SPDR Gold MiniShares Trust (GLDM) is a passively managed ETF that holds physical gold bullion, giving investors exposure to the gold price without the need to buy, store, or insure gold directly. GLDM holds only physical gold — no futures, options, or derivatives. Retail investors buy and sell shares on NYSE Arca through standard brokerage accounts. Institutional investors called Authorized Participants — including Goldman Sachs, J.P. Morgan, Morgan Stanley, and HSBC — create and redeem large blocks of shares by depositing or receiving physical gold directly with the fund's custodians, ICBC Standard Bank and JPMorgan Chase. The sponsor, WGC USA Asset Management Company, a subsidiary of the World Gold Council, earns revenue through a management fee deducted from the fund's gold holdings over time, meaning each share represents a slightly smaller fraction of a gold ounce as gold is periodically sold to cover expenses. The fund pays no dividends or interest. The sponsor's fee revenue is driven by AUM, which is a function of the gold price and the number of ounces held. GLDM was launched in 2018 as a lower-cost alternative to the larger SPDR Gold Shares (GLD), also sponsored by WGCAM, targeting cost-sensitive investors. GLDM's core value proposition is that the total cost of owning shares — management fee plus trading costs — is lower than directly owning physical gold.