A new physical gold ETF has arrived on Wall Street with a distinctly Texan accent. The Y’all Street Physical Gold ETF (NASDAQ:TPMT) is a newly launched fund from Teucrium Asset Management, designed to track the price of gold bullion by holding actual gold bars in a vault. Shares trade on the Nasdaq Stock Market, and the fund is a series of the Texas Precious Metals Trust, a Delaware statutory trust formed on September 16, 2025.
The fund charges an annual sponsor’s fee of 0.24% of net asset value, or roughly $24 a year on a $10,000 investment. According to the prospectus, that fee covers essentially all of the fund’s routine operating expenses, including custody, administration, trustee and audit costs.
What the Fund Does
TPMT is a straightforward physical gold vehicle. The Fund is not actively managed, meaning no portfolio manager is picking stocks or trading derivatives. Instead, the fund buys and stores gold bars, and each share represents a fractional claim on that gold.
Specifically, the fund holds .995+ fine gold bars from members of the London Bullion Market Association (LBMA) Good Delivery List, in the form of kilogram, 100 ounce and 400 ounce bars. The gold is stored with Texas Precious Metals LLC, the fund’s custodian, in a segregated account held in the fund’s name and not commingled with other depositors’ metal. Wilmington Trust, National Association serves as trustee. The fund’s holdings and their value, based on the LBMA Gold Price PM, are reported on the fund’s website each business day.
There is no leverage, no options overlay, no futures contracts and no crypto exposure. Cash is kept to a minimum. Shares are created and redeemed in blocks of 10,000 called Baskets, exchanged directly for physical gold by Authorized Participants. That mechanism is what allows the share price to track the underlying gold value closely.
Why It Exists and How It Stacks Up
The issuer’s pitch, per the prospectus, is that shares offer a “convenient and cost-efficient way to buy and hold physical gold through an exchange traded security” without investors having to arrange their own transportation, storage and insurance. The “Y’all Street” branding is licensed from Texas Precious Metals, which provides marketing support in exchange for a share of the Sponsor’s profits.
The physical gold ETF category is already crowded, dominated by long-established products from major issuers such as State Street, BlackRock’s iShares and World Gold Council partners. TPMT’s 0.24% fee positions it toward the lower end of the range for physically backed gold funds, though it is not the cheapest option available. Competing physical gold ETFs, including iShares’ iShares Gold Trust (NYSEARCA:IAU), have far larger asset bases and years of tracking history.
Gold itself has had a mixed stretch. The SPDR Gold Shares ETF (NYSEARCA:GLD), a common industry benchmark, is up 18.39% over the past year but down 7.91% year to date and off 8.22% over the past month. The macro backdrop is complicated: the federal funds rate sits at 3.75%, down from 4.5% a year ago, while 10-year Treasury yields hover around 4.55% and CPI inflation registered 332.6 in June, down 0.4% from May.
Who It Might Suit, and the Risks
The fund is designed for investors who want gold price exposure inside a brokerage or retirement account without dealing with coin dealers, home safes or storage fees. Because it holds physical bars rather than futures contracts, it avoids the roll costs that can drag on commodity-futures funds.
There are meaningful caveats. TPMT has no performance history, so there is nothing to judge tracking accuracy or trading behavior against yet. New ETFs typically launch with modest assets and wider bid-ask spreads than established rivals, and funds that fail to attract inflows sometimes close. Gold itself pays no interest or dividends, so the opportunity cost rises when Treasury yields are elevated, as they are now. And unlike gold miner stocks, a bullion fund offers no operational upside if gold prices climb.
Tax treatment is another wrinkle worth understanding: physical gold ETFs are typically treated as collectibles for U.S. tax purposes, which can mean long-term gains are taxed at a higher rate than gains on stock ETFs. Investors should confirm the specifics with a tax professional.
What to watch from here is straightforward: how quickly TPMT accumulates assets, how tightly the shares track the LBMA gold price, and whether the Texas-branded pitch attracts enough sponsorship to carve out shelf space against much larger incumbents.
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