Gold has had a remarkable run, but it has not moved in a straight line. Spot gold reached an all-time high of US$5,594.82 an ounce on 29 January 2026, before pulling back from that peak.
As of 28 August 2026, spot gold was trading at around US$4,567 an ounce, roughly 18% below its January record. Investor demand has remained strong through the volatility: gold ETFs added 801 tonnes to their holdings in 2025, the second-highest annual inflow on record.
GLD, IAU and GLDM are the three largest US-listed physically backed gold products by assets. Each holds physical gold through institutional custodians and is designed to follow the price of bullion after expenses, rather than investing in gold-mining companies. Together, the three trusts manage more than US$250 billion in assets. They are commonly called gold ETFs, although legally they are structured as physically backed trusts rather than conventional investment funds.
All three trade on NYSE Arca in US dollars and can be bought from Singapore through a broker or investment platform with US-market access. GLD has one additional route for Singapore investors: the same trust is also cross-listed on SGX under the O87 and GSD counters.
The differences come down mainly to cost, liquidity and access. GLD charges the highest annual fee but has the deepest trading and options market. IAU offers a middle ground between fees and liquidity. GLDM has the lowest expense ratio of the three and a lower nominal share price, making it more attractive for investors focused on long-term holding costs, although it does not currently have listed options.
This guide compares GLD, IAU and GLDM on fees, liquidity, share-price mechanics, performance and the factors that matter specifically in Singapore, including SGX access, SRS and CPFIS eligibility, and US estate-tax considerations.
GLD vs IAU vs GLDM at a glance
The table below strips out the noise. Expense ratio, structure and exchange listing rarely change; AUM and share price move daily and are dated accordingly.
| Factor | GLD | IAU | GLDM |
|---|---|---|---|
| Full name | SPDR Gold Shares | iShares Gold Trust | SPDR Gold MiniShares Trust |
| Provider | State Street / SPDR | BlackRock / iShares | State Street / SPDR |
| US exchange | NYSE Arca | NYSE Arca | NYSE Arca |
| Inception | 18 Nov 2004 | 21 Jan 2005 | 25 Jun 2018 |
| Benchmark | LBMA Gold Price PM | LBMA Gold Price | LBMA Gold Price PM |
| Physical backing | Yes | Yes | Yes |
| Expense ratio | 0.40% | 0.25% | 0.10% |
| AUM | US$155.64 billion | US$67.68 billion | US$32.62 billion |
| Custodian(s) | JPMorgan Chase Bank N.A. and HSBC Bank plc | JPMorgan Chase Bank N.A. | JPMorgan Chase Bank N.A. |
| Distribution frequency | None expected | None | None expected |
| SGX listing | O87 (USD), GSD (SGD) | No | No |
| Best suited for | High-liquidity trading and options | Balance of cost and liquidity | Low-cost long-term holding |
AUM as of 27 August 2026. Sources: State Street SPDR Gold Shares, SPDR Gold MiniShares and iShares Gold Trust. Expense ratios, structure and exchange listings change far less often than AUM or price and are the more durable comparison points.
What GLD, IAU and GLDM actually own
All three products are physically backed gold trusts, not equity funds that hold shares in mining companies. Their objective is to reflect the price of gold bullion, less trust expenses, by holding London Good Delivery gold bars through an institutional custodian.
GLD and GLDM list the LBMA Gold Price PM as their benchmark. IAU's issuer lists its reference benchmark as the LBMA Gold Price. Investors own shares or beneficial interests in the trust rather than a specific, numbered gold bar, and buy or sell those shares on the exchange the way they would any listed stock. Creation and redemption of large baskets of shares is handled separately by authorised participants, not by retail investors.
Trust expenses are paid out of the trust's gold holdings, which means the amount of gold represented by each share declines gradually over time as fees accrue.
