How does the gold holdings structure differ between GLDM and IAU?

The gold holdings structure of GLDM and IAU differs in terms of the entity holding the gold and the ownership structure. 1. **GLDM Structure**: - GLDM, or the SPDR Gold MiniShares Trust, holds its gold in physical bullion form. - The gold is held by the trust itself, which is a legal entity separate from the investors. 2. **IAU Structure**: - IAU, or the iShares Gold Trust, also holds its gold in physical form, but the ownership structure is different. - The gold is held in a custodial account by a third-party custodian, which is responsible for securing and storing the physical gold on behalf of the trust. - The investors do not directly own the gold; instead, they hold shares in the trust, which tracks the price of the gold. In summary, while both GLDM and IAU hold physical gold, the difference lies in how the gold is held and who has ownership over it. GLDM holds the gold directly as assets of the trust, whereas IAU holds the gold in a custodial account on behalf of the investors.