http://seekingalpha.com/article/191424-new-gold-etf-prospectus-reveals-exciting-feature

A closer look at the prospectus reveals one unique and potentially exciting feature: any gains realized on the sale of units by an investor may be taxable at long-term capital gains rates (i.e., 15%), “compared to a long-term capital gains tax rate of 28% applicable to the disposition of physical gold bullion and other “collectibles” held for more than one year.” Under current U.S. law, the gains recognized from the sale of “collectibles” (a category into which gold ETFs fall for tax purposes) held for more than one year are taxed at a maximum rate of 28%, rather than the 15% rate applicable to most other long-term capital gains (it should be noted that the availability of the favorable tax treatment on PHYS is a complex issue that likely requires advice from a tax professional).