Constructing Portfolios with SPDR Gold Shares

Filed Pursuant To Rule 433

Registration No. 333-217785

April 25, 2019

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Case Study CONSTRUCTING PORTFOLIOS WITH SPDR® GOLD SHARES (GLD®)    


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Case Study | Constructing Portfolios with SPDR® Gold Shares (GLD®) Strategic Allocation to GLD in a Global Multi-Asset Portfolio A recent paper, “A Case for Global Diversification: Harnessing the Global Multi-Asset Market Portfolio” by State Street Global Advisors Investment Solutions Group (ISG),1 examined the global investable opportunity set and its implications for investors. They defined the Global Multi-Asset Market Portfolio (GMP) as the portfolio consisting of all investable capital assets, where the proportion invested in each asset corresponds to that asset’s market value divided by the sum of the market value of all assets in the portfolio. It is the sum of all investors’ holdings and a de facto proxy for the investable opportunity set available to all investors globally, or what is usually known as the ‘market portfolio.’ We examined the results of adding an allocation to GLD comprising 2%, 5%, and 10% of a multi-asset portfolio under a hypothetical scenario. The hypothetical portfolio is based on the concept of the GMP developed by State Street Global Advisors ISG and incorporates additional assumptions for the purpose of our case study. We constructed the hypothetical global multi-asset portfolio by: • Replicating the asset classes in the GMP with non-investable market indices; • Slightly adjusting each asset weighting in the GMP to also include commodities in the portfolio and assume no gold exposure at the start (Portfolio A) and; • Subtracting the weight equally from the equities and government-bonds asset classes (two asset classes with the highest weights) to add in GLD at 2% (Portfolio B), 5% (Portfolio C) and 10% (Portfolio D). Returns of the hypothetical blended portfolios cover the period between January 1, 2005 and March 31, 2019, and the hypothetical portfolios were rebalanced every 12 months to maintain target portfolio weights. From the results shown in Figure 1, we found that under our hypothetical scenario: • Portfolios B, C and D had higher Sharpe ratios, lower maximum drawdowns and lower standard deviations with higher returns compared to Portfolio A; • Portfolio D had the highest Sharpe Ratio (0.50) and highest cumulative return (126.06%); • Portfolio D had the lowest maximum drawdown (-29.43%). The results illustrated that under this hypothetical scenario using broad indices to represent various asset classes that includes allocations of anywhere from 2% to 10% to GLD right after the ETF’s inception, the portfolios with allocations to GLD (Portfolios B, C and D) have outperformed the multi asset portfolio with identical exposure to indices but without equivalent allocations to GLD (Portfolio A). From an asset allocation perspective, hypothetical portfolios with a GLD allocation had better risk-adjusted returns. 1 Frederic Dodard and Abigail Greenway, A Case For Global Diversification: Harnessing the Global Multi-Asset Market Portfolio, IQ Insights, State Street Global Advisors ISG EMEA, 2015. Figure 1: Hypothetical Blended Portfolio Results GLD Annualized Cumulative Annualized Maximum Porfolio Allocation % Return % Return % Standard Deviation % Sharpe Ratio* Drawdown (%) A 0 5.56 116.19 9.51 0.45 -33.29 B 2 5.62 117.84 9.45 0.46 -32.54 C 5 5.73 121.12 9.36 0.48 -31.39 D 10 5.89 126.06 9.29 0.50 -29.43 * Assumes risk-free rate of Citigroup 3-month T-bills. Source: Bloomberg Finance L.P., FactSet State Street Global Advisors, as of March 31, 2019. Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income. Returns do not represent those of a specific product managed by State Street Global Advisors Funds Management, Inc, but were achieved by mathematically combining the actual performance data of the constituents as listed in Figure 1, according to their weightings detailed in Figure 1. Performance of the hypothetical blended portfolio assumes no transaction and rebalancing costs, so actual results will differ. Performance of SPDR® Gold Shares (GLD®) reflects annual expense ratio of 0.40 percent. All data based on monthly measures of performance. GLD’s performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit spdrs.com for most recent month end performance. State Street Global Advisors 2    


