GLD vs IAU vs IGLN for UAE residents
All four funds hold physical gold bullion, so their returns move almost together. For an investor living in the UAE the differences that matter are cost, whether the fund is a US trust or an Irish security, and how US estate tax may treat it.
The funds side by side
| ETF | Domicile | Index | Dividends | Expense ratio | Listing | Launched |
|---|---|---|---|---|---|---|
| GLD SPDR Gold Shares | United States | Physical gold (LBMA Gold Price) | None (holds gold) | 0.40% a year | NYSE Arca, US dollars | 2004 |
| IAU iShares Gold Trust | United States | Physical gold (LBMA Gold Price) | None (holds gold) | 0.25% a year | NYSE Arca, US dollars | 2005 |
| GLDM SPDR Gold MiniShares Trust | United States | Physical gold (LBMA Gold Price) | None (holds gold) | 0.10% a year | NYSE Arca, US dollars | 2018 |
| IGLN iShares Physical Gold ETC | Ireland (ETC, not UCITS) | Physical gold (LBMA Gold Price) | None (holds gold) | 0.12% a year | London, US dollars | 2011 |
Expense ratios as reported by our market data, 1 Oct 2026.
Returns in US dollars
| ETF | 1 year | 3 years (annualised) | 5 years (annualised) | 10 years (annualised) | Volatility 3Y |
|---|---|---|---|---|---|
| GLD | +2.29% | +30.92% | +18.32% | +12.27% | 21.73% |
| IAU | +2.47% | +31.13% | +18.50% | +12.43% | 21.61% |
| GLDM | +2.61% | +31.31% | +18.66% | N/A | 21.61% |
| IGLN | +2.75% | +31.28% | +18.68% | +12.63% | 20.75% |
Total returns with dividends reinvested, to 1 Oct 2026. Returns over 3 years and longer are compounded annual returns. Past performance does not indicate future returns.
What differs for an investor living in the UAE
- US estate tax. GLD, IAU and GLDM are US trusts. Their own annual reports say their shares may be treated as US property for US estate tax, and the point is not settled. For a person who is not a US citizen or resident, US estate tax can apply above US$60,000 of US assets, at rates that rise to 40%. IGLN is issued from Ireland and is not a US trust.
- No dividends. Gold pays no income, so there is no US dividend withholding to compare. GLD's report says a holder who is not a US person generally pays no US income tax on a gain from selling the shares, unless present in the United States for 183 days or more in the year.
- What IGLN is. IGLN is an exchange-traded commodity: a debt security backed by gold held in a vault, not a UCITS fund. Its yearly charge is 0.12%.
- Cost. On funds that all hold gold, the yearly charge is the most certain difference in what you keep: compare the expense ratios above.
The outcome depends on your nationality, residence and facts, so confirm your own position with a tax adviser. Sources: SPDR Gold Trust annual report (Form 10-K, 2025); iShares Gold Trust annual report (Form 10-K, 2025); iShares Physical Gold ETC factsheet; IRS, estate tax for nonresidents, checked October 2026.
Questions
Do GLD, IAU, GLDM and IGLN hold the same thing?
Yes. Each holds physical gold bullion, so their returns move almost together. The differences are the yearly charge, the legal form (US trust or Irish exchange-traded commodity) and how tax treats each one.
Is gold in GLD subject to US estate tax for a UAE resident?
Possibly. GLD's and IAU's own annual reports say their shares may be treated as US property for US estate tax, which can apply above US$60,000 of US assets for a person who is not a US citizen or resident. The point is not settled, and the outcome depends on your nationality, residence and facts, so confirm your position with a tax adviser.
Is IGLN a UCITS fund?
No. IGLN is an exchange-traded commodity issued from Ireland: a debt security backed by physical gold. It trades in London in US dollars.