Top Gold ETFs to Watch in Late 2025: Best Picks for Strong Returns and Low Costs

By Editorial Team - November 10, 2025

As of November 2025, gold prices have surged to new all-time highs, trading around $4,000 per ounce after rallying over 50% year-to-date amid persistent inflation, geopolitical tensions, and strong central bank demand. This has propelled gold ETFs to exceptional performance, with physical gold funds delivering 40-60% YTD returns and mining-focused ETFs often exceeding 100%.

Top gold ETFs span U.S., European, and Chinese markets, providing options for physical gold exposure or leveraged mining plays. This updated overview incorporates the latest performance data, trends, and forecasts as of early November 2025, highlighting shifts since mid-year.

Credit: Goldprice.org

U.S. Gold ETFs

U.S. gold ETFs remain dominant, with physical funds like GLD and IAU offering stability, while mining ETFs like GDX provide amplified returns amid expanding miner margins.

1. SPDR Gold MiniShares Trust (GLDM)

Type: ETF
Sector: Physical Gold
Performance: YTD ~+51%
AUM: $17.3B
Reason: Cost-effective physical gold tracking; high liquidity for retail investors. Historical average annual return: +12.87% (inflation-adjusted, dividends reinvested).
Valuation: Fair valued (Expense ratio 0.10%; at NAV)
Recommendation: Consider a Hold or Small Dip-Buy, Not a Full Aggressive Entry
Confidence Level: Medium
Timeframe: 12 months
Note: GLDM and GLD are both physically backed gold ETFs offered by State Street, but they differ in their expense ratio, share value, assets under management (AUM), and target audience. GLDM is a lower-cost alternative designed for individual investors, while GLD is the larger, more established fund favored by institutional investors.

2. iShares Gold Trust Micro (IAUM)

Type: ETF
Sector: Physical Gold
Performance: YTD ~+51%
AUM: $4.1B
Reason: Low-cost entry to gold bullion; matches top performers with minimal fees. Historical average annual return: +15.68% (inflation-adjusted, dividends reinvested).
Valuation: Fair valued (Expense ratio 0.09%; at NAV)
Recommendation: Consider a Hold or Small Dip-Buy, Not a Full Aggressive Entry
Confidence Level: Medium
Timeframe: 12-24 months
1-Month Price Target: $30

3. VanEck Gold Miners ETF (GDX)

Type: ETF
Sector: Gold Miners (Growth)
Performance: YTD +105.94%
AUM: $23B
Reason: Tracks major gold mining companies; explosive growth from rising gold prices and expanded margins amid central bank buying. Historical average annual return: +1.77% (inflation-adjusted, dividends reinvested). (totalrealreturns.com)
Valuation: Overvalued (Expense ratio 0.51%; P/E 34x; 1% premium to NAV)
Recommendation: Hold
Confidence Level: Medium
Timeframe: 12-24 months
1-Month Price Target: $65
Note: VanEck Gold Miners ETF (GDX) is listed on both the NYSE Arca exchange (as GDX) and the Mexican Stock Exchange (BMV) (as GDX.MX).

4. ProShares Ultra Gold (UGL)

Type: ETF
Sector: Leveraged Gold
Performance: YTD +101.91%, 1M +15%
AUM: $1B
Reason: Provides 2x daily exposure to gold futures; amplifies gains in bull markets but with higher volatility. Historical average annual return: +10.13% (inflation-adjusted, dividends reinvested).
Valuation: Overvalued (Expense ratio 0.95%; trading at 0.5% premium to NAV)
Recommendation: Hold
Confidence Level: Medium
Timeframe: 6-12 months
1-Month Price Target: $150

