The iShares® COMEX Gold Trust ("Gold Trust") is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. Shares of the Gold Trust are not subject to the same regulatory requirements as mutual funds. This information must be accompanied by a current prospectus.
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Please read the prospectus carefully before investing. |
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| COMEX Gold Trust (IAU) |
The iShares COMEX Gold Trust ("Gold Trust") seeks to correspond generally, to the day-to-day movement of the price of gold bullion. The objective of the Gold Trust is for the value to reflect, at any given time, the price of gold owned by the Gold Trust at that time, less the expenses and liabilities of the Gold Trust.
Trust Inception Date: 1/21/2005
| NAV as of 7/2/2009 | Price as of 7/2/2009 | ||
|---|---|---|---|
| NAV * | $91.44 | Price | $91.36 |
| Change | $-1.02 | Change | $-1.07 |
| Change | -1.10% | Change | -1.16% |
| Profile as of 7/2/2009 | |||
|---|---|---|---|
| Total Net Assets | $2,116,883,446 | Ounces of Gold in Trust |
2,274,556.797 |
| Shares Outstanding | 23,150,000 | Tonnes of Gold in Trust |
70.75 |
| Expense Ratio | 0.40% | Indicative Basket Gold Amount | 4,912.326 |
| Beta (vs. S&P 500) | 0.19 | Basket Gold Amount | 4,912.542 |
| NAV per IAU in Gold | 98.247% | ||
| Premium/Discount as of 7/2/2009 | |
|---|---|
| Premium/Discount | -0.08% |
| NAV | $91.44 |
| Mid-Point | $91.370 |
| Closing Price | $91.41 |
| Last Trade Time | N/A |
| Trading Volume | 62,046 |
| Click here for important information | |
| Trading Information | |
|---|---|
| Related Bloomberg Symbol | GCA<cmdty>CT |
| NAV Ticker | IAU.NV |
| Underlying Trading Value Ticker | IAU.IV |
| Shares Outstanding Ticker | IAU.SO |
| CUSIP | 464285105 |
| Options Available | |
| *Refer to current month's contract. For the last two business days of the month when the current contract has expired, use the next month's contract. Current day's closing price will be marked with an "s". | |
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Investing involves risk, including possible loss of principal. Because shares of the Gold Trust are created to reflect the price of the gold held by the Trust, the market price of the shares will be as unpredictable as the price of gold has historically been. Additionally, shares of the Gold Trust are bought and sold at market price (not NAV). Brokerage commissions will reduce returns.
Shares of the Gold Trust are created to reflect, at any given time, the market price of gold owned by the trust at that time less the trust's expenses and liabilities. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them. If an investor sells the shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect the price received for the shares. For a more complete discussion of the risk factors relative to the iShares Gold Trust, carefully read the prospectus.
Following an investment in shares of the Gold Trust, several factors may have the effect of causing a decline in the prices of gold and a corresponding decline in the price of the shares. Among them: (i) Large sales by the official sector. A significant portion of the aggregate world gold holdings is owned by governments, central banks and related institutions. If one or more of these institutions decides to sell in amounts large enough to cause a decline in world gold prices, the price of the shares will be adversely affected. (ii) A significant increase in gold hedging activity by gold producers. Should there be an increase in the level of hedge activity of gold producing companies, it could cause a decline in world gold prices, adversely affecting the price of the shares. (iii) A significant change in the attitude of speculators and investors towards gold. Should the speculative community take a negative view towards gold, it could cause a decline in world gold prices, negatively impacting the price of the shares.
The amount of gold represented by shares of the Gold Trust will decrease over the life of the trust due to sales necessary to pay the sponsor's fee and trust expenses. Without increase in the price of gold sufficient to compensate for that decrease, the price of the shares will also decline, and investors will lose money on their investment. The Gold Trust will have limited duration. The liquidation of the trust may occur at a time when the disposition of the trust.s gold will result in losses to investors.
Although BGI believes that market makers will take advantage of differences between the NAV and the trading price of Gold Trust shares through arbitrage opportunities, BGI cannot guarantee that they will do so. BGI cannot guarantee an active trading market for the shares, which may result in losses on your investment at the time of disposition of your shares. The value of the shares of the Gold Trust will be adversely affected if gold owned by the trust is lost or damaged in circumstances in which the trust is not in a position to recover the corresponding loss. The Gold Trust is a passive investment vehicle. This means that the value of your shares may be adversely affected by trust losses that, if the trust had been actively managed, it might have been possible to avoid.
Shares of the Gold Trust are not deposits or other obligations of or guaranteed by Barclays Global Investors, N.A. or its affiliates, and are not insured by the Federal deposit Insurance Corporation or any other governmental agency.
Barclays Global Investors International, Inc. (BGII) is the sponsor of the iShares® COMEX Gold Trust ("Gold Trust"). Barclays Global Investors Fund Distribution Company, a subsidiary of BGII, assists in the marketing of the Gold Trust. BGII is an affiliate of Barclays Global Investors, N.A., which is a majority-owned subsidiary of Barclays Bank PLC.
Although shares of the iShares® COMEX Gold Trust may be bought or sold on the exchange through any brokerage account, shares of the Trust are not redeemable from the Trust except in large aggregated units called Baskets.
Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies of this document may be obtained from your broker, from any exchange on which options are traded or by contacting The Options Clearing Corporation, One North Wacker Dr., Suite 500 Chicago, IL 60606 (1-800-678-4667). The document contains information on options issued by The Options Clearing Corporation. The document discusses exchange-traded options issued by The Options Clearing Corporation and is intended for educational purposes. No statement in the document should be construed as a recommendation to buy or sell a security or to provide investment advice.
If you need further information, please feel free to call the Options Industry Council Helpline. They will be able to provide you with balanced options education and tools to assist you with your iShares options questions and trading. The Options Industry Council Helpline phone number is 888-Options and their website is www.888Options.com.
Gold Spot Prices provided by The Bullion Desk. No warranty is given for the accuracy of these prices and no liability is accepted for reliance thereon. Prices are provided on a reasonable efforts basis and delays may occur both because of the delay in third parties communicating the information to the site and because of delays inherent in posting information over the internet. Prices shown are indicative only and do not represent actionable quotations on prices of actual trades.
"Commodity Exchange, Inc." and "COMEX" are trademarks of Commodity Exchange, Inc. and have been licensed for use for certain purposes to Barclays Global Investors and the iShares® COMEX Gold Trust (the "Trust"). The Trust is not sponsored, endorsed, sold or promoted by Commodity Exchange, Inc., nor does Commodity Exchange, Inc. make any representation regarding the advisability of investing in the Trust. iShares® is a registered trademark of Barclays Global Investors, N.A. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Certain sectors and markets perform exceptionally well based on current market conditions and the Gold Trust can benefit from that performance. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated.
The Premium/Discount table presents information about the difference between the daily market price for shares of the Trust and the Trust's net asset value. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Trust's NAV is calculated (usually 4:00 pm Eastern time). The table above shows the premium or discount expressed as a percentage of NAV. Although BGI believes that market makers will take advantage of differences between the NAV and the trading price of iShares through arbitrage opportunities, BGI cannot guarantee that they will do so.
Why is there a difference between NAV and Closing Price? A major reason for the difference is that Timing Discrepancies can exist between the NAV and Closing Price (last trade) reported above. Information is constantly flowing to and among investors, corporations, and financial institutions that affects their outlook on the financial markets and the value of securities. This process, known as Price Discovery, is why market prices change and evolve throughout the trading day. It is important to note that even when markets are closed, the price discovery process continues 24 hours a day, 7 days a week, 365 days a year.
Possible Timing Discrepancies:
- Close of Trading Times: The NAV of the iShares Trust normally is calculated using prices as of 4:00 p.m. EST. Shares of the Trust ("iShares") normally trade on the American Stock Exchange until 4:15 p.m. EST. Price discovery between 4:00 p.m. and 4:15 p.m. EST may result in a difference between the NAV and the Closing Price of the Trust.
- Time of Last Trade: Trading generally takes place throughout the normal trading hours for iShares on the listing exchange. At times, many trades are placed in rapid succession. At other times, little or no trading activity is taking place. It is important to note that the date/time of the last trade (which is recorded as the Closing Price) may not take place at exactly 4:00 p.m. EST when the iShares Trust normally calculates NAV. The date/time of the last trade sometimes may occur before 4:00 p.m. EST or up until 4:15 p.m. EST as discussed above. Thus, ongoing price discovery may result in a deviation between the price recorded as the Closing Price and the NAV of the Trust shares at 4:00 p.m. EST.
Net Asset Value (NAV): NAV is the price per share at which the Trust issues and redeems shares, calculated by the trust accountants.
beta: The measure of an asset's risk in relation to the S&P 500.
Bid/Ask Midpoint (Market Price): The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Trust's NAV is calculated (usually 4:00 pm Eastern time).
Closing Price (Last Trade): The Closing Price is the price of the last reported trade on any major market.
Premium: The amount an iShares is trading above the reported NAV expressed as a percentage of the NAV.
Discount: The amount an iShares is trading below the reported NAV expressed as a percentage of NAV.
Exchange Trading Symbol: The Exchange Trading Symbol is used to find the price at which the iShares last traded on the stock exchange it is listed on. Using the symbols provided above, these values can be accessed using any major quotation system such as Bloomberg or Reuters. Shares of the Trust trade on the American Stock Exchange.
Tonne: One metric tonne which is equivalent to 1,000 kilograms or 32,150.7465 troy ounces.
NAV per IAU%: Current basket of gold in ounces as a percentage of inception basket size of 5,000 ounces.
©2009 Barclays Global Investors. All rights reserved. iShares® is a registered trademark of Barclays Global Investors, N.A.. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
© Copyright 2009