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, celebrate the 20^th anniversary of SPDR Gold Shares (GLD). Since its launch on November 18, 2004, GLD has redefined how investors access gold, providing a relatively liquid, transparent, and cost-efficient means of exposure to physical gold. Today, GLD remains the largest gold ETF in the world with over $78.3 billion in assets under management.¹

Investor Sentiment Toward Gold Remains Strong

To mark the 20^th anniversary of GLD, State Street Global Advisors today released the results of its 2024 Gold ETF Impact Study, which reveals 38% of surveyed U.S. investors currently hold gold in their portfolio, marking a significant increase from 20% in 2023. Among those with allocations to gold, 56% said they are likely to increase their gold exposure within the next 6 to 12 months.

Notably, the study found that 40% of gold investors have started investing within the last five years, reflecting a growing base of new adopters. It also found that gold is viewed as a reliable hedge against inflation and market volatility, with 57% of gold investors perceiving the precious metal as a safe haven during market volatility and 51% seeing it as a hedge against inflation. Furthermore, 73% of gold investors surveyed said that they anticipate continued stock market volatility over the next 12 months, emphasizing gold's role as a stabilizing force in their portfolios.

“As we celebrate 20 years of GLD, it’s clear that gold continues to play a vital role in all types of investor portfolios,” said George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors. "GLD has been instrumental in democratizing gold investing for a wide range of investors."

Millennials Lead the Way

According to the survey, Millennial investors are playing a significant role in the growing demand for gold, with 61% of Millennial investors reporting that they hold gold in their portfolios, compared to 35% of Gen X and 20% of Baby Boomers. The survey also showed that Millennial investors are also more likely to choose gold ETFs as their preferred method of investment, with 54% of Millennial gold investors indicating that they utilize gold ETFs in their portfolios compared to 41% of Gen X and 21% of Baby Boomers.

“This generational shift underscores gold’s appeal as both a strategic asset and a store of value, particularly among younger investors who are drawn to the accessibility and cost-efficiency of ETFs,” Milling-Stanley said.

Gold ETFs Drive Portfolio Performance and Increase in Demand

Among gold ETF investors surveyed, 84% reported that their investment has improved the overall performance of their portfolio, up from 73% in 2023. Gold ETFs are also increasingly seen as the most cost-effective way to invest in the precious metal, with 68% of investors surveyed agreeing that it is less expensive than buying physical gold. The survey also revealed that 70% of financial advisors surveyed recommend gold ETFs when they suggest investing gold to their clients.

“We continue to innovate and evolve the gold market to shape what investing in gold will look like in the future," said Joseph Cavatoni, senior market strategist, Americas, World Gold Council. "Whether it's opening new channels for investors to access GLD or exploring new initiatives such as digitalization, we strive to expand avenues to gold investment for generations to come.”

For more insights from the 2024 Gold ETF Impact Study, read the full report here.

About State Street Global Advisors Gold ETF Impact Survey, July 8 – August 4, 2024

State Street Global Advisors, in partnership with A2Bplanning and Prodege, conducted an online survey among individual investors in the US. Data was collected from July 8 to August 4, 2024, from a nationally representative sample of 1,502 adults ages 25+ who have investable assets of $250,000 or more. In addition, an online survey among financial advisors in the U.S. was conducted, with data collected from a nationally representative sample of 299 financial advisors with $50 million in assets under management, or more.

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. For more information, visit www.ssga.com.

About State Street Global Advisors

For over 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, and as pioneers in index and ETF investing, we are always inventing new ways to invest. As a result, we have become the world’s fourth-largest asset manager* with US $4.73 trillion^† under our care.

*Pensions & Investments Research Center, as of 12/31/23. ^†This figure is presented as of September 30, 2024 and includes ETF AUM of $1,515.67 billion USD of which approximately $82.59 billion USD in gold 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. Please note all AUM is unaudited.

¹ As of 10/31/24

Important Risk Disclosures

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.

Past performance is not a reliable indicator of future performance.

Diversification does not ensure a profit or guarantee against loss.

The views expressed in this material are the views of State Street SPDR through the period ended October 31, 2024 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.

Investing involves risk including the risk of loss of principal.

This communication is not intended to be an investment recommendation or investment advice and should not be relied upon as such.

Investing involves risk, and you could lose money on an investment in SPDR® Gold Trust (“GLD®” or “GLD).

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.

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, 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.

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.

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

Intellectual Property Information: 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.

Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.ssga.com. Read it carefully.

Not FDIC Insured · No Bank Guarantee · May Lose Value

Distributor:

State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641

© 2024 State Street Corporation

All Rights Reserved.

6773029.1.1.AM.RTL Exp. Date: 11/30/2025

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