SGOL, ETFS Physical Gold Shares SGOL is the newest gold ETF and was launched in September 2009. The fund has $955 million in assets and 752,017 ounces with an expense ratio of 0.39%. Although the ETF is small, year-to-date it has grown 146% in terms of ounces. There is unallocated gold but according to the prospectus not enough to make up a whole bar of gold. The trustee is Bank of New York Mellon, the custodian is JPMorgan and the gold is held in Zurich, Switzerland. The Zurich sub-custodian is UBS. The last audit was by Inspectorate International in December 2009 . The 757 gold bars examined, at that point, were of 99.50% to 99.99% purity. The inspection was at the sub-custodian's vault and there were no anomalies found. In the second quarter, Goldman Sachs ( GS) bought 102,195 shares of the SGOL, making it the second largest investor behind JPMorgan, which holds 398,153 shares. Morgan Stanley ( MS) comes in third with 85,093 shares.