Einblicke

Gold as a Strategic Asset Class

Investors have often used gold tactically in their portfolios, with an aim to help preserve wealth with a relatively liquid asset that can potentially help navigate risk during market corrections, geopolitical stress or persistent dollar weakness. But in addition to gold’s tactical benefits, its function as a core diversifying asset during a variety of business cycles may demonstrate that gold can potentially play a more long-term strategic role.

Related ETFs

GLD
GLDM

Gold has the potential to enhance portfolio construction strategies on several fronts — providing broad benefits that can potentially support strategic investment efforts across multiple business cycles. Primary potential benefits include:

Risk Management
Capital Appreciation
Wealth Preservation

Here we show how the key pillars and historical benefits of gold investing can provide potential support for these vital elements of investors’ portfolios.

1. Gold and Risk Management: The Potential Short-term and Strategic Benefits

Managing risks — both short term and unknown — is critical to optimizing portfolio performance. And gold’s historical benefits during a variety of market and business cycles can potentially provide a ballast for portfolios during good times and bad by adding:

Portfolio Diversification

Gold has demonstrated a low and negative historical correlation to many financial indices over time, potentially helping to smooth out volatility and preserve wealth. For example, gold has shown a 0.00 and 0.08 monthly correlation to the S&P 500 Index and Bloomberg US Aggregate Bond Index, respectively, since the 1970s.¹ This persistent and historically low correlation to many other financial assets is rooted in gold’s diverse sources of demand — both cyclical and countercyclical — which is illustrated during different phases of a full economic cycle.

Adding an allocation to gold may potentially provide diversification that can help mitigate portfolio drawdowns, increase portfolio efficiency through higher Sharpe Ratios and provide a potential store of value for investors over time.

Managing Market Downturns

With a reputation as a perceived safe-haven asset,² gold’s performance has the potential to shine during extreme volatility and market turbulence, growing less correlated to traditional equities and providing a potential ballast for portfolios that can help limit drawdowns.

As 2020 transformed asset markets, investors were faced with constructing portfolios that can weather the low interest rate and risk landscape. Gold’s historic benefits may potentially provide advantages to the modern-day portfolio that can help investors navigate these evolving risks.

Low Correlation to Other Assets and Alternatives

Based on gold’s low correlation to many traditional markets, gold has historically provided positive returns during extreme bouts of volatility and market turmoil — earning it a “perceived safe-haven” reputation with some investors.

Unlike several other asset classes typically used as portfolio diversifiers, gold has historically been an efficient source of portfolio diversification, with its low correlation historically growing stronger over time, while many real assets have moved in an opposite direction,³ more closely aligning with movements of traditional equities and bonds.

2. Capital Appreciation and Gold’s Potential

Gold may merit consideration in more than just down markets, with its benefits potentially providing investors longer-term and strategic opportunities in terms of capital appreciation. Gold’s diversification and historically uncorrelated returns can potentially help limit episodes of portfolio drawdown, and that can help optimize portfolios by limiting impairments to capital. But gold is not just for managing the downside and may provide the potential opportunity to help investors grow their capital during certain market cycles, with some growth potential of its own.

Historical Long-Term Returns

Gold has historically provided competitive long-term returns through a variety of business cycles — good and bad — adding longer-term diversification that can potentially help with optimizing portfolio returns.

Positive Risk-Adjusted Returns

Growing the value of portfolios and optimizing returns across business cycles is essential when constructing portfolios for the long run. Further, a low correlation between the asset classes in a portfolio can also potentially help lower portfolio volatility and therefore, all else being equal, increase diversification that can potentially improve Sharpe Ratios and enhance the overall risk-adjusted return of the portfolio over time.

