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Quick verdict: The best gold ETF in Canada for most DIY investors is likely ZGLD if you want low-cost physical gold exposure with meaningful fund size. VALT.B has the lowest posted MER I found, but it is smaller, so check bid-ask spreads before buying. KILO.B is another solid physical bullion option. CGL.C and CGL are larger iShares choices but charge a higher MER. PHYS and MNT are not regular ETFs, but they are worth knowing if you specifically want a physical bullion trust or Royal Canadian Mint exchange-traded receipt.
The best gold ETFs in Canada are not all the same product with different tickers. Some hold physical gold bullion. Some hold gold mining stocks. Some are closed-end trusts or exchange-traded receipts that trade like securities but are not conventional ETFs.
That distinction matters. A physical gold ETF is mainly a bet on the price of gold. A gold miner ETF is a bet on mining companies, their margins, management teams, balance sheets, and equity-market sentiment. Those can move very differently.
This guide focuses on Canadian-listed options that make sense for Canadian investors comparing gold exposure inside a TFSA, RRSP, FHSA, or taxable account.
Best gold ETFs in Canada: quick comparison
| Fund | Structure | Current fee data | Best fit |
|---|---|---|---|
| VALT.B | CI physical gold bullion ETF, unhedged CAD series | 0.17% MER; 0.15% management fee; about $113.2M net assets | Lowest posted MER, if trading spreads are reasonable |
| ZGLD | BMO physical gold bullion ETF | 0.22% MER; 0.20% management fee; about $1.84B net assets | Best mix of low cost, scale, and simple bullion exposure |
| KILO.B / KILO | Purpose physical gold bullion fund | 0.28% MER; 0.20% management fee; about $1.1B AUM | Low-cost Purpose option; choose hedged or unhedged series carefully |
| CGL.C / CGL | iShares physical gold bullion ETF | 0.55% MER; 0.50% management fee; CGL.C about $2.6B net assets | Larger iShares option, but the fee is higher |
| PHYS | Sprott physical gold trust | 0.39% MER; about $16.8B NAV | Investors who specifically want a closed-end physical bullion trust |
| MNT | Royal Canadian Mint gold exchange-traded receipt | 0.35% annual service fee | Mint-backed physical gold exposure, not a standard ETF |
| XGD | Gold mining stock ETF | 0.60% MER; 0.55% management fee; about $3.56B net assets | Gold miners, not bullion |
| ZGD | Equal-weight gold mining stock ETF | 0.60% MER; 0.40% management fee; about $340.5M net assets | Equal-weight gold miner exposure |
Data reviewed May 31, 2026 from official provider pages and fund facts. Provider data used different as-of dates, commonly May 29, 2026 for market data and December 31, 2025 or fiscal-year data for MER. ETF fees, assets, yields, spreads, and holdings can change, so check the current fund page before investing.
How to choose a gold ETF in Canada
Start with the role gold is supposed to play in your portfolio.
- If you want the price of gold: focus on physical bullion ETFs such as VALT.B, ZGLD, KILO.B, or CGL.C.
- If you want gold mining companies: look at XGD or ZGD, but understand that these are stock ETFs, not gold bullion funds.
- If you care about custody and redemption mechanics: PHYS and MNT are worth comparing, but they are not normal ETFs.
- If you are only trying to diversify a long-term portfolio: keep the position modest. Gold is a satellite asset, not a replacement for a diversified ETF portfolio.
If you are still learning the basics, start with what an ETF is and then compare gold with broader choices in our guide to the best Canadian ETFs.
1. ZGLD: best overall low-cost gold bullion ETF
ZGLD, the BMO Gold Bullion ETF, is my favourite default pick for most Canadians who want a simple physical gold ETF. It is not the absolute cheapest on the list, but it combines a very low MER with much larger assets than the cheapest option.
BMO says ZGLD seeks to replicate the performance of gold bullion, net of fees and expenses, by investing in long-term holdings of unencumbered gold bullion in 400 troy ounce international bar sizes. The fund’s April 30, 2026 factsheet listed a 0.20% management fee, 0.22% MER, and about $1.84 billion in net assets.
That makes ZGLD the cleanest middle ground: low enough fee to compete seriously, big enough that liquidity and spreads are less likely to be a problem than with a tiny fund, and simple enough for most investors to understand.
Who ZGLD fits
- You want direct physical gold exposure on the TSX.
- You want a low MER but do not want to chase the smallest fee blindly.
- You prefer a large Canadian ETF provider.
- You want gold as a small portfolio diversifier, not a gold miner trade.
2. VALT.B: lowest posted MER, but check liquidity
VALT.B is the unhedged Canadian-dollar series of CI Gold Bullion Fund. Its official fund page listed a 0.15% management fee, 0.17% MER, and about $113.2 million in net assets as of May 29, 2026.
That fee is excellent. On pure MER, VALT.B is the cheapest gold ETF in Canada I found from official provider data.
The tradeoff is scale. A smaller ETF can still be perfectly usable, especially for long-term investors placing limit orders, but you should check trading volume and the bid-ask spread before buying. A lower MER does not help much if you give the savings back through poor execution.
