State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT) and the World Gold Council, the market development organization for the gold industry, this week celebrates the anniversary of the first US exchange traded fund (ETF) backed entirely by physical gold, SPDR® Gold Shares (Symbol: GLD®).

Launched on November 18, 2004, GLD was a product innovation that solved an immediate investor need for a relatively liquid vehicle to access gold and surpassed $1 billion in assets within its first three trading days. Today, GLD is the world’s largest and most liquid gold-backed ETF with more than $40 billion in assets and $1.7 billion in daily trading volume1.

“GLD’s launch democratized gold investing by revolutionizing how investors could access gold, bringing greater transparency and liquidity to implementing a gold allocation within portfolios,” said Matthew Bartolini, head of SPDR Americas Research at State Street Global Advisors. “Since launching, investors have relied on GLD to seek to benefit from gold’s historical ability to diversify portfolios2 and deliver positive returns in periods of US equity market downturns.3”

“We are proud to have set the ‘gold-standard’ with GLD,” said Joe Cavatoni, Managing Director USA, World Gold Council. “We look forward to continuing to deliver operational excellence for our gold-backed funds while identifying opportunities to drive continued innovation in the gold market to meet evolving investor needs.”

In June of 2018, the World Gold Council and State Street Global Advisors launched the SPDR® Gold Mini Shares (GLDMSM) to meet demand from investors who place a greater emphasis on a lower share price and expense ratio. GLDM has since surpassed $1 billion in assets and has become the fastest growing low-cost gold ETF in the market.4

The World Gold Council serves as the sponsor for GLD and GLDM; State Street Global Advisors serves as the marketing agent.

For more information on the gold market environment and how SPDR gold ETFs fit within an investor’s portfolio, please visit www.spdrs.com/gold.

About SPDR Exchange Traded Funds

SPDR ETFs are a comprehensive family spanning an array of international and domestic asset classes. The funds provide investors with the flexibility to select investments that are aligned to their investment strategy. Recognized as an industry pioneer, State Street created the first US listed ETF in 1993 and has remained on the forefront of responsible innovation, as evidenced by the introduction of many ground-breaking products, including first-to-market launches with gold, international real estate, international fixed income, and sector ETFs. For more information, visit www.spdrs.com.

About State Street Global Advisors

For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third largest asset manager with nearly US $2.95 trillion* under our care.

* This figure is presented as of September 30, 2019 and includes approximately $44 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

About The World Gold Council

The World Gold Council is the market development organisation for the gold industry. Our purpose is to be the global authority on the gold market, provide industry leadership, and stimulate and sustain demand for gold.

We develop gold-backed solutions, services and products, based on authoritative market insight and we work with a range of partners to put our ideas into action. We provide insights into the international gold markets, helping people to understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society.

The membership of the World Gold Council includes the world’s leading and most forward thinking gold mining companies. For more information, please visit gold.org.

1Source: as of 10/23/2019 per Bloomberg Finance L.P.; Average trading volume in 2019, year to date.

2Source: Bloomberg Finance, L.P., & State Street Global Advisors; Notes: LBMA Gold Price PM (USD/oz) monthly correlation to S&P 500 Index and Bloomberg Barclays US Aggregate Bond Index is 0.03 and 0.34, respectively, from 11/30/2004 to 09/30/2019. The correlation coefficient measures the strength and direction of a linear relationship between two variables. It measures the degree to which the deviations of one variable from its mean are related to those of a different variable from its respective mean with 0 being uncorrelated and 1 being perfectly correlated.

