GLD Fund Description

The SPDR Gold Trust tracks the gold spot price, less expenses and liabilities, using gold bars held in London vaults.

GLD ETF.com Insight

GLD is the largest, if not the cheapest, of the five ETFs that invest directly in physical gold. Investors who could get the identical exposure using IAU for 25 bps pay 40 bps for GLD, yetGLD commands 5x greater AUM than IAU GLD commands 5x greater AUM than IAU. Trading costs often make the difference. GLD is the cheapest of the five to trade and does so at 1 bp spreads. Market structure matters too. Because GLD’s NAV is 10x higher than IAU’s, it's much cheaper for those who pay per-share commissions. GLD is an excellent choice for investors who want spot exposure to the shiny metal without wasting pennies or dollars on the trading floor. (Insight updated 07/24/2014)

1 Year

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

GLD
0.09% -2.23% -0.84% -2.09% -9.49% 1.11% 10.06%

GLD (NAV)
-- -- -- -- -- -- --

-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GLD Top 10 Contracts

GLD Summary Data

Issuer SSgA

A company that produces and manages ETFs.

Inception Date 11/12/04

The first date of a fund's operations, as documented by the issuer.

Legal Structure Grantor Trust

The organizational structure of the fund or ETN.

Expense Ratio 0.40%

The net total annual fee a fund holder pays to the issuer.

Assets Under Management $26.95 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

Average Daily $ Volume $824.09 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

(60-Day) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent." href="javascript:void(0)" class="term">Average Spread (60-Day) 0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

GLD Portfolio Data

Exposure Type Physically Held

This details how the fund accesses its commodities, whether holdings are physically–held or futures based.

Rolling Strategy Physically Held

Rolling strategy is the process by which a fund deals with contract expiration.

Rebalancing Frequency N/A

How often a fund rebalances its holdings back to the stated target weights in the prospectus.

Decay to Front --

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to the current front month contract.

Decay to Preceding --

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to each holding's preceding contract.

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Number of Commodities 1

The number of single commodities represented in the fund holdings.

GLD Index Data

Index Tracked Gold Spot

This is the benchmark an ETF is desigend to track or replicate.

Index Weighting Methodology Single Asset

A set of rules that the underlying index provider follows to weight its constituent securities.

Index Selection Methodology Single Asset

A set of rules that the underlying index provider follows to select its constituent securities.

Segment Benchmark Gold Spot

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to GLD

Top Competing ETFs UBG, IAU, AGOL, SGOL, DGL

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

GLD ETF.com Efficiency Insight

At 40 bps in annual fees, GLD isn't the cheapest physical gold ETF; rival IAU costs just 25 bps. Investors should compare all-in costs—trading costs and management fees—over their expected holding period. GLD's grantor trust structure protects investors; trustees cannot lend the gold bars. Beware of taxes—Uncle Sam has deemed GLD to be a collectible, so taxes on long-term gains max out at 28%. (Insight updated 07/24/2014)

Total Return - 07/24/2014

Performance [as of 07/24/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

GLD
-2.07% -0.17% 7.09% -2.46% -7.30% 5.89% --

GLD (NAV)
-1.99% 0.00% 7.36% -3.55% -7.27% 5.90% --

Gold Spot
-1.95% 0.10% 7.33% -3.16% -6.90% 6.32% 12.69%

Gold Spot
-1.95% 0.10% 7.33% -3.16% -6.90% 6.32% 12.69%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GLD Portfolio Management

Expense Ratio 0.40%

The net total annual fee a fund holder pays to the issuer.

(12 Mo) | Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -0.34%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

GLD Tax Exposure

Max LT/ST Capital Gains Rate 28.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

Distributes K1 No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

GLD Fund Structure

Legal Structure Grantor Trust

The organizational structure of the fund or ETN.

OTC Derivative Use No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Securities Lending Active N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

ETN Counterparty N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Portfolio Disclosure Daily

The frequency of an issuer's disclosure of all fund holdings.

GLD ETF.com Tradability Insight

GLD is incredibly liquid. The fund's spreads are minuscule, and daily volumes regularly exceed $700M. Options on GLD are plentiful. Premiums and discounts are mostly an artifact of market convention: GLD's NAV is set at the London Fix, at 10 am Eastern time, but GLD trades right through to the NYSE's 4 pm close. GLD’s large handle helps investors whose fees are calculated on a per-share basis. (Insight updated 07/24/2014)

Average Spread

Premium/Discount

Volume

GLD ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of GLD. GLD is rated a 5 out of 5.

GLD Tradability

Avg. Daily Share Volume 7,183,352

It is the daily number of shares traded, averaged over the past 45 trading days.

Average Daily $ Volume $824.09 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

Median Daily Share Volume 6,423,205

Median number of shares traded over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 2.29% / -1.74%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

Impediment to Creations None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

Market Hours Overlap 100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

(Shares) | The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

(45 Day Average) | The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 64.23

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.02%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

Open Interest on ETF Options 2,716,149

The total number of net outstanding options contracts for an ETF.

ETF.com Implied Liquidity 5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

GLD ETF.com Fit Insight

GLD is a near perfect Fit to spot gold prices, less expenses. As with all physically backed gold funds, expenses and trading costs are the only frictions. If you prefer not to leave gold bars or Krugerrands lying around the house, GLD is an excellent way to access spot gold returns. (Insight updated 07/24/2014)

GLD Sector Breakdown

Sector GLD Segment Benchmark
Precious Metals 100.00% 100.00%

Agriculture 0.00% 0.00%

Energy 0.00% 0.00%

Industrial Metals 0.00% 0.00%

Livestock 0.00% 0.00%

GLD Top 10 Contracts

GLD Performance Statistics

Beta 1.00

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

Up Beta 1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Down Beta 1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Downside Standard Deviation 0.01%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

GLD Top 5 Collateral Investments

No data available

GLD Expected Decay

GLD
Segment Benchmark
CommodityWeightDecay
to FrontDecay to
PrecedingCommodityWeightDecay
to FrontDecay to
Preceding
Gold 100.00% 0.00% 0.00% Gold 100.00% 0.00% 0.00%
Weighted Average
Expected Decay:



Weighted Average
Expected Decay:


Expected Decay: Decay-to-front measures the annualized price difference between the price of a futures contract and the current front-month futures price for the commodity. Decay-to-front shows the annualized expected cost (appreciation) should the front month price not change between now and contract expiration. We annualize this cost to make it uniform for all contract months. Decay-to-preceding similarly measures the annualized price difference between a futures contract and the contract before it on the curve and shows the annualized expected cost (appreciation) should the spot prices and the shape of the curve remain intact. The figures are presented as decay, so a negative number implies an expected gain and a positive number implies an expected loss. Front month positions are evaluated against the next available contract ahead of it on the curve.

Term Structure