Investing in Gold with ETFs

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.

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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.

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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.

This is a Marketing Communication

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.

Diversification does not ensure a profit or guarantee against loss.

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.

253313.15.1.EMEA.INST Exp. Date: 01/12/2023

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