In recent years many investors have expressed increased interest in gold as an investment and portfolio diversification tool. The introduction of CBOE Options on SPDR Gold Shares (GLD) provides investors with another tool for portfolio and risk management. The SPDR Gold Trust, which is an exchange traded fund (ETF), issues SPDR Gold Shares that represent a fractional, undivided interest in gold bullion held by the SPDR Gold Trust.

Key Facts about SPDR Gold Shares (GLD)

• Inception Date. The GLD ETF was launched on November 12, 2004 (originally with the name streetTRACKS^® Gold Trust).
• Year-end Prices for the GLD ETF were 51.58 in 2005, 63.21 in 2006, and 82.46 in 2007 (see also the graphs below).
• Asset Size. In April 2008 the GLD ETF was the 6th largest US-based ETF, with more than $16 billion in assets (see also the table below).

CBOE Options on GLD

Key features for CBOE GLD options include:

• Underlying—100 shares of the GLD ETF.
• Exercise Style: American—GLD options generally may be exercised on any business day before the expiration date.
• Settlement of Option Exercise: Physical Delivery of GLD shares.

Please visit these links for more information on CBOE and options strategies:

June 2, 2008 Press Release - includes Product Specifications
Commodity-based ETF Options
Options Trading Strategies
Options Toolbox
Reasons to Choose CBOE

Price Charts

Low or Negative Correlations

Some investors consider gold to have the potential to help diversify a portfolio of traditional investments, and the GLD has had low or negative correlations with a number of benchmark indexes.