It’s been a tumultuous few months for gold, as the shadow safe-haven metal started the year soaring to record highs but has since had many ups and downs.
President Trump’s nomination of Kevin Warsh to chair the Federal Reserve Board, the ongoing war in Iran, and many other factors have caused two significant dips since late January.
Nevertheless, in the early days of May, gold seems to be on the rise again, as it has risen about 2% for the week and brought its year-to-date (YTD) performance to about 9%. This may not be enough to send the gold bulls running to climb their positions in anticipation of another rally in progress, but it at least highlights how difficult it can be to predict where the gold price will go.
Fortunately, there are ready-made bets that can position investors to profit regardless of what gold can do going forward. Three exchange-traded funds (ETFs) can be a useful part of a balanced, albeit indirect, gold investment that can maximize potential returns whether prices rise or fall.
Gold/Equities Hybrid Play with Compulsory Equity Bonus
WisdomTree Efficient Gold Plus Equity Strategy Fund Today
WisdomTree Efficient Gold Plus Equity Strategy Fund
As of 05/8/2026 04:10 PM Eastern
- 52 week interval
- $43.31
▼
$78.89
- Dividend Yield
- 3.76%
- Assets Under Administration
- $604.55 million
WisdomTree Efficient Gold Plus Equity Strategy Fund BATS: GDE is an actively managed hybrid ETF that invests in both gold futures contracts and a portfolio of major US stocks, including major firms such as NVIDIA Corp. NASDAQ: NVDA and Alphabet Inc. NASDAQ: GOOGL.
While investors may think of the fund more as a stock ETF with a gold-based inflation hedge built in, the structure can be flipped: GDE can be a gold ETF with equity exposure for balance.
Considering the unique approach and management, GDE’s average expense ratio of 0.20% is quite reasonable.
And indeed, the fund has managed to outperform gold and the S&P 500 so far in 2026: its YTD return is around 12.5%.
On top of that, the fund pays a dividend yield of 3.77%, making it a solid income play and adding to its appeal as a portfolio diversifier looking to avoid making big bets on gold or stocks.
A Targeted Approach to Gold Mining Including Beneficial Companies
US Global GO GOLD and Precious Metal Miners ETF Today
US Global GO GOLD and Precious Metal Miners ETF
As of 05/8/2026 04:10 PM Eastern
- 52 week interval
- $25.35
▼
$57.09
- Assets Under Administration
- $195.80 million
A step removed from the direct investment in gold itself, the US Global GO GOLD and Precious Metal Miners ETF NYSEARCA: GOAU instead it targets a small portfolio of just over twenty global gold mining companies.
The underlying stocks of the fund come from many countries, ensuring that if there are production problems affecting a particular nation or region, the basket is properly diversified to protect against such shocks.
Importantly, GOAU takes a more conservative approach than other gold mining funds, as most of its major holdings—accounting for just under a third of invested assets—are gold royalties such as Royal Gold Inc. NASDAQ: RGLD.
Royalty companies may be attractive compared to mining due to their lower operating costs, reduced risks associated with production stoppages, etc.
GOAU’s focus on everything comes at a high price, and with an annual fee of 0.60% this carries an expense ratio of three times that of GDE. paid a dividend of 0.89 %. With an annualized return of around 4% YTD, GOAU may not have enjoyed the same pre-2026 boost as GDE either.
IA -2X Leveraged Play on Gold Bullion for bears
ProShares UltraShort Gold today
ProShares UltraShort Gold
As of 05/8/2026 04:10 PM Eastern
- 52 week interval
- $15.60
▼
$48.48
- Dividend Yield
- 0.00%
- Assets Under Administration
- $99.52 million
For investors who are really cheap on gold after its spectacular rally in recent quarters, a number of ETFs take the opposite approach, benefiting when the price of gold (or, in some cases, gold-related stocks) declines.
A classic example of this is the ProShares UltraShort Gold ETF NYSEARCA: GLLwhich provides -2x daily incremental exposure to the price of gold in a futures based index.
If the price of gold falls, GLL aims to make a positive return of twice that level.
Like most leveraged funds, GLL resets daily, meaning it’s only designed for a short-term, tactical bet against gold. With a combination of factors sending the price of bullion zig-zagging in recent months, investors can find plenty of opportunities to profit from the price drop.
GLL’s expense ratio is reasonably high given its unique strategy and strength, and the fund charges an average expense ratio of 0.95%. Even investors who are generally bullish on the value of gold may want to consider this if they expect a short-term dip that could provide an opportunity for GLL to shine.
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