Trusts

"In the United States, the World Gold Council, through US subsidiaries, acts as the sponsor of SPDR® Gold Shares (GLD®) and SPDR® Gold MiniShares® (GLDM®) with GLD being the largest physically backed gold exchange-traded fund (\"ETF\") in the world. GLD and GLDM (the \"Trusts\") are structured as trusts which hold only gold bars allocated by the Trusts’ custodians as part of share creation process or deallocated by the Trusts’ custodians as part of the share redemption process or the sale of gold to pay the Trusts’ expenses. While the Trusts’ custodians are responsible for allocating gold to the Trusts’ accounts and are contractually required to allocate gold which complies with all laws and is LBMA Good Delivery, there is some risk that gold allocated to the Trusts might originate from areas of the world which may be associated with modern slavery and/or human trafficking."