As illustrated in our research article, Case For Constructing Portfolios with SPDR® Gold Shares (GLD®), we examined how including GLD in a hypothetical multi-asset portfolio – that also includes global stocks, various classes of fixed income, real estate, private equity, and commodities – may improve its risk-return characteristics. We found that holding between 2% and 10% of GLD between January 1, 2005 (GLD’s first year of operation) and the current period may have improved the hypothetical portfolio’s cumulative returns and Sharpe ratio and lowered its maximum drawdown, as compared to a portfolio without any gold-backed investments.

Illustrating the Potential Benefits of a Gold Allocation in a Portfolio - Defining the Hypothetical Portfolios

Asset Class Weightings for Hypothetical Blended Portfolios A, B, C and D

To read the full report, you can access the case study here.

GLD® Standard Performance Information as of September 30, 2022

3. Preserving Wealth: More Potential Strategic Benefits of Gold’s Diversification

Based on gold’s historical diversification and positive risk-adjusted returns during market turbulence, it has a track record of potentially helping to temper short-term volatility and limit drawdowns.

But an allocation to gold may support preserving wealth on a longer-term basis too, with its historical positive longer-term risk-adjusted returns during a variety of business cycles helping investors weather unforeseen risks and capital impairments that can erode a portfolio’s value over time. See the above chart for gold’s longer-term performance and how it can potentially influence portfolio construction during a variety of business cycles over time.

Deep Liquidity

Gold’s liquidity may help with wealth preservation, providing investors a relatively deep and liquid trading market that may be a key benefit of holding gold strategically. With a historical trading volume on par with major debt, currency, and equity markets, the estimated average daily turnover of gold is more than US $156 billion, which is equivalent to US $44 trillion a year.

And even during turbulent markets , like those experienced during March 2020, gold market liquidity has stood the test of time, with gold trading volumes hitting US $237 billion in March during the initial COVID-19 lockdown,⁴ providing investors ready access to a liquid trading market— or access to cash — when many other assets were declining in value.

Historical Store of Value

Longer term, gold can potentially provide a unique store of value for investors, helping to preserve purchasing power over time. Gold has kept up with rising prices by historically providing positive returns during periods of rising inflation, particularly during environments of extreme inflation.⁵

Additionally, gold has showcased its ability to hedge against currency debasement by historically maintaining a negative correlation to the US dollar.⁶ Taken together, gold’s ability to keep up with prices, in conjunction with currency depreciation, may potentially help investors maintain purchasing power and preserve value against inflationary pressures.

Investors may consider thinking about gold not just as a tactical asset to be used in times of crisis, but instead, as a long-term, strategic investment with unique and diverse potential benefits.
Learn about the primary benefits gold may offer portfolios relative to other major asset classes, as well as its distinct contribution to portfolio strategy over the long run in Invest in Gold: A Portfolio Diversifier With Staying Power.

Footnotes

¹Bloomberg Finance, L.P., & State Street Global Advisors; LBMA Gold Price PM ($/oz) has demonstrated a 0.00 and 0.08 monthly correlation to the S&P 500 Index and Bloomberg US Aggregated Bond Index, respectively. S&P 500 correlation is from 8/31/1971 to 9/30/2022 and Bloomberg US Aggregate Bond Index correlation is from 3/31/1976 to 9/30/2022 due to data availability. The correlation coefficient measures the strength and direction of a linear relationship between two variables. It measures the degree to which the deviation of one variable from its mean is related to that of a different variable from its respective mean, with 0 being uncorrelated and 1 being perfectly correlated.
²Assets may be considered “safe havens” based on investor perception that an asset’s value will hold steady or climb even as the value of other investments drops during times of economic stress. Perceived safe-haven assets are not guaranteed to maintain value at any time.
³Bloomberg Finance, L.P., State Street Global Advisors. Data from 12/31/93 to 9/30/2022. Gold = gold spot price. Commodities = S&P GSCI Total Return Index, REITs = FTSE NAREIT All Equity REITS Total Return Index. Past performance is not a guarantee of future results.
⁴World Gold Council, Bloomberg, Bank for International Settlements, London Bullion Market Association. Data as of September 30, 2022. Estimates based on clearing statistics published by the LBMA, LBMA-i and non-LBMA-i OT (estimates represent daily averages in US$ billion for Q2’2020), COMEX, SHFE, SGE, LME precious, Dubai Gold & Commodities Exchange, ICE Futures, US Metals, Borsa Istanbul, Bursa Malaysia, Moscow Exchange, and Tokyo Commodity Exchange.
⁵Bloomberg Finance L.P. & State Street Global Advisors. Gold has increased by an average annual rate of 11.1% when price inflation has been running above 5% per year from August 31, 1971 to September 30, 2022.
⁶Bloomberg Finance L.P. & State Street Global Advisors. LBMA Gold Price PM ($/oz) has demonstrated a -0.39 monthly correlation to the US dollar Index from August 31, 1971 to September 30, 2022.

