GLDM

SPDR Gold Minishares Trust (GLDM) is an exchange-traded trust designed to track the performance of gold prices in the global market through direct holdings of physical gold. The instrument is sponsored by State Street Global Advisors under the SPDR brand and trades under the ticker GLDM on NYSE Arca.

Classified as a physically backed commodity trust, GLDM seeks to reflect, before fees and expenses, the spot price movements of gold. The product follows a passive strategy, holding exclusively physical gold bars in custody. It does not employ leverage, futures contracts, or derivative instruments, aiming to directly replicate the behavior of gold prices.

GLDM tracks gold prices based on the London Bullion Market Association (LBMA) Gold Price PM, a widely recognized benchmark in the global bullion market.

The portfolio consists of physical gold bars stored in secure vaults. The amount of gold held by the trust is adjusted through share creation and redemption processes. Net asset value is calculated based on the referenced gold price, ensuring consistency between physical holdings and outstanding shares.

Composition / Exposure profile

GLDM provides direct exposure to the precious metals market through physical gold holdings. The instrument involves:

• Physical gold.
• Global precious metals markets.
• Commodity-linked real assets.
• The structure reflects concentrated exposure exclusively to gold price movements.

Structure and costs

GLDM shares trade on the secondary market on NYSE Arca throughout the trading session. Creation and redemption occur through authorized participants, helping maintain alignment between market price and net asset value.

The trust charges a management fee as outlined in its prospectus and does not apply a performance fee. GLDM does not distribute income, as physical gold does not generate periodic cash flows.

History and evolution of the instrument

The SPDR Gold Minishares Trust was launched in 2018 amid expansion in physically backed gold investment vehicles focused on operational efficiency.

Since inception, GLDM has been incorporated into both institutional and individual strategies seeking exposure to gold as a real asset.

In recent years, the instrument has reflected market movements associated with the pandemic, global inflationary pressures, interest rate tightening cycles, and U.S. dollar fluctuations, while maintaining its physical structure and passive methodology.

Additional Information

World Gold Trust - SPDR Gold MiniShares Trust (United States) is an exchange-traded fund (ETF), with assets under management totaling $32.31 B.

Over the past 12 months, World Gold Trust - SPDR Gold MiniShares Trust recorded a return of 40.34%, with its price trading between $63.00 and $106.77 during the same period.

The ETF is traded under the ticker GLDM.