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Case Study | Constructing Portfolios with SPDR® Gold Shares (GLD®) Figure 2: Asset Class Weightings for Hypothetical Blended Portfolios A, B, C and D Weighting (%) Asset Class Index Portfolio A Portfolio B Portfolio C Portfolio D Equity MSCI All Country World Index 40 39 37.5 35 Total Equity 40 39 37.5 35 Government Bonds Bloomberg Barclays Global Aggregate Government Bond Index 25 24 22.5 20 IG Credit Bloomberg Barclays Global Aggregate Corporation Bond Index 16 16 16 16 Inflation Linked Bonds Bloomberg Barclays World Inflation Linked Bond Index 2 2 2 2 HY Bonds Bloomberg Barclays Global Corporate High Yield Bond Index 2 2 2 2 EM Debt Bloomberg Barclays Emerging Markets USD Aggregate Bond Index 5 5 5 5 Total Fixed Income 50 49 47.5 45 Real Estate Global Property Research General Index9286 4 4 4 4 Private Equity LPX Composite Listed Private Equity Index 4 4 4 4 Commodities Bloomberg Commodity Index 2 2 2 2 Gold SPDR® Gold Shares (GLD®) 0 2 5 10 Total Alternative 10 12 15 20 Hypothetical Portfolio Total 100 100 100 100 Source: State Street Global Advisors as of March 31, 2019. The asset allocation scenario is for hypothetical purposes only and is not intended to represent a specific asset allocation strategy or recommend a particular allocation. Each investor’s situation is unique and asset allocation decisions should be based on an investor’s risk tolerance, time horizon and financial situation. It is not possible to invest directly in an index. Figure 3: SPDR® Gold Shares Standard Performance as of March 31, 2019 Since Inception 1 Month (%) QTD (%) YTD (%) 1 Year (%) 3 Years (%) 5 Years (%) 10 Years (%) 11/18/2004 (%) NAV -1.83 0.98 0.98 -2.54 1.15 -0.34 3.11 7.34 Market Value -1.60 0.63 0.63 -3.01 1.22 -0.26 3.05 7.22 LBMA Gold Price PM -1.80 1.28 1.28 -2.15 1.55 0.06 3.52 7.77 Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit spdrs.com for most recent month end performance. Gross Expense Ratio: 0.40%. The gross expense ratio is the fund’s total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund’s most recent prospectus. State Street Global Advisors 3    


