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AAAU vs. GLD: Lower Fees or Greater Liquidity?

Investors face a cost-versus-liquidity tradeoff in a year of surging gold.

Overview

  • GLD manages about $146.7 billion with deep trading volume and tight spreads as of Dec. 19, 2025.
  • AAAU holds roughly $2.5 billion and charges a 0.18% expense ratio versus GLD’s 0.40%.
  • Trailing one-year total returns were essentially the same: 66.8% for AAAU and 66.5% for GLD.
  • Both funds provide simple, physically backed exposure to bullion without leverage or derivatives.
  • Gold prices in 2025 jumped nearly 65%, reaching an all-time high of $4,381.58 per ounce in October, drawing strong ETF demand.