The transaction cost of gold ETF is very cheap, usually 0.3%~0.4%, which is very prominent compared with the average cost of 2% in other gold investment channels. The fund expenses of gold ETF are mainly divided into daily operating expenses and fund management fees. Taking GLD as an example, the fund contract stipulates that the fees paid to the sponsors are used to compensate them for maintaining the fund website and marketing expenses. Sponsor fees are calculated according to the adjusted net asset value, and the annualized rate is 0. 15%, which is calculated daily, accumulated every month and paid one month later. The custody fee is based on the adjusted net asset value, with an annualized rate of 0.02%, which is calculated daily, accumulated every month and paid one month later. At the same time, the minimum annual fee is $500,000 and the maximum is $2 million. The fees paid to the fund custodian shall be implemented through the Agreement on Retaining Gold Bar Accounts. According to this agreement, the custody fee is calculated and accumulated quarterly at the annualized rate of 0. 10% based on the average daily balance of gold deposited in TAA and TAU accounts, and the payment is deferred.