| Filed Pursuant To Rule 433 Registration No. 333-209926 March 18, 2016
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SPDR® ETF Trading Report January 2016
Consolidated Consolidated Avg. Avg. Avg. Quote Short
Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest
Spread Spread vs. 3 mo. Volume Avg. Daily(shares) vs. Quote Size(Shares) vs. Quote vs. 3 mo. Trade Volatility as of
Ticker ETF Name($)(%) trailing(shares) Volume ($) 3 mo. trailing(shares) 3 mo. trailing Size ($) trailing Size(%) 01/15/2016
US Core
SPY SPDR S&P 500® ETF 0.01 0.01 0.01 195,417,591 38,207,296,767 135,909,522 10,118 13,806 1,809,231 2,758,301 268 1.30 318,200,295
MDY SPDR S&P MidCap 400® ETF 0.05 0.02 0.05 4,098,751 986,648,751 2,433,183 1,986 1,728 401,292 429,857 134 1.30 6,067,752
SLY SPDR S&P 600 Small Cap ETF 0.24 0.27 0.23 36,511 3,495,783 23,931 3,072 3,222 258,092 314,113 157 1.30 21,769
DIA SPDR Dow Jones Industrial Average ETF 0.01 0.01 0.01 11,661,630 1,916,598,752 7,603,127 3,104 2,844 413,863 483,224 195 1.30 8,047,724
THRK SPDR Russell 3000 ETF 0.53 0.37 0.40 5,357 837,521 4,531 2,331 2,621 311,492 391,918 101 1.10 8,388
TWOK SPDR Russell 2000 ETF 0.16 0.26 0.21 25,956 1,659,183 36,303 4,195 4,245 271,809 288,066 197 1.50 3,310
ONEK SPDR Russell 1000 ETF 0.22 0.24 0.21 2,636 272,733 3,220 3,079 3,254 296,027 308,740 82 1.00 733
RSCO SPDR Russell Small 0.38 0.55 0.39 2,751 220,962 2,717 5,003 5,050 240,055 387,588 124 1.20 6,086
Cap Completeness ETF
SPYX SPDR S&P 500 Fossil Fuel Free ETF 0.16 0.34 0.09 5,887 310,980 22,122 2,849 2,139 115,769 105,709 191 1.00 27,269
US Style
SPYG SPDR S&P 500 Growth ETF 0.15 0.16 0.16 41,149 4,068,850 33,980 1,775 2,225 148,255 220,164 114 1.30 23,211
SPYV SPDR S&P 500 Value ETF 0.09 0.10 0.09 20,349 1,909,421 14,497 2,884 2,222 163,439 208,779 139 1.20 15,301
MDYG SPDR S&P 400 Mid Cap Growth ETF 0.30 0.28 0.30 31,471 3,551,832 23,638 3,618 3,521 354,311 408,436 130 1.30 7,003
MDYV SPDR S&P 400 Mid Cap Value ETF 0.26 0.36 0.26 19,668 1,433,542 16,577 6,770 6,717 403,640 510,223 129 1.30 9,455
SLYG SPDR S&P 600 Small Cap Growth ETF 0.44 0.28 0.43 34,510 5,871,142 24,991 2,603 2,815 391,309 488,712 78 1.40 24,566
SLYV SPDR S&P 600 Small Cap Value ETF 0.22 0.26 0.23 42,070 3,733,266 32,734 4,297 3,674 311,143 342,233 91 1.50 15,477
US Sector
XLY Consumer Discretionary Select Sector SPDR ETF 0.01 0.01 0.01 11,874,711 890,697,077 8,334,278 3,664 5,187 281,406 399,451 162 1.30 19,919,054
XLP Consumer Staples Select Sector SPDR ETF 0.01 0.02 0.01 16,770,528 866,086,357 11,213,175 29,165 34,399 1,515,324 1,703,782 354 1.00 28,415,307
XLE Energy Select Sector SPDR ETF 0.01 0.02 0.01 32,351,199 1,831,975,134 23,649,697 5,622 6,063 312,982 367,297 172 2.50 49,119,799
XLF Financial Select Sector SPDR ETF 0.01 0.05 0.01 68,725,395 1,571,598,793 48,664,541 683,510 866,209 15,269,268 20,070,063 1,477 1.40 143,207,802
XLV Health Care Select Sector SPDR ETF 0.01 0.02 0.01 17,487,805 1,261,734,728 12,464,875 5,122 6,270 361,547 437,897 217 1.30 67,305,035
XLI Industrial Select Sector SPDR ETF 0.01 0.02 0.01 16,258,073 838,779,012 13,455,020 15,196 23,165 834,769 1,210,603 267 1.20 38,256,327
Source: ArcaVision. Data is as of the referenced date and is subject to change. Past performance is not a guarantee of future results.
