The short version
- GLD was designed so one share held a tenth of a troy ounce. Recent filings put it at about 0.0919 ounces, roughly 8% lower after two decades of fees.
- Gold ETF fees run from about 0.10% (GLDM) to 0.40% (GLD) a year, taken from the metal.
- GLDY has no management fee and targets around 3.5% a year, paid monthly in additional gold.
- GLDY settles instantly at any hour since 23 July 2026. ETFs trade in exchange hours and settle at T+1 or T+2.
- ETFs still lead on liquidity, track record and access for non-accredited investors and tax wrappers.
Your gold grows instead of shrinking
Most ETF holders never see the fee, because it comes out of the metal.
There's no line on your statement. The fund sells a little of its gold at intervals to cover costs, so each share is backed by slightly less metal every year. GLD launched with each share worth a tenth of an ounce and recent filings put it near 0.0919 ounces, so two decades of fees have taken roughly 8% of the gold behind every share. That's the product working as designed.
GLDY earns instead of charging.
It leases bullion through Monetary Metals to jewellers, mints and refiners and pays the income to holders monthly, in gold, targeting around 3.5% a year. The dollar value still rises and falls with the gold price. The quantity of metal you own goes up. Hold $100,000 in GLD for a year and about $400 of gold goes on the fee. Hold the same in GLDY at the target rate and you gain about $3,500 of extra metal.
10 ounces held for 20 years
Illustrative only. Constant rates compounded annually, no price changes, taxes or trading costs. GLDY's yield is a target and isn't guaranteed; ETF fees as publicly reported and subject to change.
Side by side
| Gold ETFs | GLDY | |
|---|---|---|
| Annual cost | 0.10% to 0.40%, taken from your gold | No management fee; targets ~3.5% paid in gold |
| Metal per unit over time | Goes down | Goes up |
| Trading hours | Weekdays, exchange hours | All day, every day |
| Settlement | T+1 or T+2 | Instant |
| What you own | Shares in a trust | A claim on allocated bullion |
| Reserve checks | Periodic reports | Monthly audit plus on-chain proof |
| Swap for metal | Not for retail holders | Yes, subject to terms |
| Self-custody | No | Yes, in approved wallets |
Where GLDY does better
It pays you
Gold ETF fees run from about 0.10% on GLDM to 0.40% on GLD, so a $100,000 position costs up to $400 a year in metal. GLDY targets around 3.5% going the other way, and the distribution paid on 17 July 2026 worked out at an annualised 3.9%.
It never closes
ETFs trade when the exchange is open and settle a day or two later. Gold reacts to Saturday-night shocks and 2am central bank surprises. Since Wintermute became GLDY's continuous liquidity provider on 23 July 2026, settlement is instant at any hour, with roughly $12 million of secondary liquidity across Wintermute, permissioned Orca pools on Solana and tZERO's regulated trading system.
You can check the gold yourself
GLDY's reserves are verified on-chain by Chainlink Proof of Reserves, EisnerAmper examines them monthly and Zedra publishes daily NAV. Custody sits with qualified custodians including Anchorage Digital Bank, Coinbase Prime, tZERO and BitGo. With an ETF you wait for a report. With GLDY you can look whenever you like.
You own a claim on the gold
With most gold ETFs, only authorised participants can swap shares for bullion, in enormous blocks. GLDY holders can redeem for the underlying metal, subject to minimums and terms.
Who it's for
GLDY suits long-term holders who'd rather their metal grew.
It fits anyone who wants to move at 3am on a Sunday, check reserves directly or keep the option of taking delivery. ETFs remain the better fit for investors who need maximum liquidity, a long track record or a tax-advantaged account, and plenty of people hold both.
FAQs
Is GLDY better than a gold ETF?
For long-term holders who want their gold to grow, GLDY's target yield in gold works in the opposite direction to ETF fees. ETFs still offer deeper liquidity and wider access.
Do gold ETFs really reduce your gold?
Yes. Fees are paid by selling some of the fund's bullion, so gold per share falls each year. GLD has gone from 0.1 to about 0.0919 ounces per share.
Can I swap GLDY for physical gold?
Yes, subject to minimums and terms. Most retail ETF holders can't.
Who can buy GLDY?
Verified accredited investors, including through Siebert Financial brokerage accounts since 29 June 2026.
Is GLDY safe?
It's backed one-to-one by allocated gold, audited monthly and verified on-chain, with qualified custodians. Gold prices can fall, leasing carries counterparty risk and its secondary market is younger than a major ETF's.
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This article is published by Streamex Corp. (NASDAQ: STEX) and is for general information only. It isn't investment, financial, legal or tax advice, or an offer to sell any security. GLDY is offered as a security to verified accredited investors under Rule 506(c) of Regulation D and is a restricted security. Target yields are variable, not guaranteed and may change; gold leasing carries counterparty risk. Illustrative figures aren't projections. Gold ETFs offer significantly greater secondary market liquidity and longer operating histories than GLDY, and are available to non-accredited investors and within tax-advantaged accounts where GLDY isn't. ETF expense ratios and holdings are as publicly reported at the time of writing.
