$GLD vs $SGOL: Weighing Liquidity Against Cost Efficiency for Gold Exposure Both GLD and SGOL are grantor trusts that provide direct exposure to physical gold bullion, tracking the LBMA Gold Price PM index minus expenses, with 100% allocation to allocated gold bars and no equity or sector holdings. GLD maintains significantly higher assets under management and trading volume, offering superior liquidity for large institutional trades, while SGOL emphasizes responsibly sourced post-2012 gold stored in London vaults. The expense ratio difference is material: GLD charges 0.40% annually compared to SGOL’s 0.17%, resulting in lower ongoing costs for long-term holders of SGOL. Both ETFs exhibit nearly identical performance profiles driven by gold price movements, with minor divergences attributable primarily to fee structures rather than strategy differences.