Free Writing Prospectus
Filed Pursuant To Rule 433
Registration No. 333-206640
January 31, 2017
SPDR® Long Dollar Gold Trust (GLDW) FAQs
A series of World Currency Gold Trust (Trust)
SPDR® Long Dollar Gold Trust (GLDW) FAQs
Here are some frequently asked questions about the SPDR® the Reference Currencies comprising the FX Basket Long Dollar Gold Trust (GLDW). increases), GLDW receives gold; if there is a currency loss (i.e., the value of the USD against the Reference
1. What are the Potential Bene?ts of Investing
Currencies comprising the FX Basket decreases), in GLDW? GLDW may help increase portfolio GLDW delivers gold. diversi?cation and is designed to take advantage of USD strength that has historically at times accompanied 5. Can an Investor take Physical Possession of the surges in the gold price during downturns and times of Gold Backing their GDLW shares? The Administrator market stress.1 GLDW holds physical bullion, but it is and Transfer Agent, BNY Mellon Asset Servicing does designed to perform as though an investor purchased not deal directly with the public. BNY Mellon Asset gold with a basket of non-US currencies. Servicing handles creation and redemption orders for GLDW’s shares with Authorized Participants who deal
2. What Index does GLDW Seek to Track? GLDW seeks in blocks of 10,000 GLDW shares. An individual investor to track the Solactive GLD® Long USD Gold Index (the wanting to exchange GLDW shares for physical gold “Index”). The Index combines a long exposure to gold would have to come to appropriate arrangements with and a long exposure to the US dollar against a basket his or her broker and an Authorized Participant.
(the “FX Basket”) of non-US currencies, comprising the 6. euro (EUR), Japanese yen (JPY), British pound (GBP), Where is GLDW’s Gold Held? Is it Safe? The gold that Canadian dollar (CAD), Swedish krona (SEK), and Swiss underlies GLDW’s shares is held in the form of allocated franc (CHF) (the “Reference Currencies”).2 For gold, the London Good Delivery Bars, typically referred to as 400 Index incorporates the LBMA Gold Price AM, which is oz. bars, in the London vaults of HSBC Bank plc, the determined at 10:30am London time on each business Custodian, except when the gold has been allocated in day by the participants in a physically settled, electronic the vault of a sub-custodian. The safekeeping methods and tradable auction administered by ICE Benchmark are essentially those that have developed in the London Administration using a bidding process that determines market for a substantial period of time. Those safeguards the price of gold by matching buy and sell orders have stood the test of time for both individuals and submitted by participants for the applicable auction. institutions (including many governments) that store their gold in London vaults.
3. How does GLDW Seek to Track the Index by
Holding only Physical Gold? GLDW works like GLD® 7. How often is GLDW Audited, and do the Auditors in that Authorized Participants can create shares of have Access to the Vault to Physically Count the GLDW in return for delivering the requisite amount Gold? Under the Trust’s custody agreements with the of physical gold (and redeem those shares for gold). In Custodian, the Administrator and the Sponsor of GLDW, addition, GLDW also enters into a written contract WGC USA Asset Management Company LLC (“WGC (the “Gold Delivery Agreement”) between GLDW AM”), and its representatives visit and inspect GLDW’s and Merrill Lynch International (the “Gold Delivery gold held in the Custodian’s vault facility twice a year. Provider”) under which the Gold Delivery Provider This is accomplished through Inspectorate International makes or takes delivery of physical gold to or from Ltd, which conducts two bar counts of GLDW’s gold GLDW in amounts designed to reflect how GLDW’s gold holdings each year. In addition, GLDW’s independent performed in terms of the FX Basket comprising the auditors audit the gold holdings in the vault as part of Reference Currencies. The Gold Delivery Agreement their audit of the ?nancial statements of GLDW. therefore seeks to allow GLDW to perform as though 8. How is GLDW Treated from a Tax Standpoint? an investor purchased gold with the FX Basket GLDW is expected to be treated as a “grantor trust” comprising the Reference Currencies. for US federal tax purposes. As a result, GLDW is not GLDW will hold only gold and generally will hold no cash. expected to pay US federal income tax. Assuming that GLDW is treated as a grantor trust, GLDW’s income and
4. What are the Speci?cs of How the Gold Delivery expenses “flow through” to the GLDW shareholders, and Agreement Works? On each business day, GLDW the Administrator will report GLDW’s income, gains, enters into a transaction to deliver gold to, or receive gold losses and deductions to the Internal Revenue Service from, the Gold Delivery Provider. The amount of gold on that basis. transferred approximates the performance of GLDW’s gold holdings as though they had been denominated in For a thorough explanation of GLDW’s tax status and rates the FX Basket comprising the Reference Currencies in that may be applicable to particular taxpayers, please see the proportions speci?ed in the Index.2 In general, if GLDW’s prospectus. However, the following is a brief there is a currency gain (i.e., the value of the USD against summary that generally will apply to many US shareholders (for example, individuals who are US citizens or business
