GLDMMEDIUM SIGNALFINANCIAL10-K

GLDM's outstanding shares grew substantially from 173.8 million to 285.7 million while total liabilities dropped dramatically from $52.9M to $1.6M.

The significant increase in shares outstanding indicates strong investor demand and substantial asset growth for this gold ETF. The dramatic reduction in liabilities suggests improved operational efficiency or resolution of previous obligations, which should benefit shareholders through reduced drag on returns.

Comparing 2025-11-25 vs 2024-11-25View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet reflects a healthier financial position with liabilities declining substantially to just $1.6M from $52.9M in the prior year. Combined with the notable 64% increase in shares outstanding, this suggests GLDM experienced significant asset inflows while simultaneously improving its liability structure. The overall picture indicates strong investor appetite for gold exposure through this ETF vehicle alongside improved operational metrics.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
-96.9%
$52.9M→$1.6M

Liabilities reduced 96.9% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2025-11-25
PRIOR — 2024-11-25
ADDED
As of November 24, 2025, SPDR Gold MiniShares Trust had 285,750,000 shares outstanding.
ICE BENCHMARK ADMINISTRATION IS A TRADEMARK OF IBA AND/OR ITS AFFILIATES.
The Funds The Trust has one operational Fund, SPDR Gold MiniShares Trust ( GLDM ), as of September 30, 2025.
The accompanying financial statements relate to the Trust and GLDM.
The largest portion of gold supplied to the market is from mine production, which averaged approximately 3,601 tonnes per year from 2020 through 2024.
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REMOVED
As of November 22, 2024, SPDR Gold MiniShares Trust had 173,850,000 shares outstanding.
ICE BENCHMARK ADMINSTRATION IS A TRADEMARK OF IBA AND/OR ITS AFFILIATES.
The Funds The Trust has established six separate Funds of which one is operational at September 30, 2024.
The accompanying financial statements relate to the Trust and the SPDR Gold MiniShares Trust ( GLDM ).
The largest portion of gold supplied to the market is from mine production, which averaged approximately 3,588 tonnes per year from 2019 through 2023.
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