1 Source: Bloomberg Finance L.P. & State Street Global Advisors. Note: SPDR® Gold Trust GLD average daily bid-ask spread is 0.01% and tracking error is 0.00424 from 01/01/2011 to 09/30/2020. Effective March 20, 2015, the SPDR Gold Trust (GLD) adopted the LBMA Gold Price PM as the reference benchmark price of gold in calculating the Net Asset Value (NAV) of the Trust. Prior to that date, the Trust used the London PM Fix as the reference benchmark price in calculating the NAV. SPDR® Gold MiniSharesSM Trust GLDM average bid-ask spread is 0.07% and tracking error is 0.00016 from June 26, 2018 (fund inception) to September 30,2020. GLDM has used LBMA Gold Price PM as the reference benchmark price of gold in calculating the NAV of the Trust.
2 Morningstar Direct; Note: Average Gross Expense Ratio (%) for ETFs and Mutual Funds are 0.55% and 0.89%, respectively. Average Prospectus Net Expense Ratio for ETFs and Open-end Mutual Funds oldest Share class as defined by Morningstar, as of September 30, 2020.
3 World Gold Council – Global gold-backed ETF flows July 2020, date as of August 6, 2020.
4 World Gold Council – Global gold-backed ETF flows July 2020, date as of August 6, 2020.
5 World Gold Council – Global gold-backed ETF flows July 2020, date as of August 6, 2020.
6Diversification: Source: Bloomberg Finance L.P and State Street Global Advisors, as of September 30,2020. Gold has demonstrated a low (or sometimes negative) correlation to many financial asset indices over the last 20 years, with a 0.05 correlation to the S & P 500 Index and a 0.18 correlation to the Bloomberg Barclays Aggregate Bond Index from September 30, 2000 – September 30, 2020. Liquidity: Source: World Gold Council, as of 9/30/2020. Gold has maintained an average daily trading volume of $189 billion compared to an average daily trading volume for the S&P 500 of $212 billion for the period 1/1/2020 – 9/30/2020. Returns: Bloomberg Finance L.P. and State Street Global Advisors. During 2020 volatility, based on average monthly returns from 1/1/2020-9/30/2020, gold has provided a return of 24.57%, while the S&P 500 provided a return of 5.89 for the same period. On a longer-term basis, gold has returned 3.74% over a 10-year period from 9/30/2010 to 9/30/2020, and 10.13% for the 20 years from 9/30/2000 to 9/30/2020, while the S&P 500 provided a return of 13.73% and 6.41%, respectively, for the same periods ended 9/30/2020. Notes: gold is represented by LBMA gold price PM ($/oz.). Past performance is not a guarantee of future results.
7 Bloomberg Finance L.P. and State Street Global Advisors, as of September 30, 2020.
8 Bloomberg Finance L.P. and State Street Global Advisors, data as of September 30, 2020.
9 Bloomberg Finance L.P. and State Street Global Advisors, data as of September 30, 2020.
Bid-Ask Spread, or Spread The difference between the highest price a buyer is willing to pay for an asset and the lowest price the seller will accept to sell. Bid-ask spreads are a key measurement of the liquidity of an asset or security.
Futures Contracts Financial contracts that obligate buyers and sellers to buy or sell an asset — often physical commodities or financial instruments — at a predetermined future date and price. Futures contracts also stipulate the quality and quantity of the underlying asset and are standardized to facilitate trading on a futures exchange. Some futures call for physical delivery; others are settled in cash.
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.
Roll Costs The potential cost associated with selling an expiring futures contract and purchasing a longer-dated contract to maintain exposure to a particular asset. When the longer-dated contract is more expensive than the expiring contract, the market is said to be in contango; therefore, “rolling” into the longer-dated contract can be a drag on performance.
Total Cost of Ownership The purchase price of an asset plus the costs of operation.
Tracking Error Tracking error is a measure of how consistent a portfolio’s return is with that of its benchmark. In reality, no indexing strategy can perfectly match the performance of the index or benchmark, and the tracking error quantifies the degree to which the strategy differs from the index or benchmark by measuring the annualized standard deviation between the two values.
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.
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さらなる情報については、GLDおよびGLDMのマーケティング・エージェントであるState Street Global Advisors Funds Distributors, LLC, One Iron Street, Boston, MA, 02210; T: +1 866 320 4053 spdrgoldshares.com.へご連絡ください。