SPDR® Gold MiniShares Trust Offers Lowest Fees of Any Gold
ETF
The World Gold Council1, the market development organization for
the gold industry, and State Street Global Advisors, the asset
management business of State Street Corporation (NYSE: STT), today
announced the launch of SPDR Gold MiniShares Trust (Symbol: GLDM).
GLDM offers the lowest available total expense ratio among all gold
exchange-traded products2, with a net and gross expense ratio of
0.18 percent. 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).3
“We believe GLDM is designed to provide an effective means for
investors seeking the diversification benefits gold exposure may
bring to a portfolio,” said Noel Archard, global head of SPDR
product at State Street Global Advisors. “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.”
With the launch of GLDM, the World Gold Council and State Street
Global Advisors have added a third product to their range of gold
ETFs, all of which are backed by physical gold. In November 2004,
the World Gold Council and State Street Global Advisors launched
SPDR® Gold Shares (GLD®), the first US-traded gold ETF and the
first US-listed ETF backed by a physical asset. GLD attracted more
than $1 billion in assets in its first three trading days4 and has
since remained the largest gold ETF in the market with
approximately $35 billion in total net assets5.
The World Gold Council and State Street Global Advisors again
partnered to launch the SPDR® Long Dollar Gold Trust (GLDW) in
January 2017. GLDW was the first US-listed, gold-backed ETF
designed for a strong dollar environment, by combining both a long
position in physical gold and long dollar exposure against a basket
of six non-US currencies, providing investors with the potential
benefits of gold exposure in a strong US dollar environment.
“Investors’ portfolio needs are continuously evolving, and it is
important that there is a full range of physically-backed gold
products available as they implement investment solutions,” said
Joseph Cavatoni, Principal Executive Officer of GLDM’s sponsor and
Managing Director USA and ETFs, World Gold Council. “We are pleased
to now offer a suite of solutions that are designed to align with
investors' preferred characteristics, whether it’s liquidity,
trading efficiency, total cost of ownership or managing their
exposures in a strong US dollar environment.”
To learn more about the new GLDM product, click here.
ICBC Standard Bank will serve as the custodian for GLDM and each
share of GLDM will represent the price of 1/100th of an ounce of
gold at launch, which is approximately 1/10th the size of a share
of GLD.
About World Gold Council
The World Gold Council is the market development organization
for the gold industry. Our purpose is to stimulate and sustain
demand for gold, provide industry leadership and be the global
authority on the gold market.
We develop gold-backed solutions, services and products, based
on authoritative market insight and we work with a range of
partners to put our ideas into action. As a result, we create
structural shifts in demand for gold across key market sectors. We
provide insights into the international gold markets, helping
people to understand the wealth preservation qualities of gold and
its role in meeting the social and environmental needs of
society.
The membership of the World Gold Council includes the world’s
leading and most forward-thinking gold mining companies.
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of
international and domestic asset classes. SPDR ETFs are managed by
SSGA Funds Management, Inc., a registered investment adviser and
wholly owned subsidiary of State Street Corporation. The funds
provide investors with the flexibility to select investments that
are precisely aligned to their investment strategy. Recognized as
an industry pioneer, State Street created the first US listed ETF
in 1993 (SPDR S&P 500® – Ticker SPY) and has remained on the
forefront of responsible innovation, as evidenced by the
introduction of many ground-breaking products, including
first-to-market launches with gold, international real estate,
international fixed income, and sector ETFs. For more information,
visit www.spdrs.com.
About State Street Global Advisors
For four decades, State Street Global Advisors has served the
world’s governments, institutions and financial advisors. With a
rigorous, risk-aware approach built on research, analysis and
market-tested experience, we build from a breadth of active and
index strategies to create cost-effective solutions. As stewards,
we help portfolio companies see that what is fair for people and
sustainable for the planet can deliver long-term performance. And,
as pioneers in index, ETF, and ESG investing, we are always
inventing new ways to invest. As a result, we have become the
world’s third largest asset manager with nearly US $2.73 trillion*
under our care.