3Source: Bloomberg Finance, L.P., State Street Global Advisors, as of September 30, 2019. Performance of the spot price of gold and the S&P 500 Index during certain recent US equity market downturns are as follows 2008 Financial Crisis (06/05/08 – 03/09/09): Spot Price of Gold (USD/oz) +5.1% & S&P 500 Index TR -50.8%; Black Monday (08/25/87 – 12/04/87) : Spot Price of Gold (USD/oz) +8.4% & S&P 500 Index TR -32.8%; 2002 Recession (03/19/02 – 07/23/02) : Spot Price of Gold (USD/oz) +6.8% & S&P 500 Index TR -31.5%; Dot Com Bubble (09/29/00 – 04/04/01) : Spot Price of Gold (USD/oz) -5.8% & S&P 500 Index TR -22.7%; Gulf War (07/16/90 – 10/11/90) : Spot Price of Gold (USD/oz) +6.8 & S&P 500 Index TR -19.2% ;LTCM & Asian Crisis (07/17/98 – 08/31/98) : Spot Price of Gold (USD/oz) -6.4% & S&P 500 Index TR -19.2% ;US Credit Downgrade (07/07/11 – 10/03/11) : Spot Price of Gold (USD/oz) +8.2% & S&P 500 Index TR -18.4% ; Subprime Meltdown (10/09/07 – 03/10/08) : Spot Price of Gold (USD/oz) +31.8% & S&P 500 Index TR -17.9%; ; September 11th (08/24/01 – 09/21/01) : Spot Price of Gold (USD/oz) +6.8% & S&P 500 Index TR -18.4% ; Flash Crash(04/23/10 – 07/02/10) : Spot Price of Gold (USD/oz) +4.7% & S&P 500 Index TR -15.6% ; Trade War/Recession Fears (09/21/18 – 12/26/18) : Spot Price of Gold (USD/oz) +5.7% & S&P 500 Index TR -15.3%

4Source: as of 10/23/2019 per Bloomberg Finance L.P. GLDM has seen the strongest growth in assets and shares outstanding among low expense ratio gold ETFs since GLDM's inception. *Low-Expense Ratio Gold ETFs defined as funds with annual expense ratios less than 0.20% and assets under management over US$250 million as of 9/18/19 that trade in the US.

Important risk information

Investing involves risk, and you could lose money on an investment in each of SPDR® Gold Shares Trust (“GLD®”) and SPDR® Gold MiniSharesSM Trust (“GLDMSM”), a series of the World Gold Trust (together, the “Funds”).

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 SPDR® Gold Trust (“GLD®”) and SPDR® Gold MiniSharesSM Trust (“GLDMSM”):

The SPDR Gold Trust (“GLD”) and the World Gold Trust have each filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for GLD and GLDM, respectively. Before you invest, you should read the prospectus in the registration statement and other documents each Fund has filed with the SEC for more complete information about each Fund and these offerings. Please see each Fund’s prospectus for a detailed discussion of the risks of investing in each Fund’s shares. The GLD prospectus is available by clicking here, and the GLDM 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 Funds or any authorized participant will arrange to send you the prospectus if you request it by calling 866.320.4053.

None of the Funds is an investment company registered under the Investment Company Act of 1940 (the “1940 Act”). As a result, shareholders of each Fund do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act. GLD and GLDM are not subject to regulation under the Commodity Exchange Act of 1936 (the “CEA”). As a result, shareholders of each of GLD and GLDM do not have the protections afforded by the CEA.

Shares of each Fund trade like stocks, are subject to investment risk and will fluctuate in market value.

The values of GLD shares and GLDM shares relate directly to the value of the gold held by each Fund (less its expenses), respectively. 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.

None of the Funds generate any income, and as each Fund regularly sells gold to pay for its ongoing expenses, the amount of gold represented by each Fund 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 the Sponsor of each of GLD and GLDM.

GLD® is a registered trademark of World Gold Trust Services, LLC used with the permission of World Gold Trust Services, LLC. MiniSharesSM and GLDMSM are service marks of WGC USA Asset Management Company, LLC used with the permission of WGC USA Asset Management Company, LLC.

Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties makes any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto.

For more information, please contact the Marketing Agent for GLD and GLDM: State Street Global Advisors Funds Distributors, LLC, One Iron Street, Boston, MA, 02210;

T: +1 866 320 4053 spdrgoldshares.com

© 2019 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

2821827.1.1.AM.RTL

Olivia Offner +1 617.662.0198 ooffner@statestreet.com

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