{"slug":"micro-gold-futures-vs-gld","qid":"gld_fee_drag","label":"GLD sponsor fee on a stake matching one MGC, by years held","post_title":"Micro Gold Futures vs GLD: Size, Tax, Cost","post_url":"/blog/micro-gold-futures-vs-gld#q-gld_fee_drag","columns":["years_held","cumulative_fee_pct","fee_usd_per_mgc_notional"],"rows":[{"years_held":1,"cumulative_fee_pct":0.4,"fee_usd_per_mgc_notional":166},{"years_held":2,"cumulative_fee_pct":0.8,"fee_usd_per_mgc_notional":331},{"years_held":3,"cumulative_fee_pct":1.2,"fee_usd_per_mgc_notional":495},{"years_held":4,"cumulative_fee_pct":1.59,"fee_usd_per_mgc_notional":659},{"years_held":5,"cumulative_fee_pct":1.98,"fee_usd_per_mgc_notional":822},{"years_held":6,"cumulative_fee_pct":2.38,"fee_usd_per_mgc_notional":984},{"years_held":7,"cumulative_fee_pct":2.77,"fee_usd_per_mgc_notional":1146},{"years_held":8,"cumulative_fee_pct":3.16,"fee_usd_per_mgc_notional":1307},{"years_held":9,"cumulative_fee_pct":3.54,"fee_usd_per_mgc_notional":1467},{"years_held":10,"cumulative_fee_pct":3.93,"fee_usd_per_mgc_notional":1627}],"shape":"ranking","sql":"WITH\n    0.0918 AS ounces_per_gld_share,\n    0.0040 AS sponsor_fee_rate,\n    (\n        SELECT toFloat64(argMax(close, date))\n        FROM global_markets.stocks_daily_aggs\n        WHERE ticker = 'GLD'\n          AND date >= today() - 45\n    ) AS gld_latest_close\nSELECT\n    y                                                  AS years_held,\n    round((1 - pow(1 - sponsor_fee_rate, y)) * 100, 2) AS cumulative_fee_pct,\n    round(gld_latest_close / ounces_per_gld_share * 10 * (1 - pow(1 - sponsor_fee_rate, y)), 0) AS fee_usd_per_mgc_notional\nFROM\n(\n    SELECT arrayJoin(range(1, 11)) AS y\n)\nORDER BY y","computed_at":"2026-10-04T15:21:19.826949+00:00","elapsed":0.049005553}