World Gold Trust

SPDR Gold MiniShares Trust (GLDM) is a passive investment vehicle that provides institutional and retail investors access to physical gold bullion through tradable shares on public exchanges. The trust holds only LBMA-compliant physical gold allocated in segregated custodial accounts with major banks and does not trade, lease, or loan the gold; it generates revenue primarily through creation and redemption transaction fees paid by authorized institutional participants who transact in large blocks, as well as spreads related to net asset value calculations tied to daily gold price auctions. GLDM serves both authorized institutional investors who create and redeem shares directly and retail investors who purchase shares in secondary markets, offering a lower-cost alternative to traditional gold bullion storage and insurance.