Who VALT.B fits
- You want the lowest posted MER among Canadian-listed gold bullion ETFs.
- You are comfortable checking spreads before trading.
- You plan to use limit orders rather than market orders.
- You understand the difference between a low management fee and real-world trading costs.
For a deeper fee refresher, see what MER means or use the ETF fee drag calculator to compare long-term costs.
3. KILO.B and KILO: strong Purpose bullion options
KILO.B and KILO come from Purpose Investments. Purpose lists a 0.20% management fee, 0.28% MER, and about $1.1 billion in assets under management for the fund.
The main thing to watch is the series you buy. Purpose offers multiple series, including Canadian-dollar, U.S.-dollar, and currency-hedged options. If you buy the wrong ticker, you may not get the currency exposure you intended.
For most Canadians, the practical question is simple: do you want unhedged gold exposure, where your Canadian-dollar return can be affected by USD/CAD currency moves, or do you want a hedged version that tries to isolate the gold price more directly in Canadian dollars?
Who KILO fits
- You like Purpose funds and want physical gold exposure.
- You want a low-cost bullion fund with meaningful AUM.
- You want the option to choose between hedged, unhedged, or U.S.-dollar series.
- You are willing to double-check the exact ticker before buying.
4. CGL.C and CGL: large iShares gold ETFs with a higher fee
CGL.C and CGL are iShares Gold Bullion ETF series. BlackRock’s official page listed a 0.50% management fee and 0.55% MER for CGL.C, with about $2.6 billion in net assets as of May 29, 2026.
The iShares name and fund size are appealing. The problem is cost. A 0.55% MER is not outrageous for a niche commodity product, but it is meaningfully higher than ZGLD, VALT.B, and KILO.
That does not make CGL.C bad. It just means you should have a reason to pick it. If your only goal is low-cost physical gold exposure, cheaper options now exist.
Who CGL fits
- You strongly prefer iShares products.
- You value the larger asset base and long operating history.
- You are comfortable paying a higher MER for that convenience.
- You want to choose between hedged and unhedged iShares series.
5. PHYS: physical gold trust, not a regular ETF
PHYS, the Sprott Physical Gold Trust, often appears in gold ETF searches, but it is a closed-end trust rather than a conventional ETF.
Sprott’s official page listed PHYS with about $16.8 billion in net asset value and a 0.39% MER. It holds fully allocated physical gold bullion and is structured for investors who care about custody, trust structure, and physical redemption features.
The key difference is that closed-end trusts can trade at a premium or discount to net asset value. That can create opportunity or frustration. Before buying PHYS, look at the current premium/discount, not just the gold price.
Who PHYS fits
- You specifically want a physical bullion trust structure.
- You understand premiums and discounts to NAV.
- You care about redemption mechanics and custody language.
- You are comfortable with a product that is not a plain vanilla ETF.
6. MNT: Royal Canadian Mint gold receipts
MNT is the Canadian Gold Reserves exchange-traded receipt from the Royal Canadian Mint. It is not an ETF. It represents beneficial ownership in physical gold bullion held by the Mint, with an annual service fee currently listed at 0.35%.
MNT can be attractive if the Mint structure itself is part of the appeal. It is less attractive if you simply want the easiest low-cost gold ETF. As with PHYS, check the premium or discount before buying, because the trading price can differ from the underlying net asset value.
Gold bullion ETF vs gold miner ETF
This is the biggest mistake in gold ETF research. XGD and ZGD are gold stock ETFs, not gold bullion ETFs.
XGD, the iShares S&P/TSX Global Gold Index ETF, holds gold mining companies. BlackRock’s official page listed a 0.55% management fee, 0.60% MER, and about $3.56 billion in net assets as of May 29, 2026.
ZGD, the BMO Equal Weight Global Gold Index ETF, also holds gold mining companies, but with an equal-weight index approach. BMO’s April 30, 2026 factsheet listed a 0.40% management fee, 0.60% MER, and about $340.5 million in net assets.
Gold miners can outperform physical gold when conditions are right. They can also underperform badly. Mining companies have labour costs, fuel costs, jurisdiction risk, debt, management decisions, and equity-market risk. If you buy XGD or ZGD, you are buying stocks tied to the gold industry, not bars of gold.
For a beginner, that means a physical bullion ETF is usually cleaner than a miner ETF. If you want to compare the broader stock-versus-fund decision, read stocks vs ETFs.
Hedged vs unhedged gold ETFs
Gold is usually quoted globally in U.S. dollars. Canadian-listed gold funds may offer hedged and unhedged versions.
- Unhedged: your Canadian-dollar return is affected by both gold and the USD/CAD exchange rate.
- CAD-hedged: the fund tries to reduce currency impact so your return more closely tracks gold itself in Canadian-dollar terms.
Neither is automatically better. If you want gold partly as a currency diversifier, unhedged can make sense. If you only want exposure to the metal price and do not want USD/CAD swings layered on top, hedged may fit better.
Just make sure the ticker matches your intention. With gold ETFs, the difference between a hedged and unhedged series is not cosmetic.