Why this is different from owning physical gold
| Factor | Gold ETF / trust | Physical gold |
|---|---|---|
| Storage | Handled by trust custodian | Investor arranges |
| Custody and security | Institutional custodian handles safekeeping; insurance coverage depends on the trust and custodian arrangements | Investor arranges |
| Intraday trading | Yes | Depends on dealer |
| Bid/ask spread | Exchange spread | Dealer spread |
| Annual fund fee | Yes | No fund fee, but storage may apply |
| Physical possession | No | Yes |
| Retail redemption into bars | Generally no | Already owns metal |
A gold ETF trades like a stock and needs no vault of your own, but an investor never takes delivery of a specific bar and coverage for the underlying gold depends on the trust's own custody and insurance arrangements rather than a blanket guarantee. Physical gold gives direct possession at the cost of arranging storage, insurance and a wider dealer spread.
Expense ratios: GLDM is the cheapest of the three
For a long-term holder, this is the section that matters most. The three fees compound differently on the same investment amount.
| Investment amount | GLD at 0.40% | IAU at 0.25% | GLDM at 0.10% |
|---|---|---|---|
| US$10,000 | US$40 | US$25 | US$10 |
| US$50,000 | US$200 | US$125 | US$50 |
| US$100,000 | US$400 | US$250 | US$100 |
GLD costs 30 basis points more a year than GLDM. On a US$100,000 position, that is a US$300 annual difference before compounding. IAU costs 15 basis points more than GLDM, or US$150 more per US$100,000 each year. Because all three funds seek to track the same underlying gold price, ongoing cost matters more here than it would when comparing ETFs with materially different portfolios.
Investors do not receive a separate annual bill for these fees. The cost is reflected in the trust's NAV and shows up as a gradual reduction in the amount of gold represented per share.
Figure 1: Expense ratio and AUM compared across GLD, IAU, GLDM and IAUM
Liquidity and trading: GLD still has the deepest market
The lowest expense ratio is not automatically the best fund for every use case.
GLD
GLD carries the largest AUM by a wide margin, deep institutional liquidity and the most active options market of the three, with a 30-day median bid/ask spread of 0.01% as of late August 2026. It suits large tactical trades, hedging and options strategies best, and its higher 0.40% fee matters less when the intended holding period is short.
IAU
IAU is considerably larger than GLDM by assets and posted a 30-day median bid/ask spread of 0.01% as of 26 August 2026. Listed options are available, though the market is less dominant than GLD's. IAU suits investors who want lower ongoing cost than GLD without giving up much liquidity.
GLDM
GLDM is much smaller than GLD by assets, though still a large gold product in its own right, with a 30-day median bid/ask spread of 0.01% as of late August 2026, as tight as GLD's and IAU's. GLDM does not currently offer standard listed options, unlike GLD, so it is not the preferred vehicle for an options-based strategy.
What matters more: spread or expense ratio?
For a short holding period or frequent trading, execution quality, dollar volume and options liquidity can matter more than a 10 to 30 basis point annual fee difference. For a long holding period, the recurring expense ratio becomes increasingly important. For small, recurring investments, commission, FX spread and fractional-share support at the investor's platform can matter more than the ETF's share price alone. All three funds currently show similarly tight quoted spreads, so GLD's liquidity advantage shows up more in trading depth, dollar volume and options activity than in the headline spread alone.
Share price does not tell you which fund is cheaper
As of 26 August 2026, GLD traded above US$400 a share while IAU and GLDM both traded below US$100. That does not mean IAU or GLDM is cheaper in valuation terms. It reflects how much gold each share represents, not the fund's cost.
GLD represents roughly 0.093 troy oz per share, based on its net asset value against the spot gold price. IAU and GLDM disclose their gold holdings directly: IAU held 14.82 million ounces against 787.95 million shares outstanding as of 27 August 2026, or roughly 0.0188 troy oz per share, and GLDM's disclosed gold-per-basket figure works out to roughly 0.0198 troy oz per share.
An important correction on GLDM
Older descriptions of GLDM that say it represents 1/100 oz of gold per share are out of date. State Street carried out a 1-for-2 reverse share split effective 23 February 2022, after which GLDM shares represented roughly 1/50 oz of gold before ongoing fee erosion. The exact ounces represented by each share decline gradually as trust expenses are paid from the gold holdings.
Does share price still matter?
