How do the fees of GLDM and SGOL compare?

GLDM charges 0.10% and SGOL charges 0.17%. On a $10,000 holding that is about $10 a year for GLDM and $17 for SGOL, a difference of roughly $7 every year. Both are among the lower-cost physical gold trusts, and both are well below the 0.40% charged by the largest gold ETF.

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. GLDM is issued by State Street as a lower-cost sibling of GLD, and SGOL is issued by abrdn. Each share represents a slowly declining amount of gold.

Do GLDM and SGOL overlap?

In exposure terms 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, launch date and the custodian and vault arrangements each trust uses.

Do GLDM or SGOL 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 a gold-related holding would need to look at gold mining equity funds instead, which carry different risks.

Which fund suits which goal?

GLDM suits investors who want the lowest ongoing cost and the larger asset base. SGOL suits investors who prefer a longer-running trust or who want to spread gold holdings across issuers and custodians. For most long-term retail investors the funds behave almost the same apart from the fee.

How do size and liquidity compare?

GLDM is about $32.01 billion in net assets, roughly four times SGOL's $7.43 billion. Both are liquid enough for retail-size orders, and both are much smaller than GLD. Spreads on either can widen in volatile sessions, so limit orders are a sensible default for larger trades.

Why does GLDM cost less than SGOL?

GLDM launched in 2018 specifically to compete on price for long-term holders, with a 0.10% fee. SGOL launched in 2009 at 0.17% and was itself a low-cost alternative to GLD at the time. Both pay storage, insurance and administration costs, so the fee difference reflects pricing strategy rather than a different asset.

Can I hold both GLDM and SGOL?

Yes, but for exposure purposes there is little reason to, since both track the same gold price. Some investors split gold holdings across two trusts to diversify issuer and custodian risk. Splitting a position does not diversify the investment itself 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 expenses, so the gold per share declines slowly and the fund lags spot gold by roughly its expense ratio each year. GLDM's 0.10% fee creates a smaller gap than SGOL's 0.17%. Trading can also move the share price slightly from the metal's value.

GLDM vs SGOL

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

GLDM and SGOL both hold physical gold bullion and track the LBMA Gold Price, but GLDM charges a 0.10% expense ratio while SGOL charges 0.17%, about $7 a year per $10,000 apart. GLDM suits cost-focused investors who also want the larger $32.01 billion fund, and SGOL suits those who prefer a trust with a record back to 2009 and a different issuer and custodian. Educational content, not financial advice.

GLDM and SGOL both hold physical gold bullion and track the LBMA Gold Price, but GLDM charges a 0.10% expense ratio while SGOL charges 0.17%, about $7 a year per $10,000 apart. GLDM suits cost-focused...

Fund Snapshot

Key Fund Metrics

GLDM

Metric

SGOL

0.10%

Expense Ratio

0.17%

–

Dividend Yield

–

$32.01B

Net Assets

$7.43B

–

Holdings

–

Jun 25, 2018

Inception Date

Sep 9, 2009

LBMA Gold Price

Index Tracked

LBMA Gold Price

Commodities Focused

Fund Category

Commodities Focused

GLDM costs about $7.00 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

Lowest fee of the pair at 0.10%, about $10 a year per $10,000
Larger fund at about $32.01 billion in net assets
Tracks the LBMA Gold Price with allocated physical bullion from State Street

Considerations

Shorter track record than SGOL, having launched in June 2018
Pays no dividend, like all physical gold trusts
Fee is paid by selling gold, so metal per share declines slowly over time

SGOL

Pros

Trading since September 2009, a longer record than GLDM
Tracks the same LBMA Gold Price with physical bullion held in vaults
Offers a different issuer and custodian for investors spreading provider risk

Considerations

Higher 0.17% expense ratio, about $7 more per $10,000 each year
Smaller fund at about $7.43 billion, roughly a quarter of GLDM's size
Pays no dividend, so returns depend only on the gold price

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About GLDM and SGOL

GLDM (GLDM)

SGOL (SGOL)

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