Filed Pursuant To Rule 433
Registration No. 333-167132
July 6, 2010
Gold Exposure in Exchange Traded Funds
SPDR® Gold Shares (ticker: GLD) was the first
US-traded commodity ETF and one of the fastest growing ETFs in
history, reaching more than $1 billion in assets in its first three
trading days. Today, GLD is the second largest ETF in the world,
with $52.7 billion dollars in assets.
A COMPARISON OF GLD AND IAU
SPDR Gold Shares (GLD) and the iShares COMEX®
Gold Trust (IAU) are both designed to track the spot price of gold
in an exchange traded product structure. Both GLD and IAU are cost
efficient vehicles that
offer convenient exposure to physical gold bullion. However,
GLD offers a number of distinct advantages:
KEY GLD ADVANTAGES
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First and largest gold ETF |
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Significantly higher liquidity in terms of share volume/dollar volume |
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Custodied by leading gold custodian HSBC Bank USA, N.A. |
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Most stringent allocated/unallocated gold requirements |
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COMPARISION |
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SPDR GOLD TRUST |
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ISHARES COMEX GOLD TRUST |
TICKER
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GLD
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IAU |
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EXPENSE RATIO
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0.40%
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0.25% |
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INCEPTION DATE
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11/12/04
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1/21/05 |
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OPTIONS AVAILABLE ON
EXCHANGE
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Yes
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Yes |
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ASSETS1 |
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$52.7 billion
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$3.4 billion |
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OUNCES OF GOLD IN
TRUST
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42,453,322
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2,760,746 |
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TONNES OF GOLD IN
TRUST
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1,320
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86 |
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AVERAGE DAILY SHARE2
VOLUME
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17,566,361
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363,400 |
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AVERAGE DAILY DOLLAR3
VOLUME
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$1.9 billion
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$30.9 million |
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BID/ASK SPREAD (BPS)
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1
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8 |
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BID/ASK SPREAD ($)
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$0.01
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$0.01 |
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STRUCTURE
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The SPDR Gold Trust is a grantor trust not registered
under the Investment Company Act of 1940. The
Trust issues shares representing fractional undivided
beneficial interest in the Trusts net assets.
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The iShares COMEX Gold Trust is a grantor trust not
registered under the Investment Company Act of 1940.
The Trust issues shares representing fractional undivided
beneficial interest in the Trusts net assets. |
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CUSTODIAN
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HSBC Bank USA, N.A.
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The Bank of Nova Scotia |
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LOCATIONS (VICINITY)
OF VAULTS
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London, England
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New York, USA; Toronto, Canada; Montreal, Canada; London,
England; other potential sub-custodian locations |
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VAULT INSPECTIONS
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Two times per year
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Two times per year |
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TRANSPARENCY
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Gold bar list and latest certificate of the GLD gold bar
count by Inspectorate International Limited available on
spdrgoldshares.com
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Gold bar list and vault inspection certificates available on
iShares.com |
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SPONSOR
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World Gold Trust Services, LLC
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BlackRock Asset Management International Inc. |
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EXCHANGE
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NYSE Arca
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NYSE Arca |
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CREATION/REDEMPTION
SIZE
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100,000 shares
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50,000 shares |
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ALLOCATED/UNALLOCATED
REQUIREMENTS |
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Gold is held in an allocated account. Because gold
is allocated only in multiples of whole London Good
Delivery Bars, each creation or redemption may result
in a small amount of goldup to 430 ounces (or the
maximum weight allowed for a London Good Delivery
Bar) in an unallocated account. On March 31, 2010, the
Custodian held 36,158,483 ounces of allocated gold and
38 ounces of unallocated gold.
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Gold is held in an allocated account. May hold up to 430
ounces in an unallocated account. |
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FOR FURTHER
INFORMATION,
PLEASE SEE PROSPECTUS
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https://www.spdrs.com/product/fund.seam?ticker=GLD
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Prospectus available at ishares.com |
Source: SSgA Strategy & Research, data as of 6/30/2010.
