Key information
* The Trust’s only recurring expense is the remuneration paid to the Sponsor. The Sponsor’s fee accrues daily at an annual rate equal to 0.40% of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all other ordinary fees and expenses of the Trust. These include fees and expenses of the Trustee, fees and expenses of the Custodian for the custody of the Trust’s gold bars, the fees and expenses of the Sponsor, certain taxes, the fees and expenses of the Marketing Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and other marketing costs and expenses.
SPDR Gold Trust Advantages
| Easily Accessible | Listed on the NYSE Arca. |
|---|---|
| Secure | The Gold Shares represent fractional, undivided interests in the Trust, the sole assets of which are physical gold bullion and, from time to time, cash. |
| Relatively Cost Effective | For many investors, transaction costs related to the Gold Shares are expected to be lower than the costs associated with the purchase, storage, and insurance of gold bullion in a traditional gold bullion account. |
| Liquid | Structure allows for baskets to be created and redeemed according to market demand, creating liquidity. |
| Transparent | There exists a 24-hour global over-the counter market for gold bullion, which provides readily available market data. The price, holdings, and net asset value of Gold Shares, as well as market data for the overall gold bullion market, can be tracked daily at spdrgoldshares.com. |
| Flexible | Gold Shares (NYSE Arca: GLD) are listed on the New York Stock Exchange Arca and trade the same way ordinary stocks do. It is possible to buy or sell Gold Shares continuously throughout the trading day on the exchange at prices established by the market. Additionally, it is possible to place market, limit and stop-loss orders of Gold Shares. |
How to Buy and Sell
Gold Shares are listed on the New York Stock Exchange Arca (NYSE Arca Ticker: GLD). Typically, investors will be able buy and sell Gold Shares through a standard brokerage account.
Fees and Expenses
Ongoing Expenses of the Trust
The Trust's estimated ordinary operating expenses are accrued daily and are reflected in the NAV of the Trust. The Trust’s only recurring expense is the remuneration paid to the Sponsor. The Sponsor’s fee accrues daily at an annual rate equal to 0.40% of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all other ordinary fees and expenses of the Trust. These include fees and expenses of the Trustee, fees and expenses of the Custodian for the custody of the Trust’s gold bars, the fees and expenses of the Sponsor, certain taxes, the fees and expenses of the Marketing Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and other marketing costs and expenses.
The ordinary operating expenses of the Trust accrue daily and are reflected in the NAV of the Trust. The Trustee sells gold held by the Trust on an as-needed basis to pay the Trust's expenses. As a result, the amount of gold represented by each share will be reduced over time, from an initial 1/10th of one ounce of gold. Because the expenses of the Trust will be offset by the sale of Trust gold, the amount of gold backing each share (Ounces Per Share) will decrease gradually.
Each share will initially represent 1/10th of one ounce of gold, but this will decline over time. This reduction in ounces per share will be reflected in the NAV of the Trust.
SPDR® Gold Shares (GLD)
SPDR Gold Trust is an exchange traded fund launched and managed by World Gold Trust Services, LLC. It invests in commodity markets. The fund invests in gold. It tracks the performance of the price of gold bullion. SPDR Gold Trust was formed on November 12, 2004 and is domiciled in the United States.
Contact Information
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SPDR Gold Trust (GLD ETF) — Крупнейший ETF фонд на золото: что такое, комиссия, доходность.
ETF
Доброго времени суток, друзья! Сегодня у нас на обзоре SPDR Gold Trust (GLD ETF) — самый крупный в мире ETF фонд на золото. Официальная дата запуска GLD ETF — 18 ноября 2004 года. За время своего существования фонд сумел набрать огромную популярность и большой лимит доверия со стороны инвесторов. Давайте посмотрим, чем же так хорош GLD ETF, не забыв при этом, разобраться и в основных минусах «Лидера рынка Золотых ETF».
Для тех кто в танке и вообще не знает что такое ETF.
Если вы вообще не в курсе что такое ETF инвестирование или просто нужно освежить память, то вот вам максимально сжатое, но, на мой взгляд, достаточно емко отображающее суть ETF фондов определение:
ETF фонд — это готовый инвестиционный портфель, внутри которого могут находиться самые разные биржевые активы: акции, облигации, золото, серебро, валюты и т.д.
Покупая паи такого фонда, вы становитесь владельцем небольшой части всех активов находящихся внутри фонда. Основная отличительная особенность ETF фондов от обыкновенных ПИФ, заключается в том, что паи ETF можно свободно купить на бирже, так же как и обычные акции.
В случае SPDR Gold Trust ETF, единственным активом в составе фонда является физическое золото в виде слитков. Таким образом, покупая паи SPDR Gold Trust вы, по сути, становитесь владельцем расписки подтверждающей право на владение некоторым количеством золота внутри фонда.
