NYC Event with Jeffrey Gundlach at the Metropolitan Club – Audio (April 24, 2018)
Complete Audio file – full length version (1:19:07)
“Commodity” segment (1:43):
“Coming Bond Supply” segment (1:12):
“U.S. Inflation” segment (1:58):
“Gold” segment (00:24):
S&P GSCI Index – The widely tracked S&P GSCI is recognized as a leading measure of general price movements and inflation in the world economy. The index representing market beta is world-production weighted. It is designed to be investable by including the most liquid commodity futures, and provides diversification with low correlations to other asset classes.
The launch date of the S&P GSCI was April 11, 1991. S&P Dow Jones Indices assumed calculation of the S&P GSCI as of May 7, 2007. Prior to that date, the index was calculated by Goldman Sachs or its affiliates from 1991 forward. All information presented prior to the index launch date is back-tested. Back-tested performance, which is hypothetical and not actual performance, is subject to inherent limitations because it reflects application of an index methodology and selection of index constituents in hindsight. No theoretical approach can take into account all of the factors in the markets in general and the impact of decisions that might have been made during the actual operation of an index. Past performance is not an indication or guarantee of future results.
SPDR S&P 500 ETF Trust (XOP)
Investment Objective & Summary
The SPDR® S&P® Oil & Gas Exploration & Production ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P® Oil & Gas Exploration & Production Select Industry® Index (the “Index”).
Seeks to provide exposure the oil and gas exploration and production segment of the S&P TMI, which comprises the following sub‐industries: Integrated Oil & Gas, Oil & Gas Exploration & Production, and Oil & Gas Refining & Marketing.
Seeks to track a modified equal weighted index which provides the potential for unconcentrated industry exposure across large, mid and small cap stocks
Important Risk Information ‐ Funds investing in a single sector may be subject to more volatility than funds investing in a diverse group of sectors.
Non‐diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.
Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.
While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
XOP is distributed by State Street Global Markets, LLC
SPDR S&P 500 ETF Trust (SPY)
Investment Objective & Summary
The Trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index (the “Index”).
The S&P 500 Index is a diversified large cap U.S. index that holds companies across all eleven GICS sectors.
Important Risk Information ‐ Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions. While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
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.
SPY is distributed by State Street Global Markets, LLC
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 talk to your financial adviser. Read it carefully before investing.