The TradePlus Shariah Gold Tracker (0828EA) is an exchange-traded fund listed on Bursa Malaysia that tracks the price of gold. When you buy units of this ETF, you are buying a beneficial interest in physical gold bars stored in a secured vault in Singapore.
It is the world's first Shariah-compliant, physically-backed gold ETF — launched on 6 December 2017 by AHAM Asset Management Berhad (formerly Affin Hwang Asset Management). Unlike some gold products that use derivatives or futures to track gold prices, 0828EA holds actual gold: at least 95% of the fund's NAV is invested in physical gold bars purchased from LBMA-accredited refineries.
Each unit of the ETF represents approximately 0.01 grams of gold. As gold prices rise or fall, the unit price moves accordingly — in Malaysian Ringgit.
The fund was launched by Affin Hwang Asset Management, which rebranded to AHAM Asset Management Berhad following a corporate restructuring. The investment team and fund operations remain unchanged. The sub-manager is AIIMAN Asset Management Sdn Bhd, a Shariah-focused asset manager within the same group.
Approximate year-end closing prices in MYR. Performance reflects gold price appreciation + MYR/USD exchange rate movements. All figures approximate — verify at Bursa Malaysia before investing.
Year-by-Year Price Milestones
The gold price benchmark is in USD, but you're investing in MYR. When the Malaysian Ringgit weakens against the US Dollar (a common occurrence during global risk-off periods), the ETF price in MYR rises even faster than the underlying gold price rise. This "double effect" — rising gold + weakening MYR — amplified returns significantly in 2020, 2022, and again in 2025. The flip side: a strengthening MYR can reduce returns even when gold is rising.
Understanding how your ETF units are backed by physical gold is important for assessing the security and legitimacy of your investment.
Gold sourcing: Only purchased from refineries accredited by the London Bullion Market Association (LBMA) — the global standard-setting body for gold. LBMA-accredited bars are 99.5%+ purity and carry documented chain-of-custody.
Gold Bar List: The fund publishes a monthly Gold Bar List on the official website, showing the serial numbers and weights of every gold bar held. This is transparent, verifiable proof of the physical backing.
Remaining 5%: Held in Islamic money market instruments and Islamic deposits for fund liquidity — covering ongoing expenses, redemptions, and operational needs.
Physical redemption: Institutional investors can redeem units for physical gold, but the minimum is 500,000 units (approximately 5kg of gold). Retail investors sell on Bursa in MYR and receive cash — not gold bars.
The physical gold is held in a secured vault in Singapore, not in Malaysia. This is standard practice for internationally-traded gold ETFs and consistent with LBMA custody requirements. The gold is fully allocated and segregated — it belongs to the fund, not the custodian. While the offshore custody has no practical impact on your investment, it is worth knowing if you had assumed the gold was held domestically.
Gold has a special place in Islamic finance. Under classical Shariah law, gold is one of the six ribawi commodities — items that require specific trading conditions (same quantity, immediate exchange, hand-to-hand) to avoid riba (interest). A gold ETF must be structured carefully to comply with these requirements.
0828EA achieves Shariah compliance through:
- Physical backing: Units represent actual ownership of gold bars — not a derivative, forward contract, or promise to pay gold. This satisfies the requirement for real asset ownership.
- No leverage: The fund does not borrow money or use financial derivatives. Returns are entirely from gold price movements.
- No interest-bearing instruments: The 5% liquidity reserve is held in Islamic money market instruments and Islamic deposits — not conventional interest-bearing accounts.
- Amanie Advisors: The fund is certified by Amanie Advisors Sdn Bhd, headed by internationally renowned Shariah scholar Datuk Dr. Mohd Daud Bakar, one of the most respected names in global Islamic finance.
When TradePlus Shariah Gold Tracker launched in December 2017, it was the world's first Shariah-compliant, physically-backed gold ETF. This was a significant achievement for Malaysia's Islamic finance ecosystem and put Bursa Malaysia on the global map for Islamic capital markets innovation.
| Fee Type | Rate | Note |
|---|---|---|
| Annual Management Fee | 0.50% p.a. | Annual management fee |
| Annual Trustee Fee | 0.06% p.a. | TMF Trustees Malaysia Berhad (excl. custody) |
| Annual Custody Fee | 0.20% p.a. | Physical gold storage in Singapore vault |
| Index Licence Fee | ~0.00% | Minimal (USD 250–10,000 capped quarterly) |
| Effective TER (approx.) | ~0.76% p.a. | Silently deducted from NAV |
Most equity ETFs charge 0.40–0.65% in management fees. The TradePlus Gold ETF adds a 0.20% custody fee on top — because physical gold bars require a physical vault, insurance, and logistical management. This is unavoidable for any physically-backed product. The effective ~0.76% TER is competitive for a Shariah-compliant physical gold product globally.
| Feature | 0828EA Gold ETF | Physical Gold (bars/coins) | Bank Gold Account | Gold Unit Trust |
|---|---|---|---|---|
| Gold backing | Physical bars | Physical | Paper/unallocated | Usually futures |
| Shariah | ✅ Certified | ✅ Halal | ⚠️ Varies by bank | ⚠️ Check prospectus |
| Entry cost | RM ~63 (100u) | RM 3,000+ (5g bar) | RM 1 (some banks) | RM 1,000+ |
| Annual cost | ~0.76% p.a. | Storage + insurance | Spread 0.3–1.5% | 1.5–2.5% p.a. |
| Real-time pricing | ✅ Bursa live | Dealer spread | End-of-day | NAV daily |
| Sell instantly? | ✅ Bursa hours | ⚠️ Find buyer | ✅ Usually instant | T+3 days |
| Income | None | None | None | Rare/none |
The fund's primary market (institutional creation/redemption) operates in USD, with a minimum block of 500,000 units. As a retail investor on Bursa's secondary market, you trade in MYR only. The MYR price is determined by the market and should stay close to the MYR equivalent of the gold NAV via arbitrage by Participating Dealers (Affin Hwang Investment Bank and Malacca Securities).