Only operationally. It matters if a broker does not support fractional shares, and for exact rebalancing of small portfolio amounts. It matters less on a platform that supports dollar-based investing or fractional units.
Figure 2: Gold represented per share for GLD, IAU and GLDM, with 1yr, 3yr and 5yr performance
Performance: expect the three funds to move almost together
GLD, IAU and GLDM all seek to track the same underlying gold price, so their gross exposure should move in close step. Compare performance only over the same period and end date.
| Period (to 28 Aug 2026) | GLD | IAU | GLDM |
|---|---|---|---|
| 1 year | 35.14% | 35.32% | 35.57% |
| 3 years, annualised | 33.37% | 33.54% | 33.77% |
| 5 years, annualised | 19.95% | 20.13% | 20.32% |
Source: PortfoliosLab fund comparison tool, as of 28 August 2026, using market price returns for all three funds on the same date. Issuer-published NAV total returns, which use a different calculation date and methodology, can show a different figure.
The three funds have historically moved very closely because they hold the same underlying asset. Lower fees give GLDM and IAU a structural advantage over GLD over longer holding periods, although realised return differences will not match the expense-ratio gap exactly, because tracking, pricing and timing effects also play a role. Choosing among the three based on which happened to outperform over a single month or quarter misses the point: cost, not short-term performance, is what separates them over time.
GLD vs IAU vs GLDM for Singapore investors
This is where the comparison changes for an investor accessing these funds from Singapore rather than the US.
GLD can be bought directly on SGX
The SPDR Gold Trust is cross-listed on the Singapore Exchange under two counters:
| SGX counter | Trading currency | Fund | Expense ratio | Board lot |
|---|---|---|---|---|
| O87 | USD | SPDR Gold Shares | 0.40% | 1 share |
| GSD | SGD | SPDR Gold Shares | 0.40% | 1 share |
Source: SSGA Singapore, SPDR Gold Shares brochure, as of August 2026.
Both counters represent the same SPDR Gold Trust as the US-listed GLD and share the same US ISIN. This gives investors here the option to trade the fund during SGX hours and, through GSD, settle in SGD.
GSD trading in SGD does not hedge the gold exposure
The trust's base currency is USD and the underlying asset is gold priced against the LBMA benchmark. The SGD counter changes the trading and settlement currency, not the economic exposure of the underlying gold. GSD is not a currency-hedged gold ETF.
CPF and SRS access changes the comparison
SPDR Gold Shares on SGX is included under the CPF Investment Scheme (CPFIS) Ordinary Account and the Supplementary Retirement Scheme. It is not included under CPFIS Special Account. That creates a use case where GLD, via O87 or GSD, can be the practical choice even though its 0.40% expense ratio is the highest of the three.
Capital gains treatment
For an individual investing on a personal basis, gains from the sale of shares and financial instruments are generally not taxable in Singapore. That treatment is not automatic for every pattern of activity: IRAS can treat frequent, short-term trading as taxable income rather than a capital gain, depending on the facts.
US estate tax exposure should not be ignored
US estate-tax exposure is a consideration for non-US investors. The prospectuses for these physically backed US gold trusts warn that their shares may be treated as US-situs property for US estate-tax purposes. For a nonresident who is not a US citizen, an executor generally has to file Form 706-NA once US-situated assets exceed US$60,000, subject to applicable tax rules and treaties.
O87 and GSD are cross-listings of the same US-domiciled SPDR Gold Trust. Trading the shares on SGX does not change the trust's domicile, but investors should get tax advice on how the US estate-tax rules apply to their circumstances.
US dividend withholding is less relevant here
Unlike US equity ETFs, none of these physically backed gold trusts generates ordinary stock dividends. IAU's distribution frequency is listed as none, and SPDR Gold Shares carries no expected dividend. Investors comparing GLD, IAU and GLDM should weigh expense ratio, platform commission, FX conversion, bid/ask spread, US estate tax exposure and account eligibility such as SRS or CPFIS more heavily than dividend withholding, which barely applies to this category.
