10 Best Gold ETFs in Canada for 2026

Gold ETFs in Canada fall into two main groups: funds that aim to track the gold price through bullion, and funds that hold gold mining companies. For most long-term Canadian investors, a plain bullion ETF is the cleaner hedge because it removes company-specific mining risk. Miner ETFs can outperform bullion in strong gold markets, but they can also fall harder when costs, debt, or operating problems hit the sector.

This article is educational and general in nature. It is not personalized investment, tax, or financial advice. Figures, fees, ticker availability, and fund terms can change, so confirm current information with the issuer, your brokerage, the CRA, and a qualified adviser before acting.

Quick Comparison

ETF or fund	Listing	Main exposure	Best fit
Purpose Gold Bullion Fund (KILO)	TSX	Physical gold bullion	Low-cost Canadian-dollar bullion exposure
iShares Gold Bullion ETF (CGL)	TSX	Physical gold bullion	Broad Canadian ETF platform, hedged and unhedged choices
CI Gold Bullion Fund (VALT)	TSX	Physical gold bullion	Cost-conscious bullion investors
Royal Canadian Mint Canadian Gold Reserves (MNT)	TSX	Gold held by the Royal Canadian Mint	Investors who like the Mint structure
Sprott Physical Gold Trust (PHYS)	TSX, NYSE	Physical gold trust	Investors who want a physical trust format
iShares S&P/TSX Global Gold Index ETF (XGD)	TSX	Gold mining equities	Canadian-listed miner exposure
BMO Equal Weight Global Gold Index ETF (ZGD)	TSX	Gold mining equities	More balanced miner exposure
SPDR Gold Shares (GLD)	NYSE Arca	Physical gold bullion	Very liquid U.S.-listed bullion exposure
iShares Gold Trust (IAU)	NYSE Arca	Physical gold bullion	Lower-cost U.S.-listed bullion exposure
VanEck Gold Miners ETF (GDX)	NYSE Arca	Global gold miners	Deep, liquid global miner exposure

1. Purpose Gold Bullion Fund (KILO)

KILO is one of the strongest Canadian-listed choices for investors who want direct gold exposure without buying coins, bars, or storage. Purpose says the fund owns physical one-kilogram gold bars, stored on a segregated basis at the Royal Canadian Mint, and trades on the TSX in currency-hedged, unhedged, and U.S.-dollar versions (Purpose Investments, 2026).

The same issuer page listed a 0.20% management fee and 0.28% management expense ratio as of the latest posted fund data in June 2026. Verify the current MER before buying, because ETF costs and fund series details can change.

KILO suits investors who want a Canadian-dollar bullion fund with a straightforward physical-gold mandate. It is less suitable if you want dividends, because bullion itself does not produce income.

2. iShares Gold Bullion ETF (CGL)

CGL is a familiar Canadian-listed gold bullion ETF from iShares. Its appeal is simplicity: it gives exposure to gold bullion through a large ETF provider, with Canadian-dollar trading and versions that may help investors choose between hedged and unhedged currency exposure.

Currency matters. Gold is globally priced in U.S. dollars, so a Canadian investor’s return can be affected by both gold and the CAD-USD exchange rate. A hedged series may reduce currency swings, while an unhedged series may benefit when the Canadian dollar weakens against the U.S. dollar.

CGL is a practical candidate for TFSA or RRSP investors who want a mainstream Canadian ETF structure. According to the CRA, TFSAs can shelter investment income and withdrawals from tax when the account rules are followed (CRA, 2026).

3. CI Gold Bullion Fund (VALT)

VALT is another Canadian-listed bullion option. The main reason to compare it is cost and structure. When two funds offer similar physical bullion exposure, fees, bid-ask spreads, assets under management, and trading volume can become the real deciding factors.

For a long-term investor, a small fee difference can compound over many years. For a shorter-term investor, the trading spread may matter more than the MER. Check the fund facts, current MER, average volume, and whether your brokerage supports commission-free ETF trades.

VALT is best treated as a cost comparison candidate against KILO and CGL rather than as a fundamentally different gold allocation.

4. Royal Canadian Mint Canadian Gold Reserves (MNT)

MNT is not a conventional ETF in the same way as many index funds, but Canadian investors often compare it with gold ETFs because it provides exchange-traded exposure to gold held by the Royal Canadian Mint.

Its main appeal is the distinctive Mint-backed structure. The trade-off is that investors still need to understand premiums or discounts to net asset value, trading liquidity, fees, and the product’s redemption rules. An exchange-traded receipt or trust can behave differently from an open-end ETF, especially when market demand moves sharply.

MNT may suit investors who specifically value the Mint connection and are comfortable reading the prospectus carefully.

5. Sprott Physical Gold Trust (PHYS)

PHYS is a physical gold trust listed in both Canada and the United States. Like MNT, it is often grouped with gold ETFs by investors because it trades on an exchange and provides bullion exposure, but its trust structure deserves closer reading.

PHYS can be useful for investors who prefer physical bullion trusts and want a product with long operating history. The key checks are the premium or discount to net asset value, redemption conditions, currency version, account eligibility, and current expense ratio.

