SPDR® Gold Shares
Investing in GoldO��/GSDSPDR® Gold Shares

SPDR Gold Shares offers investors a convenient, cost efficientand secured way to access the gold market without having to pay
transportation, storage and insurance costs of owning physicalgold. With ease of buying and selling SPDR Gold Shares on thestock exchange, investors can take advantage of gold’s
historically low or negative correlation to other traditional asset
classes such as stocks and bonds.
SPDR Gold Shares is available to trade in United States dollars(USD), O87 and Singapore dollars (SGD), GSD.

Why Gold?

Gold has a dual nature as it is both an investment and a consumer good. Gold’s diverse sourcesof demand, both cyclical and counter cyclical, have been the source of its low historicalcorrelation to financial assets and its unique ability to provide key strategic portfolio functions:
Returns Gold has delivered a 7.8% compound annual growth rate in USD terms since 15 August
1971, the day U.S. President Richard Nixon removed USD from the gold standard. Gold hashistorically provided positive risk adjusted-returns over time.1Diversification Gold has demonstrated a low and negative correlation to many financial asset
indices over time and has a track record of providing a hedge during periods of large market
drawdowns, systemic risk, and geopolitical volatility.2
Liquidity The global gold market is deep and liquid, on par with that of many global currency,debt, and equity markets. In 2023, gold’s average daily volume was over US$163 billion — gold’sliquidity is a key component in its role as a reserve asset among central banks as well as a sourceof liquidity for investors and households globally.3
Portfolio Impact Adding an allocation to gold may potentially provide increased diversification,
reduce portfolio drawdowns, and increase portfolio efficiency through higher risk-adjusted returns.

Why SPDR
Gold Shares?

SPDR Gold Shares has lowered a number of barriers traditionally preventing investors from using
gold as an asset allocation and trading tool. These barriers have included the logistics of buying,storing and insuring gold. It has given investors exposure to the price of physical gold, minus thefund’s expenses, eliminating the need to use derivatives which may carry additional credit risks.
With SPDR Gold Shares, investors now have easy access to the gold market. They can readily
integrate and measure gold as a strategic presence in a portfolio that can potentially diversify
risk due to low or negative correlations with other asset classes.

How Does It Work?

O87 and GSD provide investors an undivided beneficial ownership in the SPDR Gold Trust,which solely holds gold securely vaulted in London, New York and Zurich. The flexibility to access
SPDR Gold Shares in both USD and SGD provides investors with an opportunity to seek further
diversification benefits.

2Key Attributes

Transparent SPDR Gold Shares seeks to track the price of gold minus the funds expenses.
The price, holdings and net asset value, as well as market data for the overall gold bullion market,
can be tracked at spdrgoldshares.com.
Secured HSBC Bank plc and JPMorgan Chase Bank, N.A are the custodians for the gold heldby the SPDR Gold Trust.4 Gold is held in custody in an “allocated account”,5 which means that theTrust has full ownership of the gold bars, and the custodians may not trade, lease or lend the bars.
Liquid SPDR Gold Shares liquidity comes not only from secondary-market trading on exchange,
but also from the primary market. Authorised participants in the primary market, responding tomarket demand, can create and redeem baskets of 100,000 shares. All this may help keep bid/
ask spreads tight and allows investors to freely buy and sell shares in whatever amount they
desire. There can be no assurance that a liquid market will be maintained for these shares.

Figure 1SPDR Gold
Shares’ Liquidity
in the Primary andSecondary Markets

Secondary Market Where Most Activity Takes Place

Investor

Broker/Dealer
buy/sellsharesStock
Exchangebuy/sellsharesAuthorised
Participant
buy/sellsharesTrustexchange
gold forsharesPrimary Market Share Creation/Redemption, When NecessaryInformation contained above is for illustrative purposes only.

Easily Accessible SPDR Gold Shares are cross-listed in Singapore and are available to tradein two currencies — USD and SGD. Investors can buy, sell and hold shares through standard
brokerage accounts.6 SPDR Gold Shares is also included under the CPF Investment Scheme(CPFIS) — Ordinary Account and Supplementary Retirement Scheme (SRS).
Flexible Investors can buy as few or as many shares they want, giving them ownershipto fractional ounces of gold. SPDR Gold Shares trades in the same way stocks do.
Cost-Effective Gaining exposure to the gold market through SPDR Gold Shares may berelatively cheaper compared to buying and holding physical gold, as transaction costs aregenerally lower than costs associated with the purchase, storage and insurance of physical gold.
The annual total expense ratio of SPDR Gold Shares is 0.40%.7
Figure 2
The Cost-effective
Attributes ofSPDR Gold Shares

Attribute

Allocated Gold

Unallocated GoldGold asset can be leased to third party without consent
Part of bankruptcy estate in event of a bankruptcyof the custodians
Individually-identified bars
Trust has right and title to the gold assets
Segregated from other goldSPDR® Gold Shares Investing in Gold3

Endnotes

1234ssga.com/etfs
spdrgoldshares.com
Information Classification: GeneralState Street Global Advisors
Singapore Limited
168, Robinson Road, #33–01 CapitalTower, Singapore 068912 (CompanyReg. No: 200002719D, regulated by
the Monetary Authority of Singapore)
T: +65 6826-7555 F: +65 6826-7501
Important Risk Information
All forms of investments carry risks,
including the risk of losing all of theinvested amount. Such activities
may not be suitable for everyone.
The information provided does notconstitute investment advice and it
should not be relied on as such. It
should not be considered a solicitation
to buy or an offer to sell a security.
It does not take into account any
investor’s particular investment
objectives, strategies, tax status orinvestment horizon. You should
consult your tax and financial advisor.
All materials has been obtained fromsources believed to be reliable. Thereis no representation or warranty as tothe accuracy of the information andState Street shall have no liability fordecisions based on such information.