Glossary

Bloomberg US Aggregate Bond Index
A benchmark that provides a measure of the performance of the U.S. dollar-denominated investment-grade bond market. The “Agg” includes public offerings in the US of investment-grade government bonds, investment-grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities.

Bloomberg Emerging Markets USD Aggregate Bond TR Index
A flagship hard currency Emerging Markets debt benchmark that includes USD-denominated debt from sovereign, quasi-sovereign, and corporate EM issuers.

Bloomberg Global Aggregate Corporate Bond TR Index
A corporate Index that is a flagship measure of global investment grade, fixed-rate corporate debt. This multi-currency benchmark includes bonds from developed and emerging markets issuers within the industrial, utility and financial sectors.

Bloomberg Global Corporate High Yield Bond TR Index
A multi-currency flagship measure of the global high yield debt market. The index represents the union of the US High Yield, the Pan-European High Yield, and Emerging Markets (EM) Hard Currency High Yield Indices. The high yield and emerging markets sub-components are mutually exclusive.

Bloomberg Global Aggregate Government Bond Index TR
A government index that is a measure of investment grade rated debt from 25 local currency markets. This multi-currency benchmark includes Treasury and government-related fixed-rate bonds from both developed and emerging markets issuers.

Bloomberg World Inflation Linked Bond TR Index
Measures the investment-grade, government inflation-linked debt from 12 different developed market countries. Investability is a key criterion for inclusion of markets in this index, and it is designed to include only those markets in which a global government linker fund is likely and able to invest.

Bloomberg Commodity Index TR
A broadly diversified commodity price index distributed by Bloomberg Indexes that tracks 22 commodity futures and seven sectors. No one commodity can compose less than 2 percent or more than 15 percent of the index, and no sector can represent more than 33 percent of the index.

Commodities
A basic good used in commerce that is interchangeable, or “fungible,” with other commodities of the same type. Commodities are most often used as inputs in the production of other goods or services. For example, crude oil is a commodity that is used to make motor fuels, heating oil and lubricants.

Correlation
The historical tendency of two investments to move together. Investors often combine investments with low correlations to diversify portfolios.

Correlation Coefficient
The correlation coefficient measures the strength and direction of a linear relationship between two variables. It measures the degree to which the deviations of one variable from its mean are related to those of a different variable from its respective mean.

Currency Depreciation
The decline of a currency’s value relative to another currency.

Diversification
A strategy of combining a broad mix of investments and asset classes to potentially limit risk, although diversification does not guarantee protection against a loss in falling markets.

Diversification benefits
In modern portfolio theory, diversification is an approach used to potentially reduce the overall risk of the portfolio by holding a mix of assets with low correlations to each other. The potential benefit of holding uncorrelated assets is that some investments may rise while others fall.

Downside Risk
A given security’s potential to lose value if a prevailing market trend suddenly changes. The term also refers to the specific financial amount of the “worst-case” loss that that can occur in such sudden shifts.

Drawdown
A specific decline in the stock market during a specific time period that is measured in percentage terms as a peak-to-trough move.

