At a glance
GLDM charges 0.1% a year, below the 0.22% average of the 7 funds most like it (the 2nd cheapest of 7). It has $27.30B in assets, the 3rd largest of that group. Over the past year it returned −1.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +25.6% a year. At its worst it fell 12.5% in the 2020 crash (S&P 500: 33.7%) and 20.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 14 months after the lows.
The short version
SPDR Gold MiniShares Trust (GLDM) is a grantor trust that holds only physical gold bars, with each share representing a fractional stake in that gold; it aims to track the gold price, minus expenses. Its 0.10% yearly fee is far below the 0.40% charged by SPDR Gold Shares (GLD) and the 0.22% average for similar gold funds, though iShares Gold Trust Micro (IAUM) is slightly cheaper at 0.09%. It pays no income.
Price history
The interactive chart needs JavaScript.
GLDM -1.5% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GLDM price data to Nov 2, 2026 | -8.6% | -1.5% | +25.6% | +17.0% | — | +14.5% |
- Over the year to Nov 2, 2026, GLDM returned -1.5%, 6th of 8 among similar funds.
- Its 5-year annualized return was +17.0%.
- In the 2020 COVID crash it fell 12.5% and regained its old high 0.7 months after the low.
- Its worst full calendar year was 2021 (-4.0%); its best was 2025 (+64.2%).
- The deepest fall in its price history was 28% (Jan 29, 2026 to Oct 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -8.6% |
| 2025 | +64.2% |
| 2024 | +27.1% |
| 2023 | +13.0% |
| 2022 | -0.5% |
| 2021 | -4.0% |
| 2020 | +25.1% |
| 2019 | +18.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 3.6% over that stretch · deepest drop along the way 12.5%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.1% over that stretch · deepest drop along the way 20.9%, back to its old high 14.2 months after the low |
What's inside
The trust holds physical gold directly, worth $27.30B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
GLDM tracks no index and has no investment manager. Its goal is for the shares to reflect the price of gold bullion, less expenses. It holds only gold bullion, never futures contracts, so there is nothing to weight or rebalance. It is a grantor trust sponsored by WGC USA Asset Management Company, not a fund registered under the Investment Company Act of 1940, the law covering most ETFs, so it lacks some of that law's investor protections.
The bars sit in allocated accounts (specific bars set aside for the trust) at two custodians, ICBC Standard Bank and JPMorgan Chase Bank. Each carries insurance, though the trust warns it may not cover every loss. Large institutions called Authorized Participants create or redeem shares in blocks of 100,000 by moving gold into or out of the trust, which helps keep the share price close to the gold's value. Everyone else trades on NYSE Arca.
Daily, the administrator, BNY, calculates net asset value (NAV), the worth of the trust's holdings: ounces held times the LBMA Gold Price PM, the London gold market's afternoon auction price. To pay the 0.10% sponsor fee, it sells small amounts of gold, so the gold behind each share slowly shrinks. Those sales are taxable events for shareholders, and cash held earns no interest.
What it really costs
- GLDM charges 0.1% a year, versus an average of 0.22% for the similar funds below (2nd of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
Gold pays no income and has no earnings, so GLDM's main role is to add an asset that can move differently from stocks and bonds, though it has had deep drops of its own.
GLDM adds physical gold for a 0.10% yearly fee but no income; it has made no distributions, so cash can come only from selling shares. In the 2020 COVID crash (February 19 to March 23, 2020) it lost 3.6%, and a 12.5% dip in March was recovered within a month. In the 2022 bear market it lost 7.1%; its own 20.9% fall from March to September 2022 took until December 1, 2023, to recover. It launched in 2018, so it has no 2008 record.
Its worst calendar year was 2021, a 4% loss, but it fell 26.3% from January 29 to July 16, 2026, and was still below that peak as of October 29, 2026. Anyone forced to raise cash from it then would have locked in losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-conscious investors seeking gold: GLDM's 0.10% yearly fee is well below GLD's 0.40% and the 0.22% average of similar gold funds.
- Investors who want physical gold without storing or insuring bars themselves; custodians ICBC Standard Bank and JPMorgan Chase Bank hold the trust's bullion.
- Long-term holders who want a diversifier and can sit through swings such as a 64.2% gain in 2025 and a 26.3% drop in 2026.
Look elsewhere if
- Investors who need income: gold pays nothing, GLDM has made no distributions, and it sells small amounts of gold to pay its fee.
- Taxable investors wary of the US collectibles rate, which can tax long-term gains at up to 28% instead of the usual capital-gains rates.
- Savers needing cash within a few years: GLDM fell 26.3% from January to July 2026 and remained below its peak as of October 29, 2026.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GLDM this fund | 0.1% | $27.30B | -1.5% | +25.6% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
| AAAU Goldman Sachs Physical Gold ETF | 0.18% | $2.40B | +1.6% | +26.3% |
Compared head to head: GLD vs GLDM · all comparisons →
Questions investors ask
Is GLDM backed by physical gold?
Yes. GLDM holds only gold bullion and never uses futures contracts. The bars are kept by two custodians, ICBC Standard Bank and JPMorgan Chase Bank, both market makers and clearers under London Bullion Market Association rules. Each custodian carries insurance, though the trust's annual report warns the coverage may not be enough to cover every loss. The trust held about $27.3 billion of gold as of June 30, 2026.
What's the difference between GLDM and GLD?
Mainly cost and size. Both hold physical gold, but GLDM's yearly sponsor fee is 0.10% versus 0.40% for SPDR Gold Shares (GLD). GLD is far larger, with about $130.1 billion in net assets against GLDM's $27.3 billion, both as of June 30, 2026. Returns have been close: over the three years to October 29, 2026, GLDM returned 26.0% a year and GLD 25.6%. iShares Gold Trust Micro (IAUM) is slightly cheaper than either, at 0.09%.
Does GLDM pay dividends?
No. Gold bullion produces no interest or dividends, and GLDM has made no distributions. Instead of paying out cash, the trust sells small amounts of its gold to cover its 0.10% sponsor fee, so the amount of gold behind each share slowly declines. Any cash the trust holds earns no interest. Anyone wanting regular income from it would need to cash out shares, possibly after a price drop.
How is GLDM taxed?
Like physical gold, not like a stock fund. Because GLDM is a trust holding gold bullion, US investors' long-term gains can be taxed at the collectibles rate of up to 28%, rather than the usual capital-gains rates. The trust's sales of gold to pay its expenses are also taxable events for shareholders, even though no cash is paid out. A tax professional can explain how this applies to a particular account.
Does GLDM go up when the stock market crashes?
Not reliably. During the 2020 COVID crash, from February 19 to March 23, 2020, GLDM lost 3.6%, including a 12.5% drop in mid-March that it recovered by April 9, 2020. Over the 2022 bear market, from January 3 to October 12, 2022, it lost 7.1%, and its own 20.9% slide that year took until December 1, 2023, to recover. Gold can move differently from stocks, but it has had sharp falls of its own, including a 26.3% drop in 2026.