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Syailendra Capital Officially Launches Syailendra ETF Sharia Gold (XSGO) on the Indonesia Stock Exchange

PT Syailendra Capital has officially launched the Syailendra ETF Sharia Gold (XSGO) Sharia Mutual Fund on the Indonesia Stock Exchange (BEI), Monday (10 August). This launch marks the arrival of one of Indonesia's first gold ETFs and is part of the celebration of the 49th Anniversary of the Reactivation of Indonesia's Capital Market.

The launch of XSGO was marked by an Opening Bell ceremony at the BEI Main Hall. The arrival of this product represents Syailendra Capital's step in providing a more accessible alternative for gold investment by combining the characteristics of mutual funds and ETF trading mechanisms on the exchange.

For Syailendra Capital, the launch of XSGO is not merely the introduction of a new investment product, but also part of a commitment to promoting financial literacy and inclusion. Through XSGO, Syailendra Capital aims to help the public understand the function and role of gold in a portfolio and how to use it as part of a long-term investment diversification strategy.

"This launch is not merely the introduction of a new product, but also part of our commitment to help the public understand the function and role of gold as an investment instrument and how to use it ideally in a long-term investment portfolio," said Fajar R. Hidayat, President Director of Syailendra Capital.

Opening up new access to gold investment

The arrival of XSGO is part of the development of gold investment in Indonesia, from physical gold ownership, digital gold, to now gold that can be accessed through ETF products and traded on the exchange.

XSGO provides exposure to gold through Electronic Gold Receipt (EGR) as the underlying asset. The gold is provided and stored by PT Pegadaian as the Gold Provider and Gold Custodian. Pegadaian also provides gold price quotations as one of the references for calculating XSGO's value.

Meanwhile, PT Bank CIMB Niaga Tbk acts as the Custodian Bank that performs custodian functions over ETF assets in accordance with applicable regulations. PT Mirae Asset Sekuritas Indonesia acts as a Participating Dealer in XSGO transactions in the primary market.

With regard to the underlying, the gold that forms the basis of XSGO has a purity standard of 99.5% LBMA or 99.9% SNI. This structure provides investors with gold exposure without having to store physical gold directly.

Two ways to access XSGO

XSGO can be accessed through the primary market and secondary market.

In the primary market, investors can conduct transactions through PT Mirae Asset Sekuritas Indonesia as the Participating Dealer. The minimum first purchase is equivalent to 500 grams of gold or approximately Rp1.5 billion, assuming a gold price of Rp3 million per gram.

Meanwhile, in the secondary market, XSGO can be traded through securities companies or brokers during exchange trading hours, with a minimum transaction of 1 lot or 100 units, making it accessible at relatively more affordable transaction values.

This trading mechanism allows investors to gain exposure to gold through an instrument that is traded digitally on the exchange, with prices and product information available transparently during trading hours.

Gold as part of portfolio diversification

The arrival of XSGO is also driven by increasing investor attention to gold as an asset for portfolio diversification.

Based on Bloomberg data processed by Syailendra Research, gold prices have recorded average growth of approximately 10% over the past 15 years and has been a winning asset five times throughout 2014–2025. Historically, gold has also demonstrated resilience during several periods of market stress, including the Global Financial Crisis in 2008 and the COVID-19 pandemic.

"ETFs are actually not new instruments in Indonesia's capital market. A number of sectoral ETFs have been available and show quite rapid development. However, ETF penetration among retail investors is still not very significant. Because the underlying is simple, namely gold, we see there is still room to introduce ETF mechanisms to retail investors through education," said Fajar.

Syailendra Capital targets XSGO's AUM of Rp100 billion to Rp200 billion in the first year. This target is in line with the growth opportunity for gold ETFs and the potential interest from institutional and retail investors.

XSGO, a practical way to invest in gold

XSGO offers gold exposure through Electronic Gold Receipt (EGR) with a purity standard of 99.5% LBMA or 99.9% SNI, without having to store physical gold. Traded digitally on the exchange, XSGO provides transparent and liquid access and can be part of a long-term portfolio diversification strategy.

The launch of XSGO was also attended by a number of figures from government, regulators and capital market infrastructure, including Airlangga Hartarto, Coordinating Minister for Economic Affairs of the Republic of Indonesia; Juda Agung, Deputy Minister of Finance of the Republic of Indonesia; Friderica Widyasari Dewi, Chair of the Board of Commissioners of the OJK; Hasan Fawzi, Executive Head of Supervision of Capital Markets, Derivative Finance and Carbon Exchanges at the OJK; Pandu Sjahrir, CIO Danantara; and Samsul Hidayat, Director General of KSEI.

Through the launch of Syailendra ETF Sharia Gold (XSGO) Sharia Mutual Fund, Syailendra Capital continues its commitment to presenting relevant investment innovations for investors while expanding options in building a diversified portfolio.

Same gold. New possibilities.