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Liquidity Impacts an ETF's Total Cost of Ownership

ETFs with low expense ratios do not always have the lowest total cost. The expense ratio is one component of TCO, not the only cost to consider.

For illustration purposes only.

Learn how to evaluate an ETF's TCO

Ignoring Liquidity Can Cost You

Common misperceptions around measuring liquidity and trading execution can be costly. Learn how to fully analyze an ETF's liquidity to keep trading costs low.

Debunk three ETF liquidity myths

Now, You Can Track Liquidity Trends

Source: Bloomberg Finance L.P., as of 06/28/2019

The SPDR Liquidity Dashboard provides monthly primary and secondary market data and ranks the top 20 liquid ETFs.

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Access Additional Resources to Guide Your Decision Making

  • Fixed Income Investing

    How does the ETF structure support liquidity during periods of market stress?

    Find out more
  • Sector Rotation Strategies

    When does it pay to look beyond a fund's expense ratio to total cost of ownership?

    Dig in
  • Liquidity Knowledge Center

    Find answers to your liquidity questions.

    Learn more

As the Industry's Liquidity Leader, the SPDR ETF Suite:

• Makes up 43% of all US-listed ETF trading volume1

• Has 7 out of the 10 most liquid US Equity ETFs2

• Trades more than our top two competitors combined3

• Includes SPY and DIA which trade on average nearly 3 times more than Microsoft, Facebook, Netflix, Apple, Google and Amazon combined4

Based on the secondary 180 Day Dollar Trading Volume, SPY, DIA, GLD, XLF, XLK, and JNK ranked within the top 35 most liquid out of 2,120 US-listed ETFs. Source: Bloomberg Finance L.P., as of August 19, 2019.

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State Street Global Advisors Funds Distributors, LLC does not offer securities trading. SPDR ETFs may not be available for trading on a commission free basis on the brokerage platform on which you trade.

1 Bloomberg Finance L.P., as of 8/19/2019. Based on 180 day dollar trading volume. Past performance is not a guarantee of future results.

2 Bloomberg Finance L.P., as of 8/19/2019. Based on 180 day dollar trading volume and geography focus of US Equities. Past performance is not a
guarantee of future results.

3 Bloomberg Finance L.P., as of 12/31/2018. Based on yearly trading volume of 2018. Top two competitors include BlackRock and Vanguard. Yearly trading volume for SPDR ETFs was $10.5 trillion, for BlackRock was $7.3 trillion, and for Vanguard was $1.5 trillion in 2018. Past performance is not a guarantee of future results.

4 Bloomberg Finance L.P., as of 8/19/2019. Based on 180 Day dollar trading volume. Past performance is not a guarantee of future results.

Important risk information

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

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"):

The SPDR Gold Trust ("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. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov or by visiting spdrgoldshares.com. Alternatively, the Trust 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 the Trust 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

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

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