Jakarta– Indonesia Stock Exchange (IDX), together with other Self-Regulatory Organizations (SROs), namely Indonesia Clearing and Guarantee Corporation (IDClear) and Indonesia Central Securities Depository (KSEI), as well as capital market industry participants, with the support of Indonesia Financial Services Authority (OJK), officially launched Indonesia’s first Gold Exchange-Traded Funds (Gold ETFs) in conjunction with the 49th Anniversary of the Reactivation of the Indonesian Capital Market on Monday (10/8) at the IDX Main Hall. The launch was marked by the listing of five Gold ETF products issued by five Investment Managers, representing a new milestone in the development of gold-based investment instruments in Indonesia’s capital market.
The five Gold ETF products are: (1) Premier ETF Gold Sharia Indonesia (XGLD) Sharia Mutual Fund, issued by PT Indo Premier Investment Management; (2) Trimegah Syariah ETF Emas (XTRA) Sharia Mutual Fund, issued by PT Trimegah Asset Management; (3) Mandiri ETF Emas (XMES) Sharia Mutual Fund, issued by PT Mandiri Manajemen Investasi; (4) BRI MI Gold Sharia ETF (XDES) Sharia Mutual Fund, issued by PT BRI Manajemen Investasi; and (5) Syailendra ETF Sharia Gold (XSGO) Sharia Mutual Fund, issued by PT Syailendra Capital.
The launch of these five products was also supported by various market participants within the Gold ETF ecosystem. PT Bank CIMB Niaga Tbk, Deutsche Bank AG Jakarta Branch, and PT Bank HSBC Indonesia serve as Custodian Banks; PT Mandiri Sekuritas, PT Mirae Asset Sekuritas Indonesia, PT Indo Premier Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk serve as Participating Dealers; while PT Pegadaian (Persero) serves as the gold provider and custodian.
IDX President Director Jeffrey Hendrik said that the presence of Gold ETFs represents an important step in expanding investment product options while strengthening the connectivity between the capital market and the national bullion ecosystem. “The launch of Gold ETFs marks an important milestone in the development of Indonesia’s capital market. Through these products, investors can gain exposure to gold through instruments traded on the Exchange. We hope Gold ETFs will expand access to and provide greater investment choices for both retail and institutional investors, while also establishing broader connectivity between the capital market and the national bullion ecosystem.”
Gold ETFs are mutual funds established in the form of Collective Investment Contracts (KIK), with their units traded on the Exchange and gold as the underlying asset. Gold ETFs listed on the IDX are required to maintain a minimum of 95% of their portfolio in gold assets, with a minimum purity level of 99.5% certified by the LBMA or 99.9% certified under SNI 8080:2020.
For investors, Gold ETFs provide an alternative way to gain exposure to gold assets through trading mechanisms on the Exchange, without the need to directly purchase and store physical gold. Investors can buy and sell Gold ETF units through securities companies, in the same manner as transactions involving ETFs in general.
From a regulatory perspective, the introduction of Gold ETFs is supported by an established regulatory framework, including OJK Regulation (POJK) Number 2 of 2026 concerning Mutual Funds in the Form of Collective Investment Contracts whose Units are Traded on the Stock Exchange with Gold as the Underlying Asset. Subsequently, IDX issued Amendments to Exchange Rule Number I-C concerning the Listing of Units of Mutual Funds in the Form of Collective Investment Contracts whose Units are Traded on the Stock Exchange, Rule Number II-C concerning the Trading of Units of Mutual Funds in the Form of Collective Investment Contracts whose Units are Traded on the Stock Exchange, and Rule Number III-L concerning ETF Participating Dealers to accommodate the trading of Gold ETFs on the Exchange. In addition, the development of Gold ETFs has also been supported by DSN-MUI Fatwa No. 163/DSN-MUI/VIII/2025 concerning Sharia Gold Exchange-Traded Funds (Gold Sharia ETFs). This further expands the range of gold-based investment instruments available to investors, particularly those with a preference for sharia-compliant investment products.
To encourage product development at the initial stage, IDX is providing an incentive in the form of a waiver of initial listing fees for Gold ETFs pursuant to IDX Board of Directors Decree Number Kep-00098/BEI/06-2026, which is effective until 31 December 2026. The incentive is expected to improve the efficiency of Investment Managers in the process of issuing Gold ETFs in Indonesia’s capital market.
Through the launch of Gold ETFs, IDX hopes that the development of gold-based products will continue and contribute to capital market deepening, greater diversification of investment products, expansion of the investor base, and strengthening of Indonesia’s bullion ecosystem. The introduction of Gold ETFs also reflects IDX’s commitment to continuously providing innovative, competitive, and relevant market products and infrastructure that meet investors’ needs.
