Deep Dive
The SPDR That Eats Itself
SPDR Gold MiniShares Trust
$82.36−0.10 (−0.13%)
- 0.10%
- $31.1B
- +3.8%
- 4.5M sh
- $82.80
- low $77.50high $109.74
The ETF.net GLDM Grade
A
Score 81 out of 100
- 1 of 10
Score 81 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A91 out of 100Rank 1 of 10Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 9Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C49 out of 100Rank 2 of 10Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A71 out of 100Rank 2 of 10Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B67 out of 100Rank 3 of 10
Our read on GLDM
AThe house that built the original gold ETF later built a cheaper one. GLDM holds physical gold bullion, charges 0.10% a year (a quarter of its older sibling's fee), and has grown into a multi-billion-dollar fund.
GLDM seeks to reflect the performance of gold bullion, less the fund's expenses.
Why people hold it
- Ten basis points a year for bullion exposure, below the typical fee among physical gold funds and a quarter of the 0.40% on GLD, the sponsor's original gold trust.
- Simple plumbing: a grantor trust that holds metal and seeks to reflect gold bullion less expenses. No futures roll, no swap counterparty, no miner-stock beta in the way.
- One of the strongest implementations in its peer group, and among the more actively traded gold funds, which tends to keep the spread you pay getting in and out modest.
- Launched in 2018 as the low-fee sibling to the 2004 original, it is now a large, established trust rather than a niche launch hoping to find an audience.
Worth knowing
- Gold pays nothing. No dividends, no interest, and the trust covers its expenses out of the metal, so gold per share drifts down over time.
- One metal, one price. This is undiversified exposure to bullion, and gold can swing hard in both directions.
- A couple of rivals list lower headline fees (IAUM at 0.09%, FGDL at 0.00%) for similar physical gold exposure.
GLDM Holdings
- Other
- 1
- 100%
- Physical Gold
GLDM Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
GLDM$10,381
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | GLDM |
|---|---|
| Year to date | −3.4% |
| 1 month | −4.1% |
| 3 months | +1.5% |
| 1 year | +3.8% |
| 3 years | +30.6% |
| 5 years | +18.7% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | GLDM |
|---|---|---|
| 2026 YTD | −3.4% | |
| 2025 | +64.2% | |
| 2024 | +27.1% | |
| 2023 | +13.0% | |
| 2022 | −0.5% | |
| 2021 | −4.0% | |
| 2020 | +25.1% |
GLDM in the news
GLDM Dividends
No distributions in the last 12 months.
GLDM Risk
- 18.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.29
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −26.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.41
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
GLDM Cost
0.10%
GLDM0.10%
- The middle half of Physical Gold funds
- Median 0.17%
1 of the 10 Physical Gold funds charge less.
Other funds in Physical Gold
- AIAUMiShares Gold Trust MicroExpense ratio 0.09%1 year return +3.8%
- BFGDLFranklin Responsibly Sourced Gold ETFExpense ratio 0.15%1 year return +3.4%
- BSGOLabrdn Physical Gold Shares ETFExpense ratio 0.17%1 year return +3.8%
- BAAAUGoldman Sachs Physical Gold ETFExpense ratio 0.18%1 year return +3.7%
- BBARGraniteShares Gold TrustExpense ratio 0.17%1 year return +3.8%