How do the fees of AAAU and GLD compare?

AAAU charges 0.18% and GLD charges 0.40%. On a $10,000 holding that is about $18 a year for AAAU and $40 for GLD, a difference of roughly $22 every year. Since both track the same gold price, the fee is one of the main factors separating their long-run returns.

What does each fund hold?

Both are commodity trusts that hold physical gold bullion in vaults and track the LBMA Gold Price. Neither holds company shares, so neither is an index fund of stocks. AAAU is issued by Goldman Sachs and GLD by State Street. Each share represents a claim on a fixed, slowly declining amount of gold.

Do AAAU and GLD overlap?

In terms of exposure they are almost identical, since both hold only gold bullion benchmarked to the same LBMA price. There are no stock holdings to compare. The practical differences are the expense ratio, fund size, trading volume and the custodian and vault arrangements each trust uses.

Do AAAU or GLD pay dividends?

No. Gold produces no income, so neither trust pays a dividend. Returns come only from changes in the gold price, minus the expense ratio. Investors who want income from precious metals exposure would need to look at gold mining equity funds, which carry different risks.

Which fund suits which goal?

AAAU suits buy-and-hold investors who want gold exposure at a low ongoing cost and do not need the deepest liquidity. GLD suits investors who trade frequently or in large size and value the largest, most traded gold trust. For small long-term positions the lower fee usually matters more than volume.

How do size and liquidity compare?

GLD is about $147.75 billion in net assets and is one of the most traded ETFs in the world. AAAU is far smaller at roughly $2.79 billion, so its bid-ask spreads can be wider, particularly in volatile sessions. For typical retail orders both are adequately liquid.

Why do two gold trusts have such different fees?

GLD launched in 2004 as the first major US gold ETF and kept its original 0.40% fee, relying on scale and liquidity. AAAU launched in 2018 and competes on cost at 0.18%. Both pay storage, insurance and administration expenses, so a lower fee reflects a leaner cost structure, not a different asset.

Can I hold both AAAU and GLD?

Yes, but there is little reason to for exposure purposes, since both track the same gold price. Some investors use GLD for trading and AAAU for a long-term core position, or hold both across accounts. Splitting a position does not add diversification because the underlying asset is identical.

Are there tax or account differences?

Both are physical gold trusts, and in some countries gains on such trusts are taxed differently from stock ETFs, for example as collectibles. Because the structures are similar, tax treatment is usually the same for both. Check how your local rules and account wrapper treat US-listed commodity trusts.

Does either fund track the gold price perfectly?

No. Each trust sells a small amount of gold to pay its expenses, so the gold per share declines slowly and the fund lags spot gold by roughly its expense ratio each year. GLD's 0.40% fee creates a larger gap than AAAU's 0.18%. Trading can also move the share price slightly from the metal's value.

AAAU vs GLD

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

AAAU and GLD both hold physical gold bullion and track the LBMA Gold Price, but AAAU charges a 0.18% expense ratio while GLD charges 0.40%, a gap of about $22 a year per $10,000. AAAU suits cost-focused long-term holders comfortable with a $2.79 billion fund, and GLD suits investors who want the largest and most traded gold trust at $147.75 billion. Educational content, not financial advice.

AAAU and GLD both hold physical gold bullion and track the LBMA Gold Price, but AAAU charges a 0.18% expense ratio while GLD charges 0.40%, a gap of about $22 a year per $10,000. AAAU suits cost-focus...

Fund Snapshot

Key Fund Metrics

AAAU

Metric

GLD

0.18%

Expense Ratio

0.40%

–

Dividend Yield

–

$2.79B

Net Assets

$147.75B

–

Holdings

–

Jul 26, 2018

Inception Date

Nov 18, 2004

LBMA Gold Price

Index Tracked

LBMA Gold Price

Commodities Focused

Fund Category

Commodities Focused

AAAU costs about $22.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

Why It’s Moving

Gold ETF GLD Faces Pressure as Hawkish Fed Signals and Strong Dollar Test Critical Support

Hawkish monetary policy expectations and a rally in the U.S. dollar drove spot gold below $4,300 an ounce, directly impacting GLD's performance as investors repriced rate hike bets.
Stronger-than-expected September flash S&P Composite PMI data at 58.4 signaled robust services sector activity, reducing immediate safe-haven demand and pressuring precious metals.
Despite near-term volatility, institutional forecasts highlight limited downside risk with TD Securities projecting a move above $5,000 and Goldman Sachs citing undisclosed sovereign buying, particularly from China, as a key long-term driver.

Sentiment:

🐻Bearish

Gold ETF GLD Faces Pressure as Hawkish Fed Signals and Strong Dollar Test Critical Support

Hawkish monetary policy expectations and a rally in the U.S. dollar drove spot gold below $4,300 an ounce, directly impacting GLD's performance as investors repriced rate hike bets.
Stronger-than-expected September flash S&P Composite PMI data at 58.4 signaled robust services sector activity, reducing immediate safe-haven demand and pressuring precious metals.
Despite near-term volatility, institutional forecasts highlight limited downside risk with TD Securities projecting a move above $5,000 and Goldman Sachs citing undisclosed sovereign buying, particularly from China, as a key long-term driver.

Sentiment:

🐻Bearish

Discover More Comparisons

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AAAU vs GLDM

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AAAU vs IAU

Compare AAAU and IAU gold ETFs. Review 0.18% vs 0.25% fees, $2.8bn vs $64.9bn assets, zero yield and tracking differences between these physical funds.

Investment Analysis

AAAU

Pros

Lower 0.18% expense ratio, about $22 cheaper per $10,000 each year than GLD
Tracks the same LBMA Gold Price with allocated physical bullion
Backed by Goldman Sachs as issuer, with about $2.79 billion in assets

Considerations

Much smaller than GLD, so trading volume and spreads are less favorable
Shorter track record than GLD, having launched in July 2018
Pays no dividend, like all physical gold trusts

GLD

Pros

Largest gold trust of the pair at about $147.75 billion in net assets
Trading since November 2004, the longest record among US gold ETFs
Very high trading volume, which suits large or frequent traders

Considerations

Higher 0.40% expense ratio, more than double AAAU's 0.18%
Costs about $40 a year per $10,000 versus $18 for AAAU
Fee drag compounds over long holding periods for buy-and-hold investors

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About AAAU and GLD

AAAU (AAAU)

GLD (GLD)

SPDR Gold Shares (ticker GLD) is a large, liquid exchange-traded fund that aims to reflect the price of gold bullion. It holds allocated physical gold stored in secure vaults and offers investors an efficient way to gain exposure to the gold price without owning metal directly. With a market capitalisation around $51.72 billion, GLD is commonly used for portfolio diversification, inflation hedging and as a store of value during market stress. The fund does not pay dividends; returns depend on changes in the gold price less management fees and operating costs. Investors should be aware of price volatility, potential tracking differences and jurisdictional tax rules that can differ from equities. GLD may suit investors seeking straightforward commodity exposure within brokerage accounts, but it is not appropriate for those seeking income. This summary is educational only and not personalised investment advice — consider your objectives and risk tolerance and seek professional guidance if needed.

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AAAU vs GLD

Fund Snapshot

Why It’s Moving

Gold ETF GLD Faces Pressure as Hawkish Fed Signals and Strong Dollar Test Critical Support

Gold ETF GLD Faces Pressure as Hawkish Fed Signals and Strong Dollar Test Critical Support