SPDR Gold Trust (GLD) risk factors, FY2025 10-K

Risks Related to Gold

1. 01Crises may motivate large-scale sales of gold which could decrease the price of gold and adversely affect an investment in the Shares
2. 02Substantial sales of gold by the official sector could adversely affect an investment in the Shares
3. 03The price of gold may be affected by the sale of gold by ETFs or other exchange traded vehicles tracking gold markets

Risks Related to the Custody of Gold

1. 04The Trust’s gold may be subject to loss, damage, theft or restriction on access
2. 05The Trust may not have adequate sources of recovery if its gold is lost, damaged, stolen or destroyed and recovery may be limited, even in the event of fraud, to the market value of the gold at the time the fraud is discovered
3. 06Neither the Shareholders nor any Authorized Participant has a right under the Custody Agreements to assert a claim of the Trustee against the Custodians or any subcustodian; claims under the Custody Agreements may only be asserted by the Trustee on behalf of the Trust
4. 07The ability of the Trustee and the Custodians to take legal action against subcustodians may be limited, which increases the possibility that the Trust may suffer a loss if a subcustodian does not use due care in the safekeeping of the Trust’s gold bars
5. 08The gold bullion custody operations of the Custodians are not subject to specific governmental regulatory supervision

General Risks

1. 09The Trust, as well as the Sponsor and its service providers, are vulnerable to the effects of geopolitical events, including ongoing and escalating conflicts in the Middle East, the continuation of the war in Ukraine, and changes in international trade policy
2. 10Geopolitical events, including ongoing and escalating conflicts in the Middle East, the continuation of the war in Ukraine, and other global hostilities, could disrupt and potentially impact the business activities of the Sponsor and its service providers and have an adverse effect on the Trust87% rewritten
3. 11The Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises such as the coronavirus pandemic (the “COVID-19 pandemic”)
4. 12Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust

Risks Related to the Shares

1. 13The value of the Shares relates directly to the value of the gold held by the Trust and fluctuations in the price of gold could materially adversely affect an investment in the Shares
2. 14Other economic variables such as income growth, economic output, and monetary policies
3. 15If 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
4. 16The amount of gold represented by the Shares will continue to be reduced during the life of the Trust due to the sales of gold necessary to pay the Trust’s expenses irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of gold
5. 17The Trust is a passive investment vehicle. This means that the value of the Shares may be adversely affected by Trust losses that, if the Trust had been actively managed, it might have been possible to avoid
6. 18The Shares may trade at a price which is at, above or below the NAV per Share and any discount or premium in the trading price relative to the NAV per Share may widen as a result of non-concurrent trading hours between the COMEX and NYSE Arca
7. 19The sale of the Trust’s gold to pay expenses at a time of low gold prices could adversely affect the value of the Shares
8. 20Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act of 1940, as amended, or the protections afforded by the Commodity Exchange Act
9. 21The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders
10. 22The liquidity of the Shares may be affected by the withdrawal of Authorized Participants26% rewritten
11. 23The lack of an active trading market or a halt in trading of the Shares may result in losses on investment at the time of disposition of the Shares
12. 24Redemption orders are subject to postponement, suspension or rejection by the Trustee under certain circumstances
13. 25Shareholders do not have the rights enjoyed by investors in certain other vehicles
14. 26An investment in the Shares may be adversely affected by competition from other methods of investing in gold
15. 27The Trust’s obligation to reimburse the Marketing Agent and the Authorized Participants for certain liabilities in the event the Sponsor fails to indemnify such parties could adversely affect an investment in the Shares