SPDR Gold Trust, SPDR Gold Shares

Market and investment · Trading and market making activities

The Shares may trade at, above or below the NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the COMEX and NYSE Arca. While the Shares trade on NYSE Arca until 8:00 PM New York time, liquidity in the global gold market may be reduced after the close of the COMEX at 1:30 PM New York time.

Market and investment · Asset valuation and impairment

The value of the gold held by the Trust is determined using the LBMA Gold Price PM. In the event that the LBMA Gold Price PM does not prove to be an accurate benchmark, and the LBMA Gold Price PM varies materially from the price determined by other mechanisms, the Net Asset Value of the Trust and the value of an investment in the Shares could be adversely impacted.

Market and investment · Asset valuation and impairment

The value of the gold held by the Trust is determined using the LBMA Gold Price PM. In the event that the LBMA Gold Price PM does not prove to be an accurate benchmark, and the LBMA Gold Price PM varies materially from the price determined by other mechanisms, the Net Asset Value of the Trust and the value of an investment in the Shares could be adversely impacted.

Market and investment · Trading and market making activities

The Shares may trade at, above or below the NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the COMEX and NYSE Arca.

Natural and catastrophic events · Pandemic and public health crises

Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Sponsor and its service providers to operate. The COVID-19 pandemic had substantive effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets.

Geopolitical and trade · International conflicts and tensions

On October 7, 2023, militants from Gaza attacked Israeli towns. In response to the attack, Israel declared war against Hamas. The conflict has escalated and Israel is fighting adversaries across the Middle East, including Hezbollah in Lebanon and the Houthis in Yemen and Iran. These events could increase financial market volatility, have adverse effects on regional and global economic markets, and cause volatility in the price of gold.

Economic and market conditions · Economic recession and downturns

The possibility of large-scale distress sales of gold in times of crisis may have a negative impact on the price of gold and adversely affect an investment in the Shares. For example, the 2008 financial crisis resulted in significant sales of gold by individuals which depressed the price of gold.

Geopolitical and trade · International conflicts and tensions

On October 7, 2023, militants from Gaza attacked Israeli towns, killed Israeli civilians and soldiers and took hostages. The responses of countries and political bodies to these events, the larger overarching tensions, Israel's military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and the price of the Shares.

Economic and market conditions · Economic recession and downturns

The possibility of large-scale distress sales of gold in times of crisis may have a negative impact on the price of gold and adversely affect an investment in the Shares. For example, the 2008 financial crisis resulted in significant sales of gold by individuals which depressed the price of gold.

Natural and catastrophic events · Pandemic and public health crises

Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Sponsor and its service providers to operate. The COVID-19 pandemic or a similar public health threat could adversely impact the Trust by causing operating delays and disruptions, market disruption and shutdowns.

Geopolitical and trade · Trade policies tariffs and sanctions

On March 7, 2022, the LBMA suspended its accreditation of six Russian precious metals refiners. Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK, US and EU passed regulations which prohibit the import of gold that originated in Russia.

Supply chain and procurement · Raw material availability and cost volatility

The price of gold has fluctuated widely over the past several years. Several factors may affect the price of gold, including global gold supply and demand, political/economic/financial events, inflation expectations, currency exchange rates, interest rates, and investment activities of hedge funds and commodity funds.

Core operations · Operational disruption and business continuity

It is possible that electronic failures or other unanticipated events may occur that could result in delays in the announcement of, or the inability of the system to produce, an LBMA Gold Price PM on any given date.

Stakeholder relations · Investor relations and market confidence

If concerns about the integrity or reliability of the LBMA Gold Price PM arise, even if eventually shown to be without merit, such concerns could adversely affect investor interest in gold and therefore adversely affect the price of gold and the value of an investment in the Shares. These concerns could potentially lead to changes in the manner in which the LBMA Gold Price PM is calculated and/or the discontinuance of the LBMA Gold Price PM altogether.

Stakeholder relations · Investor relations and market confidence

If concerns about the integrity or reliability of the LBMA Gold Price PM arise, even if eventually shown to be without merit, such concerns could adversely affect investor interest in gold and therefore adversely affect the price of gold and the value of an investment in the Shares.

Cybersecurity and data protection · Third party data security and vendors

The Custodians, the Trustee and the Marketing Agent depend upon information technology infrastructure to conduct their business as it relates to the Trust. A cybersecurity incident, or a failure to protect their computer systems, networks and information against cybersecurity threats, could result in a loss of information and adversely impact their ability to conduct their business.

Cybersecurity and data protection · Third party data security and vendors

The Custodians, the Trustee and the Marketing Agent depend upon information technology infrastructure to conduct their business as it relates to the Trust. A cybersecurity incident, or a failure to protect their computer systems, networks and information against cybersecurity threats, could result in a loss of information and adversely impact their ability to conduct their business.