Alternative investments involve specific risks that may be greater than those associated with traditional investments; are not suitable for all clients; and intended for experienced and sophisticated investors who meet specific suitability requirements and are willing to bear the high economic risks of the investment. Investments of this type may engage in speculative investment practices; carry additional risk of loss, including possibility of partial or total loss of invested capital, due to the nature and volatility of the underlying investments; and are generally considered to be illiquid due to restrictive repurchase procedures. These investments may also involve different regulatory and reporting requirements, complex tax structures, and delays in distributing important tax information. Diversification does not ensure a profit or protect against a loss in a declining market. Among the risks presented by private equity investing are substantial commitment requirements, credit risk, lack of liquidity, fees associated with investing, lack of control over investments and or governance, investment risks, leverage and tax considerations.
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Your use of this site signifies that you accept our Terms and Conditions of Use. This report is intended for general information and should not be used to solicit prospective investors. For more complete information please review the prospectus.
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Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. Modified duration accounts for changing interest rates. It measures the sensitivity of the value of a bond or bond portfolio to a change in interest rates. Higher duration means greater sensitivity. The weighted average maturity WAM of a portfolio is the average time, in years, it takes for the bonds in a bond fund or portfolio to mature.
Portfolios with longer WAMs are generally more sensitive to changes in interest rates. Yield to maturity YTM is the annual rate of return paid on a bond if it is held until the maturity date. Weighted average yield to maturity represents an average of the YTM of each of the bonds held in a bond fund or portfolio, weighted by the relative size of each bond in the portfolio. A coupon is the interest rate paid out on a bond on an annual basis. The weighted average coupon of a bond fund is arrived at by weighting the coupon of each bond by its relative size in the portfolio.
Weighted average price WAP is computed for most bond funds by weighting the price of each bond by its relative size in the portfolio.
This statistic is expressed as a percentage of par face value. The price shown here is "clean," meaning it does not reflect accrued interest. Monthly volatility refers to annualized standard deviation, a statistical measure that captures the variation of returns from their mean and that is often used to quantify the risk of a fund or index over a specific time period.
The higher the volatility, the more the returns fluctuate over time. Absolute return strategies seek to provide positive returns in a wide variety of market conditions. These strategies employ investment techniques that go beyond conventional long-only investing, including leverage, short selling, futures, options, etc. Arbitrage refers to the simultaneous purchase and sale of an asset in order to profit from a difference in the price of identical or similar financial instruments, on different markets or in different forms.
For example, convertible arbitrage looks for price differences among linked securities, like stocks and convertible bonds of the same company. Merger arbitrage involves investing in securities of companies that are the subject of some form of corporate transaction, including acquisition or merger proposals and leveraged buyouts.
Commodity refers to a basic good used in commerce that is interchangeable with other goods of the same type. Examples include oil, grain and livestock. Correlation is a statistical measure of how two variables relate to each other. Two different investments with a correlation of 1. The higher the correlation, the lower the diversifying effect. Currency refers to a generally accepted medium of exchange, such as the dollar, the euro, the yen, the Swiss franc, etc.
Market neutral is a strategy that involves attempting to remove all directional market risk by being equally long and short. Futures refers to a financial contract obligating the buyer to purchase an asset or the seller to sell an asset , such as a physical commodity or a financial instrument, at a predetermined future date and price. Global macro strategies aim to profit from changes in global economies that are typically brought about by shifts in government policy, which impact interest rates and in turn affect currency, bond and stock markets.
Hedge funds invest in a diverse range of markets and securities, using a wide variety of techniques and strategies, all intended to reduce risk while focusing on absolute rather than relative returns.
Leverage refers to using borrowed funds to make an investment. Investors use leverage when they believe the return of an investment will exceed the cost of borrowed funds. Leverage can increase the potential for higher returns, but can also increase the risk of loss. Managed futures involves taking long and short positions in futures and options in the global commodity, interest rate, equity, and currency markets.
Precious metals refer to gold, silver, platinum and palladium. Private equity consists of equity securities in operating companies that are not publicly traded on a stock exchange. Real estate refers to land plus anything permanently fixed to it, including buildings, sheds and other items attached to the structure.
Typically, an investor borrows shares, immediately sells them, and later buys them back to return to the lender. Volatility is the relative rate at which the price of a security or benchmark moves up and down. Volatility is also an asset class that can be traded in the futures markets. Geared investing refers to leveraged or inverse investing. CSM rated 5 stars for the 3-year period ending March 31, among 99 U. All Rights Reserved. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
This estimate is intended to reflect what an average investor would pay when buying or selling an ETF. This estimate is subject to change, and the actual commission an investor pays may be higher or lower.
The overall rating for an ETF is based on a weighted average of the time-period ratings e. Past performance is no guarantee of future results. SEC Day Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows investors to more fairly compare funds. The figure is calculated by dividing the net investment income less expenses by the current maximum offering price. The current yield only refers to the yield of the bond at the current moment, not the total return over the life of the bond.
Dividend yield shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock. Higher duration generally means greater sensitivity. Effective duration for this fund is calculated including both the long bond positions and the short Treasury futures positions.
Distribution Yield represents the annualized yield based on the last income distribution. Trailing price to earnings ratio measures market value of a fund or index relative to the collective earnings of its component stocks for the most recent month period.
Price to book ratio measures market value of a fund or index relative to the collective book values of its component stocks. Weighted average market cap is the average market value of a fund or index, weighted for the market capitalization price times shares outstanding of each component.
In such a weighting scheme, larger market cap companies carry greater weight than smaller market cap companies. An ROC is a distribution to investors that returns some or all of their capital investment, thus reducing the value of their investment. In general, investors are not taxed on an ROC unless it begins to exceed their original investment value. This is the dollar amount of your initial investment in the fund.
This is the percentage change in the index or benchmark since your initial investment. Enter a positive or negative number. This is the dollar value that your account should be after you rebalance. This is the dollar amount you have invested in your fund. Credit default swap CDS spread reflects the annualized amount espressed in basis points that a CDS protection buyer will pay to a protection seller. The weighted average CDS spread in a portfolio is the sum of CDS spreads of each contract in the portfolio multiplied by their relative weights.
Higher spread duration reflects greater sensitivity. It is a float-adjusted, market capitalization-weighted index of U. Infrastructure refers to companies that actually own and operate the transportation, communications, energy and water assets that provide essential services to our society.
Net effective duration for this fund is calculated includes both the long bond positions and the short Treasury futures positions.
If You Think You Know Gold, Think Again.
But you may be wondering Who creates those shares? Why and when are new shares created? And how is it done? There are many reasons why an AP may choose to create or redeem a basket of shares, but the primary reason is to create inventory for the secondary market, where investors buy and sell shares on an exchange just like any other security. London Good Delivery Bars must be in compliance with the standards set forth by the London Bullion Market Association with respect to size, weight and fineness. Each AP must establish an account with HSBC in order to process the gold transfers associated with creating and redeeming baskets. Once the gold is transferred from the AP to the Trust it becomes the property of the Trust, with no ties to any other entity, meaning no one else can make a claim on that gold under any circumstances.
iShares Gold Trust
Your use of this site signifies that you accept our Terms and Conditions of Use. This report is intended for general information and should not be used to solicit prospective investors. For more complete information please review the prospectus. You are leaving the ProShares website. ProShares is not responsible for information provided on third-party websites. Follow these steps for access: Select "Institutional" as your client type and Save, then Accept the service agreement on the following screen.
SPDR Gold Shares (GLD)
SPDR Gold Shares