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SPDR® Long Dollar Gold Trust (GLDW) FAQs
entities organized in the United States). When the London, E14 5HQ, United Kingdom. shareholder sells GLDW shares, the shareholder will be The Custodian is also a market-maker, clearer and treated as having sold the portion of its pro rata share of approved weigher under the rules of the London Bullion the gold bullion held in GLDW at the time of the sale that is Market Association, or the LBMA. The global parent attributable to the shares sold. Gold bullion is treated as a company of the Custodian is HSBC Holdings plc, a public collectible, and gains on collectibles held for more than one limited company incorporated in England. year by a non-corporate U.S. shareholder are taxed at a 11. Where is GLDW’s Gold Physically Held? Custody maximum federal income tax rate of 28%. In addition, when of the gold bullion deposited with and held by GLDW is GLDW sells gold bullion to pay expenses, a shareholder will provided by the Custodian at its London, England vaults. recognize gain or loss on those sales, and the shareholder’s The Custodian holds all of GLDW’s gold in its own vault tax basis will be adjusted to re?ect the sale of gold bullion. except when the gold has been allocated in the vault With respect to payments to and from the Gold Delivery of a sub-custodian. In such cases, the Custodian has Provider — (1) for payments of gold to GLDW, a shareholder agreed to use commercially reasonable efforts promptly will receive income (which is generally taxed as ordinary to transport the gold from a subcustodian’s vault to the income) and an increase in its tax basis; (2) for payments of Custodian’s vault, at the Custodian’s cost and risk. gold from GLDW to the Gold Delivery Provider, a shareholder will incur a loss. 12. How is Gold Transferred to or Withdrawn from
Investors should consult their own tax professionals GLDW? The Trust, on behalf of GLDW, and the to determine the tax consequences of their investment Custodian have entered into agreements that establish in GLDW. GLDW’s unallocated and allocated accounts. GLDW’s unallocated account is principally used to facilitate the
9. Does an Individual US Shareholder Receive a Form transfer of gold between Authorized Participants and 1099B Reporting his or her share of the Trust’s GLDW in connection with the creation and redemption Sales of Gold (to pay expenses) and pro Rata Share of “Creation Units” (a Creation Unit equals a block of of Trust Income? 10,000 GLDW shares). GLDW’s unallocated account is also used to facilitate the transfer of gold from GLDW Because GLDW is expected to sell during the year a non-de for the payment of GLDW’s monthly expenses and to minimis amount of gold for payment of GLDW expenses, transfer gold into or out of GLDW pursuant to the Gold including deemed gold sales under the Gold Delivery Delivery Agreement. GLDW’s Authorized Participants Agreement, the broker with whom you purchased your are the only persons that may place orders to create GLDW shares will report the gross proceeds of such sales or redeem Creation Units and, in connection with the on Form 1099-B. If GLDW sells only a de minimis amount creation of Creation Units, are solely responsible for of gold for payment of fund expenses during the year and the purchase and delivery of London Good Delivery makes no distributions of sale proceeds to GLDW Bars to GLDW. All gold transferred in and out of, and shareholders, the Treasury Regulations do not require either held by, GLDW must comply with the rules, regulations, GLDW or brokers to report the gross proceeds of such sales practices and customs of the LBMA. Except when gold on Form 1099-B. Certain brokers may nevertheless elect to is transferred in or out of GLDW, gold is held in GLDW’s report these proceeds to their customers on a composite allocated account in bar form. When Creation Units Form 1099-B. In addition, subject to any de minimis are created, the Custodian transfers gold into GLDW’s reporting exceptions, the broker may be required to report unallocated account from the unallocated account the on Form 1099-MISC, the pro rata share of foreign currency Custodian maintains for the Authorized Participant gain attributable to a shareholder. For those shareholder creating the Creation Units, and the Custodian then who have not received this information on Form 1099, transfers gold from GLDW’s unallocated account to an example of this information is available under GLDW’s allocated gold account. More specifically, “Tax reporting” at spdrgoldshares.com*, illustrating how after gold has been ?rst credited to an Authorized a shareholder should calculate such income, gain or loss Participant’s unallocated account in connection with attributable to ownership of GLDW shares. the