New low cost gold fund for Australian investors

SYDNEY 11 July 2024 – State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced the launch of the State Street Gold Fund, a new unlisted managed fund in Australia. The State Street Gold Fund seeks to track the performance of the spot gold price (LBMA Gold Price PM in Australian dollars) by investing in securities that are backed by physical gold bullion securely held in vaults in London, New York and Zurich. Management costs for the unlisted managed fund at 0.14% p.a. makes it the lowest-cost gold fund domiciled in Australia.

The State Street Gold Fund has been launched in response to investor demand. ANZ Private Bank, which is responsible for managing more than AU$9bn on behalf of its clients, will be seeding the State Street Gold Fund, as part of a broader change to its strategic asset allocation that includes a debut allocation to gold.

State Street Global Advisors' Head of Investments in Australia, Jonathan Shead, said the fund is a significant new offering for the Australian market. "Gold has never gone away as a diversifying allocation of an investment portfolio, but today's heightened climate of economic and geopolitical uncertainty has brought its role to the fore," Mr Shead said.

"Investors tend to use gold as a potential hedge against market volatility and for its potential diversification benefits when included in a traditional portfolio of equity and fixed income assets," he added.

State Street Global Advisors' Asia Pacific Gold Strategist, Robin Tsui, said gold may also help investors hedge against inflation.

"The price of gold is determined by a complex matrix of global macroeconomic and fundamental factors including central bank policies and interest rates, emerging market demand and mining production," Mr Tsui said.

He noted a key attribute of the State Street Gold Fund is its provision of a cost-efficient and secure way to gain access to the gold market without having to pay the transportation, storage and insurance costs of holding physical gold.

ANZ Private Bank's Chief Investment Officer, Lakshman Anantakrishnan, said the decision to make an allocation to gold is focused on improving the risk characteristics of its multi-asset portfolios.

"Typically, rising real yields and a strong dollar spell trouble for the precious metal, but safe haven demand is rising, and some governments and central banks are looking to diversify their reserve assets away from the dollar. For investors, the asset class can play a similar role during periods of uncertainty, helping add diversification to portfolios given its historically low or negative correlation to most other asset classes," Mr. Anantakrishnan said.

"The fund joins our existing range of unlisted managed funds and SPDR ETFs, confirming our commitment to providing Australian investors with cost effective solutions across all asset classes," said Mr Shead.

The State Street Gold Fund is available to both institutional and advised investors, as well as intermediary investors such as advisers and platforms.

"Through this new unlisted fund, Australian investors will have cost effective access to gold with potential benefits of diversification, and hedging against risk and inflation," said Mr Shead.

The new fund also leverages State Street Global Advisors' strategic partnership with the World Gold Council. "We are excited to continue working with the World Gold Council to help investors understand the benefits of investing in gold," he said.

State Street Global Advisors currently distribute gold products across the globe with approximately US$66 billion1 in assets under management.

ENDS

1 Bloomberg Finance L.P., State Street Global Advisors as of March 31, 2024.

About State Street Global Advisors

For four decades, State Street Global Advisors has served the world's governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of index and active strategies to create cost-effective solutions. As pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world's fourth-largest asset manager* with US $4.3434 trillion† under our care.

*Pensions & Investments Research Center, as of 12/31/22.

† This figure is presented as of March 31, 2024 and includes ETF AUM of $1,360.89 billion USD of which approximately $65.87 billion USD is in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited.

Important Risk Information:

Issued by State Street Global Advisors, Australia Services Limited (AFSL Number 74900, ABN 16 108 671 441) ("SSGA, ASL"). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: 612 9240 7600. State Street Global Advisors, Australia, Limited (AFSL Number 238276, ABN 42 003 914 225) ("SSGA Australia") is the Investment Manager.

References to the State Street Gold Fund ("the Fund") in this communication are references to the managed investment scheme domiciled in Australia, promoted by SSGA Australia, in respect of which SSGA, ASL is the Responsible Entity. This general information has been prepared without taking into account your individual objectives, financial situation or needs and you should consider whether it is appropriate for you. You should seek professional advice and consider the product disclosure statement, available at , before deciding whether to acquire or continue to hold units in the Funds. The Target Market Determination is also available at ssga.com.

Investing involves risk including the risk of loss of principal. Diversification does not ensure a profit or guarantee against loss. Investing in commodities entail significant risk and is not appropriate for all investors. There are risks associated with investing in Real Assets and the Real Assets sector, including real estate, precious metals and natural resources. Investments can be significantly affected by events relating to these industries. Assets may be considered "safe havens" based on investor perception that an asset's value will hold steady or climb even as the value of other investments drops during times of economic stress. Perceived safe-haven assets are not guaranteed to maintain value at any time.

THE LBMA GOLD PRICE, WHICH IS ADMINISTERED AND PUBLISHED BY ICE BENCHMARK ADMINISTRATION LIMITED (IBA), SERVES AS, OR AS PART OF, AN INPUT OR UNDERLYING REFERENCE FOR THE STATE STREET GOLD FUND.

LBMA GOLD PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, AND IS LICENSED TO IBA AS THE ADMINISTRATOR OF THE LBMA GOLD PRICE. ICE BENCHMARK ADMINSTRATION IS A TRADE MARK OF IBA AND/OR ITS AFFILIATES. THE LBMA GOLD PRICE PM, AND THE TRADE MARKS LBMA GOLD PRICE AND ICE BENCHMARK ADMINISTRATION, ARE USED BY STATE STREET GLOBAL ADVISORS WITH PERMISSION UNDER LICENCE BY IBA.

IBA AND ITS AFFILIATES MAKE NO CLAIM, PREDICATION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM ANY USE OF THE LBMA GOLD PRICE, OR THE APPROPRIATENESS OR SUITABILITY OF THE LBMA GOLD PRICE FOR ANY PARTICULAR PURPOSE TO WHICH IT MIGHT BE PUT, INCLUDING WITH RESPECT TO THE STATE STREET GOLD FUND. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL IMPLIED TERMS, CONDITIONS AND WARRANTIES, INCLUDING, WITHOUT LIMITATION, AS TO QUALITY, MERCHANTABILITY, FITNESS FOR PURPOSE, TITLE OR NON-INFRINGEMENT, IN RELATION TO THE LBMA GOLD PRICE, ARE HEREBY EXCLUDED AND NONE OF IBA OR ANY OF ITS AFFILIATES WILL BE LIABLE IN CONTRACT OR TORT (INCLUDING NEGLIGENCE), FOR BREACH OF STATUTORY DUTY OR NUISANCE, FOR MISREPRESENTATION, OR UNDER ANTITRUST LAWS OR OTHERWISE, IN RESPECT OF ANY INACCURACIES, ERRORS, OMISSIONS, DELAYS, FAILURES, CESSATIONS OR CHANGES (MATERIAL OR OTHERWISE) IN THE LBMA GOLD PRICE, OR FOR ANY DAMAGE, EXPENSE OR OTHER LOSS (WHETHER DIRECT OR INDIRECT) YOU MAY SUFFER ARISING OUT OF OR IN CONNECTION WITH THE LBMA GOLD PRICE OR ANY RELIANCE YOU MAY PLACE UPON IT.

This material should not be considered a solicitation to apply for interests in the Fund and investors should obtain independent financial and other professional advice before making investment decisions. There is no representation or warranty as to the currency or accuracy of, nor liability for, decisions based on such information.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA Australia's express written consent.

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Expiration Date: 30/06/2025