An Introduction to SPDR® Gold Shares - SPDR Gold Shares (GLD)

® An Introduction to SPDR Gold Shares A Precise Way to Invest in Gold ® SPDR Gold Shares (“Gold Shares”) offer investors an innovative, relatively cost- efficient and secure way to access the gold market. Gold Shares are intended to offer investors a means of participating in the gold bullion market without the necessity of taking physical delivery of gold, and to buy and sell that participation through the trading of a security on a regulated stock exchange. Gold Shares are intended to lower many of the barriers, such as access, custody and transaction costs, that have prevented some investors from investing in gold. WHAT ARE SPDR GOLD SHARES? HOW DO THEY WORK? SPDR Gold Shares represent a fractional, undivided

beneficial Gold Shares are exchange traded securities (NYSE Ticker: ownership interest in the SPDR Gold Trust (the “Trust”), an GLD) that give the holder an undivided beneficial ownership investment trust. The trust is sponsored by World Gold Trust interest in a trust, the primary asset of which is allocated Services, LLC, a wholly-owned subsidiary of the World Gold gold. Shares are designed to track the price of gold (net of Council and Gold Shares are marketed by State Street Global Trust expenses) and trade like a continuously offered security, Markets, LLC, an affiliate of State Street Global Advisors. allowing authorized participants such as broker-dealers, banks and other financial institutions to create and redeem shares The World Gold Council is the market development (in baskets of 100,000 shares) according to market demand. organization for the gold industry. Working within the investment, jewellery and technology sectors, as well as Shares cannot be created without the appropriate amount engaging in government affairs, its purpose is to provide of gold first being delivered to the trustee to effect the industry leadership, whilst stimulating and sustaining “creation.” The initial amount of gold required by the Trust demand for gold. State Street Global Advisors is one of to create a basket of 100,000 shares is 10,000 ounces (1/10 1 the largest institutional investment managers in the world. of an ounce of gold per Gold Share). The gold that underlies Gold Shares is held in the form of allocated 400 oz. London Gold Shares are intended to lower a large number of the Good Delivery bars in the London vault of HSBC Bank USA, barriers preventing investors from using gold as an asset or in the vaults of sub-custodians. HSBC Holdings plc, the allocation and trading tool. These barriers have included the global parent of HSBC Bank USA, is one of the largest logistics of buying, storing and insuring gold. In addition, banking and financial service organizations in the world. certain pension funds and mutual funds do not or cannot hold physical commodities, such as gold, or their derivatives. The standards required for gold bars are set out in “The Good Delivery Rules for Gold and Silver Bars” published by the LBMA and available at www.lbma.org.uk. Gold Shares provide investors with a simple, secure and relatively cost-efficient means of participating in the gold bullion market. Please see Important Risk Disclosure regarding the risk of investing in Gold...

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