XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.26.1

Note 2 - Significant Accounting Policies | 6 Months Ended
--- | ---
Mar. 31, 2026
Notes to Financial Statements |
Significant Accounting Policies |
2. | Significant Accounting Policies
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by GLDM and the Trust.
2.1. | Basis of Accounting
For accounting purposes, GLDM is an investment company within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies, and therefore applies the specialized accounting and reporting guidance therein. It is not registered as an investment company under the Investment Company Act of 1940, as amended. These financial statements present the financial condition, results of operations and cash flows of the Trust combined with its operating series and GLDM separately. For the periods presented, there were no balances or activity for the Trust and the footnotes accordingly relate to GLDM, unless stated otherwise.
2.2 | Basis of Presentation
The financial statements are presented for the Trust, as the SEC registrant, combined with GLDM and for GLDM individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GLDM are enforceable only against the assets of GLDM and not against the assets of the Trust generally or any other series that the Trust may establish.
2.3 | Cash and Cash Equivalents
Cash and cash equivalents, when outstanding, include highly liquid investments of sufficient credit quality with an original maturity of three months or less.
2.4. | Fair Value Measurement
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. GLDM’s policy is to value its investments at fair value. Various inputs are used in determining the fair value of GLDM’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Inputs that are unobservable for the asset and liability, including a fund’s assumptions (if any) used in determining the fair value of investments. The following table summarizes GLDM’s investment at fair value:
(Amounts in 000’s of US$) |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2026 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Investment in Gold |  | $ | 29,618,787 |  |  | $ | - |  |  | $ | - |
Total |  | $ | 29,618,787 |  |  |  | - |  |  |  | - |
(Amounts in 000’s of US$) |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2025 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Investment in Gold |  | $ | 20,855,894 |  |  | $ | - |  |  | $ | - |
Total |  | $ | 20,855,894 |  |  | $ | - |  |  | $ | - |
There were no transfers between Level 1 and other Levels for the six months ended March 31, 2026 or for the year ended September 30, 2025. The Administrator values the gold held by GLDM on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (the “IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the London Bullion Market Association (the “LBMA”). In determining the NAV of GLDM, the Administrator values the gold held on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of GLDM on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM is used in the determination of the NAV of GLDM, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.
2.5. | Custody of Gold
Gold is held by the Custodian on behalf of GLDM, 100% of which is allocated gold in the form of good delivery gold bars. A current list of all gold held by the Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.
2.6. | Gold Receivable
Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to GLDM’s account. Generally, ownership of the gold is transferred within one business day of the trade date.
|  | Mar-31, |  |  | Sep-30, |
(Amounts in 000’s of US$) |  | 2026 |  |  | 2025 |
Gold receivable |  | $ | - |  |  | $ | - |
2.7. | Gold Payable
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of GLDM’s account. Generally, ownership of the gold is transferred within one business day of the trade date.
|  | Mar-31, |  |  | Sep-30, |
(Amounts in 000’s of US$) |  | 2026 |  |  | 2025 |
Gold payable |  | $ | - |  |  | $ | - |
2.8. | Creations and Redemptions of Shares
GLDM creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 100,000 Shares). GLDM issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the amount of gold and any cash represented by the Creation Units being created or redeemed. This amount will be based on the combined net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received. As the Shares are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes. Changes in the Shares for the six months ended March 31, 2026 and 2025 are as follows:
|  | Six Months |  |  | Six Months |
|  | Ended |  |  | Ended |
(Amounts are in 000’s) |  | Mar-31, 2026 |  |  | Mar-31, 2025 |
Activity in Number of Shares Created and Redeemed: |  |  |  |  |  |  |  |
Creations |  |  | 74,800 |  |  |  | 57,300 |
Redemptions |  |  | (25,400 | ) |  |  | (17,700 | )
Net Change in Number of Shares Created and Redeemed |  |  | 49,400 |  |  |  | 39,600 |
|  | Six Months |  |  | Six Months |
|  | Ended |  |  | Ended |
(Amounts in 000’s of US$) |  | Mar-31, 2026 |  |  | Mar-31, 2025 |
Activity in Value of Shares Created and Redeemed: |  |  |  |  |  |  |  |
Creations |  | $ | 6,658,061 |  |  | $ | 3,235,706 |
Redemptions |  |  | (2,233,429 | ) |  |  | (944,204 | )
Net change in Value of Shares Created and Redeemed |  | $ | 4,424,632 |  |  | $ | 2,291,503 |
2.9. | Income and Expense (Amounts in 000’s of US$)
The Administrator will, at the direction of the Sponsor, sell GLDM’s gold as necessary to pay its expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Administrator will give a sell order and sell gold to the Custodian at the LBMA Gold Price PM following the sell order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay Sponsor expenses on the Statement of Operations. GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2026 of $1,659,474 and $4,350,743, respectively, is made up of a realized gain/(loss) of $2,818 and $4,723, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $259,539 and $817,154, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,397,117 and $3,528,866, respectively, on investment in gold. GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2025 of $1,900,649 and $1,831,988, respectively, is made up of a realized gain/(loss) of $699 and $1,316, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $34,849 and $255,934, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,865,101 and $1,574,739, respectively, on investment in gold.
