Gold ETFs — fees, liquidity & taxation considerations
Note: Figures (AUM, volume, spreads) update frequently; verify the linked issuer pages before trading.
Physically‑backed (collectible tax rules)
ETFs that are Grantor‑trust bullion vehicles are taxed as collectibles, issue 1099s (no K‑1), and aim to track spot less fees. Liquidity leadership: GLD and IAU; fee/unit‑size leadership: GLDM and IAUM. Trading cost = fee + median NBBO spread + depth; verify issuer spread statistics.
(These funds hold real gold bars; as collectables, gains are taxed at ordinary tax rates, up to 28% max if held > 1 year.)
| Ticker | Fund name | Issuer | Tax treatment | Net assets (AUM, $B) | Expense ratio | 30D median spread, ave. daily vol. | Key notes | Sources |
|---|---|---|---|---|---|---|---|---|
| GLD | SPDR Gold Shares | State Street (SPDR) | Taxed as collectables*; 1099 | $110.57B | 0.40% | 0.01% • 7,560,985 ($2.33B) | Flagship bullion vehicle; extremely deep liquidity and tight markets; broad options market support (Inception 11/18/2004; custody: HSBC; JPMorgan; location: London / New York). | SSGA GLD|GLD tax FAQ |
| IAU | iShares Gold Trust | BlackRock (iShares) | Taxed as collectables*; 1099 | $46.90B | 0.25% | 0.02% • 12,847,397 ($811M) | Large, low‑fee bullion tracker; historically tight median spreads and deep primary market capacity; robust options market (Inception 01/21/2005; custody: JPMorgan (London branch); location: London). | iShares IAU |
| GLDM | SPDR Gold MiniShares Trust | State Street (SPDR) | Taxed as collectables*; 1099 | $23.11B | 0.10% | 0.02% • 1,844,500 ($122M) | Low‑fee SPDR option with smaller gold per share, useful for dollar‑based sizing and model portfolios (Inception 06/25/2018; custody: HSBC; JPMorgan; location: London / New York). | SSGA GLDM |
| IAUM | iShares Gold Trust Micro | BlackRock (iShares) | Taxed as collectables*; 1099 | $3.58B | 0.09% | 0.03% • 4,077,190 ($136M) | Lowest fee in the iShares bullion lineup; micro share price aids fractional ticketing; generally tight spreads (Inception 06/15/2021; custody: JPMorgan (London branch); location: London). | iShares IAUM |
| AAAU | Goldman Sachs Physical Gold ETF | Goldman Sachs Asset Management | Taxed as collectables*; 1099 | $1.60B | 0.18% | 0.03% • 2,704,919 ($89M) | Backed by The Perth Mint (Gold Corporation); sponsor rebranded to GSAM; niche alternative with institutional sponsor (Inception 07/26/2018; custody: Perth Mint; location: Perth, Western Australia). | GSAM AAAU |
| BAR | GraniteShares Gold Trust | GraniteShares | Taxed as collectables*; 1099 | $1.12B | 0.17% | — | Low fee vs peers; publishes detailed bar list; good secondary liquidity relative to size (Inception 08/31/2017; custody: ICBC Standard Bank Plc; location: London, UK). | GraniteShares BAR |
| SGOL | abrdn Physical Gold Shares ETF | abrdn | Taxed as collectables*; 1099 | — | 0.17% | — | Physically backed; custody moved to ICBC Standard Bank plc in 2024–25; London storage (Inception 09/09/2009; custody: ICBC Standard Bank Plc; location: London). | abrdn SGOL |
Futures‑based (RIC 1099 & Commodity Pools / K‑1)
Futures‑based structures: (i) RIC ETFs (1099, no K‑1) using Cayman subs; (ii) commodity pools (K‑1). Futures are §1256 MTM with 60/40 LT/ST character; returns reflect roll and collateral yields. Leveraged/inverse (UGL/GLL) are daily‑reset; overlays (USG/YGLD/GOLY) add option income or equity sleeves.
(These funds use gold futures; gains are marked to market each year and taxed 60/40 long‑term/short‑term, irrespective of holding period.)
| Ticker | Fund name | Issuer | Tax treatment | Net assets (AUM, $B) | Expense ratio | 30D median spread, ave. daily vol. | Key notes | Sources |
|---|---|---|---|---|---|---|---|---|
| UGL | ProShares Ultra Gold (2×) | ProShares | Commodity pool (§1256 60/40; K‑1) | $0.485B | 0.95% | — | Daily 2× exposure to Bloomberg Gold Subindex; leveraged & short‑term tool (Inception 12/01/2008). | UGL page |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | WisdomTree | RIC with futures (§1256 60/40; 1099) | $0.272B | 0.20% | 0.52% • 89,444 (—) | Capital‑efficient overlay: large‑cap equities + gold futures; issuer publishes 30‑day ADV & median spread (Inception 03/17/2022). | GDE page |
| GLL | ProShares UltraShort Gold (−2×) | ProShares | Commodity pool (§1256 60/40; K‑1) | $0.077B | 0.95% | — | Daily −2× inverse to Bloomberg Gold Subindex; leveraged & short‑term tool (Inception 12/01/2008). | GLL page |
| DGL | Invesco DB Gold Fund | Invesco | Commodity pool (§1256 60/40; K‑1) | $0.056B | 0.76% | — | Tracks DBIQ Optimum Yield Gold ER; annual MTM under §1256; uses T‑bill/MMF collateral (Inception 01/05/2007). | DGL prospectus|Invesco tax |
| GOLY | Strategy Shares Gold Enhanced Yield ETF | Strategy Shares | RIC with futures (§1256 60/40; 1099) | $0.047B | 0.79% | — | Bond sleeve with gold‑/commodity‑futures overlay; fund name/strategy updated Jan 5, 2025 (Inception 05/17/2021). | GOLY page |
| GDMN | WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | WisdomTree | RIC with futures (§1256 60/40; 1099) | $0.044B | 0.45% | 0.72% • 14,591 (—) | Gold‑miners equity exposure + gold‑futures overlay; issuer publishes 30‑day ADV & median spread (Inception 12/16/2021). | GDMN page |
| YGLD | Simplify Gold Strategy PLUS Income ETF | Simplify | RIC with futures (§1256 60/40; 1099) | $0.032B | 0.50% | — | Targets ~150% gold exposure via futures with options‑income overlay; 1940‑Act ETF (Inception 12/02/2024). | YGLD page |
| USG | USCF Gold Strategy Plus Income ETF | USCF | RIC with futures (§1256 60/40; 1099) | $0.015B | 0.45% | — | Actively managed; COMEX gold futures/warrants via Cayman sub + covered‑call income overlay (Inception 11/03/2021). | USG page |