creation of Creation Units, the Custodian transfers 10. Who is the Custodian of the Trust’s Gold? HSBC the credited amount from the Authorized Participant’s Bank plc, or the Custodian, serves as the custodian unallocated account to GLDW’s unallocated account. of GLDW’s gold. The Custodian is authorized by the The Custodian then allocates speci?c bars of gold from Prudential Regulation Authority and regulated by the unallocated bars which the Custodian holds, or instructs Prudential Regulation Authority and the Financial a subcustodian to allocate speci?c bars of gold from Conduct Authority, both in the United Kingdom. The unallocated bars held by or for the subcustodian, so that Custodian’s London office is located at 8 Canada Square, the total of the allocated gold bars represents the amount
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SPDR® Long Dollar Gold Trust (GLDW) FAQs
of gold credited to GLDW’s allocated account. The also be a bank. The gold bars in an allocated account are amount of gold represented by the allocated gold bars speci?c to that account and are identi?ed by a list which is debited from GLDW’s unallocated account and the shows, for each gold bar, the re?ner, assay or ?neness, allocated gold bars are credited to and held in GLDW’s serial number and gross and ?ne weight. The account allocated account. The process of withdrawing gold holder has full ownership of the gold bars. from GLDW for a redemption of Creation Units follows An unallocated account is an account with a bullion dealer to the same general procedure as for transferring gold to which a ?ne weight amount of gold is credited. The bullion GLDW for creating Creation Units, but in reverse. dealer may also be a bank. Transfers to an unallocated The Custodian makes available to GLDW’s unallocated account are made by crediting the number of ounces of gold account up to 430 ?ne ounces of gold in order to permit the being deposited to the account and transfers from an Custodian, by the end of each business day, to fully allocate unallocated account are made by debiting the number of to GLDW’s allocated account all gold that has been credited ounces being withdrawn from the account. Gold held in an during that day to GLDW’s unallocated account. As a result, unallocated account is not segregated from the bullion at the end of each business day, all of GLDW’s gold is held in dealer’s assets. Thus, credits to an unallocated account GLDW’s allocated account. represent only the bullion dealer’s obligation to deliver gold and do not constitute ownership of any speci?c bars of gold. The Custodian updates its records at the end of each business day (London time) to identify the speci?c bars of The account holder is entitled to direct the bullion dealer to gold held in GLDW’s allocated account and provides GLDW deliver an amount of physical gold equal to the amount of with regular reports detailing the gold transfers in and out gold credited to the unallocated account. When delivering of GLDW’s unallocated account and GLDW’s allocated gold, the bullion dealer allocates physical gold from its account. GLDW’s website includes a list of the gold bars held general stock to the account holder and debits the in GLDW’s allocated account. The list identifies each bar by unallocated account with the corresponding amount. bar number, re?ner, gross weight, assay or ?neness and ?ne The Custodian facilitates the transfer of Gold Bullion into weight and is updated each weekday. and out of the Fund through the unallocated Gold Bullion 13. Who are GLDW’s Authorized Participants and accounts it maintains for each Authorized Participant and What is Their Function? An Authorized Participant the Gold Delivery Provider and the unallocated and allocated is a person who (1) is a registered broker-dealer or other Gold Bullion accounts it maintains for the Fund. The securities market participant such as a bank or other Custodian is responsible for allocating speci?c bars of Gold ?nancial institution which is not required to register as a Bullion to the Fund Allocated Account. The Custodian broker-dealer to engage in securities transactions, (2) is provides the Fund with regular reports detailing the Gold a participant in the Depository Trust Company system, Bullion transfers into and out of the Fund Unallocated (3) has entered into an agreement with the Sponsor Account and the Fund Allocated Account and identifying and the Administrator which provides the procedures the Gold Bullion bars held in the Fund Allocated Account. for the creation and redemption of Creation Units and
15. When is Gold not Held in GLDW’s Allocated for the delivery of gold required for such creations and Account? All of the gold owned by GLDW is held redemptions and (4) has established an unallocated gold in GLDW’s allocated account in bar form, with account with the Custodian. Authorized Participants certain exceptions. Gold involved in creation or may sell to other investors all or part of the GLDW redemption activity on any given day will pass through shares included in the Creation Units they purchase GLDW’s unallocated account before being credited from GLDW.
