Options Liquidity Securities Lending Revenue Trading GLD options is less expensive for the same reasons Securities lending can
potentially offset costs for institutional as trading GLD shares. GLDs options market is more than investors because of the revenues it can generate. The average 712 times larger than its biggest US competitor, IAU, as the amount on loan of
GLD shares from 03/31/2019 through table below shows. The higher volume means tighter spreads 03/31/2020 was $856 million, compared to $54 million for IAU. and lower trading costs using GLD options versus using IAU options. Securities Lending
Revenue Comparison Also, the trading costs related to options is subject to the same GLD IAU per-share realities as trading GLD shares. For the same-sized Average Total Balance ($m) $855.52 $54.36 transaction, the total bid-ask spread costs trading
GLD Average Utilization Rate (%) options has historically been about one-tenth as much as 28.82 17.02 using IAU options. Average Security Lending Fee (bps) 6.26 6.55 Source: Markit, State Street Global Advisors, for the one-year period Notional
Options Open Interest ending 03/31/2020. GLD $54,237,451,275 IAU $76,224,060 Source: Bloomberg Finance, L.P., State Street Global Advisors, as of 03/31/2020. ETF Expense Ratio GLD IAU Gross Expense Ratio 0.40 0.25 Source: Morningstar, as of
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Indices Important Information Relating to SPDR® protections afforded by the CEA. LLC (SPDJI) and sublicensed for certain Investment professional use only Gold Trust (GLD®): GLD shares trade like stocks, are subject to
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