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GLD vs IAU vs GLDM for gold ETF investors in 2026

By Nicolas Straut
Published 8 min read

Key takeaways

  • GLD charges 0.40% a year,1 IAU 0.25%,2 and GLDM 0.10%.3 Hold $10,000 for 10 years with gold's price flat, and you'd pay about $393, $247, and $100.
  • When choosing between GLD, IAU, and GLDM, start with how you'll hold the shares. All three track the same gold price and differ mainly in fee, size, and options trading.
  • GLDM is the lower-cost fit for a long hold. IAU sits between the two on fee and has its own IRS ruling for IRAs. GLD fits you if you trade and want the largest fund and its listed options.
In this article

GLD, IAU, and GLDM all hold physical gold in vaults, so what separates them is mostly the fee: 0.40% a year for GLD, 0.25% for IAU, and 0.10% for GLDM. GLD is the biggest and the one with the deepest options market. GLDM costs least.

Below, the three are lined up on gold per share, storage, taxes, IRA rules, and what the fee costs you over 1, 10, and 20 years.

GLD vs IAU vs GLDM at a glance

GLD, IAU, and GLDM are three of the largest US gold ETFs by assets. They differ on fee, gold per share, and size.

Scroll horizontally to see more columns.
GLDIAUGLDM
Best forTraders who want the largest fund and listed optionsLong holders who want a lower fee than GLD and a fund with its own IRS ruling for IRAsLong holders who want the lowest fee of the three
Full nameSPDR Gold SharesiShares Gold TrustSPDR Gold MiniShares Trust
SponsorWorld Gold Trust ServicesiShares Delaware Trust Sponsor (BlackRock)WGC USA Asset Management
Expense ratio0.40%0.25%0.10%
Yearly cost on $10,000$40$25$10
Gold per shareAbout 0.091 ozAbout 0.019 ozAbout 0.020 oz
Price per share (NAV)$367.84$75.43$79.38
Assets$134.4 billion$59.7 billion$30.3 billion
LaunchedNovember 2004January 2005June 2018
Listed optionsYesYesNo
Tax on gains held over a yearUp to 28% (collectibles)Up to 28% (collectibles)Up to 28% (collectibles)

Each fund's figures come from its sponsor's page as of the close on October 23, 2026. Gold per share drifts down a little every day, because each trust pays its fee in gold.

What is GLD?

GLD, the SPDR Gold Shares, is the oldest and largest US gold ETF. It launched in November 2004, and each share holds a slice of gold bars stored in London, New York, and Zurich vaults.

GLD is a grantor trust sponsored by World Gold Trust Services and marketed by State Street Global Advisors, with BNY Mellon as trustee. It held $134.4 billion on October 23, 2026. Its price follows the LBMA Gold Price, less the 0.40% fee, and it pays no interest.

What is IAU?

IAU, the iShares Gold Trust, is BlackRock's physically backed gold ETF. It launched in January 2005 and held 14.9 million ounces of gold on October 23, 2026.

Its sponsor is iShares Delaware Trust Sponsor, its trustee is The Bank of New York Mellon, and its custodian is JPMorgan. IAU held $59.7 billion in assets, and its 0.25% fee sits between GLD's and GLDM's.

What is GLDM?

GLDM, the SPDR Gold MiniShares Trust, is a lower-cost gold ETF from the same sponsor family as GLD. It launched in June 2018 at a 0.10% yearly fee.

Its sponsor is WGC USA Asset Management, its trustee is Delaware Trust Company, and its custodian is JPMorgan, according to its latest quarterly report. GLDM held $30.3 billion in assets. Against IAU, GLDM charges 0.15% a year less and holds slightly more gold per share.

GLD vs IAU vs GLDM features compared

GLD, IAU, and GLDM track the same gold price. The features that differ are gold per share, trading, storage, and how the IRS taxes your gains. Each section opens with the fund that comes out ahead.

