World Gold Trust, through its operational fund SPDR® Gold MiniShares® Trust (GLDM), reported significant financial growth for the fiscal year ending September 30, 2025. The Trust's net income reached $5.3 billion, a substantial increase from $2.4 billion in the previous year, reflecting a 119% rise. This growth was primarily driven by a net realized and change in unrealized gain on investments in gold, which totaled $5.3 billion, compared to $2.4 billion in 2024. The market value of gold holdings surged to approximately $20.9 billion, up from $9.2 billion the previous year, with total assets also increasing from $9.2 billion to $20.9 billion.
In terms of operational metrics, GLDM saw a notable increase in the number of shares outstanding, which rose to 275.4 million from 174.8 million in the prior year. The Trust created 162 million shares during the year, reflecting a significant uptick in demand, while redeeming 61.4 million shares. The average price of gold per ounce also saw a substantial increase, reaching $3,825.30 by the end of September 2025, compared to $2,629.95 a year earlier. This price increase contributed to the overall appreciation of the Trust's gold holdings.
Strategically, the Trust has maintained its focus on gold as a passive investment vehicle, with no new product launches or acquisitions reported during the fiscal year. The Trust's structure allows it to issue and redeem shares based on the delivery of gold bullion, which is managed by custodians ICBC Standard Bank Plc and JPMorgan Chase Bank, N.A. The Trust's annual fee was reduced from 0.18% to 0.10% of net asset value, effective February 2022, which may have contributed to increased investor interest.
Looking ahead, the Trust's management remains optimistic about the future, citing the ongoing demand for gold as a hedge against inflation and economic uncertainty. However, they caution that fluctuations in gold prices and potential geopolitical risks could impact the Trust's performance. The Trust's investment strategy continues to focus on reflecting the performance of gold bullion prices, less expenses, while maintaining a strong operational framework to support its growth.
About World Gold Trust
The World Gold Trust (GLDM) is a passive exchange-traded fund that aims to reflect the performance of gold bullion prices. It holds physical gold, primarily for institutional and retail investors, offering a cost-effective way to gain exposure to gold without direct ownership. The trust facilitates creation and redemption of shares through authorized participants, with gold stored in regulated vaults, providing liquidity and transparency in the gold market.
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