GLDM
SPDR Gold MiniShares ETF
Is GLDM Halal?
Lower-cost physical gold ETF.
What You Should Know
World Gold Trust's September 30, 2025 report says gold represents 100% of GLDM's $20.856 billion of assets and reports no cash balance. The physical-gold exposure can be permissible, but possession, custody and redemption terms remain school-sensitive.
⚠️ Concerns
- •Constructive possession and redemption mechanics require scholar review
- •Different schools may treat exchange-traded trust interests differently
Current quantitative Sharia screen
Based on Form 10-K figures for the period ended 2025-09-30; calculated 2026-07-14.
0 / 20,855.894
0 / 20,855.894
0 / 20,855.894
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables-plus-cash/assets are 0.00%; a comparable operating-income numerator is unavailable for this physical-gold trust.
- Financial
- Pass
- Overall
- Incomplete
Reported debt, liquidity and receivables-plus-cash are below the examined MSCI total-assets limits, but possession and settlement analysis remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Reported debt and liquidity ratios are below the examined Malaysia limits; physical-gold contract mechanics require separate qualitative review.
- Financial
- Not calculated
- Overall
- Incomplete
A market-cap denominator is not meaningful for this physical-gold trust and no licensed historical series is stored.
Business-activity disclosure
The trust's disclosed asset is physical gold, which may be permissible when ownership, possession and settlement conditions are met. The filing alone does not establish a school-neutral ruling on qabd, custody or redemption mechanics.
Limitation: The report does not provide a universal scholar-approved conclusion on constructive possession or each redemption path.
Purification
No prohibited operating-income stream or scholar-approved purification percentage is disclosed; ZakatInvest does not infer one.
Inputs, assumptions and primary sources
- Amounts are USD millions converted from World Gold Trust's September 30, 2025 statement of assets and liabilities.
- The report describes gold as 100% of assets and reports no cash balance; no interest-bearing securities, receivables or debt are separately reported.
- GLDM is a physical-gold trust rather than an operating company; the filing does not disclose operating revenue or a universal prohibited-income numerator.
- Physical-gold possession, allocation and settlement remain school- and scholar-sensitive questions.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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