2.10. | Income Taxes
GLDM is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, it is not subject to U.S. federal income tax. Instead, its income and expenses “flow through” to the shareholders, and the Administrator will report GLDM’s proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis. The Sponsor has evaluated whether there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2026. As of March 31, 2026, the 2025, 2024 and 2023 tax years remain open for examination. There were no examinations in progress at period end.
2.11. | Segment Reporting
The Principal Financial and Accounting Officer of the Sponsor performs the functions of GLDM's chief operating decision maker (“CODM”). The CODM monitors the operating results of GLDM as a whole, and GLDM's asset allocation is managed in accordance with its Prospectus. GLDM operates as a single operating and reporting segment pursuant to its investment objective. GLDM's prospectus describes GLDM's fees, investment objective, and principal risks, among other items. GLDM's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within GLDM's financial statements. The accompanying financial statements detail GLDM's segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the GLDM's Statements of Financial Condition as “Total Assets” and significant segment expenses are listed on the Statement of Operations.
SPDR Gold Mini Shares Trust [Member] |
Notes to Financial Statements |
Significant Accounting Policies |
2. | Significant Accounting Policies
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by GLDM and the Trust.
2.1. | Basis of Accounting
For accounting purposes, GLDM is an investment company within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies, and therefore applies the specialized accounting and reporting guidance therein. It is not registered as an investment company under the Investment Company Act of 1940, as amended. These financial statements present the financial condition, results of operations and cash flows of the Trust combined with its operating series and GLDM separately. For the periods presented, there were no balances or activity for the Trust and the footnotes accordingly relate to GLDM, unless stated otherwise.
2.2 | Basis of Presentation
The financial statements are presented for the Trust, as the SEC registrant, combined with GLDM and for GLDM individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GLDM are enforceable only against the assets of GLDM and not against the assets of the Trust generally or any other series that the Trust may establish.
2.3 | Cash and Cash Equivalents
Cash and cash equivalents, when outstanding, include highly liquid investments of sufficient credit quality with an original maturity of three months or less.
2.4. | Fair Value Measurement
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. GLDM’s policy is to value its investments at fair value. Various inputs are used in determining the fair value of GLDM’s assets or liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Inputs that are unobservable for the asset and liability, including a fund’s assumptions (if any) used in determining the fair value of investments. The following table summarizes GLDM’s investment at fair value:
(Amounts in 000’s of US$) |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2026 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Investment in Gold |  | $ | 29,618,787 |  |  | $ | - |  |  | $ | - |
Total |  | $ | 29,618,787 |  |  |  | - |  |  |  | - |
(Amounts in 000’s of US$) |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2025 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Investment in Gold |  | $ | 20,855,894 |  |  | $ | - |  |  | $ | - |
Total |  | $ | 20,855,894 |  |  | $ | - |  |  | $ | - |
There were no transfers between Level 1 and other Levels for the six months ended March 31, 2026 or for the year ended September 30, 2025. The Administrator values the gold held by GLDM on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (the “IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the London Bullion Market Association (the “LBMA”). In determining the NAV of GLDM, the Administrator values the gold held on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (the “LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Administrator calculates the NAV of GLDM on each day the NYSE Arca is open for regular trading, generally as of 12:00 PM New York time. If no LBMA Gold Price PM is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM is used in the determination of the NAV of GLDM, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination.
