SPDR GOLD TRUST

# SPDR Gold Trust

The Trust is a commodity-based investment vehicle that holds physical gold bullion and facilitates investor exposure to gold prices. Its primary function is to issue and redeem shares (called Baskets) in exchange for deposits and withdrawals of gold bars. The Trust maintains allocated gold holdings in vaults and aims for its share price to track the performance of gold bullion, adjusted for the Trust's operating expenses and fees.

The Trust generates revenue primarily through management fees charged to shareholders. The investment structure allows investors to gain direct exposure to physical gold without taking possession of the metal themselves. The Trust's shares trade on the NYSE under the ticker GLD, making it accessible through standard brokerage accounts. The Trust does not generate traditional business segments or operating revenue; rather, it functions as a custodian-based investment product where shareholder fees support its administrative and custody operations.

The Trust operates with a lean staffing model typical of passive investment vehicles, delegating custody and administrative functions to third-party service providers. It maintains a global investor base given the international nature of gold markets and the accessibility of NYSE-listed shares to investors worldwide. The Trust's scale, with substantial assets under management, positions it as a significant participant in the gold bullion investment market.