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

[As of 3/21/14] GLD is the largest, if not the cheapest, of four ETFs that invest directly in physical gold. Investors who could get the identical exposure using IAU for 25 bps pay 40 bpsGLD commands 5x greater AUM than IAU for GLD, yet GLD commands 5x greater AUM than IAU. Trading costs often make the difference. GLD is the cheapest of the four to trade and does so at 1 bp spreads. Market structure matters too. Because GLD’s NAV is 10x higher than IAU’s, a commission dollar buys 10x more gold via GLD compared with IAU. 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 01/24/2014)

1 Year

Performance [as of 09/15/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

GLD
-5.45% -3.51% 2.17% -7.18% -12.10% 3.71% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GLD Top 10 Contracts

GLD Summary Data

SSgA

A company that produces and manages ETFs.

11/12/04

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

Grantor Trust

The organizational structure of the fund or ETN.

0.40%

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

$31.21 B

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

$759.26 M

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

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

Physically Held

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

Physically Held

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

N/A

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

--

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

--

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


1

The number of single commodities represented in the fund holdings.

GLD Index Data

Gold Spot

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

Single Asset

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

Single Asset

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

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

UBG, IAU, AGOL, SGOL, DGL

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

GLD Commentary & News

15 September 2014
Daily ETF Flows | ETF.com
15 September 2014
Features and News | ETF.com
11 September 2014
ETF Market Intel | ETF.com

GLD ETF.com Efficiency Insight

[As of 3/21/14] At 40 bp per year in expenses, GLD isn’t the cheapest physical gold ETF. Its 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 taxation of GLD’s capital gains—Uncle Sam has deemed GLD to be a collectible, so max short term rates are high at 28% (Insight updated 01/24/2014)

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

0.40%

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

-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.

-0.30%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.45%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

GLD Tax Exposure

28.00% / 39.60%

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

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

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

Grantor Trust

The organizational structure of the fund or ETN.

No

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

N/A

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

N/A

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

N/A

The risk of default by the ETN counterparty.

Low

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

Daily

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

GLD ETF.com Tradability Insight

[As of 3/21/14] GLD is incredibly liquid. The fund’s spreads are minuscule, and daily volumes regularly exceed $850M. Options in GLD are plentiful. Premiums and discounts are mostly an artifact of market convention, because while GLD’s NAV is set at the London “Fix,” which is 10 a.m. Eastern time, GLD trades right through to the NYSE’s 4 p.m. close. GLD’s large handle helps investors whose fees are calculated on a per-share basis. (Insight updated 01/24/2014)

Average Spread

Premium/Discount

Volume

GLD ETF.com/ Block LiquidityAs of 09/16/2014

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

6,128,750

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

$759.26 M

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

5,622,346

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

$701.06 M

Median dollar value of shares traded over the past 45 trading days.

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.

$0.01

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

0.04%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

5.10% / -1.77%

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.

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.

100.00%

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

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.

56.22

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.

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.

3,649,947

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

$118.44

The total market value of the assets that an ETF holds less fund expenses.

5

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

GLD ETF.com Fit Insight

[As of 3/21/14] GLD is a near perfect Fit to spot gold prices, save for 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 01/24/2014)

GLD Sector Breakdown

GLD Segment Benchmark
100.00% 100.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%

GLD Top 10 Contracts

GLD Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

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.

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.

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.

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
Commodity Weight Decay
to Front
Decay to
Preceding
Commodity Weight Decay
to Front
Decay 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