Liquidity


Evaluate Total Cost of Ownership

If you just focus on the obvious, what are you missing?

Look beyond the expense ratio — without liquidity, ETF trading costs can add up.


Understand TCO


An ETF with a low expense ratio doesn't always have low total cost. Trading costs are an important factor to consider. Watch to find out why.


Access Additional Resources


Why Liquidity Matters

Learn the importance of factoring liquidity into your ETF due diligence.

The State of Liquidity

Our expert panel explores the role of liquidity in institutional portfolios, and what the savviest investors may be overlooking in the year ahead.

Fixed Income Investing

How does the ETF structure support liquidity during periods of market stress?


Invest in the Liquidity Leaders


SPDR ETFs are trading commission free on select third-party platforms.

40%

of the ETF industry’s annual trading volume ($8.6T) — more than Vanguard and BlackRock combined — makes State Street SPDR ETFs the secondary market leader. 1

7 of 10

of the most liquid US equity ETFs are SPDRs. 2

3X

SPY and DIA trade, on average, almost triple what MSFT, FB, NFLX, AAPL, GOOGL & AMZN trade — combined. 3


SPY

SPDR S&P 500® ETF


DIA

SPDR Dow Jones® Industrial Average ETF


GLD®

SPDR Gold Shares


JNK

SPDR Bloomberg Barclays High Yield Bond ETF


XLF

Financial Select Sector SPDR Fund


XLK

Technology Select Sector SPDR Fund


State Street Global Advisors Funds Distributors, LLC does not offer securities trading. SPDR ETFs may not be available for trading on a commission free basis on the brokerage platform on which you trade.

*Based on the secondary 180 day dollar trading volume, SPY and DIA ranked within the top 35 most liquid out of 2,177 US-listed ETFs. Source: Bloomberg Finance L.P., as of January 10, 2020.

Footnotes

Bloomberg Finance, L.P., as of December 31, 2019,calculations per SPDR Americas Research.
2Bloomberg Finance L.P., as of 1/10/2020. Based on 180 day dollar trading volume and geography focus of US Equities. Past performance is not a guarantee of future results.
3Bloomberg Finance L.P., as of 1/10/2020. . Based on 180 day dollar trading volume. Top two competitors include BlackRock and Vanguard. Past performance is not a guarantee of future results.

Disclosures

Important risk information

Investing involves risk, and you could lose money on an investment in SPDR Gold Trust ("GLD®").

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.

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®"):

The SPDR Gold Trust ("GLD®") has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents GLD has filed with the SEC for more complete information about GLD and this offering. Please see the GLD prospectus for a detailed discussion of the risks of investing in GLD shares. The GLD 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 Trust or any authorized participant will arrange to send you the prospectus if you request it by calling 866.320.4053.

GLD is not an investment company registered under the Investment Company Act of 1940 (the "1940 Act") and is not subject to regulation under the Commodity Exchange Act of 1936 (the "CEA"). As a result, shareholders of the Trust do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.

GLD shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of GLD shares relates directly to the value of the gold held by GLD (less its expenses), and 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. GLD does not generate any income, and as GLD regularly sells gold to pay for its ongoing expenses, the amount of gold represented by each 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 GLD's sponsor.

GLD® is a registered trademark of World Gold Trust Services, LLC used with the permission of World Gold Trust Services, LLC.

For more information, please contact the Marketing Agent for GLD: State Street Global Advisors Funds Distributors, LLC, One Iron Street, Boston, MA, 02210; T: +1 866 320 4053 spdrgoldshares.com.