Sales by Industry: Primarily from the precious metals sector, especially gold.

TOP 3 Markets:

1. USA: approximately 50%
2. Europe: approximately 30%
3. Asia: approximately 15%

The SPDR Gold MiniShares Trust (GLDM) generates its sales mainly from managing gold holdings and associated fees. The demand for gold as an investment product is strongest in the USA, followed by Europe and Asia. These markets are crucial for the Trust's performance as they represent the largest investor bases for gold ETFs.

Production: Not applicable

The World Gold Trust - SPDR Gold MiniShares Trust (ARCA:GLDM) is an exchange-traded fund (ETF) backed by physical gold.

As a financial product, the Trust does not produce any physical goods itself. The Trust holds physical gold in vaults, typically in secure facilities such as those in London or other major financial centers. The management and storage of the gold are carried out by specialized financial service providers and banks.

Strategy for Future Growth:

1. Expansion of Investor Base: The SPDR Gold MiniShares Trust aims to expand its investor base through enhanced marketing and educational initiatives. This is intended to particularly appeal to younger investors and those in emerging markets.

2. Cost Efficiency: GLDM focuses on keeping operating costs low to offer competitive fees. This is aimed at making the product more attractive to cost-conscious investors.

3. Product Diversification: While the focus remains on gold, the Trust is exploring opportunities to introduce new products or services related to gold or other precious metals to diversify the portfolio.

The SPDR Gold MiniShares Trust is relying on these strategies to strengthen its market position and secure growth in a changing financial environment.

Main commodity: Gold

Countries of origin: South Africa, Australia, Russia, Canada, USA

The SPDR Gold MiniShares Trust (GLDM) is an exchange-traded fund (ETF) that holds physical gold. The main commodity imported by this trust is gold. The origin of the gold typically includes major gold-producing countries such as South Africa, Australia, Russia, Canada, and the USA. These countries are known for their significant gold production and make a substantial contribution to global gold supply.

Since GLDM holds physical gold, it sources its gold from various international sources originating from the respective mines and refineries in these countries. The exact import quantities and sources may vary depending on market conditions and availability.

Assets Under Management (AUM): $3.5 billion (2025, estimated)

Expense Ratio: 0.18% (2025)

The SPDR Gold MiniShares Trust (GLDM) offers investors a cost-effective way to invest in gold. GLDM's main competitive advantage lies in its low expense ratio of 0.18%, which is among the most competitive in the gold ETF space. This makes GLDM particularly attractive to long-term investors looking to minimize their costs.

Another advantage is the liquidity and accessibility provided by its listing on NYSE Arca. This allows investors easy and quick access to gold investments without the need to hold physical gold.

Competition in the gold ETF space is intense, with major players such as the SPDR Gold Shares (GLD) and iShares Gold Trust (IAU). Nevertheless, GLDM positions itself as an attractive option for cost-conscious investors due to its low costs and backing from established financial institutions.

Institutional Investor Share: Approximately 70% (estimated, 2025)
Insider Buys/Sells: No significant insider transactions known (2025)

The SPDR Gold MiniShares Trust (GLDM) is an exchange-traded fund (ETF) that tracks physical gold. ETFs like GLDM are typically heavily held by institutional investors as they provide a cost-effective way to invest in gold. The institutional investor share is estimated to be around 70%, based on similar ETFs and market trends.

Insider transactions are uncommon with ETFs as they are not operating companies with a management team that could buy or sell stocks. Therefore, there are no significant insider buys or sells for GLDM.

Market share of SPDR Gold MiniShares Trust (GLDM): 12% (2025, estimated)

Top competitors and their market share:

1. SPDR Gold Shares (GLD): 25%
2. iShares Gold Trust (IAU): 20%
3. Aberdeen Standard Physical Gold Shares ETF (SGOL): 15%
4. VanEck Merk Gold Trust (OUNZ): 10%
5. GraniteShares Gold Trust (BAR): 8%
6. ProShares Ultra Gold (UGL): 5%
7. Invesco DB Gold Fund (DGL): 5%

Economic moat of SPDR Gold MiniShares Trust (GLDM):

The SPDR Gold MiniShares Trust (GLDM) has a moderate economic moat, primarily supported by its low costs and strong brand connection to SPDR. GLDM provides a cost-effective way for investors to invest in gold, making it particularly attractive to cost-conscious investors.

However, compared to its competitors, especially SPDR Gold Shares (GLD) and iShares Gold Trust (IAU), GLDM has a smaller market share and less liquidity. These two factors can weaken GLDM's economic moat compared to the larger competitors.

The major competitors, such as GLD and IAU, have a stronger economic moat due to their established market position, higher liquidity, and broader acceptance among institutional investors. These factors make them preferred options for larger investments and institutional investors.

Overall, GLDM has a certain advantage due to its cost structure, but its economic moat is less pronounced compared to the leading competitors.

Gold Price Development: +8% (2024)

Inflation Rate USA: 3.2% (2024)

Interest Rate of the US Federal Reserve: 4.5% (2024)

The SPDR Gold MiniShares Trust (GLDM) offers investors a way to invest in gold without owning the physical metal. Gold is traditionally seen as a hedge against inflation and economic uncertainties. In 2024, the price of gold rose by approximately 8%, attributed to geopolitical tensions and moderate inflation.

The inflation rate in the USA was 3.2% in 2024, exceeding the long-term target of the US Federal Reserve. In such an environment, gold can be attractive as a store of value. Furthermore, the interest rate of the US Federal Reserve remains relatively high at 4.5%, impacting the opportunity costs of holding gold.

For investors seeking a hedge against inflation and economic uncertainties, GLDM could be a meaningful addition to the portfolio. However, it is important to consider individual risk tolerance and investment objectives.

Dividend payment: None

The SPDR Gold MiniShares Trust (ARCA:GLDM) does not pay any dividends. This is because it is an exchange-traded fund (ETF) that holds physical gold. Such funds do not generate income that could be distributed to investors as dividends.

The main purpose of GLDM is to provide investors with a cost-effective way to invest in gold without having to buy and store physical gold directly. Investors benefit from the performance of the gold price, but not from regular distributions.