Bloomberg Finance, L.P., andState Street Global Advisors, asof 31 March, 2024. Gold returns
are measured by the LBMA GoldPrice PM (US$/oz).
Bloomberg Finance, L.P.,
State Street Global Advisors,
as of 31 March, 2024.
Source: State Street Global
Advisors, Average daily volumes
from 1 January 2023 to31 December 2023. Gold liquidity
includes estimates of OTC
transactions and publishedstatistics on futures exchanges,
and gold-backed exchangetraded products.
Gold bars may be held by one ormore subcustodians appointed
by the custodians, or employedby the subcustodians appointed
by the custodians, until it istransported to the Custodians’

ETFs trade like stocks, are subject
to investment risk and will fluctuate
in market value. The value of theinvestment can go down as wellas go up and the return upon theinvestment will therefore variable.
Changes in exchange rates may havean adverse effect on the value, priceor income of an investment. Further
there is no guarantee an ETF willachieve its investment objective.
Brokerage commissions and ETF
expenses will reduce returns.
Commodities and commodity-index
linked securities may be affected bychanges in overall market movements,changes in interest rates, and otherfactors such as weather, disease,embargoes, or political and regulatory
developments, as well as trading
activity of speculators andarbitrageurs in the underlying
commodities. Currency exchange
rates between the US dollar andnon-U.S. currencies may fluctuatesignificantly over short periods oftime and may cause the value ofinvestment to decline. 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.
Commodities investing entails
significant risk as commodity prices
can be extremely volatile due to wide
range of factors. A few such factors

56vaults in London, New Yorkand Zurich. Source: StateStreet Global Advisors, as of31 March, 2024.
An allocated account is anaccount with a bullion dealer,which may also be a bank, towhich individually-identified unitsof gold (such as bars) owned by
the account holder are credited.
The gold held in an allocatedgold account is specific to that
account and is identified by alist that shows, for each unit ofgold, the refiner, assay or fineness,
serial number and gross andfine weight.
Although shares of SPDR
Gold Shares have historically
been readily tradable onexchange, there can be noassurance that an active trading
market will be maintained.

include overall market movements,
real or perceived inflationary
trends, commodity index volatility,international, economic and politicalchanges, change in interest andcurrency exchange rates.
The prospectus in respect of theSingapore offer of the shares in theSPDR Gold Trust (the ‘Trust’) isavailable and may be obtained uponrequest from State Street Global
Advisors Singapore Limited (“SSGA”)(Co. Reg. No: 200002719D). Investors
should read the prospectus of theTrust before deciding whether topurchase SPDR Gold Shares (the‘Shares’). Shares in the Trust are notobligations of, deposits in, orguaranteed by, World Gold TrustServices, LLC, SSGA or any of theiraffiliates. You may wish to seek
advice from a financial adviser before
making a commitment to purchase
Shares. In the event that you choose
not to seek advice from a financial
adviser, you should consider whether
the Trust is suitable for you. Investors
have no right to request the Sponsorto redeem their Shares while theShares are listed. It is intended that
holders of Shares may only deal intheir Shares through trading on theSGX-ST. Listing of the Shares on theSGX-ST does not guarantee a liquidmarket for the Shares.
The S&P 500® Index is a product ofS&P Dow Jones Indices LLC or its
affiliates (“S&P DJI”) and have been

7

Effective 17 July 2015, the Trust’s
only recurring expense is theSponsor’s fee which accrues daily
at an annual rate equal to 0.40%of the daily NAV, in exchangefor the Sponsor assuming theresponsibility to pay all ordinary
fees and expenses of the Trustwhich include fees and expensesof the Trustee, the fees andexpenses of the Custodian forthe custody of the Trust’s gold
bars, the fees and expenses of theSponsor, certain taxes, the feesof the Marketing Agent, printing
and mailing costs, legal and audit
fees, registration fees, NYSE Arca
listing fees and other marketingcosts and expenses. The Sponsor
was paid US$221,609,174 forits services for the year ended
30 September 2023.

licensed for use by State Street Global
Advisors. S&P®, SPDR®, S&P 500®,US500 and the 500 are trademarks ofStandard & Poor’s Financial Services
LLC (“S&P”); Dow Jones® is a
registered trademark of Dow Jones
Trademark Holdings LLC (“DowJones”) and has been licensed for useby S&P Dow Jones Indices; and these
trademarks have been licensed foruse by S&P DJI and sublicensed forcertain purposes by State Street
Global Advisors. The fund is notsponsored, endorsed, sold or
promoted by S&P DJI, Dow Jones,
S&P, their respective affiliates, andnone of such parties make any
representation regarding theadvisability of investing in suchproduct(s) nor do they have anyliability for any errors, omissions, orinterruptions of these indices.
The whole or any part of this work
may not be reproduced, copied ortransmitted or any of its contents
disclosed to third parties without
SSGA’s express written consent.
This advertisement or publication has
not been reviewed by the Monetary
Authority of Singapore.
© 2024 State Street Corporation.
All Rights Reserved.
ID2204605-3588692.5.1.APAC.
RTL 0624
Exp. Date: 06/30/2025

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