Основным плюсом такого подхода, является отсутствие необходимости заморачиваться c покупкой и хранением реального(физического золота). Достаточно купить необходимое количество паев на свой брокерский счет и вы мгновенно начнете получать доход(или убыток, если цены пойдут вниз). В случае же с физическим золотом, вам нужно будет найти надежное хранилище — если использовать банковскую ячейку, то за нее тоже нужно платить, если хранить дома, то нужно найти супер-надежное место в котором золото точно никак не пострадает, так как даже маленькая царапинка может в разы снизить стоимость слитка. Также, банки торгующие золотом, как правило, имеют привычку выставлять значительно высокий спред (разницу между ценой покупки и ценой продажи), чего не скажешь про ETF фонды обладающие большей ликвидностью и соответственно меньшим спредом.
Основные параметры
| Управляющая компания | State Street SPDR |
| Название | SPDR Gold Trust |
| Тикер | GLD ETF |
| Состав | Золото |
| Торговая площадка | NYSE Arca |
| Комиссия | 0,40% в год |
| Цена | $183,45 |
| Бенчмарк | Gold Bullion |
| Дата запуска | 18.11.2004 |
| Дивиденды | Отсутствуют |
| Среднегодовая доходность (за все время) | 9,88% |
| Количество золота на 1 Пай | 3 гр |
Состав
Как я уже упомянул ранее — SPDR Gold Trust (GLD ETF) представляет собой относительно простой продукт; основным и единственным активом составе фонда является золото в форме золотых 400-унциевых слитков. В качестве индекс-ориентира используется «London Fix Gold PM PR USD» — индекс отображающий цену на золото зафиксированную в 15:00 (по Лондоскому времени, в долларах США) Лондонской ассоциацией драгоценных металлов (LBMA). В качестве кастодиана выступает банк HSBS, золотовалютное хранилище которого расположено в Лондоне.
Сколько золота в каждой акции GLD ETF?
Управляющая компания State Street SPDR не раскрывает точное количество золота приходящееся на каждую фонда GLD ETF. Однако, зная актуальную стоимость золота и пару простых формул, можно без проблем посчитать примерное количество золота на 1 акцию/пай фонда. Процесс расчета в подробностях я расписывал здесь. Так что, дабы не отнимать ни моего ни вашего времени, предлагаю сразу перейти к результатам. Итак, проведя несложные расчеты мы нам удается выяснить, что на 1 акцию GLD ETF приходится около 3х грамм или 0,11 унций чистого золота.
Доходность
GLD ETF — фонд внутри которого находится золото, соответственно генерируемая им доходность будет пропорциональна увеличению стоимости данного драгоценного метала(минус комиссия, о которой мы поговорим чуть ниже).
Среднегодовая доходность GLD ETF за 16 лет его существования составляет: 9,88% годовых
● Среднегодовая доходность за 10 лет — 4,23%
● Среднегодовая доходность за 5 лет — 11,16%
● Среднегодовая доходность за 3 года — 14,26%
● Волатильность в годовом измерении за 16 лет — около 15,1%
● Наибольшая прибыль за год — 31,8%(как раз в этом году)
● Наибольший убыток за год — 27,1%(вероятнее всего в 2014 году)
SPDR® Gold Shares GLD
Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Certain investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.
Investing involves risk, and you could lose money on an investment in GLD.
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
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.
Before investing, consider the funds’ investment objectives, risks, charges and expenses.
NAV
The market value of a mutual fund’s or ETFs total assets, minus liabilities, divided by the number of shares outstanding.
Gross Expense Ratio
The fund’s total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund’s most recent prospectus.
- GLD FAQ pdf
- Factsheet pdf
- Prospectus pdf
Key Features
- The investment objective of SPDR ® Gold Trust (the "Trust") is for SPDR ® Gold Shares ("GLD") to reflect the performance of the price of gold bullion, less the Trust’s expenses
- The first US traded gold ETF and the first US-listed ETF backed by a physical asset
- For many investors, the costs associated with buying GLD shares in the secondary market and the payment of the Trust’s ongoing expenses may be lower than the costs associated with buying, storing and insuring physical gold in a traditional allocated gold bullion account
Fund Information as of Sep 30 2023
| Inception Date | Nov 18 2004 |
| Options Available | Yes |
| Marginable | Yes |
| Gross Expense Ratio |
Gross Expense Ratio
The fund’s total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund’s most recent prospectus.
Listing Information as of Sep 30 2023
| Exchange | Listing Date | Trading Currency | Ticker | CUSIP | ISIN |
|---|---|---|---|---|---|
| NYSE ARCA EXCHANGE | Nov 18 2004 | USD | GLD | 78463V107 | US78463V1070 |
Fund Market Price as of Sep 29 2023
Bid/Ask Mid Point
(Also known as Mid Price) The price between the best price of the sellers for a trading unit of a given security and the best price of the buyer of a trading unit of a given security.