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Case Study | Constructing Portfolios with SPDR® Gold Shares (GLD®) ssga.com | spdrs.com Returns Hypothetical do not blended represent portfolio those of aperformance fund but were methodology achieved by mathematically     combining the Global actual Aggregate performance Government data of Bond MSCI Index, AC World Bloomberg Daily TR Barclays Index, Bloomberg Aggregate Global Barclays    Research Corporate General Bond Index, Index, Bloomberg S&P Listed Barclays Private Emerging Equity Index, Markets Bloomberg DebtIndex, Barclays Global World Property    S&P GSCI Inflation Linked Index, Bond and SPDR Index,® Bloomberg Gold Shares Barclays (GLD®) Global between Corporate January High 1, 2005 Yield and March 31, Index, 2019. portfolio Each weights. portfolio The is performance re-balanced at assumes the beginning no transaction of each and year rebalancing to maintain costs, target so actual Important results Risk will Information differ. The and views Diego Andrade expressed and in this are subject material to are change the views based of on George market Milling- and other Stanley, conditions. Robin Tsui This Please document note contains that any certain such statements statements are that not may guarantees be deemed of forward-looking anyfuture performance statements. and actual All information results or has developments been obtained may from differ sources materially believed from to those projected. be reliable, but    its accuracy is not reliability guaranteed. or completeness There is no of, representation nor liability for, or decisions warranty based as to the on current such information accuracy, and it should The information not be relied provided on as does such. not    constitute investment adviceand it should not be relied objectives, on as strategies, such. It does tax not status take or into investment account horizon. any investor’s You should particular consult investment your tax and There financial is no advisor. representation All material or has warranty been as obtained to the accuracy from sources of the believed information to be and reliable. State ETFs Street trade shall like have stocks, no liability are subject for decisions to investment based on risk, such fluctuate information. in market    value and may trade expenses at prices will reduce above returns. or below    the ETFs’ net asset value. Brokerage commissions and ETF While all market the shares conditions of ETFs and are may tradable trade at on significant secondary discounts markets, inperiods they may of not market readily stress. trade    in There Commodities can be no and assurance commodity-index that a liquid linked market securities will be may maintained be affected for by ETF changes shares. in    overall disease, market embargoes, movements, or political changes and in regulatory interest rates, developments, and otherfactors as well as such trading as weather, activity Government of speculators bonds and arbitrageurs and corporate in bonds the underlying generally commodities. have more moderate    short-term price fluctuations Foreign investments than stocks, involve but greater provide risks lower than potential U.S. investments, long-termreturns. including    political and economic emerging marketAsset risks and the Allocation risk of currency is a method fluctuations, of diversification all of which which may be positions magnified assets in risk among and major enhance investment returns. categories. It does not, Asset however, Allocation guarantee may a be profit used or in protect an effort against to manage loss. Investments Diversification in does small-sized not ensure companies a profit may or guarantee involve greater against risksthan loss.    in those of larger, better Equity known securities companies. may fluctuate    in value in response to the activities of individual companies Bonds generally and general present market less short-term and economic risk and conditions. volatility    than stocks, but contain interest rate risk; risk liquidity (as interest risk; and rates inflation raise, risk. bond These prices effects usually are fall);issuer usually pronounced default risk; for issuer longer-term credit securities. a substantial Any gain fixed or income loss.    security sold or redeemed prior tomaturity may be subject to short-term International price Government fluctuations bonds than and stocks, corporate but provide bonds lower generally potential have long-term more moderate returns.    Increase decrease. in Interest real interest payments rates on can inflation-protected cause the price of debt inflation-protected securities can be debt unpredictable. securities to    Investing considered in speculative high yield fixed and income involves securities, greater risk otherwise of loss of known principal as junk and interest bonds, is than    investing involve greater in investment risk of default grade or fixed price income changes securities. due to potential These Lower-quality changes in the debt credit securities    quality Investing of in the futures issuer. is    highly risky. Futures positions are considered highly leveraged The because smaller the the initial value margins of the are margin significantly in comparison smaller to than the the cash cash value value of the of the futures contracts.    