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Precise in a World that
isnt.
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STATE STREET GLOBAL MARKETS, LLC
State Street Financial Center
One Lincoln Street
Boston, MA 02111
866.320.4053
spdrgoldshares.com
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Assets: Number of shares outstanding multiplied by the market
price. |
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Average Daily Share Volume: total number of shares traded
between January 4th and June 30th divided by
number of trading days. |
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Average Daily Dollar Volume: total number of shares traded
multiplied by traded price between January 4th and June 30th divided by
number of trading days. |
FOR PUBLIC USE.
Shares (the Shares) of the SPDR Gold Trust (the Trust) trade like stocks, are subject to
investment risk and will fluctuate in market value. The value of the Shares relates directly to the
value of the gold held by the Trust (less Trust expenses) and fluctuations in the price of gold
could materially adversely affect an investment in the Shares. Investors should be aware that there
is no assurance that gold will maintain its long-term value in terms of purchasing power in the
future. The Trust does not generate any income and as the Trust regularly sells gold to pay for its
ongoing expenses, the amount of gold represented by each Share will decline over time.
The Trust has filed a registration statement (including a prospectus) with the SEC for the offering
to which this communication relates. Before you invest, you should read the prospectus in that
registration statement and other documents the Trust has filed with the SEC for more complete
information about the Trust and this offering. You may get these documents for free by visiting
EDGAR on the SEC website at www.sec.gov. Alternatively, the Trust or any Authorized Participant
will arrange to send you the prospectus if you request it by calling 866.320.4053 or contacting
State Street Global Markets, LLC, One Lincoln Street, Attn: SPDR Gold Shares, 30th Floor, Boston,
MA 02111.
The prospectus contains material information about the Trust and its Shares which is material
and/or which may be important to you. You should read the entire prospectus, including Risk
Factors before making an investment decision about the Shares.
Shareholders of the Trust will not have the protections associated with ownership of shares in an
investment company registered under the Investment Company Act of 1940 or the protections afforded
by the Commodity Exchange Act of 1936. The Trust is not registered as an investment company under
the Investment Company Act of 1940 and is not required to register under such act. Neither the
Sponsor nor the Trustee of the Trust is subject to regulation by the Commodity Futures Trading
Commission. Shareholders will not have the regulatory protections provided to investors in
Commodity Exchange Act regulated instruments or commodity pools.
SPDR® is a registered trademark of Standard & Poors Financial Services LLC (S&P)
and has been licensed for use by State Street Corporation. No financial product offered by State
Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its
affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the
advisability of buying, selling or holding units/ shares in such products. Further limitations that
could affect investors rights may be found in the SPDR Gold Shares prospectus.
WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL,
PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO LOST PROFITS), EVEN IF
NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
Investors should be aware that the historical performance of gold as an asset class is not
necessarily indicative of its future performance, and there is no assurance that gold will maintain
its long-term value in terms of purchasing power in the future, that gold will be an effective
hedge against inflation or dollar depreciations, that the price of gold will be less volatile than
the prices of other asset classes, or that gold will be an effective tool for diversifying
investment portfolios. In the event that the price of gold declines, the Sponsor expects the value
of an investment in the Shares to decline proportionately.
Diversification does not protect against loss.
The Trust is sponsored by World Gold Trust Services, LLC (the Sponsor), a wholly-owned subsidiary
of the World Gold Council. State Street Global Markets, LLC (the Marketing Agent) is the
marketing agent of the Trust and an affiliate of State Street Global
Advisors. For more information: State Street Global Markets, LLC One
Lincoln Street, Boston, MA, 02111 866.320.4053
www.spdrgoldsharese.com.
Not FDIC Insured No Bank Guarantee May Lose Value
© 2010 State Street Corporation. All Rights Reserved. IBG-2097 Exp. Date:7/1/2011 IBG.GLDIAUCOMP.0710
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Precise in a World that
isnt.
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