The World Gold Council and State Street Global Advisors expanded on the gold ETF theme with the launch of a new offering that provides the cheapest exposure along with a low share price to those investors seeking exposure to the yellow precious metal.

On Tuesday, SSGA launched the SPDR Gold MiniShares Trust (NYSEArca: GLDM), which has a 0.18% expense ratio.

The SPDR Gold MiniShares Trust will try to reflect the performance of the price of gold bullion. GLDM will be initially listed at a per-share trading price of 1/100th of an ounce of gold, as represented by the LBMA Gold Price PM (USD).

“We believe GLDM is designed to provide an effective means for investors seeking the diversification benefits gold exposure may bring to a portfolio,” Noel Archard, global head of SPDR product at State Street Global Advisors, said in a note. “Combined with a relatively low expense ratio, GLDM’s relatively low share price provides all types of investors access to gold within portfolios, and we are excited to partner with the World Gold Council on another ETF for helping clients target investment goals.”

Comparing GLDM to GLD

The SPDR Gold Shares (NYSEArca: GLD), the largest gold-related ETF on the market, has $33.5 billion in assets under management, comes with a 0.40% expense ratio and currently trades at around $119 per share.

In contrast, the new GLDM was trading at around $12.6 per share at last check Tuesday.

The new gold fund’s strategy is identical to GLD – both are physically backed by gold bullion and are structured as grantor trusts. However, GLD’s price was 1/10th the price of gold in ounces at its inception while the new Gold MiniShares ETF was priced at 1/100th the price of gold in ounces.

For more information on new fund products, visit our new ETFs category.