First US-Vaulted Physical Gold ETF Hits Nasdaq, Taking Aim at Offshore Bullion Funds

Y’all Street’s Physical Gold ETF (NASDAQ:YSAU) and Physical Silver ETF (NASDAQ:YSAG) began trading on Wednesday, introducing what the issuer says is the first U.S.-vaulted, fully allocated physical bullion ETF structure for American investors. Texas Precious Metals will serve as the sole custodian for both funds, holding every ounce of the ETFs’ gold and silver in segregated bars at its Texas depository rather than through unallocated bullion accounts commonly used by many precious metals ETFs.

Key features of the ETFs:

• Custodian: Texas Precious Metals serves as the sole custodian for both funds.
• Expense ratios: YSAU carries 0.24% and YSAG carries 0.39%
• Holdings: YSAU: 77 gold bars, YSAG: 88 silver bars
• Storage model: Physical gold and silver are held in fully allocated, segregated bars, with no unallocated metal exposure.
• Bar verification: Every bar is individually identified by bar number and specification and allocated to the funds’ account.
• Vault location: Assets are stored at the 71,000-square-foot Texas Precious Metals Depository in Texas.
• Insurance and oversight: The facility maintains an all-risk insurance policy underwritten by Lloyd’s of London, while independent auditors are permitted to inspect the funds’ bullion twice annually during normal business hours.
• Availability: Shares are available through brokerage platforms and financial advisors.

The launch comes as demand for physically backed precious metals investments remains resilient amid economic uncertainty. According to Texas Precious Metals, each bar held by the funds is uniquely identified, allocated to the ETFs’ account, and stored in a designated area within its depository, eliminating exposure to the credit risk associated with unallocated bullion pools.

The company said locating custody in Texas also reduces reliance on foreign jurisdictions and offshore vaulting locations that dominate much of the existing U.S. bullion ETF market. CEO Tarek Saab said the products were designed to “bring custody home,” allowing investors to own physical bullion held entirely on American soil. The company added that investors can verify holdings through published bar lists and independent audits.

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