金：独立した資産クラス

Bloomberg Commodity Index
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.

Bitcoin
A peer-to-peer digital currency created in 2009 that offers the promise of lower transaction fees than those of traditional online payment mechanisms. Unlike government-issued currencies, Bitcoin is run and “regulated” by its own users using an infrastructure called “blockchain.”

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.

Consumer Price Index (CPI)
A widely used measurement of inflation at the consumer level that helps to evaluate changes in cost of living. The CPI is composed of a basket of consumer goods and services across the economy and is calculated by the US Department of Labor by assessing price changes in the basket of goods and services and averaging them. Core CPI is the same series, minus food and energy prices, since they are considered to be volatile enough to distort the meaning and usefulness of so-called headline CPI. The absence of food and energy means that the core series reflects long-term inflation trends more accurately.

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.

Down Market Capture
The percentage of return that an asset captures when a market benchmark is down.

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 economy 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.

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.

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.

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).

Liquid Alternative Trading Strategy
Alternative investment approaches, including real estate, commodities, private equity, distressed securities and hedge funds that are available through relatively liquid structures such as ETFs, mutual funds and closed-end funds.

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.

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.

Rogers International Commodity Index
The index represents the value of a basket of 36 commodity futures contracts. The index is a composite, US dollar-based total return index launched by James B. Rogers on July 31, 1998. The index represents the value of a basket of futures contracts on commodities consumed in the global economy, ranging from agricultural to energy and metals products.

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.

Tail Risk
A type of portfolio risk associated with unforeseen events that lead to sharp declines in equities and a rush to safe-haven investments such as short-dated Treasuries or gold.

Up Market Capture
The percentage return that an asset captures when a market benchmark is up.

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.

投資にはリスクを伴います。ワールド・ゴールド・トラストの1シリーズであるSPDR®ゴールド・ミニシェアーズ・トラスト（「GLDMSM」）とSPDR®ゴールド・シェア（「GLD®」）（合わせて、本ファンド）への投資には、それぞれ資金を失う可能性があります。

ETFは株式のように売買され、投資リスクがあり、時価が変動するため、売買する際の価格はETFの純資産価額に比べて高くも安くもなり得ます。売買委託手数料とETFの経費はリターンを低下させます。

コモディティやコモディティ指数に連動した証券は、全体的な市場動向の変化や金利の変化、さらには天候、疾病、通商停止や政治的ないし規制的な展開、対象コモディティに係る投機者や裁定者の取引活動など、他の要因の影響を受けます。ETFを頻繁に売買した場合、売買手数料や他のコストが大幅に増加し、その結果、低いフィーやコストによる節約効果が相殺されることがあります。分散投資により利益を確保したり損失に対する保証が得られたりするわけではありません。コモディティ投資には大きなリスクを伴うため、すべての投資家に相応しいとは言えません。

SPDR®ゴールド・シェア（「GLD®」）およびSPDR®ゴールド・ミニシェアーズ・トラスト（「GLDMSM」）に関する重要情報

SPDRゴールド・トラストはGLDに係る、そしてワールド・ゴールド・トラストはGLDMに係る（目論見書などの）届出書面をそれぞれ証券取引委員会（「SEC」）に届け出ております。投資する前に、各ファンドがSECに届け出た届出書面の中の目論見書およびその他の文書をお読みになり、各ファンドとその勧誘に関するより完全な情報を得てください。各ファンドの目論見書で、各ファンドへの投資に伴うリスクに関する詳細な議論をご覧ください。GLDの目論見書はこちらをクリックすることで入手でき、GLDMの目論見書はこちらをクリックすることで入手できます。あるいは、SECのウェブサイトsec.gov上のEDGAR、またはspdrgoldshares.comにて無料で入手できます。他にも、866.320.4053までお電話でご請求いただければ、各ファンドまたは指定参加者が目論見書をお送りするよう手配いたします。

各ファンドとも1940年投資会社法（「1940年法」）の下で登録された投資会社ではありません。そのため、各ファンドの投資主には1940年法の下で登録された投資会社の株式保有に伴う保護がありません。GLDおよびGLDMは1936年商品取引法（「CEA」）の規制対象ではありません。そのため、GLDおよびGLDMの投資主にはCEAが提供する保護がありません。各ファンドの受益権は株式のように売買され、投資リスクがあり、時価が変動します。

GLD受益権およびGLDM受益権の価値は、各ファンドが保有する金の価値（経費控除後）にそれぞれ直接関係しており、金価格の変動が受益権への投資に大幅に不利な影響を与える可能性があります。時価で売買される受益権の売却に際して受け取る価格は、受益権が表象する金の価値よりも多い場合も少ない場合もあります。

いずれのファンドもインカムを生じず、各ファンドは継続的に発生する経費を賄うべく金を定期的に売却するため、各ファンドの受益権が表象する金の量は時間の経過とともに相応分減少します。

ワールド・ゴールド・カウンシルの名称とロゴは登録商標であり、ライセンス契約に従ってワールド・ゴールド・カウンシルの許可を得て使用しています。ワールド・ゴールド・カウンシルは、本資料の内容について責任を負わず、また本資料の使用や依拠についても責任を負いません。ワールド・ゴールド・カウンシルはGLDおよびGLDMのスポンサーの関連会社です。

GLD®はワールド・ゴールド・トラスト・サービシズLLCの登録商標であり、ワールド・ゴールド・トラスト・サービシズLLCの許可を得て使用しています。MiniSharesSMおよびGLDMSMはWGC USAアセット・マネジメント・カンパニーLLCのサービスマークであり、WGC USAアセット・マネジメント・カンパニーLLCの許可を得て使用しています。

Standard & Poor’s®、S&P®、SPDR®は、S&P Globalの1部門であるStandard & Poor’s Financial Services LLC (S&P)の登録商標です。Dow Jonesは、Dow Jones Trademark Holdings LLC（ダウ・ジョーンズ）の登録商標です。これらの商標は、ライセンスを受けてS&P Dow Jones Indices LLC（SPDJI）が使用し、特定の目的のためにState Street Corporationがサブライセンスを受けています。State Street Corporationの金融商品は、SPDJI、ダウ・ジョーンズ、S&P、それぞれの関連会社およびライセンスを受けた第三者が提供、推奨、販売、あるいは宣伝するものではなく、係る当事者のいずれも係る商品への投資の適否に関して表明せず、それに関連したいかなる責任も負いません。

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。