Figure 3: How Singapore investors reach GLD, IAU and GLDM, by access route
Where to buy gold ETFs in Singapore
Once you have decided which of the three funds fits your portfolio, the next question is whether your platform supports the exchange each one trades on. GLD, IAU and GLDM are all reachable as ordinary US-listed securities on any platform below that offers US market access. The SGX fee column only applies to GLD, since IAU and GLDM are not SGX-listed and can only be bought through their US listing.
Investors here generally have three routes: local bank brokerages, global or fintech brokers, and simplified investment platforms.
| Platform type | Platform | SGX ETF fees (O87/GSD, GLD only) | US ETF fees (GLD, IAU, GLDM) |
|---|---|---|---|
| Local bank brokerage | DBS Vickers (cash) | 0.28% (min S$25) | 0.16% (min US$27.25) |
| Local bank brokerage | DBS Vickers (cash upfront) | 0.12% (min S$10.90) | 0.15% (min US$19.62) |
| Local bank brokerage | OCBC Securities | 0.18%–0.275% (min S$25) | 0.30% (min US$20) |
| Fintech / global broker | Interactive Brokers | 0.08% (min S$2.50) | Commission depends on the IBKR Lite or IBKR Pro plan and account residency; confirm current pricing before trading |
| Fintech / global broker | Saxo Markets | 0.08% (min S$3) | 0.08% (min US$1) |
| Fintech / global broker | Tiger Brokers | 0.03% (min S$0.99), plus platform fees | US$0.005 per share (min US$0.99), plus platform fees |
| Fintech / global broker | moomoo SG | 0.03% (min S$0.99), plus platform fees | No commission; around US$0.99 order fee |
| Fintech / global broker | FSMOne | S$3.80 flat | US$3.80 flat |
| Simplified investing platform | StashAway | US$1 per order | US$1 per order |
| Simplified investing platform | Syfe | 0.06% (min S$1.98) | US$0.99–US$1.49 |
Source: platform fee schedules published by each provider, as of August 2026. Interactive Brokers' Singapore-account pricing for US-listed ETFs depends on plan and residency; check the broker's site for the schedule that applies to your account.
The cheapest platform depends partly on order size. A percentage-based fee can be competitive for smaller trades, while a flat commission becomes more efficient as the investment amount grows. Minimum commissions, currency-conversion spreads and custody charges should be weighed alongside the advertised trading fee, and availability should be checked against the fund's full name and ISIN rather than its ticker alone.
Can you use SRS to buy gold ETFs?
Yes. SPDR Gold Shares on SGX, through either O87 or GSD, is already SRS-eligible and can be bought through an SRS-approved brokerage. It is also eligible under CPFIS Ordinary Account.
IAU and GLDM are different because neither is listed on SGX. If you specifically want their lower fees or US-listed exposure within your SRS portfolio, StashAway ETF Explorer provides access to selected US-listed ETFs using SRS funds, including IAU and GLDM, subject to current platform availability.
Invest your SRS in gold ETFs with StashAway ETF Explorer. Choose from gold ETFs and 80+ other asset classes for US$1 per transaction, with no additional management fee.
GLD vs IAU vs GLDM: which one is better for what?
There is no single best fund among the three. The right pick depends on what an investor is optimising for: ongoing cost, trading liquidity, options access, or account eligibility for SRS and CPFIS-OA. The table below maps common priorities to the fund that fits best.
| Investor priority | More suitable option | Why |
|---|---|---|
| Lowest ongoing fee among these three | GLDM | 0.10% expense ratio |
| Highest liquidity, institutional trading | GLD | Largest AUM and deepest trading ecosystem |
| Options trading and hedging | GLD | Most developed options market |
| Middle ground between cost and liquidity | IAU | 0.25% fee with large AUM and a tight spread |
| Smaller whole-share purchases | IAU or GLDM | Lower nominal share price |
| SGX trading in USD | GLD via O87 | Same trust cross-listed on SGX |
| SGX trading in SGD | GLD via GSD | SGD trading counter |
| Direct SRS or CPFIS-OA access without StashAway | GLD via SGX | Already eligible under both schemes |
| SRS access to the lowest-fee or mid-cost option | GLDM or IAU via StashAway ETF Explorer | Neither trades on SGX |
There is no need to declare one universally better fund. The relevant question is whether holding cost, trading liquidity, account eligibility or platform access matters most for a given investor.
