Overview

Low-cost physically-backed gold ETF from State Street. At 0.10% expense ratio, GLDM is the cheapest gold ETF from a major issuer. Each share represents approximately 1/100th oz of gold. Retail-friendly alternative to GLD.

Top Holdings

Fund Details

Investment Thesis

GLDM was launched specifically to compete with IAU for cost-conscious retail gold investors, with State Street setting the expense ratio at 0.10% — the lowest available for a physically-backed gold ETF from a major issuer. The 1/100th oz per share structure and low share price make GLDM the most accessible gold ETF for smaller accounts. Physical gold is stored in HSBC's London vaults identical to GLD, with the only difference being share price, expense ratio, and the smaller denominated share structure.

Who It's For

Cost-conscious retail investors who want the State Street/SPDR brand with GLD's physical gold backing but at one-quarter the expense ratio. GLDM is ideal for younger investors with smaller accounts who want gold exposure without the higher share price of GLD. For long-term holders, the 0.30% annual fee savings versus GLD compounds into a significant advantage. The State Street brand provides comfort for those who specifically prefer a non-BlackRock gold ETF alternative.

10-Year History

Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.

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