2.5. | Custody of Gold
Gold is held by the Custodian on behalf of GLDM, 100% of which is allocated gold in the form of good delivery gold bars. A current list of all gold held by the Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.
2.6. | Gold Receivable
Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to GLDM’s account. Generally, ownership of the gold is transferred within one business day of the trade date.
|  | Mar-31, |  |  | Sep-30, |
(Amounts in 000’s of US$) |  | 2026 |  |  | 2025 |
Gold receivable |  | $ | - |  |  | $ | - |
2.7. | Gold Payable
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of GLDM’s account. Generally, ownership of the gold is transferred within one business day of the trade date.
|  | Mar-31, |  |  | Sep-30, |
(Amounts in 000’s of US$) |  | 2026 |  |  | 2025 |
Gold payable |  | $ | - |  |  | $ | - |
2.8. | Creations and Redemptions of Shares
GLDM creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 100,000 Shares). GLDM issues Shares in Creation Units to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Creation Units is only made in exchange for the amount of gold and any cash represented by the Creation Units being created or redeemed. This amount will be based on the combined net asset value of the number of Shares included in the Creation Units being created or redeemed determined on the day the order to create or redeem Creation Units is properly received. As the Shares are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes. Changes in the Shares for the six months ended March 31, 2026 and 2025 are as follows:
|  | Six Months |  |  | Six Months |
|  | Ended |  |  | Ended |
(Amounts are in 000’s) |  | Mar-31, 2026 |  |  | Mar-31, 2025 |
Activity in Number of Shares Created and Redeemed: |  |  |  |  |  |  |  |
Creations |  |  | 74,800 |  |  |  | 57,300 |
Redemptions |  |  | (25,400 | ) |  |  | (17,700 | )
Net Change in Number of Shares Created and Redeemed |  |  | 49,400 |  |  |  | 39,600 |
|  | Six Months |  |  | Six Months |
|  | Ended |  |  | Ended |
(Amounts in 000’s of US$) |  | Mar-31, 2026 |  |  | Mar-31, 2025 |
Activity in Value of Shares Created and Redeemed: |  |  |  |  |  |  |  |
Creations |  | $ | 6,658,061 |  |  | $ | 3,235,706 |
Redemptions |  |  | (2,233,429 | ) |  |  | (944,204 | )
Net change in Value of Shares Created and Redeemed |  | $ | 4,424,632 |  |  | $ | 2,291,503 |
2.9. | Income and Expense (Amounts in 000’s of US$)
The Administrator will, at the direction of the Sponsor, sell GLDM’s gold as necessary to pay its expenses. When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Administrator will give a sell order and sell gold to the Custodian at the LBMA Gold Price PM following the sell order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay Sponsor expenses on the Statement of Operations. GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2026 of $1,659,474 and $4,350,743, respectively, is made up of a realized gain/(loss) of $2,818 and $4,723, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $259,539 and $817,154, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,397,117 and $3,528,866, respectively, on investment in gold. GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and six months ended March 31, 2025 of $1,900,649 and $1,831,988, respectively, is made up of a realized gain/(loss) of $699 and $1,316, respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $34,849 and $255,934, respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $1,865,101 and $1,574,739, respectively, on investment in gold.
2.10. | Income Taxes
GLDM is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, it is not subject to U.S. federal income tax. Instead, its income and expenses “flow through” to the shareholders, and the Administrator will report GLDM’s proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis. The Sponsor has evaluated whether there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2026. As of March 31, 2026, the 2025, 2024 and 2023 tax years remain open for examination. There were no examinations in progress at period end.
2.11. | Segment Reporting
The Principal Financial and Accounting Officer of the Sponsor performs the functions of GLDM's chief operating decision maker (“CODM”). The CODM monitors the operating results of GLDM as a whole, and GLDM's asset allocation is managed in accordance with its Prospectus. GLDM operates as a single operating and reporting segment pursuant to its investment objective. GLDM's prospectus describes GLDM's fees, investment objective, and principal risks, among other items. GLDM's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within GLDM's financial statements. The accompanying financial statements detail GLDM's segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the GLDM's Statements of Financial Condition as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/235/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1 + Details
Name: | us-gaap_SignificantAccountingPoliciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=gldm_SPDRGoldMiniSharesTrustMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |