Filed Pursuant To Rule 433
Registration No. 333-209926
February 23, 2017
COVER STORY
Active and passive families battle it out for the top spots in our annual ranking.
Best Fund Families of 2016
How We Rank the Fund Families
All mutual and exchange-traded Funds are required to report their returns (to regulators as well as in advertising and marketing material) after fees are deducted. to better reflect what investors would actually experience. But oiu- aim is to measure manager skill, independent of exjjenses beyond annual management fees. Thats why we calculate returns before any 12b-1 fees are deducted. Similarly, fund loads, or sales charges, arent included in our calculation of returns.
Each funds performance is measured against all of the other funds in its Upper category, with a percentile ranking of 100 being the highest and one the lowest. This result is then weighted by asset size, relative to the fund familys other assets in its general classification. If a familys biggest funds do well, that boosts its overall ranking; poor performance in its biggest funds hurts a firms ranking.
To be included in the ranking, a firm must have at least three funds in the general equity category, one world equity, one mixed equity (such as a balanced or target-date fund), two taxable bonds, and one tax-exempt bond fund. Single-sector, country, and state-specific municipal-bond funds are not factored into the score: nor are Standard & Poors 500 index funds.
Finally, the score is multiplied by the weighting of its general classification, as determined by the entire Upper universe of funds. The category weightings for the one-year results in 20Hi were general equity, 3S).G%; mixed asset, 17.4%; world equity, 17.2%; taxable bond, 22.3%; tax-exempt bond, 3.5%.
The category weightings for the five-year results were general equity, 40%; world equity, 17.1%; mixed asset, 17.1%; taxable bond, 22.1%; tax-exempt bond, 3.7%. For the 10-year list, they were general equity, 45.4%; world equity, 15.4%; mixed asset, 16.5%; taxable bond, lft,7%; tax-exempt bond, 4%.
The scoring; Say a fund in the general U.S. equity category has $500 million in assets, accounting for half of the firms assets in that category, and its performance lands it in the 75th percentile for the category. The first calculation would be 75 times 0.5, which comes to 37.5. That score is then multiplied by 39.6%, general equitys overall weighting in Uppers universe. So it would be 37.5 times 0.396, which equals 14.85. Similar calculations are done for each fund in our study. Then the numbers are added for each category and overall. The shop with the highest total score wins. The same process is repeated to determine the five- and 10-year rankings.
by Sarah Max
If there was ever a time when the wisdom that one years laggards can be next years leader held tine, it was in 2016.
Last year was a story of disruptions, and not just because of the United Kingdoms surprise exit from the European Union or Donald Trumps successful bid for the White House. In 2016, the U.S. economy began to defy predictions of stagflation, promising real growth. Value investing came back with a vengeance, lefl by the hard-hit energy sector and-at long last financials. And after three consecutive years of losses, emeiging-market stocks and bonds ended the year with doubledigit gains.
Among the fund families that Barrons tracks in its annual Fund Families ranking, it was also a year marked by change. This years top-ranked fund family, Natixis Global Asset Management, rebounded from second-to-last in 2015.
Second-ranked Pimco made an equally dramatic move up the charts, from 62nd (out of 67 firms) in our previous ranking.
State Street Global Advisors advanced from the middle of the pack to third for 20Hi; fourth-place finisher Capital Group, which runs American Funds, moved up from No. 13 last year; and the top five is rounded out with First Trust Advisors, up from 45th.
The top five firms are themselves a study in contrasts and a reflection of how the fund industry is evolving. For
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The Best Fund Families of 2016
Families Ranking is asset-weighted, the results are heavily influenced by the size and category of a linns best- and worst- perfonning funds. That worked in favor of Minneapolis-based Sit Investment Associates in 2015-when the firm took the No. 1 spot-but worked against it in 2016. The main detractor is Sits largest fund, the $998 million Sit Dividend Growth (SDVSX). which slid to the lowest quar- tile of its Upper peer group, despite ending 201(3 up more than 10%. We would be remiss not to mention that the funds 10- year track record is still very solid, with a 7.7% average annual return.
The impoitance of long-term returns is a message that bond powerhouse Pimeo has long preached. The firm credits its macro-driven approach with helping it
FUND RANKING
The Best Fund Families of 2016
Assets Weighted U.S. World Mined Taxable Tax-Exempt Rank Family <bil)* Score Equity Equity Equity Bond Bond
1. Natixis Global Asset Management 127.9 79.824310556
2. Pimeo 289.0 79.341153326
3. State Street Bank & Trust 114.9 71.42210203049
4. American Funds 1,338.2 70.48332112415
5 First Trust Advisors 18.0 69.877174392
6. Guggenheim Investments 44.1 69.829264157
7. Franklin Templeton Investments 333.9 68.3034122917
8. Dimensional Fund Advisors 302,3 66.4469125227
9. Neuberger Berman 29.5 66.18113872620
10. Invesco 236.3 65.45152533618
11 Lord Abbett 113.6 65.1337451138
12. USAA Asset Management 53.9 63.6231737342
13. Thrivent Financial 17,2 63.6184992345
14. Vanguard Group 2,984.6 61.7223814379
15. Legg Mason 106.1 61.562228221523
16. RidgeWorth Funds 15.0 59.711026611410
17. State Farm Investment Mgmt 18.1 59.0855133316
18, Russell Investments 36.2 57,1835238478
19. BMO Asset Management 7.9 56,2749343444
20. Fidelity Management & Research 1,272.5 56.052643231735
21. Victory Capital Management 29.9 56.021633511954
22. MFS Investment Management 201.8 55.94451121345
23. Eaton Vance 78.3 55.903819381813
24 Hartford Funds 97.5 55,625315151614
25. Northern Trust Investments 38.9 55,091435165732
26, TIAA 129.7 55,061736352958
27. BlackRock 958.9 54,991330504325
28. SEI Investments 86.2 54.215216182133
29 AllianceBernstein 61,3 53,60433740737
30. T. Rowe Price 581.8 53.584120253524
31.John Hancock 171.3
TotaJ
53.55 24 31 28 40 51
starters, not one is a Wall Street firm: American Funds and Pimeo are based in Southern California: State Street and Natixis are Boston-based: First Trust is located outside Chicago, The products they are best, known for are also indicative of the conflicting trends seen today. American Funds and Natbds are pure active-management shops. American sells its broad, successful, but hardly innovative funds through advisors, while Natixis is the manager of affiliate thins such as Harris Associates, whose Oakmark Funds are known for top stockpickers Bill Nygren and David Herro. State Street and First Trust are in the top five primarily because of their exchange-traded funds. Pimeo, of couise, is best known as an actively managed bond shop, but the firm has made some innovative forays into the BTF industry, as well.
Unlike most investment stories in Barrons, the emphasis of this ranking is on one-year returns. It is a snapshot in time, one that reflects, this year in particular, a pivotal point in both the fund industry and the markets. The season didnt play out like people thought it would, says head of Natixis Global Asset Management John Hailer, a Boston native and ardent spoils fan. We ended up with a winning record, but nobody would have predicted how we got there, he adds, referring not to his home teams Super Bowl victory, but to the Standard & Poors 500 indexs own late-in-the-game rally to end 203(3 up nearly 12%.
As for Natixis own swift move to the front of this years ranking, what hindered our performance in 2015 is what helped us in 2016, says Mailer, who oversees a collection of more than 25 affiliated asset managers running $897 billion globally.
Case in point: The firms largest fund, the §27 billion Oakmark International (ticker: OAKIX), beat 97% of its Upper peers last year, posting a 7,9% return, adjusted for I2b-1 marketing and distribution fees. Herro proved his patience with deep value when he built a hefty stake in financials, consumer cyclical*, and industrial stocks at a time when investors had left them for dead. This was also the case for Switzerland-based mega-miner Glen- core (GLEN-UK), which was the funds biggest laggard in 2015-but ended 2016 up more than 200%, Another top holding, Frances BNP Paribas (BNP.France), enjoyed a similar turn of fate. After closing in October 2013, the fund reopened to new investors last summer.
It was a similar turnaround for the second-largest Natixis family fund, the $17 billion Oakmark fund (OAKMX). Led
by value veteran Nygren, the fund outdid 99% of its Upper peels in 201(5 thanks to its allocation to financials and choice calls in energy-including Apache (APA), up 43% last year-arid industrials, such as Cummins (CM I), and Caterpillar (CAT).
Another heavy hitter and contributor to Natixis overall ranking was Boston- based Loomis Sayles, After trailing their peers in 2015, the $13.8 billion Loomis Sayles Bond fund (LSBRX) and the .$10.7 billion Loomis Sayles Strategic Income fund (NEFZX), both co-managed by Dan Fuss, did well by making out-of-bench- mark allocations to such areas as high yield, convertibles, and common stocks. Both funds ended 201(i up more than 8%.
Because the Barrons/Upper Fund
FUND RANKING
Assets Weighted U.S. World Wised Taxable Tax-Exempt Rank Family Ibil)* Store Equity Equity Equity Bond Bond
32. Delaware Management 44. t 52.84404265446
33. Affiliated Managers Group 77.3 52.27195535055
34. Transamerica Asset Management 40.2 51.992746302740
35. Nuveen Fund Advisors 49.0 51.723954241336
36. Principal Management 148.4 51.422039472859
37. Deutsche Asset & Wealth Mgmt 27.8 51.192544274234
38. Charles Schwab Investment Mgmt 102.1 51.032114494947
39. OppenheimerFunds 177.5 50.8650414481
40. Pioneer Investment Management 34.9 49.482852312539
41. Nationwide Fund Advisors 20.0 49.113042135361
42. J.P. Morgan Asset Management 311,1 49.093627394428
43. Ivy Investment Management 31 3 48.59444058631
44. American Century Investment Mgmt 120.6 48.41 1255484643
45. UBS Asset Management 11.8 48.053322553829
46. Columbia Threadneedle Investments 134.9 47.144648362244
47. Goldman Sachs Asset Management 79,9 47.05512946323
48. Wells Fargo Funds Management 90.1 46.804718424541
49, Virtus Investment Partners 21.4 46.78425952252
50, BNY Mellon/Dreyfus 63.1 46.423224455550
51. Federated Investors 60.0 45.395758191216
52. Putnam Investment Management 52.7 43.451861415122
53. Prudential Investments 72.0 43.205653292030
54. MainStay Funds 52.9 43.096147171112
55. AssetMark 2.2 42.092913546153
56. PNC Funds 3,8 37.984821565648
57. Manning & Napier Advisors 8.9 35.69596604860
58. Foresters Investment Management 9.2 34.615550325821
59. Waddell & Reed Investment Mgmt 20.0 31.716060591019
60. Brown Advisory Funds 5.8 31.295456435911
61. SIT Investment Associates 2.3 23.27585757607
find opportunities throughout a tumultuous yearand powering its move to the second-place slot from 62nd place in 2015, Looking back at 2016, the strategies that did the best were ones that were able to take advantage of volatility and dislocation around key events, says the firms chief investment officer, Dan Ivascyn.
Two standouts were the $73 billion Pimco Income fund (PONAX), up 8.7%and co-managed by Ivascynand the $18.4 billion Pimco All Asset fund (PASAX), up 13.3%. While investors associate Pimco with the $76 billion Pimco Total Return fund (PTTAX), its underwhelming relative performance in 2016- up 2.G% but behind 88% of its Lipper peers-is proof that theres more to the firm than its flagship fund. In fact, no one fund drove Pimcos overall ranking.
ToS<5| Total assets reflect funds included in the survey. **
No 800 number, available only through advisors.
So much the better, says Emmanuel Roman, who joined the Newjxil t Beach, Calif, firm as CEO last fall, A native of France, Roman favors soccer over baseball, but the latter sports analogies fit his philosophy for Pimco, We like hitting singles, he says,
The results add up. Pimcos five-year and 10-year weighted results are better than any fund family that Barrons tracks over those periods. Although Pimco is best known for bonds, it outranked all other fund families on U.S. equity funds and world equity funds, thanks to its partnership with Research Affiliates, which sits across the street from Pimcos headquarters. The firms founder and chairman, Rob Arnott, manages the Pimco All Asset fund and is a pioneer in fundamental indexing.
Long before smalt beta was all the rage, Arnott began looking at how to combine the efficiency, discipline, and cost- effectiveness of indexing with key tenets of investing, such as price and quality. Last year, the $1.8 billion Pimco RAE Fundamental Plus (PIXAX) ended the year up 19%, leading its large-cap core Lipper category. The $1.5 billion Pimco RAE Fundamental Emerging Markets (PEAFX) soared 32.5%.
Last years volatility and change in leadership-both in politics and in marketswas some affirmation for believers in active management and smart beta. Yet for State Street Global Advisors, or SSGA, the years third-place finisher, passive paid off. In 2016, U.S. SPDR ETFs had their best year in terms of inflows since 2008. with nearly $50 billion in net new money. There are an awful lot of people who, to borrow from A1 Gores quote [of Upton Sinclair] in An Inconvenient Truth, find it difficult to get a man to understand something if his salary depends upon his not understanding it says Nick Good, co-head of SSGAs Global SPDR Business, which accounts for 21% of its $2.4 trillion under management We dont have that concern because were in both spaces.
While our ranking excludes some notable SPDR funds-including the original, the $225 billion SPDR S&P 500 (SPY)- the firms strength across everything from diversified ETFs to regional funds buoyed its overall ranking from 28th last year.
To qualify for our fund-family ranking, now in its 22 nd year, films must offer a wide range of funds with a minimum track record of one year. This includes at least three mutual funds or ETFs in Lip- pers general U.S. equity category, one in world equity, and one in mixed-asset, as well as two taxable bond funds and one tax-exempt bond fund. Rankings are based on a firms funds within those respective categories. (See How We Rank the Fund Families, below, for a more detailed explanation of the methodology)
Early in the rankings, Barrons editors opted to exetude S&P f>00 index funds, which, at the time, were by far the most prevalent kind and represented the primary form of indexing. Weve continued to keep them out of the ranking, bxit as indexing has evolved, fund families have added new index products that look less and less like the broad market and represent some active decision-making in their development. So we have included them, inasmuch as they fit into our primary categories. Of the 15,828 distinct
RjntBtft Von Rani BevtUeroRufc B+st5(64*RankUiKfUnktatSun
1. Pirmo 35 54 1, PiVmo16331. Lord Abbott16.141 Lord Abbetl19.231. OppenheiroerFup>ds3.45
2= Stite Strwt f Trvut 35,02 2. Guggenheim Investments15 292, FranWin Templeton Investments 15,812 Virtv? Investment Partner!18,792. First Trust Advisors3/33
3 American fundv 32,99 £. Natixis Glob.il Asset Mgmt15 39J, (nwMQ15,5*3 USAA Asset Management18,743, Goldman $.xh* Asset Mgmt30$
4. Hjtuii Global Asset Mgmt 32.58 *1. Delaware Management14.8*54-. Firit Trust Advisor*1502<3 BMO At-set Management17.99?S. BMO Asset Management2 89
S State Farm Investment Mgmt 31.73 5 Affiliated Managers. Group14 165. Pimco15.025 Natixis Global Asset Mgmt17.845. MFS Investment Mgmt2 89
Rjrl Wom kora Ri.nl WxwkcroRj«k Worn5co«*Rank WornScof*Rank WornScon
57 Federated fnvestors 1367 57. SIT Investment Associates2.8057 SIT Investment Associates2-0957 Northern Trust Investments5 5857. Guggenheim Investments0.38
58 5IF Investment Associates 12 33 58 Federated 1 nvestors2.7558. Ivy Investment Management2.0358 Foresters Investment Mgmt4.6458. TIAA0.31
59 Manning & Napier Advisors 11,57 59, Virtus Investment Partners2.5959 Waddell & Reed Invst Mqmt1.8959 Brown Advisory Funds4,3359. Principal Management0,31
60 Waddell S Recti Invit Mgmt 9.75 60 Waddell & Reed tnvit Mgmt2.0460 Manning & Napier AdviiOr1.8760 SII Investment A-ssoiiatci3 3260. Manning & N«ipicr Advivorj0.11
61 MvainStay Funds 7.15 61. Putnam Investment Mgmt1.8061 Ridge-Worth Funds1 7061 As&etMark2.0161. Nationwide Fund Advisors 0.05
Source: lipper
share classes that collectively contributed to this ranking, 138 are ETFs.
All told, just 61 asset managers out of a total of 883 in Lippers database had the diversified menu of equity and fixed- income funds to meet the criteria for this ranking. As in the past, there are several notable fund shops that dont make this list, including the $197 billion Janus Capital Group (JNS), which doesnt have a municipal-bond fund, smal 1-company stock specialist Baron Funds, which doesnt offer fixed-income funds, and Dodge & Cox, which doesnt have a tax- exempt bond fund.
This year, six funds dropped off the list. In July, SSGA acquired GE Asset Management, and in December, Eaton Vance (EV) acquired Calvert Investments. Four other families-Frost, Madison, Schroder, and Thornburgno longer meet the minimum portfolio requirements.
Among the largest fund complexes, Vanguard Group guided its $3.5 trillion in total assets under management through another year of solid returns. The suburban Philadelphia firm ranked 14th overall this year, down just slightly from 2015, when it landed at ninth.
Coming in fourth for 201(5 is Capital Group, parent of the American Funds. American is best characterized by its steadfast commitment to team management, active investing, and low costs; average expense ratios hover around 0.3%, on par with even the cheapest ETFs.
Price alone doesnt explain the firms showing. Out of the more than 800 American funds scorer! for this ranking (including individual share classes), just 17 fell into the bottom decile of their Lipper peer groups. Again, because the largest funds carry the most weight, strong performance from some of its largest funds went a long way in 2016. The $152 billion American Funds Growth Fund of America CAGTHX) was up 8,7% last year, ahead of 98% of funds in its category. The $103 billion American Funds Income Fund of America (AMECX) was up 10.8%, beating 91 fh. The $83 billion American Funds Investment Company of America (AIVSX) rose 14.9%, beating 92%.
It was a fascinating year, says Tun Armour, who in addition to his role as chairman of Capital Group is a manager of two portfolios. Though every fund had its own successes and challenges, collectively. he says, we did well in oil, and we got into banking and industrials ahead of those areas taking off. It also helped to lighten up on the high-dividend defensive stocks that worked well over the past six or seven years until they didnt. This rotation, Armour says, probably isnt fleeting-nor is real economic growth - but investors should brace for a bumpy ride. With a new president and a lot on his agenda, we may be in a period of greater volatility, he adds. Expectations are up, and usually not everything pans out exactly as the optimists would hope.
Coming in fifth is First Trust Advi- soi?. The Wheaton, III., firm-whieh declined to speak with Barronsmanages four mutual funds, but its real success has been in ETFs. The firm has $100 billion in assets and offers 114 ETFs. Among its diversified offerings, notable performers last year included the $1.8 billion First Trust Morningstar Dividend Leaders Index (FDL), up 21%. The firms largest fund, the $8 billion First Trust Value Line Dividend Index (FVD). also contributed to its overall ranking. It gained 20% in 2016, putting it in the top 20th percentile of its Lipper peers. Both funds sit in the general-equity category, which carries the most weight in our ranking. ?
Nick Good
Co-head of Global SPDR Business,
State Street Global Advisors (SSGA)
Total AUM: S2.4 trillion1 2016 ranking: 3 U.S. retail funds: 171
When State Street Global Advisors launched the first exchange-traded fund in 1993, it seemed like a relatively complex instrument with a niche purpose and a funny name-SPDR.
Today, the Boston firms SPDR business accounts for roughly $500 billion in global assets under management, with the original SPDR S&P oOO (SPY) now at $225 billion.1 Meanwhile, the menu of SPDR ETFs available in the U.S. has expanded to include 150 funds, including those tracking broad market indexes, individual sectors, and themes.
The firm itself is a poster child for the power of diversification: It doesnt matter what happens to be trending-stocks, bonds, value, growth, gold, water, whatever-SPDR has woven a large and intricate web.
This year played to our strengths/* says Nick Good, who joined SSGA in 2014 from BlackRock, where he was CEO of iShares, Asia Pacific. Ballons doesnt include S&P .500 index funds or ETFs in its fund-families tally, but the strength of U.S. stocks boosted many of SPDRs other broad-market ETFs, including the $17 billion SPDR Dow Jones Industrial Average (DIA) and the $15 billion SPDR S&P Dividend (SDY).»
Meanwhile, the firm also benefited as investors made tactical allocations to suit the sentiment flu jour, whether a defensive stance early in the year-the $33 billion SPDR Gold Trust (GLD) took in $7,5 billion, ending a three-year streak of outflowsor speculation about changing fortunes in Russia.4
While the firms bread and butter is still in purely passive products, it has its share of smart-beta and actively managed ETFs, Perhaps its biggest success story is SPDRs partnership with Jeffrey Gundlachs DoubleLine to launch three co-branded ETFs. Less than two years after its debut, the SPDR DoubleLine Total Return Tactical ETF (TOTL) has more than $3 billion in assets, making it the second-largest active ETF in the U.S.5
This isnt to say SSGA is indiscriminately launching funds. In 2015, the industry unveiled 150 new ETFs, says Good, 43. We launched 15 and were re
sponsible for 40% of assets [that were raised by ETFs that, year]. Last year, the firm launched just nine funds.