With respect to timing, Authorized Participants may to GLDW’s allocated account or transferred to an submit creation or redemption requests by 5:30pm EST on Authorized Participant’s unallocated account, as the case any day that the NYSE Arca Exchange is open. The trade may be. The Sponsor anticipates that the quantity of gold date, however, is the next business day. Generally, by involved in creation or redemption activity on any given 12:00pm EST on the trade date, the Administrator calculates day will generally be small in comparison with GLDW’s GLDW’s net asset value (NAV) and communicates to the total gold holdings. Additionally, the Sponsor anticipates Authorized Participant the amount of gold associated with a that creation and redemption activity will not take place creation or redemption of shares. every trading day.
The Administrator also sells a small quantity of gold every 14. What is an Allocated and Unallocated Account? month in order to pay GLDW’s expenses. In connection with An allocated account is an account with a bullion dealer these sales, the Custodian debits gold bars from GLDW’s to which individually identi?ed gold bars owned by the allocated account sufficient to meet the monthly expenses account holder are credited. The bullion dealer may and credits this amount to GLDW’s unallocated account.
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SPDR® Long Dollar Gold Trust (GLDW) FAQs
The appropriate quantity of gold is then sold from GLDW’s 19. When does the Custodian Employ Subcustodians unallocated account. The Sponsor anticipates that the to Hold GLDW’s Gold? The Custodian may employ amounts of gold involved in these monthly sales will be subcustodians to provide temporary custody and small in comparison to GLDW’s total holdings. safekeeping of gold bars until transported to the Custodian’s London vault premises. These subcustodians Gold is also transferred into or out of GLDW pursuant to the may in turn select other subcustodians to perform such Gold Delivery Agreement. In addition, a subcustodian may temporary custody and safekeeping. The Custodian has fail to segregate gold held by it on behalf of GLDW. agreed to use commercially reasonable efforts promptly 16. Is GLDW’s Gold Insured? The Custodian, HSBC Bank to transport the gold from the subcustodian’s vault to the plc, maintains insurance with regard to its business on Custodian’s London vault, at the Custodian’s cost and such items and conditions as it considers appropriate, risk. The subcustodians selected and available for use which does not cover the full amount of gold held in by the Custodian as of January 30, 2017 are: The Bank custody. GLDW is not a bene?ciary of any such insurance of England, The Bank of Nova Scotia-ScotiaMocatta, and does not have the ability to dictate the existence, ICBC Standard Bank London, JPMorgan Chase Bank nature or amount of coverage. Therefore, GLDW and UBS AG. The Custodian will notify the Trust if it shareholders cannot be assured that the Custodian will selects any additional subcustodians or stops using any maintain adequate insurance or any insurance with subcustodian it has previously selected. respect to the gold held by the Custodian on GLDW’s 20.What Effect would Insolvency of the Custodian behalf. In addition, the Custodian and the Trust do have on the GLDW’s Allocated Account and GLDW’s not require any direct or indirect subcustodians to Unallocated Account? GLDW has full ownership be insured or bonded with respect to their custodial rights to the specific bars of gold allocated to GLDW’s activities or in respect of the gold held by them on allocated account.
