Global X Management Company has launched the Global X Gold Miners ETF (AUAU) Wednesday, tracking companies involved in gold and silver mining as the precious metal trades near record highs.
The launch comes as gold miners posted triple-digit returns in 2025, outpacing gold’s own advance. Operating margins for companies in the NYSE Arca Gold Miners Index reached 35.33% in the third quarter of 2025, more than triple the 10.19% recorded in the second quarter of 2023, according to Global X ETFs with data from Bloomberg.
The fund trades on NYSE Arca and charges a 0.35% expense ratio, according to the prospectus. AUAU tracks the NYSE Arca Gold Miners Index, which includes 80 constituents as of November 3.
Global X structures the fund as a passively managed portfolio weighted by modified float-adjusted market capitalization, according to the prospectus. Index constituents must maintain a minimum market capitalization of $750 million and average daily turnover of at least $1 million. Individual securities are capped at 20% of the index at each quarterly rebalance.
“Commodities such as gold have long played a role in diversified portfolios because their returns often move independently of traditional stock and bond assets, which can help reduce overall portfolio volatility,” Pedro Palandrani, head of product research and development at Global X, said in a statement.
Gold Miners Join Commodity Suite
The gold miners ETF joins Global X’s existing commodity-focused equity funds, which include the Global X Uranium ETF (URA), the Global X Silver Miners ETF (SIL), and the Global X Copper Miners ETF (COPX).
“Global X has a broad suite of mining ETFs offering targeted exposure to commodity-focused equities,” said Todd Rosenbluth, head of research at VettaFi. “It is great to see them expand their lineup and support the advisor community.”
Gold miners returned approximately 143% year-to-date through November 2025 compared to gold’s price performance of roughly 62%, according to Global X research citing Bloomberg data. The outperformance came as structural buying by global central banks continued, with monetary authorities acquiring over 1,000 tonnes of gold per year since 2022.
The fund is classified as non-diversified and concentrates investments in the metals and mining industry, according to the prospectus. Gold mining stocks represented the smallest share of global equities since 1900 as of November 2025, according to Global X research, even as flows to physical gold ETFs reached nearly $503 billion in net assets.
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