5. SPDR Gold Shares (GLD)

Type: ETF
Sector: Physical Gold
Performance: YTD +48.18%, 1M +8%
AUM: $114B
Reason: Largest gold ETF with high liquidity; serves as a core hedge against inflation and uncertainty. Historical average annual return: +7.87% (inflation-adjusted, dividends reinvested).
Valuation: Slightly overvalued (Expense ratio 0.40%; 0.2% premium to NAV)
Recommendation: Buy
Confidence Level: High
Timeframe: 12-24 months
1-Month Price Target: $280

6. iShares Gold Trust (IAU)

Type: ETF
Sector: Physical Gold
Performance: YTD +47.59%, 1M +8%
AUM: $64.7B
Reason: Stable physical gold exposure; popular for long-term hedging with significant AUM. Historical average annual return: +8.24% (inflation-adjusted, dividends reinvested).
Valuation: Fair valued (Expense ratio 0.25%; at NAV)
Recommendation: Buy
Confidence Level: Medium
Timeframe: 12 months
1-Month Price Target: $55

7. GraniteShares Gold Shares (BAR)

Type: ETF
Sector: Physical Gold
Performance: YTD +47.66%, 1M +8%
AUM: $1.1B
Reason: Low-cost physical gold ETF; strong performance in 2025 rally. Historical average annual return: +10.48% (inflation-adjusted, dividends reinvested).
Valuation: Fair valued (Expense ratio 0.17%; at NAV)
Recommendation: Buy
Confidence Level: Medium
Timeframe: 12 months
1-Month Price Target: $28

Additional standouts include Franklin Responsibly Sourced Gold ETF (FGDL) for best one-year performance and VanEck Junior Gold Miners ETF (GDXJ) with 101.75% YTD.

European Gold ETFsEuropean gold ETFs have seen strong inflows, with mining funds outperforming amid geopolitical risks. YTD gains for top performers exceed 60-75%.

WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN)
Rose over 75% in H1, now estimated ~100% YTD. Combines bullion and miners for leveraged exposure.
Sprott Gold Miners ETF (SGDM)
62%+ gain in H1, now ~90% YTD. Diversified global mining.
Themes Gold Miners ETF (AUMI)
~60% in H1, now ~103% YTD. Actively managed, European-focused.
SPDR European Shield ETF (SHLD)
60%+ YTD, capturing gold-related sectors amid defense spending.
Select STOXX Europe Aerospace & Defense ETF (EUAD)
Up nearly 78% YTD, relevant for parallel gold miner performance due to tensions.

Chinese and Hong Kong Gold ETFsChinese gold ETFs have seen historic inflows, with AUM up 116% in H1 to RMB169 billion (~$22 billion) and holdings at 194 tonnes. Physically backed funds dominate, with one-year returns ~40-43%.

Chinese Gold ETFs (General)
Strong inflows, e.g., RMB4.5 billion in September 2025. Focus on domestic storage and safe-haven appeal.
Hong Kong Gold ETFs (Value Gold ETF, SPDR Gold Trust HK, Hang Seng RMB Gold ETF)
Multi-currency trading; one-year returns ~40-43%. Broad accessibility for regional investors.
Digital Gold Crypto ETF (SBI)
51% gold/49% crypto allocation for diversification. Performance tied to both assets' strong 2025 gains.

For Asian investors, demand for gold ETFs have surged remarkably in 2025, driven by factors such as geopolitical tensions, trade disputes, inflation concerns, and a shift toward safe-haven assets. Here is a combined overview of China and gold ETFs as of mid-2025:

