agung framed the launch within a global context, noting that gold ETFs worldwide held $559 billion in assets and about 4,025 tonnes of gold as of 2025. He said the domestic launch reflected the growing importance of this instrument in the global investment ecosystem, and emphasized that the product’s value is fully collateralized by tangible gold assets.
Industry response has been cautiously optimistic. Trimegah Asset Management President Director Antony Dirga said his firm expects its gold ETF to accumulate several hundred billion rupiah in assets under management by the end of 2026, describing the product as a new, alternative instrument for both retail and institutional investors. Coordinating Minister for the Economy Airlangga Hartarto separately said new investment products such as this are needed to strengthen Indonesia’s financial market and improve its competitiveness against regional peers.
The launch arrives against a mixed backdrop for Indonesian equities. While the number of IDX-listed issuers has climbed past 962, the Jakarta Composite Index remained down close to 26% year-to-date as of the week before the launch, reflecting broader pressure on the local equity market. OJK is pursuing additional structural reforms alongside the ETF rollout as part of its capital market deepening agenda, though further details on those measures were not disclosed at the launch event.