What are the best gold ETFs in 2026?
Updated:
16 JUL, 2026
Gold has enjoyed a strong multi-year rally, but recent months have brought a more challenging environment for the metal. Physical gold ETFs – which track bullion prices directly and remain a core defensive holding for investors navigating market uncertainty – have felt this shift, with the leading names in the category posting negative six-month returns as of the latest data.
How did we select those ETFs?
We based our selection on the data provided by Trackinsight and the ETFs' performance between 01/01/2026 and 30/06/2026.
| Fund | ISIN | 6-Month Performance |
|---|---|---|
| iShares Gold Trust Micro – USD | US46436F1030 | -6.58% |
| State Street SPDR Gold MiniShares Trust – USD | US98149E3036 | -6.59% |
| Invesco Physical Gold ETC – USD | IE00B579F325 | -6.60% |
| Amundi Physical Gold ETC (C) – USD | FR0013416716 | -6.60% |
| WisdomTree Core Physical Gold – USD | JE00BN2CJ301 | -6.60% |
The tight clustering of returns – all within two basis points of each other – reflects how closely these physical gold vehicles track the same underlying spot price, with differences largely coming down to fees and replication mechanics rather than strategy.
iShares Gold Trust Micro – USD
The iShares Gold Trust Micro is a physically backed grantor trust from BlackRock designed to reflect the day-to-day performance of gold bullion, following the LBMA Gold Price PM benchmark. The trust holds allocated gold bars in secure vaults and functions similarly to BlackRock's larger iShares Gold Trust (IAU), but offers smaller per-share exposure, making it accessible to investors who prefer finer position sizing or regular incremental purchases. As a grantor trust, the trustee cannot lend or encumber the metal, and shareholders own trust units rather than titled bullion. The fund launched on 15 June 2021 and carries an expense ratio of 0.09%, and it does not use leverage or derivatives to amplify exposure.
State Street SPDR Gold MiniShares Trust – USD
Launched in 2018 by State Street Global Advisors and the World Gold Council as a lower-cost companion to the flagship SPDR Gold Shares (GLD), the fund was designed to offer one of the lowest total expense ratios among gold ETF products, giving investors a cheaper way to diversify with gold exposure. Shares represent fractional, undivided beneficial ownership interests in the trust, whose sole assets are gold bullion, gold bullion receivables and cash. The trust holds allocated gold bars in London vaults, and with nearly $30 billion in assets it offers deep liquidity and tight bid-ask spreads. Its structure makes it a straightforward, low-fee vehicle for long-term holders seeking simple exposure to bullion price movements.
Invesco Physical Gold ETC – USD
Unlike the U.S.-listed trusts above, this Irish-domiciled product is structured as an exchange-traded certificate (ETC) rather than a fund. It aims to track the London Gold Market PM Fixing Price in USD, with each certificate secured by gold bullion held in J.P. Morgan Chase Bank's London vaults. The vast majority of the collateral is held in allocated gold bars, with any residual value that cannot be split into standard bars placed into unallocated gold in a segregated account, JP Morgan Chase Bank acting as custodian and Deutsche Bank as trustee. Launched in 2009, it's one of Europe's largest and longest-running physical gold ETCs, reflecting daily bullion price moves before fees.
Amundi Physical Gold ETC (C) – USD
Launched in May 2019 and domiciled in Ireland, this ETC gives investors exposure to gold spot price movements through a physically backed structure. The certificate is backed by physical allocated gold held by HSBC Bank plc as custodian, with each physical bar segregated, individually identified and allocated. It benchmarks against the London Gold Market Fixing's LBMA PM fixing price and is eligible for UCITS-scheme investment in several EU jurisdictions including Ireland, Germany, Luxembourg and Spain. Its design prioritizes cost efficiency and liquidity, making it a common choice for institutional and professional investors seeking straightforward bullion exposure.
WisdomTree Core Physical Gold – USD
Domiciled in Jersey and launched in December 2020, WisdomTree Core Physical Gold is structured as a debt security rather than a fund share, though it trades on exchange like an equity. The product is backed by physical gold held by HSBC Bank plc as custodian in London, with only metal meeting LBMA Good Delivery standards accepted, and each bar segregated, individually identified and allocated. It's designed to offer a simple, cost-efficient way to access the gold market by providing a return equivalent to spot price movements less the management fee, so a 5% rise in gold before costs translates into roughly a 5% rise in the product. Authorised participants create and redeem shares by delivering or receiving physical gold that meets LBMA standards.
Expert view
Philippe Ferreira, Deputy Head of Economics & Cross-Asset Strategy at Kepler Cheuvreux, shared his perspective on gold's recent pullback:
After a strong rally in recent years, gold has recently come under pressure due, in part, to the rise in U.S. interest rates. This increase has been driven in part by the recent energy crisis and the appointment of a new Federal Reserve Chair, who is determined to strengthen the Fed's credibility in its fight against inflation. In a high interest rate environment, gold generally becomes less attractive because it does not generate any income. However, the sharp decline in oil prices is helping to ease inflationary pressures. As a result, inflation expectations have fallen, which should support a gradual normalization of U.S. dollar interest rates. If this trend continues, the factors that have weighed on gold are likely to fade. Gold could then resume its upward trajectory.
Data provided by:
Trackinsight is the ETF industry's global platform for professional fund selection, offering unparalleled ETP data, analytics, and portfolio construction tools. Founded in 2016 and headquartered in Biot, France, the company offers ETF data and selection services for professional investors, advisors, institutions and other ETF industry participants. In 2024, Kepler Cheuvreux – a leading independent European financial services firm – acquired a majority stake in Trackinsight, and the platform is now part of ETF One, Kepler Cheuvreux's integrated ETF offering combining data services, research and advisory, and execution.
This article is for informational purposes only and does not constitute financial advice.
