Yesterday saw the debut of a new issuer and the launch of a different kind of gold ETF.

The Wilshire wShares Enhanced Gold Trust (WGLD) solely holds physical gold and cash, adjusting its allocation between the two assets based on the level of market volatility.

WGLD comes with an expense ratio of 0.65% and lists on the NYSE Arca.

“Existing gold ETFs simply offer exposure to gold. And that is not a bad thing, but they are all essentially the same in that regard. The most innovation that has happened in the gold ETF market is the physical location of where the gold is stored, or the types of gold bar that an ETF holds,” said Wilshire Phoenix Managing Partner Bill Herrmann, describing WGLD as offering a “more thoughtful approach.”

The fund tracks an index that determines its split between gold and cash by looking at the realized volatility of both the S&P 500 Index and the price of gold. When gold’s volatility increases, the fund increases its exposure to cash, while it shifts more into gold when volatility increases in the S&P 500.

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