SPDR Gold Trust (NYSE Arca: GLD) is a commodity investment trust that holds physical gold bullion on behalf of shareholders. The Trust generates no operating revenue in the conventional sense. Its income consists entirely of net realized and unrealized gains on its gold holdings, which totaled $35.9 billion for the year ended September 30, 2025, versus $20.6 billion for the year ended September 30, 2024. Each share represents a proportional interest in the Trust's allocated gold bullion, less accrued expenses. The Trust is sponsored by World Gold Trust Services, LLC, with The Bank of New York Mellon serving as Trustee and HSBC Bank plc as custodian. As of September 30, 2025, the Trust held 32,528.2 thousand ounces of gold, valued at the LBMA Gold Price PM of $3,825.30 per ounce. The Trust sells small quantities of gold periodically to cover operating expenses, with 113.6 thousand ounces sold in the year ended September 30, 2025. The Trust does not hold derivative instruments or generate cash from operations.

Revenue model

The Trust has no subscription fees or management fees charged directly to investors as explicit revenue. Operating expenses are funded by periodic sales of gold from Trust holdings. Economic returns to shareholders come entirely from gold price appreciation. Net income for FY2025 (year ended September 30, 2025) was $35.55 billion, driven by unrealized and realized gains on gold.

Products and services

SPDR Gold Trust shares (ticker: GLD), each representing a fractional interest in allocated gold bullion held in custody. Physical gold bullion stored in allocated accounts at HSBC Bank plc.

Customers and end markets

Institutional and retail investors seeking exposure to physical gold through an exchange-traded structure. Authorized participants transact directly with the Trust through creation and redemption of share baskets. Secondary market investors trade shares on exchange.

Value-chain role

Passive commodity holding vehicle. The Trust sits between the gold bullion market and equity investors, providing exchange-tradable access to allocated physical gold without direct metal ownership by the investor.

Geographic exposure

The filing does not specify geographic distribution of investors. Gold is custodied with HSBC Bank plc. The Trust is registered in the United States and files with the SEC.

Source: SEC 10-K, filed 2025-11-25

Industry: Commodity Contracts Brokers & Dealers