Should investors also consider IAUM?
A 2026 comparison that calls GLDM the cheapest US gold product would be incomplete without one more data point.
iShares Gold Trust Micro (IAUM)
IAUM is a physically backed gold trust from iShares with a sponsor fee of 0.09% and roughly US$8.13 billion in assets as of 27 August 2026, making it the lower-cost sibling of IAU and a useful benchmark for showing that GLDM's 0.10% fee is not the absolute floor in the US gold-ETP market. The main article stays focused on GLD, IAU and GLDM, since those are the three funds most investors are actually weighing against each other.
| Fund | Sponsor fee |
|---|---|
| IAUM | 0.09% |
| GLDM | 0.10% |
| IAU | 0.25% |
| GLD | 0.40% |
Risks of investing through a gold ETF
A gold ETF removes the hassle of storing bullion, but it does not remove the risks that come with owning gold, and it adds a few structural risks of its own. These are the main ones to weigh before allocating to GLD, IAU or GLDM.
Gold-price risk
Gold can be volatile and can fall sharply even when it is being used as a defensive asset.
No cash flow
Gold generates no earnings, coupons or rental income. Returns depend on movements in the gold price, less costs.
Fee drag
The trust sells a small amount of gold over time to cover expenses, so the ounces represented by each share decline gradually.
Tracking and market-price risk
Shares can trade above or below NAV during the day. Bid/ask spreads and premiums or discounts can widen during volatile markets.
Custody and structural risk
Investors rely on the trust, trustee, custodian and authorised-participant structure rather than holding bullion directly.
Currency and platform costs
Broker commissions, SGD/USD conversion spreads and platform charges can materially affect small purchases even when the fund's expense ratio is low.
FAQ
Here are the questions investors ask most often when comparing GLD, IAU and GLDM.
Is GLDM cheaper than GLD and IAU?
Yes. GLDM charges 0.10% annually versus 0.25% for IAU and 0.40% for GLD, making it the cheapest of these three, though IAUM currently charges 0.09%.
Do GLD, IAU and GLDM own physical gold?
Yes. All three are physically backed gold trusts designed to track the price of gold bullion, less expenses.
Is GLD on SGX the same fund as GLD in the US?
Yes. SGX-listed O87 and GSD are counters for the SPDR Gold Shares trust and use the same US ISIN as GLD.
What is the difference between O87 and GSD?
O87 trades on SGX in USD. GSD trades on SGX in SGD. Both represent the same underlying SPDR Gold Trust.
Does GSD remove USD currency risk?
No. GSD changes the trading currency to SGD; it does not currency-hedge the underlying gold exposure.
Can I use SRS or CPF to buy a gold ETF?
SPDR Gold Shares listed on SGX is eligible for SRS and CPFIS Ordinary Account investment, though not under CPFIS Special Account. IAU and GLDM are not SGX-listed, so they need a platform such as StashAway's ETF Explorer to be accessed with SRS funds.
Do GLD, IAU or GLDM pay dividends?
These physically backed gold trusts do not generate ordinary equity dividends. IAU lists its distribution frequency as none, and SPDR Gold Shares carries no expected dividend.
Why does GLD cost more per share than IAU or GLDM?
Its share price represents a larger amount of gold per share. A higher nominal share price does not make an ETF more expensive on a valuation basis.
How gold ETFs can fit into a portfolio
Gold ETFs can add diversification to a portfolio because gold often behaves differently from equities and bonds. They can also be used as a defensive allocation during periods of market stress or inflation uncertainty.
Among GLD, IAU and GLDM, the main trade-off is straightforward: GLDM keeps long-term holding costs lowest, IAU balances cost and liquidity, while GLD offers the deepest trading and options market. For Singapore investors, account access matters too, especially when investing through SRS or CPFIS-OA.
Rather than focusing on which fund has performed best recently, consider what role gold is meant to play in your portfolio and how efficiently each ETF delivers that exposure.
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