SPDR Gold Shares ETF

Third weight at 5.52%, down 6.4% from 5.90% - the second-largest genuine trim in the book. Both of its theses moved against it: Gold structural debasement bid fell 0.89 to 0.86 after gold fell to a five-week low on rising real yields, and the alignment cut it inside the stagflation basket 0.60 to 0.52 for selling off on the inflation repricing a second time. It holds third place because its two largest channels, inflation-debasement and monetary-credibility, are counted once at the gold thesis's stronger loading, and the stagflation membership still adds a distinct rate-path channel. Retains primary-vehicle inside its own basket at 0.92 - the thesis fell, not the vehicle's fit to it.