Since September 2020, gold has reached unprecedented levels. How ETF investors are utilizing gold as a 'safe haven' metal.

Amid the Russia-Ukraine conflict and resulting stock market volatility, investors are increasingly choosing cheaper gold-based exchange-traded funds for safety, according to CFRA.

Despite the increase in trading volumes of the largest ETF backed by physical gold, several smaller and less expensive products are also gaining assets, according to Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA, in a recent interview with CNBC's "ETF Edge."

They include:

• (GLDM), which has an expense ratio of 0.10%
• (AAAU), which has an expense ratio of 0.18%
• (IAU), which has an expense ratio of 0.25%
• (IAUM), which has an expense ratio of 0.15%

The expense ratio of GLD is 0.40%, which indicates the percentage of your investment that will be deducted annually for fees.

Rosenbluth stated in a Monday interview that there has been widespread demand for gold ETFs, with GLD being the dominant player, but that some moderately-sized and cheaper products are starting to gain traction.

He stated that GLD is more beneficial for the buy-and-hold audience as opposed to the trading audience that requires liquidity.

Matthew Bartolini of State Street Global Advisors stated in an interview that GLD remains a crucial tool for investors seeking to become larger traders.

Bartolini, head of State Street's SPDR Americas research, stated that the credibility of GLD, which has been trading since 2004, is evident from what we've seen.

The ETF market considers GLD as the benchmark for gold allocations, and it is expected to remain popular among investors due to its liquidity profile and historical success in the industry.

Gold prices hit highs not seen since September 2020 this week.