GLDW’s behalf. Consequently, a loss may be suffered with respect to GLDW’s gold which is not covered by In the event of the insolvency of the Custodian, a liquidator insurance and for which no person is liable in damages. may seek to freeze access to the gold held in all accounts maintained by the Custodian, including GLDW’s allocated 17. What Standards must be met by the Gold account. Although GLDW would own properly allocated Transferred to GLDW? All gold represented by a credit gold bars, GLDW could incur expenses in connection with to any Authorized Participant’s unallocated account obtaining control over such gold bars and the actions of the and to GLDW’s unallocated account and all gold bars liquidator could delay creations and redemptions of held in GLDW’s allocated account with the Custodian Creation Units. must be of at least a minimum ?neness (or purity) of 995 Gold which is transferred to or from GLDW in connection parts per 1000 (99.5%) and otherwise conform to the with the creation or redemption of Creation Units, or which rules, regulations, practices and customs of the LBMA, is transferred into or out of GLDW pursuant to the Gold including the speci?cations of the London Good Delivery Delivery Agreement, will be held for a time (generally only Bar. Typically referred to as 400-ounce bars, a London intra-day) in GLDW’s unallocated account and, in the case of Good Delivery Bar must contain between 350 and 430 creations and redemptions, previously or subsequently, in ?ne troy ounces of gold, with a minimum ?neness of the unallocated account of the purchasing or redeeming 995 parts per 1,000, be of good appearance and be easy Authorized Participant. In addition, a subcustodian may fail to handle and stack. The ?ne gold content of a gold bar to segregate gold held by it on behalf of GLDW. During those is calculated by multiplying the gross weight of the bar times, GLDW and the Authorized Participant, as the case (expressed in units of 0.025 troy ounces) by the ?neness may be, will have no proprietary rights to any speci?c bars of of the bar. A London Good Delivery Bar must also bear gold held by the Custodian and will each be an unsecured the stamp of one of the melters and assayers who are on creditor of the Custodian with respect to the amount of gold the LBMA approved list. Additional speci?cations for a held in such unallocated accounts. In the event the London Good Delivery Bar are described in “The Good Custodian becomes insolvent at a time when gold is held Delivery Rules for Gold and Silver Bars” published by the in an unallocated account, the Custodian’s assets might LBMA. For more information about the LBMA, please not be adequate to satisfy a claim by GLDW or the see the LBMA’s website at lmba.org.uk. Authorized Participant for the amount of gold held in
18. |
| Is GLDW’s Gold Ever Traded, Leased or Loaned? their respective unallocated accounts. |
Gold held in GLDW’s allocated account is GLDW’s property and is not traded, leased or loaned under any conditions.
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SPDR® Long Dollar Gold Trust (GLDW) FAQs
1 During the Great Recession from January 1, 2008 to March 31, 2009, spot gold LBMA Gold Price The LBMA Gold Price is determined twice each business day rose 9.9% and the US Dollar Index rose 11.4%. During the first volatile phase (10:30 a.m. and 3:00 p.m. London time) by the participants in a physically settled, of the Sovereign Debt Crisis from Dec. 1, 2009 to May 28, 2010, spot gold rose electronic and tradable auction.
2.7% and the US Dollar Index rose 15.5%. During the second volatile phase of Long or Long Position A long or a long position is the purchase of a security such the Sovereign Debt Crisis from Apr 29, 2011 to Jun 29, 2012, spot gold rose 4.1% as a stock, commodity or currency in the hope that the asset’s price will rise. A long and the US Dollar Index rose 11.6%. Spot gold measured by the LBMA Gold Price position is the opposite of a “short” position or short selling.
PM. Sources: Bloomberg, World Gold Council, SSGA. Past performance is not
Net Asset Value (NAV) The market value of an ETF’s total assets, minus liabilities, a guarantee of future results. Performance above does not reflect charges and divided by the number of shares outstanding. expenses associated with the fund or brokerage commissions associated with buying and selling exchange traded funds. Performance above is not meant to Short or Short Position A strategy that seeks to profit from a decline in price of a represent the performance of any investment product. It is not possible to invest stock or security. The short seller borrows the security and sells it to another investor, directly in an index. hoping the price falls and that he or she can buy it back at a lower price and lock in a 2 The US Dollar Index is a currency benchmark that measures the performance of profit. A short position is the opposite of a long position. the US dollar against a basket of currencies comprised of: 57.6% EUR, 13.6% JPY, Sovereign Debt Crisis A period of time that began to unfold in late 2009 when 11.9% GBP, 9.1% CAD, 4.2% SEK and 3.6% CHF. The currencies and weights were several European countries on the periphery of the Eurozone became unable to determined by the US Federal Reserve as a measure of the foreign exchange value repay or refinance government debt or bail out banks without the assistance of the of the dollar and are static. An index is unmanaged, is not subject to fees and is not European Central Bank and the International Monetary Fund. It was brought to heel in available for direct investment. July 2012 with the ECB’s pledge to save the euro and the Eurozone at all costs. While the crisis began with the collapse of Icelandic and Irish banks, it became largely Glossary focused on southern European countries — mainly Greece, and also Spain, Portugal and even Italy.