Explosive Growth in China-Listed Gold ETFs: Chinese gold ETFs have experienced historic inflows, with total assets under management (AUM) surging by around 116% during the first half of 2025 to approximately RMB153 billion (about US$21 billion) and collective gold holdings reaching about 200 metric tons. The first half of 2025 marked the largest semi-annual inflow and record AUM for these ETFs . (World Gold Council)
Strong Performance: Gold ETFs in China outperformed many global peers with significant monthly inflows and record demand especially in April 2025 when RMB49 billion (~US$6.8 billion) were added in a single month. This inflow was the strongest monthly gold ETF demand on record, fueled by geopolitical tensions and trade war fears between China and the US . (Angel One)
Physical Gold Backing and Local Storage: Most Chinese gold ETFs are physically backed, holding bullion stored domestically, aligning with investor preference for direct gold price exposure rather than mining stocks. This reinforces their status as safe-haven and inflation hedge instruments .
Complementary Hong Kong Gold ETFs: Hong Kong-listed gold ETFs (such as Value Gold ETF, SPDR Gold Trust HK, and Hang Seng RMB Gold ETF) complement mainland China ETFs by offering multi-currency trading (HKD, RMB, USD), physical bullion storage in Hong Kong, and broad accessibility for Greater China investors. These ETFs also posted strong one-year returns around 40-43% driving regional investor participation.
Investor Demand Amid Global Uncertainties: Chinese investors have increased gold ETF holdings as a hedge amid US-China trade tensions, easing local bond yields, and inflationary pressures. These factors alongside central bank gold purchasing by the People's Bank of China (PBoC), which raised official reserves to around 2,299 tons by June 2025, underpin ETF growth and gold demand .
Gold Futures and Trading Activity: Alongside ETFs, gold futures trading volumes on the Shanghai Futures Exchange (SHFE) reached record highs in the first half of 2025, reflecting elevated market interest and speculative activity driven by gold price volatility .
Japan’s largest bank, SBI, has introduced the Digital Gold Crypto ETF, which will allocate 51% to gold and 49% to cryptocurrencies. This structure is reportedly designed to mitigate investment risks through diversification, catering to a growing interest in combining traditional assets with digital currencies. (NewsBTC August 2025)
Global Context: The surge in Chinese gold ETFs contributed significantly to global gold ETF inflows in 2025, often surpassing inflows into U.S.-listed gold ETFs, illustrating China's expanding influence in the global gold investment landscape .

In summary, the combined picture for China and gold ETFs in 2025 is one of rapid expansion and robust investor demand focused on physically backed gold ETFs, supported by geopolitical uncertainty, local economic factors, and strategic central bank gold accumulation. Hong Kong ETFs play a strategic role in the region by providing currency flexibility and convenient trading access, complementing mainland China’s dominant physical gold ETF market.

Concluding RemarksIn late 2025, U.S. physical gold ETFs like GLDM, IAUM, and BAR offer low costs and 50-60% YTD returns, while GLD and IAU provide liquidity and stability. Mining ETFs like GDX and GDXJ deliver higher risk/reward with 100%+ gains. Chinese funds benefit from regional demand surges, with YTD returns over 66%. European miners lead with geopolitical leverage. Gold forecasts point to $4,100-4,500 by year-end. Selection depends on preference for physical vs. mining exposure, costs, and region. These ETFs represent top performers amid gold's structural rally.

Choosing the right gold ETF depends on whether you want physical gold exposure, expense sensitivity, or regional preference. The above-listed ETFs represent the top performers and most watched gold ETFs in 2025 based on current data (1, 2, 3, 4).

Sources:

Editor's Note: Our approach never chases short-term hype. Instead, our analysts, supported by AI, carefully select recommendations designed to build portfolios that compound over the long term. Investors must be prepared to hold through market volatility to realize sustained growth and achieve their financial goals.

Disclaimer

The information presented in this article is intended for general informational purposes only and should not be construed as professional financial, investment, or medical advice. The figures, rankings, and projections are based on publicly available data, company reports, and industry estimates as of 2025.

While efforts have been made to ensure the accuracy and timeliness of the information, One Day Advisor and the article’s authors do not guarantee the completeness, reliability, or suitability of the content for any particular purpose. Readers are encouraged to verify details independently and consult qualified professionals before making any business, investment, or healthcare decisions based on the information provided.

The article may reference ongoing developments, regulatory actions, or market events that are subject to change. One Day Advisor is not responsible for any losses or damages arising from the use of this information.

References:

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