At a glance
BAR charges 0.17% a year, below the 0.21% average of the 7 funds most like it (the 4th cheapest of 7). It has $1.33B in assets, the 8th largest of that group. Over the past year it returned +1.7% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +26.3% a year. At its worst it fell 12.4% in the 2020 crash (S&P 500: 33.7%) and 20.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 14 months after the lows.
The short version
GraniteShares Gold Trust (BAR) is a grantor trust that holds physical gold bullion, so its shares rise and fall with the price of gold. Its sponsor fee of 0.1749% is well below the 0.40% charged by SPDR Gold Shares (GLD), though SPDR Gold MiniShares (GLDM) and iShares Gold Trust Micro (IAUM) cost less. It pays no income. With $1.33 billion in assets as of June 30, 2026, it is the smallest fund in its peer group.
Price history
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BAR +1.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BAR price data to Oct 27, 2026 | -5.9% | +1.7% | +26.3% | +17.5% | — | +12.9% |
- Over the year to Oct 27, 2026, BAR returned +1.7%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +17.5%.
- In the 2020 COVID crash it fell 12.4% and regained its old high 0.7 months after the low.
- Its worst full calendar year was 2021 (-3.9%); its best was 2025 (+64.1%).
- The deepest fall in its price history was 26.3% (Jan 29, 2026 to Jul 16, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -5.9% |
| 2025 | +64.1% |
| 2024 | +27.0% |
| 2023 | +13.0% |
| 2022 | -0.6% |
| 2021 | -3.9% |
| 2020 | +25.0% |
| 2019 | +18.2% |
| 2018 | -1.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 3.7% over that stretch · deepest drop along the way 12.4%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.3% over that stretch · deepest drop along the way 20.9%, back to its old high 14.2 months after the low |
What's inside
The trust holds physical gold directly, worth $1.33B as of Jun 30, 2026 (per its 10-K). It does not hold stocks or bonds, so there is no holdings list.
How it works
BAR does not follow an index and has no portfolio manager. The trust's assets are meant to consist solely of gold bullion. Its goal is for each share to reflect the value of the gold the trust owns, minus its accrued expenses and liabilities. The trust does not trade to profit from gold price moves or to limit losses from them. It holds no futures contracts and is not a commodity pool. It is also not registered under the Investment Company Act of 1940, the law that governs mutual funds, so it lacks some of the protections that law provides.
New shares are created in "Baskets" of 50,000 shares by Authorized Participants, which are large financial firms that deliver gold to the trust in exchange. No shares can be issued until the matching gold has been deposited, and London Good Delivery bars are accepted. The gold is allocated, meaning it is recorded as the trust's own property in the books of the custodian, ICBC Standard Bank. The Bank of New York Mellon is the trustee. Most investors simply trade shares on an exchange.
The sponsor, GraniteShares LLC, is paid its 0.1749% fee in gold, so the amount of gold behind each share shrinks slowly over time. The trust pays no distributions.
What it really costs
- BAR charges 0.1749% a year, versus an average of 0.21% for the similar funds below (4th of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
BAR holds only physical gold, which has often moved differently from stocks, but its price swings are large and it produces no income.
Gold can add something different from stocks and bonds, but BAR has not been a dependable shelter. In the 2020 COVID crash it fell 12.4% between March 9 and March 19, 2020, then recovered by April 9. In 2022 it dropped 20.9% between March and September and took about 14 months to recover. Its deepest drop, 26.3%, ran from January 29 to July 16, 2026, and had not been recovered as of October 27, 2026. Its worst calendar year was 2021, when it lost 3.9%. The trust launched in 2017, so it has no record from 2008.
BAR pays no income. Anyone drawing cash from it has to sell shares, possibly after a fall. Its 0.1749% fee is below the 0.21% peer average. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want gold exposure in a brokerage account without having to purchase, store or insure gold bars themselves.
- Cost-conscious gold investors: the 0.1749% sponsor fee is less than half of GLD's 0.40% and below IAU's 0.25%.
- Long-term holders who want an asset that has moved differently from stocks and can accept drops like the 26.3% fall in 2026.
Look elsewhere if
- Retirees who need income: BAR pays no distributions, so any cash has to come from selling shares.
- Investors focused on the lowest fee: GLDM at 0.10% and IAUM at 0.09% cost less for similar physical gold exposure.
- Taxable-account investors concerned about the collectibles tax rate, which can reach 28% on long-term gains from physical gold trusts.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BAR this fund | 0.1749% | $1.33B | +1.7% | +26.3% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
Questions investors ask
Does BAR pay dividends?
No. GraniteShares Gold Trust pays no dividends or other distributions, because gold bullion earns no interest and has no profits. Any return comes from changes in the gold price, minus the 0.1749% sponsor fee. The fee is paid in gold, so the gold behind each share shrinks slowly over time. Investors who need cash from BAR have to sell shares, which can mean selling after a price drop.
BAR vs GLD: what's the difference?
Both hold physical gold directly, so their returns are close. BAR returned 26.3% a year over three years as of October 27, 2026, compared with 25.6% for GLD as of October 29, 2026. The main differences are cost and size. BAR's sponsor fee is 0.1749%, while GLD charges 0.40%. GLD is far larger, at about $130.1 billion in net assets compared with $1.33 billion for BAR as of June 30, 2026. On cost, abrdn Physical Gold Shares (SGOL) is closer to BAR, at 0.17%.
Is BAR backed by physical gold?
Yes. The trust's assets are allocated physical gold bullion, recorded as the trust's property in the books of its custodian, ICBC Standard Bank. The Bank of New York Mellon is the trustee. New shares can be issued only after the matching gold has been deposited, and London Good Delivery bars are accepted. BAR does not use futures contracts. It is not registered under the Investment Company Act of 1940, so it lacks some protections that apply to registered funds.
How is BAR taxed?
In the US, BAR is generally taxed like the gold it holds, because it is a grantor trust and its owners are treated as owning a share of the metal. Long-term gains on physical precious-metal trusts can be taxed at the collectibles rate of up to 28%, instead of the usual long-term capital gains rates. This matters most in taxable accounts. A tax-advantaged account such as an IRA can change the picture, so the details are worth checking with a tax professional.
How has BAR performed?
BAR has closely followed the gold price, with large swings. As of October 27, 2026, its price return was 1.7% over one year, 26.3% a year over three years and 17.5% a year over five years. Calendar-year results ranged from a 3.9% loss in 2021 to a 64.1% gain in 2025. In 2026, through October 27, it was down 5.9%. That included a 26.3% drop between January 29 and July 16, 2026.