What is an ETF expense ratio and why does it matter?

The expense ratio represents the annual fee charged by a fund to manage assets, deducted from your investment returns. Lower fees generally mean more of the fund's performance is retained by investors. Comparing costs is a practical way to assess efficiency without predicting market movements. Always evaluate fees relative to the fund's strategy and asset size.

What does it mean when a fund reports a 0.00% dividend yield?

A 0.00% yield indicates that neither GLDM nor PHYS currently distributes regular income such as dividends or interest to investors. Physical gold itself does not generate cash flow, so returns come from changes in the gold price rather than recurring payments. This structure suits capital appreciation goals but offers no income stream during market cycles.

What is the difference between physical gold exposure and mining stock exposure?

GLDM and PHYS both target physical gold exposure rather than mining company shares, though their names can be confusing. PHYS is a trust that allows redemption for physical bullion, offering direct ownership rights, while GLDM tracks gold bullion performance through an ETF structure. Neither fund holds mining equities, so their performance reflects gold price movements instead of corporate earnings or operational risks.

How do the expense ratios of GLDM and PHYS compare?

GLDM has an expense ratio of 0.10%, while PHYS carries a higher 0.41% fee. This creates a 0.31 percentage point annual difference, which compounds over time and reduces net returns. Investors should weigh this cost against each fund's structure, liquidity, and legal ownership features to determine whether the cheaper ETF or the physical trust better aligns with their long-term holding preferences and operational needs.

How does the legal ownership structure differ between GLDM and PHYS?

GLDM is an ETF that tracks gold bullion with an expense ratio of 0.10%, while PHYS is a physical gold trust that typically offers more direct legal ownership rights. The trust structure allows holders to redeem shares for physical bullion under specific conditions. These differences reflect varying levels of operational complexity and legal protections, helping investors understand how each fund secures exposure to precious metals markets.

Are there any shared top-10 holdings between GLDM and PHYS?

According to available data, GLDM and PHYS have no shared top-10 holdings listed, and both funds report top holdings as not available. This is expected because physical bullion structures typically do not disclose holdings in the same way as traditional equity funds. The lack of overlap confirms that each fund operates independently, so investors should focus on fee structures and redemption rights rather than comparing portfolio constituents.

What type of investing goal is each fund typically associated with?

GLDM is generally linked to diversified portfolios, offering physical bullion exposure at 0.10% expense ratio, while PHYS targets investors seeking direct ownership, carrying a 0.41% expense ratio. Gold typically serves as a hedge against inflation and currency volatility rather than a growth or income asset. Choosing depends on whether you prioritise low costs for ETF portfolios or enhanced ownership rights in physical gold trusts.

What does the inception date reveal about each fund's track record?

GLDM began on 25 June 2018, and PHYS on 25 February 2010. PHYS has a longer operational history across multiple market cycles, demonstrating resilience, while GLDM is a newer vehicle. Track record length alone does not guarantee future performance, but it offers a basis for understanding how each fund's structure has handled different precious metals environments over distinct periods in recent financial history.

How does the commodity-focused classification affect market behaviour?

GLDM is classified as commodity-focused, indicating exposure to gold's price swings, while PHYS lacks a specified category, which may limit transparency. Commodities behave differently from equities, with performance reflecting global supply, demand, and currency trends rather than earnings. Understanding market context is vital, so comparing category data helps set realistic expectations for how each fund might respond to precious metals market fluctuations over time.

Where can I find reliable data if fund figures are not available?

For GLDM and PHYS, key metrics like net assets and index tracking are not available, so cross-checking official sources is essential. Yahoo Finance data confirms GLDM's 0.10% fee, $31.7 billion assets, and 0.00% yield, while PHYS reports a 0.41% fee with assets unavailable. Investors should prioritise verified disclosures and recognise that missing data does not equate to zero, but signals a need for deeper independent research before drawing conclusions.

How should a beginner interpret the comparison data on this page?

Beginners should read the comparison neutrally, focusing on verified facts like GLDM's 0.10% expense ratio and PHYS's 0.41% fee, without inventing estimates. Highlight what is available and clearly label missing data, such as top holdings and index tracking. Understanding terminology like expense ratios, dividend yields, and fund structures empowers informed reading. Always approach ETF comparisons as educational tools for financial literacy rather than personalised investment guidance.

What educational disclaimer should readers note?

This FAQ is for educational purposes only and does not constitute financial advice. Information about GLDM and PHYS comes from Yahoo Finance, fetched on 22 September 2026, and may change. Always consult a licensed professional before making investment decisions. Past performance does not guarantee future results. Investing involves risks, including potential loss of capital, particularly in commodities like physical gold.

GLDM vs PHYS

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

Compare GLDM and PHYS, exploring fees, holdings, dividends, and how each fund tracks the market. Note that GLDM has an expense ratio of 0.10% and a net asset value of $31.7 billion, while PHYS has an expense ratio of 0.41% with net assets not available. Educational content, not financial advice.

Compare GLDM and PHYS, exploring fees, holdings, dividends, and how each fund tracks the market. Note that GLDM has an expense ratio of 0.10% and a net asset value of $31.7 billion, while PHYS has an ...

Fund Snapshot

Key Fund Metrics

GLDM

Metric

PHYS

0.10%

Expense Ratio

0.41%

0.00%

Dividend Yield

0.00%

$31.71B

Net Assets

–

1

Holdings

–

Jun 25, 2018

Inception Date

Feb 25, 2010

–

Index Tracked

–

Commodities Focused

Fund Category

–

GLDM costs about $31.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

GLDM

Pros

The iShares issuer is globally recognized for operational reliability and extensive ETF infrastructure.
The structure allows for the creation and redemption of shares using physical gold.
Gold serves as a traditional diversifier within a broader multi-asset investment portfolio.

Considerations

The 0.10 percent expense ratio reduces net returns from the physical bullion performance.
The commodity-focused classification indicates exposure to volatile precious metals markets.
The 0.00 percent dividend yield means no income is generated from holding the shares.

PHYS

Pros

Sprott Physical Gold Trust allows holders to redeem shares for physical gold bullion.
The long operational history since February 2010 demonstrates resilience through varied market cycles.
The structure typically offers more direct legal ownership of physical metal than standard ETFs.

Considerations

The 0.41 percent expense ratio is relatively high compared to mainstream bullion ETFs.
Limited issuer and category data availability in the fund summary restricts immediate transparency.
The 0.00 percent dividend yield provides no income stream to investors during market downturns.

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About GLDM and PHYS

GLDM (GLDM)

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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