The largest bullion-backed ETF has seen its assets cut in half from its 2011 peak due to a combination of tumbling gold prices and investor redemptions.

SPDR Gold Shares (NYSEArca: GLD) in 2011 briefly surpassed SPDR S&P 500 (NYSEArca: SPY) as the biggest ETF in the world. [Can Gold Fund Reclaim Title of World’s Largest ETF?]

In August 2011, GLD’s assets topped out at $77.5 billion. The gold fund currently holds $38.5 billion.

GLD is down about 23% for the trailing three months. The fund has experienced net outflows of $18.2 billion year to date, according to IndexUniverse data.

Other bullion-backed ETFs include iShares Gold Trust (NYSEArca: IAU) and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL). [Gold ETFs on Track for Worst Quarter Ever]

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