SAN DIEGO (ETFguide.com) - If you've been watching the run-up in gold from the sidelines and haven't yet enjoyed the ride, don't despair.

Exchange-traded trusts that follow the precious metal are an easy way to participate.

 

The streetTRACKS Gold Shares (Ticker: GLD) which tracks the ounce price of gold has increased by 16.3 percent on a year-to-date basis. Last year it registered a solid gain of 16.64 percent.

 

The Gold Shares relieves investors from the trouble of having to buy, store, and insure physical gold. Instead, the trust's shares are backed by gold bars held in a secure vault in London.

 

With regard to taxes, the Gold Shares are taxed as collectibles, which is subject to a higher long-term capital gain rate of 28 percent versus equity ETFs.

 

Since their initial launch in late 2004, the Gold Shares have amassed an impressive asset base of almost $19 billion.

 

Owning a diversified commodity ETF is another way to play gold.

 

The PowerShares DB Commodity Index Tracking Fund (Ticker: DBC) has a 10 percent weighting in gold futures, which is the largest among broad commodity related ETFs.

 

The iShares S&P GSCI Commodity Indexed Trust (Ticker: GSG) and the Greenhaven Continuous Commodity Index Fund (Ticker: GCC) also offer exposure to gold through futures contracts. GSG follows a production weighted index of 24 different commodities, GCC tracks a basket of 17 equally weighted commodities.

 

The PowerShares DB Precious Metals Fund (Ticker: DBP) is composed of futures contracts with the following weightings: Gold 80 percent and silver 20 percent. The fund has gained 17.5 percent this year.

 

ETFs that use futures are subject to what is known as 60-40 tax treatment, where 60 percent of the gains are treated as long-term capital gains and 40 percent are treated as short-term capital gains.

 

Another route to getting market exposure to gold is through metal and mining stocks.

 

The SPDRs S&P Metals & Mining ETF (Ticker: XME) and the Market Vectors Gold Miners ETF (Ticker: GDX) both offer exposure to a broad mix of gold and metal mining stocks.

 

XME follows an equal weighted index of 24 stocks, whereas GDX follows a market capitalization weighted index of 34 companies.

 

Since the beginning of the year, the Gold Miners ETF has gained 12.2 percent and the SPDRs S&P Metals & Mining ETF has declined 2.2 percent.

Recently launched exchange-traded notes (ETNs) offer short and leveraged exposure to gold.

 

The DB Gold Short ETN (Ticker: DGZ) gives monthly inverse performance tied to the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Index plus a monthly T-Bill index return.           

 

The DB Gold Double Short ETN (Ticker: DZZ) offers two times the monthly inverse performance on the same gold index plus a monthly T-Bill index return.

 

The DB Gold Double Long ETN (Ticker: DGP) does the exact opposite of DZZ by doubling the monthly upside performance.

 

Each of the three ETNs are senior unsecured obligations of Deutsche Bank.