COMEX Gold Trust (IAU) Inception date: 1/21/2005
Neither the Trust nor the Investing Pool is an investment company registered under the Investment Company Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Investments in shares of the Trust are speculative and involve a high degree of risk. You could lose all or a substantial portion of your investment in the shares of the Trust. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus.
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Please read the prospectus carefully before investing
Total Returns as of 12/31/2009
Total Returns (%) |
Market Price Returns (%) |
||||
|---|---|---|---|---|---|
| IAU | Benchmark *  |
IAU | |||
| YTD | 23.46 | 23.95 | 23.95 | ||
| 1 Month | -7.31 | -7.27 | -7.21 | ||
| 3 Months | 8.54 | 8.65 | 8.56 | ||
| 6 Months | 17.89 | 18.13 | 17.70 | ||
| 1 Year | 23.46 | 23.95 | 23.95 | ||
| 3 Years | 19.43 | 19.91 | 19.34 | ||
| 5 Years | -- | 20.14 | -- | ||
| 10 Years | -- | 14.27 | -- | ||
| Since Inception | 20.53 | 21.01 | 20.52 | ||
| Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. | |||||
Annual Returns
Total Returns (%) |
Market Price Returns (%) |
||||
|---|---|---|---|---|---|
| IAU | Benchmark * |
IAU | |||
| 2009 | 23.46 | 23.95 | 23.95 | ||
| 2008 | 5.41 | 5.83 | -- | ||
| 2007 | 30.92 | 31.44 | -- | ||
| 2006 | 22.43 | 22.84 | -- | ||
| *Source: Gold Futures Spot Month Settlement Price as reported by NYMEX (New York Mercantile Exchange) and disseminated through Bloomberg. Spot settlement prices are for illustrative purposes only and do not represent actual Gold Trust performance. Spot prices do not reflect any management fees, transaction costs, or expenses. | |||||
Fees & Expenses
| Expense Type | Amount |
|---|---|
| Expense Ratio | 0.40% |
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
Market returns are based upon the midpoint of the bid/ask spread at 4:00 PM Eastern time (when NAV is normally determined for most iShares products), and do not represent the returns you would receive if you traded shares at other times.
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 market makers will generally take advantage of differences between the NAV and the trading price of Gold Trust shares through arbitrage opportunities, there is no guarantee that they will do so. There is no 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 BlackRock Institutional Trust Company, N.A. or its affiliates, and are not insured by the Federal deposit Insurance Corporation or any other governmental agency.
BlackRock Asset Management International, Inc. (BAMII) is the sponsor of the iShares® COMEX Gold Trust ("Gold Trust"). BlackRock Fund Distribution Company (BFDC), a subsidiary of BAMII, assists in the marketing of the Gold Trust. BAMII is an affiliate of BlackRock Institutional Trust Company, N.A. ("BlackRock")
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.
"Commodity Exchange, Inc." and "COMEX" are trademarks of Commodity Exchange, Inc. and have been licensed for use for certain purposes to BlackRock 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 BlackRock. 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 iShares funds 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.
©2010 BlackRock Institutional Trust Company, N.A. All rights reserved. iShares® is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
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