What are the best gold ETFs in 2026?
Updated:
29 SEPT, 2026
Gold has enjoyed a strong multi-year rally, but the past six 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 down around 10.8% over six months. A 2.6% rebound over the last three months, however, has brought most of them back into positive territory year to date.
How did we select those ETFs?
We based our selection on data provided by Trackinsight, ranking physical gold ETFs by total expense ratio (TER) and showing their one-month, three-month, six-month and year-to-date returns.
| Rank | Fund | TER | 1m return | 3m return | 6m return | YtD return |
|---|---|---|---|---|---|---|
| 1 | iShares Gold Trust Micro | 0.09% | -1.263% | 2.626% | -10.747% | 0.882% |
| 2 | State Street SPDR Gold MiniShares Trust | 0.10% | -1.266% | 2.618% | -10.760% | 0.861% |
| 3 | Xtrackers IE Physical Gold ETC Securities | 0.11% | -1.266% | 2.615% | -10.765% | -0.530% |
| 4 | Amundi Physical Gold ETC (C) | 0.12% | -1.267% | 2.613% | -10.769% | 0.847% |
| 5 | Invesco Physical Gold ETC | 0.12% | -1.267% | 2.613% | -10.769% | 0.847% |
| 6 | iShares Physical Gold ETC | 0.12% | -1.267% | 2.613% | -10.769% | 0.846% |
Six-month returns sit within roughly two basis points of each other – a reflection of how closely these physical gold vehicles track the same underlying spot price. With performance this uniform, costs become the key differentiator, which is why the ranking is ordered by total expense ratio.
iShares Gold Trust Micro
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
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.
Xtrackers IE Physical Gold ETC Securities
Unlike the U.S.-listed trusts above, DWS's Xtrackers IE Physical Gold ETC Securities is an exchange-traded commodity – a debt security issued out of Ireland rather than a fund share. Launched in April 2020, it is linked to the gold spot price and backed by allocated physical gold held in segregated accounts, with each series of securities having exclusive title to its own pool of metal. With a TER of 0.11% and around $6 billion in assets, it is one of the lower-cost routes for European investors seeking straightforward bullion exposure.
Amundi Physical Gold ETC (C)
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.
Invesco Physical Gold ETC
Like the Xtrackers and Amundi products, this Irish-domiciled vehicle 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.
iShares Physical Gold ETC
BlackRock's European flagship gold product, iShares Physical Gold ETC was launched in April 2011 and is issued by Irish-domiciled iShares Physical Metals plc. It tracks the LBMA Gold Price, with the metal held by JPMorgan Chase Bank N.A., London Branch, as custodian. With more than $40 billion in net assets, it ranks among the largest physically backed gold products in Europe. Its securities are limited-recourse obligations payable solely out of the underlying gold, and the product carries a TER of 0.12%.
Expert view
Philippe Ferreira, Deputy Head of Economics & Cross-Asset Strategy at Kepler Cheuvreux, shared his view on gold's role in portfolios:
From an investment perspective, gold remains an attractive portfolio diversifier amid persistent geopolitical tensions and heightened uncertainty. Its relatively low correlation with traditional risk assets enhances its appeal in the current environment. Although the recent rise in bond yields has weighed on gold prices, the metal continues to offer valuable diversification benefits. Ongoing purchases by China's central bank also provide structural support, as they increasingly appear to reflect a long-term strategic trend rather than a cyclical phenomenon.
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.