For Canadians using registered accounts, confirm with your brokerage whether the specific listing and account type are supported. According to the CRA, RRSPs and related plans have specific rules and contribution limits, and those limits change over time (CRA, 2026).

6. iShares S&P/TSX Global Gold Index ETF (XGD)

XGD is not a bullion ETF. It holds gold mining stocks, which means it can move differently from the gold price. A miner’s return depends on gold prices, production costs, reserves, management decisions, political risk, debt, and market sentiment.

That extra business risk cuts both ways. When gold rises and miners expand margins, miner ETFs can outperform bullion. When energy, labour, and financing costs rise, miners can lag even if gold holds up.

XGD is a Canadian-listed way to get broad gold miner exposure without picking individual companies. It is best for investors who understand equity volatility and do not expect it to mirror gold perfectly.

7. BMO Equal Weight Global Gold Index ETF (ZGD)

ZGD also targets gold mining companies, but its equal-weight approach can make it different from market-cap weighted competitors. Instead of letting the largest miners dominate as heavily, an equal-weight method spreads more exposure across smaller names.

That can be attractive if you want less concentration in a few mega-cap miners. It can also increase exposure to companies with weaker balance sheets or higher operational risk. Equal weighting is not automatically safer; it is simply a different way of building the basket.

ZGD fits investors who want gold miner exposure but prefer a less top-heavy portfolio than some traditional mining indexes.

8. SPDR Gold Shares (GLD)

GLD is one of the largest and most liquid gold bullion products globally. Canadian investors with U.S.-dollar brokerage capacity may consider it when they prioritize liquidity, tight spreads, and institutional scale.

The catch is that GLD trades in U.S. dollars. A Canadian investor may pay foreign exchange costs when converting CAD to USD, and tax reporting in a non-registered account can be more complex. In registered accounts, the same currency friction may still apply, even when tax reporting is simpler.

GLD is most compelling for investors who already hold U.S. dollars or trade larger orders where liquidity is a priority.

9. iShares Gold Trust (IAU)

IAU is another major U.S.-listed bullion product. BlackRock says the trust seeks to reflect the performance of the price of gold bullion and listed a 0.25% sponsor fee on its fund page as of June 2026 (BlackRock iShares, 2026).

For Canadians, IAU’s role is similar to GLD’s: direct bullion exposure, U.S.-dollar trading, high recognition, and generally strong liquidity. It may appeal to investors who want U.S.-listed gold exposure but are focused on costs.

Before buying IAU in Canada, compare the all-in cost against a Canadian-listed bullion ETF. Include MER, bid-ask spread, foreign exchange spread, and account type.

10. VanEck Gold Miners ETF (GDX)

GDX is a major U.S.-listed gold miner ETF. VanEck describes it as an ETF focused on gold mining equities, not physical bullion (VanEck, 2026).

GDX can be useful for Canadians who want deep liquidity and global miner exposure in U.S. dollars. It may overlap with Canadian miner ETFs, but its U.S. listing and global mandate can make it attractive for investors who already use U.S.-dollar accounts.

The risk is volatility. Gold miners can react sharply to gold price moves, equity market stress, cost inflation, and country-specific mining issues. GDX is usually better used as a satellite position than as a core defensive holding.

How to Choose Among Them

Start with the exposure you actually want. If you want a hedge against equity stress, currency uncertainty, or inflation anxiety, a physical bullion ETF is usually cleaner than a miner ETF. If you want higher upside tied to the profitability of gold companies, miner ETFs may fit, but they are equity risk first and gold exposure second.

Next, choose your listing currency. Canadian-listed funds are often simpler for Canadian-dollar investors. U.S.-listed funds may offer deeper liquidity, but foreign exchange costs can erase part of the fee advantage.

Finally, decide where the ETF belongs. A TFSA can shelter gains and withdrawals when used within CRA rules. An RRSP can defer tax, but withdrawals are generally taxable. Non-registered accounts may create capital gains or losses, and U.S.-listed holdings add currency tracking. Tax rules change, so confirm current treatment with the CRA or a CPA before making material moves.

Common Mistakes to Avoid

Do not treat gold miners as a perfect substitute for bullion. They are businesses with operating leverage and stock market risk.

Do not ignore currency. CAD-hedged and unhedged gold ETFs can produce different returns for the same Canadian investor.

Do not buy only because gold recently rose. Gold can fall for long stretches, and a gold ETF should have a defined role in a diversified portfolio.

Do not assume brokerage protection covers market losses. Investment accounts may have dealer insolvency protections, but ETF values can still decline.

Bottom Line

For most Canadian investors comparing gold ETFs in 2026, the first decision is bullion versus miners. KILO, CGL, VALT, MNT, PHYS, GLD, and IAU are mainly about gold price exposure, while XGD, ZGD, and GDX are about gold mining stocks.

A modest allocation can make sense for diversification, but gold is not a guaranteed hedge and it does not replace a balanced plan. Confirm fund fees, tax treatment, account eligibility, and currency exposure as of June 2026 before deciding, and speak with a CFP, CPA, or qualified financial adviser for personal advice.