*This figure is presented as of March 31, 2018 and includes
approximately $56 billion of assets with respect to SPDR products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
Important risk information
Investing involves risk, and you could lose money on an
investment in each of SPDR® Gold Shares Trust (“GLD®”), SPDR® Gold
MiniSharesSM Trust (“GLDMSM”), a series of the World Gold Trust,
and SPDR® Long Dollar Gold Trust (“GLDWSM”), a series of the World
Gold Trust (together, the “Funds”).
ETFs trade like stocks, are subject to investment risk,
fluctuate in market value and may trade at prices above or below
the ETFs’ net asset value. Brokerage commissions and ETF expenses
will reduce returns.
Commodities and commodity-index linked securities may be
affected by changes in overall market movements, changes in
interest rates, and other factors such as weather, disease,
embargoes, or political and regulatory developments, as well as
trading activity of speculators and arbitrageurs in the underlying
commodities.
GLDW is subject to regulation under the Commodity Exchange Act
of 1936 (the “CEA”). U.S. regulation of swap agreements is rapidly
changing and is subject to further regulatory developments which
could be adverse to GLDW. GLDW’s swap agreements will be subject to
counterparty risk and liquidity risk.
Currency exchange rates between the U.S. dollar and non-U.S.
currencies may fluctuate significantly over short periods of time
and may cause the value of GLDW’s investments to decline.
GLDW is a passive investment vehicle that is designed to track
the Index. GLDW’s performance may deviate from changes in the
levels of its Index (i.e., create “tracking error” between GLDW and
the Index) for a number of reasons, such as the fees and expenses
of GLDW, which are not accounted for by the Index.
Frequent trading of ETFs could significantly increase
commissions and other costs such that they may offset any savings
from low fees or costs.
Diversification does not ensure a profit or guarantee against
loss.
Investing in commodities entails significant risk and is not
appropriate for all investors.
Important Information Relating to SPDR® Gold Trust (“GLD®”),
SPDR® Gold MiniSharesSM Trust
(“GLDMSM”) and SPDR® Long Dollar Gold Trust
(“GLDWSM”):
The SPDR Gold Trust (“GLD”) has filed a registration
statement (including a prospectus) with the Securities and Exchange
Commission (“SEC”) for GLD. The World Gold Trust has filed a
registration statement (including a prospectus) with the SEC for
each of GLDM and GLDW. The World Gold Trust has also filed the
prospectus for GLDW with the National Futures Association. Before
you invest, you should read the prospectus in the registration
statement and other documents each Fund has filed with the SEC for
more complete information about each Fund and these offerings.
Please see each Fund’s prospectus for a detailed discussion of the
risks of investing in each Fund’s shares. The GLD prospectus is
available by clicking here, the GLDM prospectus is
available by clicking here, and the GLDW prospectus
is available by clicking here. You may get these
documents for free by visiting EDGAR on the SEC website at
sec.gov or by visiting spdrgoldshares.com.
Alternatively, the Funds or any authorized participant will arrange
to send you the prospectus if you request it by calling
866.320.4053.
None of the Funds is an investment company registered under the
Investment Company Act of 1940 (the “1940 Act”). As a result,
shareholders of each Fund do not have the protections associated
with ownership of shares in an investment company registered under
the 1940 Act. GLD and GLDM are not subject to regulation under the
CEA. As a result, shareholders of each of GLD and GLDM do not have
the protections afforded by the CEA.
Shares of each Fund trade like stocks, are subject to investment
risk and will fluctuate in market value.
The values of GLD shares and GLDM shares relate directly to the
value of the gold held by each Fund (less its expenses),
respectively. Fluctuations in the price of gold could materially
and adversely affect an investment in the shares. The price
received upon the sale of the shares, which trade at market price,
may be more or less than the value of the gold represented by
them.