Administrator BNY Mellon Asset Servicing is the Administrator. The Administrator is generally responsible for the day-to-day administration and operation of GLDW, Sponsor WGC USA Asset Management is the sponsor of GLDW. The Sponsor is including the calculation of the NAV of GLDW and the NAV per Share. responsible for establishing GLDW and for the registration of Shares. The Sponsor will generally oversee the performance of GLDW’s principal service providers, but will Authorized Participant (AP): Authorized participants, or APs, are US registered, not exercise day-to-day oversight over such service providers. self-clearing broker-dealers who meet certain criteria and sign a participant agreement with a particular ETF sponsor or distributor to become “authorized US Dollar Index A currency benchmark that measures the performance of the US participants” of the fund. APs are highly scrutinized for their integrity and operational dollar against a basket of currencies: the euro, the Japanese yen, the British pound, competence as they are the only parties who transact directly with the ETF. See the Canadian dollar, the Swiss franc and the Swedish krona. question 13 for additional detail. World Gold Council (WGC) The market-development organization for the gold Custodian HSBC Bank plc is the Custodian. The Custodian is responsible for industry. In 2004, an affiliate of the World Gold Council, with State Street Global safekeeping GLDW’s Gold Bullion. Markets as its marketing agent, launched SPDR® Gold Shares (GLD®), the first US-listed physical gold ETF.
Great Recession The economic recession of 2008-2009, triggered largely by the sub-prime mortgage crisis, that is generally considered the largest downturn since the Great Depression of the 1930s.
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SPDR® Long Dollar Gold Trust (GLDW) FAQs
ssga.com | spdrs.com
State Street Global Advisors, One Lincoln Street, Boston, MA 02111 GLDW shares trade like stocks, are subject to investment risk and will fluctuate in Important risk information market value. The value of GLDW shares relates directly to the value of the gold held by GLDW (less its expenses) and the value of a basket (“FX Basket”) comprising Investing involves risk, and you could lose money on an investment in each of SPDR® the euro, Japanese yen, British pound sterling, Canadian dollar, Swedish krona and Gold Shares Trust (“GLD®”) and SPDR® Long Dollar Gold Trust (“GLDW”) (together, Swiss franc (“Reference Currencies”) against the US dollar. A decline in the price of the “Funds”). gold and/or an increase in the value of the Reference Currencies comprising the FX Commodities and commodity-index linked securities may be affected by changes basket against the US dollar could materially and adversely affect an investment in in overall market movements, changes in interest rates, and other factors such as the shares. The price received upon the sale of the shares, which trade at market weather, disease, embargoes, or political and regulatory developments, as well as price, may be more or less than the value of the gold and the price of each Reference trading activity of speculators and arbitrageurs in the underlying commodities. Currency against the US dollar represented by them. GLDW does not generate any GLDW is subject to regulation under the Commodity Exchange Act of 1936 (the income, and as GLDW regularly sells gold to pay for its ongoing expenses, the amount “CEA”). US regulation of swap agreements is rapidly changing and is subject to of gold represented by each Share will decline over time to that extent. Investing further regulatory developments which could be adverse to GLDW. GLDW’s swap involves risk, and you could lose money on an investment in GLDW. agreements will be subject to counterparty risk and liquidity risk. Neither Fund generates any income, and as each Fund regularly sells gold to pay Currency exchange rates between the US dollar and non-US currencies may for its ongoing expenses, the amount of gold represented by each Fund share will fluctuate significantly over short periods of time and may cause the value of GLDW’s decline over time to that extent. Investing involves risk, and you could lose money on investments to decline. an investment in each Fund.