Gold per share and share price

GLD holds the most gold per share, at about 0.091 oz. IAU and GLDM hold about 0.019 and 0.020 oz, so a GLD share costs about five times as much.

GLDM did a one-for-two reverse split on February 23, 2022,4 which doubled its gold per share to about 1/50 oz. Lists that still show GLDM at 1/100 oz are out of date.

GLD started at 1/10 oz in 2004. It holds a little less every year, and so do IAU and GLDM, because each trust sells gold to pay its fee.

If your broker sells fractional shares, the share price doesn't change how much gold you get per dollar, so compare the fee. The best brokerage accounts guide lists brokers that sell fractions of ETF shares.

Trading and options

GLD comes out ahead for options and large orders, because it's the largest gold ETF and its sponsor lists options on it. For an ordinary buy-and-hold order there's no real difference: all three showed a 30-day median bid/ask spread of 0.01% on October 23, 2026.

GLD and IAU both have listed options, and Nasdaq's IAU option chain showed contracts expiring October 30, 2026. State Street's GLDM page lists no options. If you plan an options trade, check your broker's option chain first.

Where the gold is stored

Storage is a tie, because all three hold allocated gold bars with large bank custodians, mostly in London. GLD uses HSBC in London and JPMorgan in London, New York, and Zurich.

GLDM uses only JPMorgan, which held all of GLDM's gold in London at its last two counts. IAU also uses JPMorgan, with vaults in New York, London, and Toronto.

Each fund pays for storage out of its fee, so you won't get a separate vault bill as you would with a gold IRA. Our gold IRA vs gold ETF guide compares the two, and APMEX vs JM Bullion covers coins and bars you hold yourself.

Taxes when you sell

Sell at a gain in a taxable account after holding more than a year, and the IRS taxes that gain as a collectible: your ordinary rate, up to 28%.5 A stock fund's long-term gain tops out at 20%. So the same long-term gain can be taxed up to 8 percentage points higher in a gold fund.

The collectibles rule is in Section 1(h) of the tax code, and each trust's 10-K applies it to share sales. Shares held a year or less are taxed at ordinary rates, the same as any short-term gain. High earners may also owe the 3.8% net investment income tax.

Each 10-K also says the gold a trust sells to pay its fee is a small taxable sale for you. That sale shows up on the trust's yearly tax statement. Tenurable's free class covers what a 10-K is and who has to file one.

Inside a traditional IRA or Roth IRA, a sale inside the account isn't taxed this way. The FAQ below covers which trusts hold an IRS ruling for IRAs. Your own tax depends on your bracket and account, so check your situation before you sell.

GLD vs IAU vs GLDM expense ratios

GLD vs IAU vs GLDM expense ratios are 0.40%, 0.25%, and 0.10% a year. The fee is the one difference that grows the longer you hold.

What each fund costs over time

What each fund costs you depends on your balance and years held. Over 20 years on $100,000, the gap between GLD and GLDM is about $5,700. The table holds gold's price flat, takes the fee from the fund's gold each year, and leaves out trading costs.

Scroll horizontally to see more columns.
Fee paidGLD (0.40%)IAU (0.25%)GLDM (0.10%)
$10,000, 1 year$40$25$10
$10,000, 10 years$393$247$100
$10,000, 20 years$770$488$198
$100,000, 1 year$400$250$100
$100,000, 10 years$3,929$2,472$996
$100,000, 20 years$7,703$4,883$1,981

Is it worth switching from GLD?

Switching from GLD to a cheaper fund is worth it in an IRA, where selling triggers no tax. In a taxable account with a large gain, switching often isn't worth it.

Say you hold $10,000 of GLD with a $4,000 long-term gain, and your ordinary rate is 28% or higher. You'd owe about $1,120 in federal tax on the sale, before state tax and the 3.8% net investment income tax.

GLDM's lower fee saves about $30 a year on that $10,000, so it would take about 37 years to earn back the tax. For new money, the lower fee applies from day one.

Should you choose GLD, IAU, or GLDM?