Drawdown Protection
Investments that could help insulate an overall portfolio from a decline in stocks or other financial markets. Examples include cash or other investments that have historically held up relatively well in down or volatile markets, such as gold or equity put options.

Economic Cycle
Periods of growth or contraction in the economy, typically called periods of expansion or recession. Different sectors and industries typically perform differently based on particular phases of the economic cycle.

FTSE NAREIT All Equity REITS Index
The index is a free-float-adjusted market capitalization-weighted index that includes all tax-qualified REITs listed in the NYSE, AMEX, and NASDAQ National Market.

Global Property Research General Index
A broad-based global real estate benchmark that contains all listed real estate companies that conform to General Property Research’s index-qualification rules, bringing the number of index constituents to more than 650. The index’s inception date was Dec. 31, 1983.

HFRI FOF Diversified Index
The index invests in a variety of strategies among multiple managers; historical annual returns and/or standard deviations are generally similar to those of the HFRI Fund of Fund Composite Index. A fund in the HFRI FOF Diversified Index tends to show minimal loss in down markets while achieving superior returns in up markets.

Hypothetical Blended Portfolio Performance Methodology
The hypothetical example is for illustrative purposes only and past performance is not a guarantee of future results.

Returns shown in the example do not represent those of a fund but were achieved by mathematically combining the actual performance data of MSCI AC World Daily TR Index, Bloomberg Global Aggregate Government Bond Index, Bloomberg Aggregate Global Corporate Bond Index, Bloomberg Emerging Markets Debt Index, Global Property Research General Index, S&P Listed Private Equity Index, Bloomberg World Inflation Linked Bond Index, Bloomberg Global Corporate High Yield Index, S&P GSCI Index, and SPDR® Gold Shares (GLD®) between January 1, 2005 and the current period noted. Each portfolio is rebalanced at the beginning of each year to maintain target portfolio weights. The performance assumes no transaction and rebalancing costs, so actual results will differ. It is not possible to invest directly in an index. Performance of GLD reflects annual expense ratio of 0.40%. The impact of adding GLD to an investor’s portfolio will vary based upon an investor’s asset allocation decisions and market performance, among other things.

ICE BofAML US 3-Month Treasury Bill Index
This is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month.

Inflation
An overall increase in the price of an economy’s goods and services during a given period, translating to a loss in purchasing power per unit of currency. Inflation generally occurs when growth of the money supply outpaces growth of the economy. Central banks attempt to limit inflation — and avoid deflation — in order to keep the economy running smoothly.

Liquidity
The ability to quickly buy or sell an investment in the market without impacting its price. Trading volume is a primary determinant of liquidity.

LBMA Gold Price
The LBMA Gold Price is determined twice each business day — 10:30 a.m. London time (i.e., the LBMA Gold Price AM) and 3:00 p.m. London time (i.e., the LBMA Gold Price PM) by the participants in a physically settled, electronic and tradable auction

LPX 50 Listed Private Equity Index
The index is designed to represent the global performance of the 50 most highly capitalized and liquid listed private equity companies. The index is diversified across regions, private equity investment styles, financing styles and vintages. The reference currency of the LPX50 Index is EUR, CHF and USD. The index is available as a Price Index and Total Return (Net).

MSCI World Index
The index captures large- and mid-cap representation across 23 Developed Markets. With 1,644 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

Real Assets
Physical or tangible assets that have value and often are investable. Real assets include precious metals, commodities, real estate, agricultural land and oil; their inclusion in most diversified portfolios is considered appropriate.

Risk-Adjusted Return
A risk-based profitability measurement framework for analyzing risk-adjusted financial performance; it is designed to provide a consistent view of profitability across different assets.

Sharpe Ratio
A measure for calculating risk-adjusted returns that has become the industry standard for such calculations. It was developed by Nobel laureate William F. Sharpe. The Sharpe ratio is the average return earned in excess of the risk-free rate per unit of volatility or total risk. The higher the Sharpe ratio, the better.