GLDW is a passive investment vehicle that is designed to track the Index. GLDW’s Please see each Fund’s prospectus for a detailed discussion of the risks of investing performance may deviate from changes in the levels of its Index (i.e., create “tracking in each Fund’s shares. The GLD prospectus is available by clicking here, and the error” between GLDW and the Index) for a number of reasons, such as the fees and GLDW prospectus is available by clicking here. expenses of GLDW, which are not accounted for by the Index. The World Gold Council name and logo are a registered trademark and used with Frequent trading of ETFs could significantly increase commissions and other costs the permission of the World Gold Council pursuant to a license agreement. The such that they may offset any savings from low fees or costs. World Gold Council in 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 and Diversification does not ensure a profit or guarantee against loss. GLDW’s Sponsor.
Investing in commodities entails significant risk and is not appropriate for SPDR® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) all investors. and has been sublicensed by S&P Dow Jones Indices LLC (“SPDJI” and together with Important Information Relating to SPDR® Gold Shares Trust (“GLD ®“) and its affiliates and SPFS, “S&P”) for use by State Street Global Advisors. No financial SPDR® Long Dollar Gold Trust (“GLDW”): product offered by State Street Global Advisors, a division of State Street Bank and The SPDR® Gold Shares Trust (“GLD®”) and the SPDR® Long Dollar Gold Trust Company, or its affiliates is sponsored, endorsed, sold or promoted by S&P. S&P Trust (“GLDW”) have each filed a registration statement (including a makes no representation regarding the advisability of investing in such product(s) nor prospectus) with the Securities and Exchange Commission (“SEC”) does S&P have any liability in relation thereto. for the offerings to which this communication relates. GLDW has also Important Information Relating to Solactive GLD® Long USD Gold Index: filed the prospectus with the National Futures Association. Before you
GLDW is not sponsored, promoted, sold or supported in any other manner by invest, you should read the prospectus in the registration statement
Solactive AG nor does Solactive AG offer any express or implicit guarantee and other documents each Fund has filed with the SEC for more complete or assurance either with regard to the results of using the Index and/or Index information about each Fund and these offerings. You may get these trademark or the Index value at any time or in any other respect. The Index is documents for free by visiting EDGAR on the SEC website at sec.gov or calculated and published by Solactive AG. Solactive AG uses its best efforts to by visiting spdrgoldshares.com. Alternatively, the Funds or any authorized ensure that the Index is calculated correctly. Irrespective of its obligations towards participant will arrange to send you the prospectus if you request it by
GLDW, Solactive AG has no obligation to point out errors in the Index to third parties calling 866.320.4053. including but not limited to investors in and/or financial intermediaries transacting Neither Fund is an investment company registered under the Investment Company in or with GLDW. Neither publication of the Index by Solactive AG nor the licensing Act of 1940 (the “1940 Act”). As a result, shareholders of each Fund do not have of the Index or Index trademark for the purpose of use in connection with GLDW the protections associated with ownership of shares in an investment company constitutes a recommendation by Solactive AG to invest capital in GLDW nor does registered under the 1940 Act. GLD is not subject to regulation under the CEA. As a it in any way represent an assurance or opinion of Solactive AG with regard to any result, shareholders of GLD do not have the protections afforded by the CEA. investment in GLDW.
Shares of each Fund trade like stocks, are subject to investment risk and will fluctuate For more information, please contact the Marketing Agent for GLD and in market value. GLDW: State Street Global Markets, LLC, One Lincoln Street, Boston, MA,
The value of GLD shares relates directly to the value of the gold held by GLD (less its 02111; T: +1 866 320 4053 spdrgoldshares.com expenses). 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.
© 2017 State Street Corporation. All Rights Reserved.
State Street Global Advisors ID8376-IBG-22282 1216 Exp. Date: 1/31/2018
SPDR® Long Dollar Gold Trust (the “Fund”) has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offerings to which this communication relates. The Fund has also filed the prospectus with the National Futures Association. Before you invest, you should read the prospectus in the registration statement and other documents the Fund has filed with the SEC for more complete information about the Fund and these offerings. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov or by visiting spdrgoldshares.com. Alternatively, the Fund or any authorized participant will arrange to send you the prospectus if you request it by calling 866.320.4053.