Choose GLDM if you'll hold for years. Choose GLD if you trade options or place large orders. Choose IAU if you want a middle fee and its own IRS ruling.

If you already hold GLD or IAU with a gain in a taxable account, keeping it can cost less than switching.

Choose GLD if

  • You want the largest gold ETF, with $134 billion in assets
  • You trade options on gold and want the largest fund with listed options
  • You place large orders and care most about trading volume
  • You already hold GLD with a big gain in a taxable account

Choose IAU if

  • You want a lower fee than GLD and a larger fund than GLDM
  • You want a fund that holds its own IRS ruling for IRAs
  • You already hold other iShares funds and want one sponsor
  • You already hold IAU with a gain and don't want to sell

Choose GLDM if

  • You plan to hold gold for years and want the lowest fee of the three
  • You're buying new shares and have no gain to protect
  • You buy whole shares and want a lower share price than GLD
  • You want GLD's sponsor family at a quarter of GLD's fee

All three funds trade at the brokers Tweed reviews. Our Charles Schwab review and Interactive Brokers review cover two of them. You can also open a Schwab account or open an Interactive Brokers account from here.

The Robinhood review, Public review, and best IRA accounts cover more brokers, including ones for buying in an IRA.

Before you decide how much of a portfolio goes into gold, project your whole balance with the Tweed Retirement Calculator.

Frequently asked questions about GLD vs IAU vs GLDM

Do GLD, IAU, and GLDM hold real gold?

Yes. GLD's 10-K says Bureau Veritas counts its gold twice a year, and IAU's 10-K names Bureau Veritas as its inspector. IAU also posts its gold bar list and inspection letters on its fund page.

Do GLD, IAU, and GLDM have IRS rulings for IRAs?

GLD and IAU each have their own IRS private letter ruling that buying their shares in an IRA isn't buying a collectible under 26 U.S.C. 408(m). GLDM's 10-K says the IRS gave such rulings to similar trusts, including a sponsor affiliate, and that GLDM hasn't requested its own. Our gold IRA vs gold ETF guide explains the rule.

Do GLD, IAU, or GLDM pay dividends?

No, GLD, IAU, and GLDM don't pay dividends, because gold bars earn no income. State Street's GLD and GLDM pages say each fund "does not generate any income," and BlackRock's IAU page lists no distributions. Your return comes only from changes in the gold price, less the yearly fee.

Why do GLD, IAU, and GLDM returns differ day to day?

Each fund's market price can close a little above or below the value of the gold it holds, its NAV. Over a few days that gap can move the three funds apart by more than their fees do. Over a year it mostly washes out.

How does IAUM compare with GLDM?

IAUM, the iShares Gold Trust Micro, charges 0.09% a year, which makes it slightly cheaper than GLDM at 0.10%. It launched in June 2021 and held $8.0 billion on October 23, 2026, about a quarter of GLDM's assets. Each IAUM share held about 0.010 oz of gold, half of a GLDM share.

Can you trade GLD, IAU, or GLDM shares for gold bars?

No, you can't trade GLD, IAU, or GLDM shares for gold bars, so you sell your shares on the exchange for cash. Only authorized participants, which are large broker-dealers, redeem shares. They redeem in baskets of 100,000 shares for GLD and GLDM and 50,000 for IAU.

Sources

  1. https://www.ssga.com/us/en/individual/etfs/spdr-gold-shares-gld
  2. https://www.blackrock.com/us/financial-professionals/products/239561/ishares-gold-trust-fund
  3. https://www.ssga.com/us/en/individual/etfs/spdr-gold-minishares-gldm
  4. https://www.spdrgoldshares.com/media/GLD/file/GLDM/GLDM-Form-8k-Feb4-2022.pdf
  5. https://www.irs.gov/pub/irs-drop/n-23-27.pdf
Nicolas Straut
Nicolas Straut

Personal finance writer, former Forbes contributor and This Week in Fintech writer. He isn't a financial advisor or a CPA.

nicstraut.com

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