Were not just throwing stuff on the wall to see what sticks, explains Good. Were really trying to launch funds we can get behind and make successful.
RjntBtft Von Rani BevtUeroRufc B+st5(64*RankUiKfUnktatSun
1. Pirmo 35 54 1, PiVmo16331. Lord Abbott16.141 Lord Abbetl19.231. OppenheiroerFup>ds3.45
2= Stite Strwt f Trvut 35,02 2. Guggenheim Investments15 292, FranWin Templeton Investments 15,812 Virtv? Investment Partner!18,792. First Trust Advisors3/33
3 American fundv 32,99 £. Natixis Glob.il Asset Mgmt15 39J, (nwMQ15,5*3 USAA Asset Management18,743, Goldman $.xh* Asset Mgmt30$
4. Hjtuii Global Asset Mgmt 32.58 *1. Delaware Management14.8*54-. Firit Trust Advisor*1502<3 BMO At-set Management17.99?S. BMO Asset Management2 89
S State Farm Investment Mgmt 31.73 5 Affiliated Managers. Group14 165. Pimco15.025 Natixis Global Asset Mgmt17.845. MFS Investment Mgmt2 89
Rjrl Wom kora Ri.nl WxwkcroRj«k Worn5co«*Rank WornScof*Rank WornScon
57 Federated fnvestors 1367 57. SIT Investment Associates2.8057 SIT Investment Associates2-0957 Northern Trust Investments5 5857. Guggenheim Investments0.38
58 5IF Investment Associates 12 33 58 Federated 1 nvestors2.7558. Ivy Investment Management2.0358 Foresters Investment Mgmt4.6458. TIAA0.31
59 Manning & Napier Advisors 11,57 59, Virtus Investment Partners2.5959 Waddell & Reed Invst Mqmt1.8959 Brown Advisory Funds4,3359. Principal Management0,31
60 Waddell S Recti Invit Mgmt 9.75 60 Waddell & Reed tnvit Mgmt2.0460 Manning & Napier AdviiOr1.8760 SII Investment A-ssoiiatci3 3260. Manning & N«ipicr Advivorj0.11
61 MvainStay Funds 7.15 61. Putnam Investment Mgmt1.8061 Ridge-Worth Funds1 7061 As&etMark2.0161. Nationwide Fund Advisors 0.05
Source: lipper
1 Total AUM of State Street Global Advisors were $2.4 trillion as of December 31, 2016. Total AUM includes the assets of SPDR Gold Shares (approximately $30.6 billion as of December 31, 2016), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as marketing agent.
1 SPDR ETF assets were $524,9 billion and SPY assets were $228,1 billion as of February 13, 2017,
1 DIA assets were $17.8 billion; SDY assets totaled $15.3 billion as of February 13, 2017.
1 GLD assets were $33.0 billion as of February 13, 2017. Net inflows into GLD in 2016 were $7.5 billion as of December 30, 2016.
5 TOTL assets were $3.1 billion as of February 13, 2017,
Article copyright 2017 by Barrons. Reprinted from the February 13, 2017, issue with permission from Dow Jones.
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Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR* S&P*- 500, SPDR* S&P® MidCap 400 and SPDR Dow Jones Industrial Average, and all unit investment trusts. ALPS Portfolio Solutions Distributor, Inc. is distributor for Select Sector SPDRs. ALPS Distributors, Inc. and ALPS Portfofio Solutions Distributor, Inc. are not affiliated with State Street Global Markets, LLC.
State Street Global Markets, LLC is the distributor for all registered products on behalf of the advisor. The advisor, SSGA Funds Management, Inc., has retained DoubleLine Capital LP as the sub-advisor,
Before investing, consider the funds investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.sodrs.conn. Read it carefully.
Not FDIC Insured No Bank Guarantee May Lose Value
IBG-22935 Exp. Date 2/28/2018
SPDR® GOLD TRUST has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any Authorized Participant will arrange to send you the prospectus if you request it by calling toll free at 1-866-320-4053 or contacting State Street Global Markets, LLC, One Lincoln Street, Attn: SPDR® Gold Shares, 30th Floor, Boston, MA 02111.