GLDW shares trade like stocks, are subject to investment risk
and will fluctuate in market value. The value of GLDW shares
relates directly to the value of the gold held by GLDW (less its
expenses) and the value of a basket (“FX Basket”) comprising the
euro, Japanese yen, British pound sterling, Canadian dollar,
Swedish krona and Swiss franc (“Reference Currencies”) against the
U.S. dollar. A decline in the price of gold and/or an increase in
the value of the Reference Currencies comprising the FX basket
against the U.S. dollar could materially and adversely affect an
investment in the shares. The price received upon the sale of the
shares, which trade at market price, may be more or less than the
value of the gold and the price of each Reference Currency against
the U.S. dollar represented by them.
None of the Funds generate any income, and as each Fund
regularly sells gold to pay for its ongoing expenses, the amount of
gold represented by each Fund share will decline over time to that
extent.
The World Gold Council name and logo are a registered trademark
and used with the permission of the World Gold Council pursuant to
a license agreement. The World Gold Council is not responsible for
the content of and is not liable for the use of or reliance on,
this material. World Gold Council is an affiliate of the Sponsor of
each of GLD, GLDM and GLDW.
GLD® is a registered trademark of World Gold Trust Services, LLC
used with the permission of World Gold Trust Services, LLC.
MiniSharesSM, GLDMSM and GLDWSM are service marks of WGC USA Asset
Management Company, LLC used with the permission of WGC USA Asset
Management Company, LLC.
Standard & Poor’s®, S&P® and SPDR® are registered
trademarks of Standard & Poor’s Financial Services LLC, a
division of S&P Global (S&P); Dow Jones is a registered
trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and
these trademarks have been licensed for use by S&P Dow Jones
Indices LLC (SPDJI) and sublicensed for certain purposes by State
Street Corporation. State Street Corporation’s financial products
are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones,
S&P, their respective affiliates and third party licensors and
none of such parties makes any representation regarding the
advisability of investing in such product(s) nor do they have any
liability in relation thereto.
Important Information Relating to Solactive GLD® Long USD Gold
Index:
GLDW is not sponsored, promoted, sold or supported in any other
manner by Solactive AG nor does Solactive AG offer any express or
implicit guarantee or assurance either with regard to the results
of using the Index and/or Index trademark or the Index value at any
time or in any other respect. The Index is calculated and published
by Solactive AG. Solactive AG uses its best efforts to ensure that
the Index is calculated correctly. Irrespective of its obligations
towards GLDW, Solactive AG has no obligation to point out errors in
the Index to third parties including but not limited to investors
in and/or financial intermediaries transacting in or with GLDW.
Neither publication of the Index by Solactive AG nor the licensing
of the Index or Index trademark for the purpose of use in
connection with GLDW constitutes a recommendation by Solactive AG
to invest capital in GLDW nor does it in any way represent an
assurance or opinion of Solactive AG with regard to any investment
in GLDW.
For more information, please contact the Marketing Agent for
GLD, GLDM and GLDW: State Street Global Advisors Funds
Distributors, LLC, One Iron Street, Boston, MA, 02210; T: +1 866
320 4053 spdrgoldshares.com
© 2018 State Street Corporation. All Rights Reserved.
State Street Global Advisors Funds Distributors, LLC, One Iron
Street, Boston, MA 02210
Not FDIC Insured - No Bank Guarantee - May Lose Value
2161099.1.1.NA.RTL
1 World Gold Council is the parent of the sponsor of GLDM, WGC
USA Asset Management Company, LLC.2 Based on GLDM's total expense
ratio compared with the total expense ratios included in
Morningstar's Global Exchange Traded Funds database for the 25
products with reported expense information and identified as having
a primary prospectus benchmark to the LBMA Gold Price PM (USD) or
the LBMA Gold Price AM (USD) as of June 20, 2018.3 The price of
gold will be determined using the LBMA Gold Price PM as of June 25,
2018.4 Source: Bloomberg Financial L.P. & State Street Global
Advisors. Date as of April 30, 2018.5 As of 3/31/2018
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version on businesswire.com: https://www.businesswire.com/news/home/20180626005961/en/
State Street CorporationAndrew Hopkins, +1
617-664-2422Ahopkins2@StateStreet.com
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