Gold has lost some of its luster this year, as prices pull back from record highs, but as a volatile commodity it’s only a matter of time before the precious metal rises again.
That volatility often keeps rank-and-file investors away from buying gold through complex derivative instruments like futures and options. Instead, many opt for owning gold directly through physical bars and coins. But that comes with storage risks and insurance costs.
To help mitigate these issues, investors who want to gain exposure to gold through the ease of a brokerage account can consider gold exchange-traded funds, or ETFs, which come in different forms to fit different investing needs.
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Some hold gold mining companies. These can outperform the price of gold as the metal rises in value because the increase in the gold price adds to cash flow while operating and financial leverage amplify gains. This is assuming production costs and company debt remain the same. While an erosion of gold’s value could create the opposite scenario, companies in a declining-gold-price environment can take measures to offset the damage by cutting costs, finding efficiencies or boosting production.
Another advantage of mining companies is that they can use cash flow to fund dividends or share buybacks, differentiating them from non-yield-bearing gold holdings.
Some ETFs invest in physical gold stored in vaults, while others are backed by futures contracts. In these cases, the funds still trade on stock exchanges like regular shares of any company, meaning they’re much easier for investors to deal with than the complications of actually trading futures or buying and storing physical gold themselves.
“The most popular gold ETFs are those that provide liquidity, transparency and low costs,” says Steve Maitland, founder of gold and silver IRA research firm Maitland Wealth. “The decision usually comes down to whether or not an investor is seeking exposure to the price of gold itself or to gold mining companies.”
At the moment, gold prices have pulled back as the Iran war cools and the metal loses some of its safe-haven allure. Meanwhile, expectations that the Federal Reserve will hike interest rates this year are pressuring gold as the dollar rises. Higher interest rates increase the opportunity cost of holding non-interest-bearing gold. Gold and the dollar often trade inversely to each other as the metal is often bought as an inflation hedge.
“It’s worth remembering that gold was up over 60% in 2025, so I see these recent falls as more of a pause for breath and some profit-taking rather than the end of the gold bull market,” says Vince Stanzione, CEO at First Information, a publisher of educational materials related to financial spread betting and derivatives trading.
“We also have a seasonal pattern in gold, where it tends to do better at the start and end of the year, so I expect it to start picking up again as we head into the year-end,” he adds.
With that in mind, here’s a look at five top gold ETFs:
| ETF | Expense ratio | Net assets | Fund focus |
| VanEck Gold Miners ETF (ticker: GDX) | 0.51% | $23.6 billion | Large, geographically diversified global gold-mining corporations |
| VanEck Junior Gold Miners ETF (GDXJ) | 0.52% | $7.3 billion | Small-cap “junior” companies focused on gold exploration and mine development |
| Invesco DB Precious Metals Fund (DBP) | 0.70%* | $248.8 million | Futures contracts for gold, silver and platinum |
| SPDR Gold Shares (GLD) | 0.40% | $135.3 billion | Physical gold bullion held in secure vaults |
| WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) | 0.45% | $157.6 million | Combines mining stocks and futures, aiming for a more efficient use of capital |
*Net expense ratio after a 0.06% fee waiver currently in effect through at least Aug. 31, 2026.
VanEck Gold Miners ETF (GDX)
One reason that gold mining companies can be a good investment is that the gold reserves they own underground are significantly cheaper than current spot prices. The companies that can extract them the cheapest stand to make the most money. Then, when gold prices move higher, that margin expands further.
Still, there are plenty of risks with mining companies. They might not get a key permit to move a project forward. They might buy a competitor and pay too much for the deal or fail to properly integrate the acquired company. Or, one of the far-flung political jurisdictions where they operate might experience unrest.
GDX holds the world’s biggest gold miners, including Newmont Corp. (NEM) and Barrick Mining Corp. (B). Their size and geographic diversification give a measure of stability that can be welcome in a difficult industry, further complementing the diversification inherent in ETFs.
This mining equity ETF tracks the MarketVector Global Gold Miners Index and has an expense ratio of 0.51%, or $51 annually on $10,000 invested.
VanEck Junior Gold Miners ETF (GDXJ)
In addition to large mining companies with producing operations, the gold mining sector also has so-called “junior” miners that are primarily involved in exploring for gold, developing mines or producing much smaller amounts than their larger brethren.
These miners tend to be more risky, and so an ETF can be particularly helpful. But that diversification can be a double-edged sword because it means the ETF as a whole may not perform as well as a single gold miner that strikes it rich.
This ETF tracks the MVIS Global Junior Gold Miners Index and has an expense ratio of 0.52%.
Invesco DB Precious Metals Fund (DBP)
Investors who want exposure to gold futures contracts without the hassle of setting up a futures trading account can turn to this offering. While this fund also invests in silver and platinum futures, most of its holdings are in gold futures traded on the Comex division of the New York Mercantile Exchange.
Futures tend to track the price of gold more closely than mining stocks. And, unlike physical gold, which is priced on the spot market, futures offer investors a chance to express an opinion about where prices will go in coming months.
This fund has a 0.7% expense ratio.
SPDR Gold Shares (GLD)
When it comes to ETFs that are backed by physical gold, this fund run by State Street Investment Management is the biggest, with around $135 billion in assets under management.
GLD was the first gold-backed ETF to trade on U.S. markets, and it remains one of the most popular gold ETFs with both retail and institutional investors.
The fund’s gold is held on behalf of shareholders with trusted custodians like JPMorgan Chase & Co. (JPM) in the U.S. and HSBC Holdings PLC (HSBC) in London.
The fund has an expense ratio of 0.4%.
Proper gold ETF selection depends on investor risk appetite, says Stanzione.
“For a lower-risk investor, I’d just go with GLD, SPDR Gold Shares, which tracks the price of gold minus a small fee,” he says. “No leverage and no exposure to mining company risks.”
WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN)
This ETF is a hybrid that combines both futures and mining stocks.
The fund’s literature notes that investors seeking exposure to gold will often buy exposure to the physical metal and mining companies in two separate trades. By combining mining stocks and futures, the fund aims to offer a more efficient use of capital. Futures offer leverage, which can amplify returns — or magnify losses.
The fund gives investors 90% exposure to mining stocks and 90% exposure to gold futures. It can do that because of the nature of futures markets, where leverage allows investors to control large positions with a small amount of collateral. The fund uses 10% of its investments for short-term Treasurys as collateral.
The fund has an expense ratio of 0.45%.
“For those who want higher risk and reward, take a look at GDMN,” Stanzione says.
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5 Best Gold ETFs to Buy for 2026 originally appeared on usnews.com
Update 06/24/26: This story was published at an earlier date and has been updated with new information.
