What is the fee difference between GLD and PHYS?

GLD charges 0.40% a year and PHYS charges 0.41%. On a $10,000 position that is about $40 for GLD and $41 for PHYS, a difference of roughly $1 a year. The fees are close enough that the structural differences between the two vehicles matter more than cost when choosing between them.

What do GLD and PHYS hold?

Both hold physical gold bullion in vaults. GLD is a grantor trust that tracks the LBMA Gold Price. PHYS is the Sprott Physical Gold Trust, which also holds allocated physical gold but is structured as a trust rather than a conventional exchange-traded fund. Neither holds mining stocks, futures or other securities.

Do GLD and PHYS overlap in holdings?

Yes, entirely in terms of the asset: both hold physical gold and nothing else, so there are no stock holdings to compare. The difference lies in how the gold is held and how the shares are created and traded, not in what backs them. Owning both gives you gold exposure through two different structures.

Do GLD or PHYS pay dividends?

No. Gold generates no income, so neither GLD nor PHYS pays dividends or interest. Returns come from changes in the gold price alone. Each vehicle covers its expenses out of the gold it holds, so the metal backing each share declines by roughly the expense ratio each year, 0.40% for GLD and 0.41% for PHYS.

Which vehicle suits which investor?

GLD suits investors who want the largest, most actively traded gold vehicle with an ETF structure that generally keeps the share price close to the value of the gold. PHYS suits investors who prefer the Sprott trust structure and its particular approach to holding physical gold. Both give exposure to the same metal.

How do GLD and PHYS compare on size and liquidity?

GLD is far larger with $147.75 billion in net assets versus $16.47 billion for PHYS. Both are established products that have traded for more than a decade, but GLD's size generally means more shares change hands each day. Retail investors making normal-sized trades should find either accessible.

Why might PHYS trade away from its gold value?

PHYS is structured as a closed-end style trust rather than an open-ended ETF, so its market price is set by supply and demand for the shares and can sit above or below the value of the gold it holds. GLD's ETF structure uses creation and redemption to keep the price close to net asset value. Check the premium or discount before trading PHYS.

How are gold trusts taxed?

Tax treatment depends on your country, the account you use and the legal structure of the trust. Some jurisdictions tax physically backed gold vehicles as collectibles; others treat certain trust structures differently from ETFs. These details can change the after-tax return, so read each trust's tax documentation and consult a qualified adviser.

Can I hold both GLD and PHYS?

You can, but both hold physical gold, so the combination does not diversify your exposure to the metal. Some investors split between them to spread structural or custodian risk across two sponsors, State Street and Sprott. For most retail investors, choosing one gold vehicle is simpler.

GLD vs PHYS

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

SPDR Gold Shares (GLD) and Sprott Physical Gold Trust (PHYS) both hold physical gold bullion. GLD charges 0.40% a year on $147.75 billion and tracks the LBMA Gold Price; PHYS charges 0.41% on $16.47 billion through a trust rather than a conventional ETF. GLD suits investors who want the largest gold vehicle; PHYS suits those who prefer Sprott's trust structure. Educational content, not financial advice.

SPDR Gold Shares (GLD) and Sprott Physical Gold Trust (PHYS) both hold physical gold bullion. GLD charges 0.40% a year on $147.75 billion and tracks the LBMA Gold Price; PHYS charges 0.41% on $16.47 b...

Fund Snapshot

Key Fund Metrics

GLD

Metric

PHYS

0.40%

Expense Ratio

0.41%

–

Dividend Yield

–

$147.75B

Net Assets

$16.47B

–

Holdings

–

Nov 18, 2004

Inception Date

Feb 25, 2010

LBMA Gold Price

Index Tracked

–

Commodities Focused

Fund Category

Commodity

GLD costs about $1.00 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 ETFs Rally Past $4,000 as Democratic Midterm Sweep Weakens Dollar and Yields

Gold jumped more than $100 intraday to move back above $4,000 an ounce after Democrats won control of both chambers of Congress, sending the dollar and Treasury yields lower.
The precious metal had previously fallen more than $120 an ounce on Oct. 30, breaking below $4,000, but has since recovered key support levels amid renewed buying interest in commodities.
While the rally is strong, analysts warn that rising real yields and resilient U.S. economic data, including a service sector expansion in October, could limit further gains ahead of upcoming jobs reports.

Sentiment:

🐃Bullish

Gold ETFs Rally Past $4,000 as Democratic Midterm Sweep Weakens Dollar and Yields

Gold jumped more than $100 intraday to move back above $4,000 an ounce after Democrats won control of both chambers of Congress, sending the dollar and Treasury yields lower.
The precious metal had previously fallen more than $120 an ounce on Oct. 30, breaking below $4,000, but has since recovered key support levels amid renewed buying interest in commodities.
While the rally is strong, analysts warn that rising real yields and resilient U.S. economic data, including a service sector expansion in October, could limit further gains ahead of upcoming jobs reports.

Sentiment:

🐃Bullish

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GLD vs GLDM

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GLD vs SGDM

Compare GLD and SGDM. Review expense ratios, net assets, and dividend yields. Analyse holdings to understand tracking differences for informed investment.

Investment Analysis

GLD

Pros

Largest gold trust with $147.75 billion in net assets, roughly nine times PHYS
Tracks the LBMA Gold Price with physical bullion held in vaults
Marginally lower expense ratio of 0.40% versus 0.41% for PHYS

Considerations

Costs $40 a year per $10,000 invested with no income to offset it
Conventional ETF structure, so investors cannot influence how gold is held
Fee is high compared with broad equity index funds

PHYS

Pros

Holds physical gold through a trust structure run by Sprott Asset Management
Sizeable trust at $16.47 billion in net assets
Trading since February 2010, giving a long operating history

Considerations

Expense ratio of 0.41% is slightly higher than GLD's 0.40%
Much smaller than GLD, which can mean less trading activity
Trust structure means the share price can differ from the value of its gold

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About GLD and PHYS

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.

PHYS (PHYS)

Sprott Physical Gold Trust (PHYS) provides investors with direct exposure to physical gold bullion held in secure vaults. Each unit is backed by allocated gold, with the trust aiming to reflect the market price of gold minus fees and expenses. With a market capitalisation of around $14.4 billion, PHYS is one of the larger vehicles offering bullion exposure and is commonly used by investors seeking a straightforward, asset-backed way to participate in gold’s price movements. It does not pay dividends and its returns depend wholly on the gold price; shares can trade at a premium or discount to the trust’s net asset value. Key considerations include the risks of gold price volatility, trust fees and storage costs, potential tax treatments, and liquidity differences compared with ETFs or owning physical coins. This information is educational and not personal financial advice — investors should assess suitability for their own objectives and risk tolerance.

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GLD vs PHYS

Fund Snapshot

Why It’s Moving

Gold ETFs Rally Past $4,000 as Democratic Midterm Sweep Weakens Dollar and Yields

Gold ETFs Rally Past $4,000 as Democratic Midterm Sweep Weakens Dollar and Yields