SPDR Gold MiniShares Trust (NYSE Arca: GLDM) is a commodity trust that holds physical gold bullion on behalf of its shareholders. It makes money indirectly: the trust's sole expense, a sponsor fee paid to WGC USA Asset Management Company, LLC, is covered by periodically selling small amounts of gold bullion held by the trust. GLDM holds only gold bullion and does not trade futures, operate as an investment company, or function as a commodity pool. Shares are listed on NYSE Arca and represent a fractional interest in the trust's gold holdings. Gold custody is handled by two custodians, both LBMA market makers operating under PRA and FCA regulation in the UK, though those regulations do not directly cover custody operations. The trust's fiscal year ends September 30, with financial statements audited through the year ended September 30, 2025, per the 10-K filed November 25, 2025.

Revenue model

GLDM generates no investment income. Its only expense is the sponsor fee paid to WGC USA Asset Management Company, LLC, funded by selling gold bullion from trust assets at the LBMA Gold Price PM. Shareholders bear this cost as a gradual reduction in the gold backing each share.

Products and services

A single product: exchange-listed shares (ticker GLDM) representing fractional beneficial ownership of physical gold bullion held in allocated and unallocated gold accounts with two custodians, including ICBC Standard Bank plc (as of October 24, 2023 agreement).

Customers and end markets

Shares are purchased by investors seeking exposure to physical gold prices through an exchange-listed vehicle. Authorized Participants facilitate creations and redemptions. End market is the retail and institutional investment market for gold-backed securities.

Value-chain role

Passive holding vehicle. The trust sits between gold bullion markets and exchange investors, holding physical gold priced by reference to the LBMA Gold Price (set twice daily via IBA auction). The trust does not mine, refine, or actively trade gold.

Geographic exposure

Gold bullion held in custody in the UK. Shares listed on NYSE Arca in the United States. Trust organized under Delaware trust law.

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

Industry: Commodity Contracts Brokers & Dealers