contract, investing the including higher but the not leverage. limited There to counterparty are a number credit of risk, risksassociated currency risk, with derivatives futures Derivative risk, foreign investments issuer exposure may involve risk, sector risks concentration such as potential risk,leveraging illiquidity of and the liquidity markets risks. and    additional The use of risk leverage, of loss as of part principal. of the    investment process, can multiply market movements into increased volatility greater of returns. changes    in an investment’s value, thus resulting in Growth market as stocks a whole) may over underperform any period stocks of time in other and may broad shift style in and categories out of favor (and with the stock    investors generally, sometimes rapidly. Frequent that they trading may offset of ETFs any could savings significantly from low fees increase or costs. commissions    and other costs such The owners. trademarks Third party and data service providers marks referenced make no warranties herein are or the representations property of their of any respective kind relating damages to of the any accuracy, kind relating completeness to the use or of timeliness such data. of    the data and have no liability for Investing Investing involves in commodities risk, and you entails could significant lose money risk on an and investment is not appropriate in GLD. for Important all investors. risk    information Investing involves risk, and you could lose money on an investment in SPDR® Gold Trust (“GLD®”). ETFs trade trade at prices like above stocks, or are below subject the to ETFs’ investment net asset risk, value. fluctuate Brokerage in market commissions value and and may ETF    Commodities expenses will and reduce commodity-index returns. linked securities may be affected by changes in overall disease, market embargoes, movements, or political changes and in regulatory interest rates, developments, and otherfactors as well as such trading as weather, activity of Frequent speculators trading and of arbitrageurs ETFs could significantly in the underlying increase commodities. commissions    and other costs such that Diversification they may offset does not any ensure savings a from profit low or guarantee fees or costs. against    loss. Investing all investors. in commodities    entails significant risk and is not appropriate for Important Information Relating to SPDR® Gold Trust (“GLD®”): The prospectus) SPDR Gold with Trust the (“GLD”) Securities has and filed Exchange a registration Commission statement (“SEC”) (including for the a read offering the to prospectus which this in communication that registration relates. statement Before and you other invest, documents you should GLD has Please filed with see the the SEC GLD for prospectus more complete for a more information discussion about of GLD the risks and this of investing offering. these in GLD documents shares. The for GLD free prospectus by visiting is EDGAR available on the by SEC clicking website here. at You may sec.gov get    participant or by visiting will spdrgoldshares. arrange to send com. you Alternatively, the prospectus the if Trust you request or any authorized it by calling 866.320.4053. GLD is not an investment company registered under the Investment Company Act of 1940 (the 1936 “1940 (the “CEA”) Act”) and . As is a result, not subject shareholders to regulation of the under Trust the do not Commodity have the Exchange protections Act of associated 1940 Act or with the protections ownership of afforded shares by in the an investment CEA. company registered under the value. GLD shares The value trade of like GLD stocks, shares are relates subject directly to investment to the value risk of and the will gold fluctuate held by in GLD market (less    an its expenses), investment and in the fluctuations shares. The in the price price received of gold upon could the materially sale of the and shares, adversely which affect trade at GLD does market not price, generate may be any more income, or less and than as the GLD value regularly of the sells gold represented gold to pay for by its them.    ongoing expenses, to that extent.    the amount of gold represented by each Sharewill decline over time The permission World Gold of the Council World name Gold Council and logo pursuant are a registered to a license trademark agreement. andused The World with the Gold    Council this material. is not World responsible Gold Council for the content is an affiliate of, and of is GLD’s not liable sponsor. for the    use of or reliance on, GLD® is a registered trademark of World Gold Trust Services, LLC used with the permission Standard & of Poor’s World ®, S&P Gold®    Trust and SPDR Services, ® are LLC. registered    trademarks of Standard & Poor’s trademark Financial Services of Dow LLC, Jones a division Trademark of S&P Holdings Global LLC (S&P); (Dow Dow Jones); Jones and is these a registered trademarks    certain have been purposes licensed by for State use Street by S&P Corporation. Dow Jones State Indices Street LLC Corporation’s (SPDJI) and sublicensed financial products for are respective not sponsored, affiliates endorsed, and third party sold or licensors promoted and by none SPDJI, of such Dow parties Jones, S&P, makes their any representation any liability in relation regarding thereto. the advisability of investing in suchproduct(s) nor do they have SIPC, Distributor: an indirect State wholly Street owned Global subsidiary Advisors Funds of State Distributors, Street Corporation. LLC, member References FINRA, to State affiliates Street provide may services include State and receive Street fees Corporation from the and SPDR its affiliates. ETFs. Certain State Street Global For more Advisors information, Funds please Distributors, contact LLC, the One Marketing Iron Street, Agent Boston, for GLD: MA, State 02210; Street T: Before +1 866 investing, 320 4053 spdrgoldshares. consider the com. funds’ investment objectives, risks, charges which contains and expenses. this and To other obtain information, a prospectus call or 866.787.2257 summary prospectus or visit spdrs.com. Read it carefully. © 2019 State Street Corporation. All Rights Reserved. ID16346-2084617.5.1.AM.RTL 0419 Exp. Date: 07/31/2019    


SPDR® GOLD TRUST has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any Authorized Participant will arrange to send you the prospectus if you request it by calling toll free at 1-866-320-4053 or contacting State Street Global Advisors Funds Distributors, LLC, One Lincoln Street, Attn: SPDR® Gold Shares, 30th Floor, Boston, MA 02111.