Spot Gold Price
The price in spot markets for gold. In US dollar terms, spot gold is referred to with the symbol “XAU,” which refers to the price of one troy ounce of gold in USD terms.

S&P GSCI Total Return Index
The S&P GSCI Total Return Index in USD is widely recognized as the leading measure of general commodity price movements and inflation in the world economy. The index is calculated primarily on a world production-weighted basis comprised of the principal physical commodities futures contracts.

S&P 500® Total Return Index
The version of the popular benchmark for U.S. large-cap equities that includes 500 companies from leading industries and captures about 80% coverage of available market capitalization in the US that reflects returns after reinvestment of dividends.

US Dollar Index / US Dollar Index (DXY)
A currency benchmark that measures the performance of the US dollar against a basket of currencies: the euro (EUR), the yen (JPY), the British pound (GBP), the Canadian dollar (CAD), the Swiss franc (CHF) and the Swedish krona (SEK). Its shorthand symbol in financial markets is “DXY.”

Volatility
The tendency of a market index or security to jump around in price. Volatility is typically expressed as the annualized standard deviation of returns. In modern portfolio theory, securities with higher volatility are generally seen as riskier due to higher potential losses.

Disclosures

This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate EU regulator or applicable Swiss Regulator) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication.
This document is a Marketing Communication. This document is exclusively intended for and directed to qualified investors in Switzerland as defined in the Federal Act on Collective Investment Schemes (CISA) and in the Federal Ordinance on Collective Investment Schemes (CISO) and may exclusively be offered/made available to such qualified investors. It has not been approved for offering to non-qualified investors in or from Switzerland and is not subject to the supervision of the Swiss Financial Market Supervisory Authority FINMA. In Switzerland, it may exclusively be offered to qualified investors. In accordance with Art. 120 Para. 4 CISA a representative and paying agent in Switzerland have been appointed. Representative and Paying Agent in Switzerland is State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich. Investors may obtain the prospectus for Switzerland, the articles as well as the most recent annual report in English free of charge from the Swiss Representative. This document is provided for information purposes only and does neither constitute an advertisement or recommendation nor an offer or solicitation to buy or sell investment instruments, to effect any transaction or to enter into any legal relations and does not release the recipient from exercising his/her own judgement. The fund may not be suitable for all investors. Investors should take advice from their own independent advisors concerning their financial situation and tax obligations before making an investment decision and should be aware of local laws governing investments. Investment or other decisions should not be made on the basis of this document. Investors should study the corresponding fund documents such as the Prospectus as well as the most recent Annual Report in order to familiarize themselves with the specific risks which may be associated with an investment in the fund. Although reasonable care has been taken to ensure that the information is accurate, correct and complete, no guarantee, warranty or representation, express or implied, is given to the accuracy, timeliness, suitability, correctness or completeness of the content of this document and neither SSGA nor any other company or unit belonging to the State Street Group, nor any of their officers, directors or employees accept any liability for losses which might arise from making use of the information in this document and hereby expressly disclaim, to the fullest extent permitted by applicable law and/or regulation, all warranties, express, statutory or implied, regarding the information in this document and any results to be obtained from the use of this document and its contents, including but not limited to all warranties of merchantability, non-infringement, fitness for a particular purpose or use and all warranties arising from course of performance. Any information in this document may be subject to change or update without notice. The information is exclusively intended for qualified investors with domicile in Switzerland. The information in this document is expressly not intended for persons who, due to their nationality and/or place of residence or domicile, are not permitted access to such information under local laws or regulations. The fund is not registered under the Securities Act 1933 of the USA nor under the Investment Company Act of 1940. The details on the fund are not an offer for sale or to be sold in the USA, its territories, possessions or protectorates under its jurisdiction, nor to U.S. persons. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any U.S. person. Past performance is not indicative of future results. Historic performance returns and financial market scenarios are no guarantee for future performance or returns of an investment. Every investment involves risk, especially with regard to fluctuations in value and return, including possible loss of principal. Performance indications do not consider commissions levied at subscription and/or redemption. See the prospectus for fund-specific costs and risks. In connection with the fund and in accordance with the prospectus for Switzerland retrocessions may be paid as remuneration for offering in Switzerland.

