Performance data is updated to 31 May 2026.
Gold Bullion Currency Hedged ETF (QAU) — Review & Analysis
QAU holds physical gold and overlays a currency hedge to neutralise AUD/USD movements — investors get the pure gold price in AUD terms with the FX effect removed. AUM is $1.54 billion, making it the largest hedged precious metals ETF on the ASX. Compare QAU alongside every other gold option on our commodities and resources ETF page.
The hedged vs unhedged decision matters more for gold than most assets. Gold is priced in USD globally, so unhedged ETFs like GOLD deliver both the gold move and the FX move stacked together.
QAU strips out the FX and delivers only the gold price change. When the USD rallies against AUD, unhedged gold ETFs typically outperform QAU; when the USD weakens, QAU outperforms. The closest peer is GHLD (Global X Gold Bullion Currency Hedged) at 0.35% p.a. — the 24bp fee differential is meaningful over long holding periods.
QAU works for investors who want a clean gold price exposure without currency noise — typically those running a separate FX overlay or who already hold significant unhedged USD exposure elsewhere. The framework for hedging decisions across asset classes is set out in our hedged vs unhedged ETFs guide.
Performance (% return)
Investment Focus
Themes
Exposure Regions
Portfolio Breakdown
| Sector | % assets |
|---|---|
| Gold Bullion | 100% |
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Gold and precious metals have been shining stars in portfolios amid 2026's volatile markets. With geopolitical tensions, inflation concerns, and a booming commodity cycle, many Aussies are turning to ETFs for easy, low-cost exposure. But with over a dozen gold-focused options on the ASX, which one fits your strategy?
Similar ETFs
| Stock | Name | 1 Year % |
|---|---|---|
| GHLD | Global X Gold Bullion (Currency Hedged) ETF | +33.93% |
| MNRS | Betashares Global Gold Miners Currency Hedged ETF | +78.44% |
| GOLD | Global X Physical Gold | +22.27% |
| PMGOLD | Perth Mint Gold | +22.50% |
| ETPMAG | Physical Silver | +103.79% |
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Last updated: January 2026