Closing Price
Market Price of last reported trade on the exchange.
Exchange Volume (shares)
Represents the volume of shares traded on the ETF’s primary exchange throughout the previous business day.
Premium/Discount
Shows the comparison of the daily indicative net asset value (INAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask — 4PM INAV) / 4PM INAV * 100).
The median bid-ask spread is calculated by identifying national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and posted on each business day.
Premium Discount to INAV Graph and Summary
Premium Discount to INAV Graph and Summary
The line graph and table below show historical information about the differences between the 4PM Bid/Ask price for shares of the fund (as determined by the fund’s listing exchange) and the fund’s 4PM INAV over certain periods. The vertical axis of the line graph shows the premium/discount expressed as a percentage of 4PM INAV. The horizontal axis indicates the date at which the premium/discount occurred. The table shows the number of trading days in which the fund traded at a premium or at a discount to 4PM INAV.
Number of Days Summary
Number of days the ETF 4PM Bid/Ask was above the 4PM INAV.
Number of days the ETF 4PM Bid/Ask was below the 4PM INAV.
Because ETFs trade like stocks at current market prices, shareholders may pay more than a fund’s NAV when purchasing fund shares and may receive less than a fund’s NAV when selling fund shares.
The indicative net asset value (iNAV) per share is a measure of the intraday net asset value (NAV) of an investment. The indicative NAV is provided for reference purposes only and may differ from the actual NAV per share calculated in accordance with the Prospectus.
Before investing, consider the funds’ investment objectives, risks, charges and expenses.
Per Basket Information as of Sep 29 2023
| NAV Per Basket | $17,350,931.26 |
Fund Net Asset Value as of Sep 29 2023
| LBMA Gold Price PM | $1,870.50 |
| NAV |
NAV
The market value of a mutual fund’s or ETFs total assets, minus liabilities, divided by the number of shares outstanding.
Fund Performance
- Fund Inception Date : Nov 18 2004
as of Aug 31 2023
| As Of | 1 Month | QTD | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception Nov 18 2004 |
|
|---|---|---|---|---|---|---|---|---|---|
| NAV | Aug 31 2023 | -1.47% | -3.50% | 6.89% | 12.75% | -0.66% | 9.62% | 2.95% | 7.77% |
| Market Value | Aug 31 2023 | -1.28% | -2.70% | 6.12% | 13.03% | -0.88% | 9.66% | 2.95% | 7.68% |
| Benchmark |
as of Jun 30 2023
| As Of | 1 Month | QTD | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception Nov 18 2004 |
|
|---|---|---|---|---|---|---|---|---|---|
| NAV | Jun 30 2023 | -2.69% | -3.50% | 5.30% | 4.82% | 2.24% | 8.43% | 4.42% | 7.75% |
| Market Value | Jun 30 2023 | -2.22% | -2.70% | 5.09% | 5.82% | 2.13% | 8.48% | 4.11% | 7.70% |
| Benchmark |
Past performance is not a reliable indicator of future performance. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment. All results are historical and assume the reinvestment of dividends and capital gains. It is not possible to invest directly in an index.
Performance returns for periods of less than one year are not annualized. Performance is shown net of fees.
Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable.
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.
Gross Expense Ratio: 0.40%
Document
- 2023 Q3 — GLD Form 10Q pdf
- 2023 Q2 — GLD Form 10Q pdf
- 2023 Q1 — GLD Form 10Q pdf
- 2022 Q4 — GLD Form 10K pdf
- GLD FAQ pdf
- 2022 Q3 — GLD Form 10Q pdf
- 2022 Q2 — GLD Form 10Q pdf
- 2022 Q1 — GLD Form 10Q pdf
- Factsheet pdf
- Prospectus pdf
- Talking Gold pdf
- Invest in Gold: A Portfolio Diversifier With Staying Power pdf
- SPDR Gold ETFs — Quarterly Chart Pack pdf
Purchase Information
Buying and Selling ETFs
ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.
ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.
Investing in commodities entails significant risk and is not appropriate for all investors.
Ordinary brokerage commissions may apply.
Important risk information
Investing involves risk, and you could lose money on an investment in SPDR® Gold Trust (“GLD®” or "GLD").
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs’ net asset value. Brokerage commissions and ETF expenses will reduce returns.
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 GLD:
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, GLD 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 GLD 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.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI”) and have been licensed for use by State Street Global Advisors. S&P®, SPDR®, S&P 500®,US 500 and the 500 are trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.
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
© 2023 State Street Corporation. All Rights Reserved.
State Street Global Advisors Funds Distributors, LLC, One Iron Street, Boston, MA 02210
Not FDIC Insured — No Bank Guarantee — May Lose Value
As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines. This only applies to investors who trade with margin.