Investing involves risk including the risk of loss of principal.

Commodity funds may be subject to greater volatility than investments in traditional securities. Investments in commodities may be affected by overall market movements, changes in interest rates, and other factors, such as weather, disease, embargoes, and international economic and political developments.

This material is for your private information. The views expressed are the views the SPDR® Gold Strategy Team and are subject to change based on market and other conditions. The opinions expressed may differ from those with different investment philosophies.

All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.

The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor's or potential investor’s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor.

The information contained in this communication is not a research recommendation or ‘investment research’ and is classified as a ‘Marketing Communication’ in accordance with the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research; and (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.

ETFs trade like stocks, are subject to investment risk and will fluctuate in market value. The investment return and principal value of an investment will fluctuate in value, so that when shares are sold or redeemed, they may be worth more or less than when they were purchased. Although shares may be bought or sold on an exchange through any brokerage account, shares are not individually redeemable from the fund. Investors may acquire shares and tender them for redemption through the fund in large aggregations known as “creation units.” Please see the fund’s prospectus for more details.

The trademarks and registered trademarks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.

For SPDR® Gold Trust and SPDR® Gold MiniShares® Trust:
Investing involves risk, and you could lose money on an investment in each of SPDR® Gold Shares Trust (“GLD®”) and SPDR® Gold MiniShares® Trust (“GLDM®”), a series of the World Gold Trust (together, the “Funds”).
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.
Investing in commodities entails significant risk and is not appropriate for all investors.
Important Information Relating to SPDR® Gold Trust (“GLD®”) and SPDR® Gold MiniShares® Trust (“GLDM®”):
The SPDR Gold Trust (“GLD”) and the World Gold Trust have each filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for GLD and GLDM, respectively. 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 https://www.ssga.com/etfs/resources/documents/us-fund-docs and the GLDM prospectus is available by https://www.ssga.com/etfs/resources/documents/us-fund-docs. 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 +41 44 245 70 00.
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 Commodity Exchange Act of 1936 (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.
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 and GLDM.

GLD® is a registered trademark of World Gold Trust Services, LLC used with the permission of World Gold Trust Services, LLC. MiniShares® and GLDM® are registered trademarks of WGC USA Asset Management Company, LLC used with the permission of WGC USA Asset Management Company, LLC.
The Trust has not been approved by the Swiss Financial Market Supervisory Authority FINMA ("FINMA") as a foreign collective investment scheme which may be offered to non-qualified investors pursuant to Article 120 of the Swiss Collective Investment Schemes Act ("CISA"). Accordingly, the Shares may only be offered, sold or otherwise made available in Switzerland to qualified investors, as defined Article 10(3) and (3ter) of the Swiss Collective Investment Schemes Act (“CISA”) and its implementing ordinance, at the exclusion of qualified investors with an opting-out pursuant to Art. 5(1) of the Swiss Federal Law on Financial Services ("FinSA") and without any portfolio management or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA (“Excluded Qualified Investors”). Before investing please read the Trust’s Prospectus, Trust Indenture and annual financial statements. Prospective investors may obtain these documents free of charge from the Swiss Representative and Paying Agent, State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich, as well as from the main distributor in Switzerland, State Street Global Advisors AG (“SSGA AG”), Beethovenstrasse 19, 8027 Zurich. For Shares offered, sold or otherwise made available in Switzerland, the registered office of the Swiss Representative is the place of jurisdiction and performance. The Trust or its delegates do not pay retrocessions to third parties as compensation for the offer of Shares in Switzerland.

Switzerland: State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of
Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16.

Risk Disclosure

More on Gold

View All Gold Insights