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QAU

$35.29-1.53%Gold35/100
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BetaShares Gold Bullion ETF (AUD Hedged) · BetaShares

Data as at 29 March 2026

TL;DR

Tracks the gold price with the AUD/USD exchange rate hedged out. Returns reflect the USD gold price movement converted to AUD at a fixed rate, without currency movements adding to or subtracting from returns.

MER (Annual Fee)
0.59%
#3 lowest in Gold
1Y Return
+42.1%
3Y Return (p.a.)
+28.3%
Dividend Yield
-
Non-distributing
AUM
$1,703.3M
Assets under management
Avg Daily Turnover
$7.8M
Avg shares × unit price
Unit Price
$35.29
As at 29 March 2026
Provider
BetaShares
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Strategy

Physically backed gold ETF from BetaShares that applies a currency hedge to remove AUD/USD exposure. Gold is held by JP Morgan in London. You receive the movement in the USD gold price, translated to AUD at the hedged exchange rate.

Top Holdings

Key Fact

Gold often rises when the USD weakens. A hedged gold fund like QAU can therefore dampen returns during periods when gold is rising most strongly, because USD weakness and gold strength frequently occur simultaneously.

Suited for

Investors who want to capture the USD gold price movement without the AUD/USD exchange rate either amplifying or reducing their returns.

Risks

Hedging has a cost embedded in the fee structure. Since gold is globally priced in USD, AUD weakness is typically a tailwind for unhedged gold — PMGOLD holders benefit from this, while QAU holders do not.

ETFCheck Score35/100
Fees (40%)12
Fund Size (25%)57
Liquidity (20%)80
Yield (15%)0
How scores are calculated →
Other Gold ETFs
PMGOLD
0.15% MER
64
GOLD
0.40% MER
46View all Gold ETFs →

Frequently Asked Questions - QAU

How does QAU's AUD hedging affect returns compared to unhedged gold ETFs like GOLD?+
QAU uses currency hedging to neutralise AUD/USD movements, meaning your returns closely track the USD gold price. When the Australian dollar weakens against the USD, unhedged funds like GOLD benefit from the currency tailwind - explaining GOLD's stronger 37.5% one-year return versus QAU's 34.8%. However, QAU protects you if the AUD strengthens, making it ideal for investors who want pure gold price exposure without currency speculation complicating their thesis.
Is QAU suitable for SMSF portfolios seeking defensive allocation?+
QAU is commonly used by SMSF trustees as a defensive hedge against equity market downturns and inflation. Since it pays zero distributions, there are no franking credits or income tax obligations until you sell - simplifying SMSF administration and making it cleaner for accumulation-phase members. However, its 0.59% MER is notably higher than GOLD's 0.40%, so cost-conscious SMSF investors should weigh the hedging benefit against the ongoing fee drag over long holding periods.
Does QAU hold physical gold or use derivatives to track the gold price?+
QAU does not hold physical gold bullion. Instead, it gains exposure through gold-linked derivatives and swap contracts, which introduces counterparty risk not present in physically-backed funds like GOLD. BetaShares manages collateral to mitigate this risk, but investors should understand the structural difference. For those who prefer their ETF backed by identifiable gold bars in allocated vaults, GOLD's LBMA-standard physical holdings may provide greater peace of mind.
What are the CGT implications of holding QAU long-term in a taxable Australian account?+
Since QAU pays no income distributions, all returns come as capital gains when you sell. Australian investors holding QAU for over 12 months in a taxable account can access the 50% CGT discount, making it relatively tax-efficient for long-term holders. There are no annual distributions to declare, reducing ongoing tax paperwork. This structure suits buy-and-hold investors, though the ATO requires you to track your cost base accurately for eventual disposal.