Gold ETFs and how the metal actually gets held

Physically-backed gold ETFs hold allocated bars in vaults on behalf of shareholders. The largest funds hold hundreds of tonnes.

Allocated vs. unallocated

Allocated gold is specific bars held in your name. Unallocated is a claim on a pool. Major ETFs are structured with allocated backing at the fund level.

What you actually own

A share of a trust that owns gold. Not the gold itself. That distinction matters in extreme scenarios, which is why some investors also hold physical.