Are gold ETFs good for a TFSA or RRSP?
Gold ETFs can be held in a TFSA or RRSP if they are eligible securities, but account fit depends on why you own gold.
- TFSA: growth and withdrawals are tax-free, which is useful if gold rises sharply. The downside is opportunity cost if gold goes nowhere for years.
- RRSP: gains are tax-deferred until withdrawal. Gold can fit as a diversifier, but it does not produce the same long-term growth profile as equities.
- FHSA: be careful. If the home purchase timeline is short, gold’s volatility may be too much.
- Non-registered account: track adjusted cost base and review tax slips. Commodity funds, trusts, and receipts can have different tax reporting details.
For account basics, see TFSA vs RRSP. If you are still setting up the brokerage side, our how to buy stocks in Canada guide walks through the practical steps.
Where to buy gold ETFs in Canada
Canadian gold ETFs and exchange-traded products can be bought through most Canadian online brokerages. The actual process is the same as buying any TSX-listed ETF: search the ticker, review the quote, use a limit order, and confirm the trade.
If you are buying ETFs regularly, platform costs and account flexibility still matter. Questrade can make sense for Canadian DIY investors who want broad account support, ETF investing, and CAD/USD flexibility. You can open a Questrade account here. Bonus offers and pricing can change, so compare current terms before signing up.
For the platform decision, see our Wealthsimple vs Questrade comparison.
Should gold be part of your portfolio?
Gold can make sense as a small diversifier, inflation hedge attempt, crisis hedge, or behavioural stabilizer. It can also disappoint for long stretches and does not produce cash flow.
For most long-term Canadian investors, broad equity and bond ETFs should come first. Gold is usually a satellite position after the core portfolio is already built. If you are still building the core, start with the best Canadian ETFs before adding metals.
Gold and silver are also different animals. Gold is usually the cleaner defensive precious-metal allocation. Silver can be more volatile because it blends monetary-metal demand with industrial demand. If you want the silver side of the comparison, read best silver ETFs in Canada.
Final verdict: best gold ETF Canada
If I were choosing one simple gold bullion ETF for a Canadian investor today, I would start with ZGLD. It has a low MER, a large enough asset base, and a straightforward physical bullion mandate.
VALT.B is the fee leader and deserves attention if you are comfortable checking liquidity. KILO.B is a strong Purpose alternative. CGL.C is large and familiar but expensive relative to newer low-fee competitors. PHYS and MNT are useful for investors who specifically want trust or Mint receipt structures, but they are not standard ETFs.
The cleanest rule: if you want gold bullion, buy a bullion product. If you want gold stocks, buy a miner ETF. Do not confuse the two.
Best gold ETFs in Canada FAQ
What is the best gold ETF in Canada?
For most Canadian investors, ZGLD is a strong default because it combines a low 0.22% MER with a large asset base and simple physical gold bullion exposure. VALT.B has the lowest posted MER I found, but investors should check trading spreads because it is smaller.
What is the cheapest gold ETF in Canada?
Based on official provider data reviewed May 31, 2026, VALT.B had the lowest posted MER at 0.17%. ZGLD was close behind at 0.22% and had a much larger asset base.
Is CGL a good gold ETF?
CGL and CGL.C are large iShares gold bullion ETF series, but their 0.55% MER is higher than several newer Canadian gold bullion ETFs. They can still fit investors who prefer iShares, but they are no longer the obvious low-cost pick.
Is PHYS better than a gold ETF?
PHYS can be better if you specifically want Sprott’s physical bullion trust structure and understand premiums or discounts to NAV. For a simple gold allocation, a standard low-cost ETF such as ZGLD, VALT.B, or KILO.B may be easier.
Should I buy a hedged or unhedged gold ETF?
Choose unhedged if you are comfortable with USD/CAD currency exposure or want gold as a currency diversifier. Choose CAD-hedged if you want the fund to track the gold price more directly in Canadian-dollar terms.
Are gold miner ETFs the same as gold ETFs?
No. Gold miner ETFs such as XGD and ZGD hold shares of mining companies. Physical gold ETFs hold bullion. Miner ETFs can move very differently because mining companies have business, cost, debt, and stock-market risks.
Can I hold gold ETFs in a TFSA or RRSP?
Yes, eligible Canadian-listed gold ETFs can generally be held in registered accounts such as TFSAs and RRSPs. Check your brokerage and the fund’s eligibility, especially for less common exchange-traded receipts or trust structures.
Sources checked
- CI Gold Bullion Fund VALT.B fund page
- BMO ZGLD product page and factsheet
- Purpose Gold Bullion Fund page
- iShares Gold Bullion ETF page
- Sprott Physical Gold Trust page
- Royal Canadian Mint Canadian Gold Reserves receipts
- iShares XGD product page
- BMO ZGD product page and factsheet
Disclaimer: This is general information, not personalized financial advice. Gold ETFs and related products can be volatile, fees and holdings can change, and tax treatment depends on your situation. Verify current fund details before investing.
Last updated: May 31, 2026
