What is the fee difference between GLD and GLDM?

GLD charges 0.40% a year and GLDM charges 0.10%, a difference of 0.30 percentage points. On a $10,000 holding that is about $40 a year for GLD against roughly $10 for GLDM. Because gold trusts pay no income, the fee is taken out of the gold held per share, so the gap shows up directly in long-term tracking.

What do GLD and GLDM actually hold?

Both trusts hold physical gold bullion stored in vaults on behalf of shareholders. Neither holds stocks or futures contracts. Each share represents a fractional interest in that gold, and the value of a share is designed to follow the LBMA Gold Price minus accumulated expenses. They are not index funds in the equity sense; they are commodity trusts.

Do GLD and GLDM hold the same thing?

Yes, the overlap is complete. Both are sponsored by State Street, both hold allocated physical gold and both reference the LBMA Gold Price. The exposure to the metal is the same. The practical differences are the expense ratio, the size of the trust, the trading history and the share price per unit of gold, which is much lower for GLDM.

Do GLD or GLDM pay dividends?

No. Gold does not generate cash flow, so neither trust pays dividends or interest. Returns come only from changes in the gold price, less the annual expense ratio. Investors who want income alongside gold exposure usually pair a gold trust with dividend-paying stocks or bond funds rather than expecting income from the trust itself.

Which fund suits which kind of investor?

GLDM's lower fee makes it the cheaper choice for investors who plan to hold gold for many years, because 0.30 percentage points a year compounds. GLD's much larger size and longer history since 2004 may appeal to investors who trade frequently or use options. For a buy-and-hold allocation, the fee is usually the deciding factor.

How large and liquid are GLD and GLDM?

GLD holds about $148 billion in net assets and is one of the largest commodity funds in the world. GLDM holds about $32 billion. Both are large enough for retail investors to trade at tight spreads. GLD's extra size mostly matters to institutions and options traders who need very deep markets.

How well does each trust track the gold price?

Both are designed to follow the LBMA Gold Price, and because they hold physical bullion rather than futures, there is no roll cost. The main source of tracking difference is the expense ratio, which is deducted from the gold held. Over time, GLDM's 0.10% fee should leave it closer to the metal's return than GLD's 0.40%.

Are there tax or account considerations for gold trusts?

Physical gold trusts are often taxed differently from stock ETFs. In the US, gains on GLD and GLDM are generally treated as collectibles rather than ordinary capital gains, and other countries have their own rules. Whether you hold them in a taxable or tax-advantaged account also matters. Check your local guidance or speak to a tax professional.

Can I hold both GLD and GLDM?

You can, but there is little reason to. Both give the same exposure to physical gold, so holding both simply means paying two different fees for one asset. Some investors who already own GLD keep it to avoid a taxable sale and direct new purchases into GLDM. That is a tax decision, not a diversification one.

GLD vs GLDM

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

GLD and GLDM are both State Street gold trusts that hold physical bullion priced off the LBMA Gold Price, but GLD charges 0.40% a year while GLDM charges 0.10%. GLD is far larger at about $148 billion in net assets versus $32 billion, and it has traded since 2004. GLD suits investors who prioritize size and history; GLDM suits cost-conscious long-term holders. Educational content, not financial advice.

GLD and GLDM are both State Street gold trusts that hold physical bullion priced off the LBMA Gold Price, but GLD charges 0.40% a year while GLDM charges 0.10%. GLD is far larger at about $148 billion...

Fund Snapshot

Key Fund Metrics

GLD

Metric

GLDM

0.40%

Expense Ratio

0.10%

–

Dividend Yield

–

$147.75B

Net Assets

$32.01B

–

Holdings

–

Nov 18, 2004

Inception Date

Jun 25, 2018

LBMA Gold Price

Index Tracked

LBMA Gold Price

Commodities Focused

Fund Category

Commodities Focused

GLDM costs about $30.00 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

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GLD vs IAU

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Investment Analysis

GLD

Pros

Largest gold trust in this pair at about $148 billion in net assets
Trading history back to November 2004 covers several full gold cycles
Holds allocated physical bullion rather than gold futures contracts

Considerations

Expense ratio of 0.40% is four times higher than GLDM's 0.10%
Pays no dividends or interest, so the fee is a pure drag on returns
Higher share price per unit of gold can make small purchases less flexible

GLDM

Pros

Expense ratio of 0.10%, about $10 a year per $10,000 invested
Same issuer and same LBMA Gold Price benchmark as GLD at a quarter of the cost
Around $32 billion in net assets, large enough for tight trading spreads

Considerations

Shorter track record, with trading only since June 2018
Smaller asset base than GLD, so less depth in the options market
Like all gold trusts, it pays no income and relies entirely on price gains

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About GLD and GLDM

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.

GLDM (GLDM)

Which Baskets Do They Appear In?

Gold Rush: Could Fed Probe Drive Safe Haven Demand?

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Which Baskets Do They Appear In?

Gold Rush: Could Fed Probe Drive Safe Haven Demand?

An unprecedented criminal probe into the Federal Reserve Chair has sparked a flight to safety, driving gold prices to record highs. This theme focuses on gold miners and related companies that stand to benefit from sustained demand for this safe-haven asset.

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GLD vs GLDM

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