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SPDR® ETF Trading Report
Consolidated Consolidated Avg. Avg. Avg. Quote Short
Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest
Spread Spread vs. 3 mo. Volume Avg. Daily(shares) vs. Quote Size(Shares) vs. Quote vs. 3 mo. Trade Volatility as of
Ticker ETF Name($)(%) trailing(shares) Volume ($) 3 mo. trailing(shares) 3 mo. trailing Size ($) trailing Size(%) 01/15/2016
US Sector (cont’d)
XLB Materials Select Sector SPDR ETF 0.01 0.03 0.01 9,869,630 403,829,930 7,477,430 12,659 14,966 528,798 637,552 235 1.50 24,043,584
XLK Technology Select Sector SPDR ETF 0.01 0.02 0.01 17,941,144 762,878,833 12,591,542 48,908 68,052 2,079,722 2,869,072 338 1.50 17,493,184
XLU Utilities Select Sector SPDR ETF 0.01 0.02 0.01 15,361,555 696,496,917 12,439,085 18,662 19,861 812,226 855,810 272 0.80 42,714,395
XLFS Financial Services Select Sector SPDR Fund 0.05 0.17 0.05 5,359 166,650 11,494 7,165 7,567 231,259 235,334 233 1.50 6,904
XLRE Real Estate Select Sector SPDR Fund 0.16 0.54 0.08 1,973 68,446 6,901 10,644 6,267 286,622 189,577 120 1.40 30,718
US Industry
KBE SPDR S&P Bank ETF 0.01 0.04 0.01 4,294,446 128,684,125 2,777,199 9,090 8,864 292,717 289,587 214 1.70 6,434,999
KCE SPDR S&P Capital Markets ETF 0.03 0.08 0.03 78,964 3,218,161 31,574 1,061 1,124 53,372 46,646 146 1.80 10,533
KIE SPDR S&P Insurance ETF 0.04 0.05 0.03 159,968 10,584,563 146,896 2,034 2,129 178,965 146,284 141 1.10 1,548,060
KRE SPDR S&P Regional Banking ETF 0.01 0.03 0.01 9,288,599 347,343,956 6,063,235 5,127 5,072 229,261 205,872 177 1.70 31,739,184
XBI SPDR S&P Biotech ETF 0.05 0.10 0.06 9,424,448 544,317,937 4,903,703 660 735 42,925 45,599 152 3.30 39,358,393
XHB SPDR S&P Homebuilders ETF 0.01 0.04 0.01 5,458,299 169,446,809 3,659,245 7,471 7,547 260,072 250,409 190 1.60 14,092,011
XME SPDR S&P Metals & Mining ETF 0.01 0.08 0.01 2,435,016 33,286,799 2,112,231 9,435 9,401 130,224 140,169 195 2.30 11,256,147
XES SPDR S&P Oil & Gas Equip & Services ETF 0.02 0.13 0.02 474,396 7,336,563 454,204 15,987 15,876 242,804 287,991 208 3.40 183,898
XITK SPDR FactSet Innovative Technology ETF 0.06 0.13 0.06 570 30,367 570 517 517 26,520 25,343 119 0.70 —
XOP SPDR S&P Oil & Gas Exploration & Production ETF 0.01 0.04 0.01 23,196,447 621,654,757 16,031,526 5,580 5,144 149,672 158,281 209 3.40 33,814,980
XPH SPDR S&P Pharmaceuticals ETF 0.06 0.13 0.06 200,286 9,427,233 161,909 4,444 3,221 184,448 160,019 130 2.30 2,062,618
XRT SPDR S&P Retail ETF 0.01 0.03 0.01 4,570,701 187,385,555 4,557,592 3,594 4,183 148,925 180,371 160 1.40 24,681,137
XSD SPDR S&P Semiconductors ETF 0.04 0.10 0.04 201,005 8,193,711 166,358 4,040 4,838 188,668 204,986 194 1.90 983,977
XHE SPDR S&P Health Care Equipment ETF 0.16 0.40 0.16 8,651 386,389 6,505 2,411 2,228 92,246 98,166 197 1.30 8,477
XTL SPDR S&P Telecom ETF 0.13 0.26 0.12 7,165 402,768 4,605 3,614 4,077 206,813 221,952 199 1.60 1,528
XAR SPDR S&P Aerospace & Defense ETF 0.09 0.17 0.09 23,568 1,221,139 22,383 768 1,243 42,070 64,984 185 1.20 15,131
XHS SPDR S&P Health Care Services ETF 0.09 0.17 0.08 22,932 1,281,201 24,905 625 708 57,026 39,825 138 1.50 16,828
XSW SPDR S&P Software & Services ETF 0.11 0.23 0.11 5,924 302,896 4,537 2,002 2,448 116,688 120,099 186 1.60 3,780
XTN SPDR S&P Transportation ETF 0.05 0.13 0.05 80,861 3,289,364 74,875 1,609 1,104 158,174 47,052 206 1.80 458,306
MTK SPDR Morgan Stanley Technology ETF 0.10 0.20 0.09 22,801 1,186,362 21,054 4,692 4,362 253,993 231,448 135 1.50 2,022
Source: ArcaVision. Data is as of the referenced date and is subject to change. Past performance is not a guarantee of future results.
State Street Global Advisors 2
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SPDR® ETF Trading Report
Consolidated Consolidated Avg. Avg. Avg. Quote Short
Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest
Spread Spread vs. 3 mo. Volume Avg. Daily(shares) vs. Quote Size(Shares) vs. Quote vs. 3 mo. Trade Volatility as of
Ticker ETF Name($)(%) trailing(shares) Volume ($) 3 mo. trailing(shares) 3 mo. trailing Size ($) trailing Size(%) 01/15/2016
Real Estate Equities
RWR SPDR Dow Jones REIT ETF 0.04 0.05 0.04 469,439 42,237,575 322,297 3,964 4,226 324,443 377,973 129 1.30 118,139
RWO SPDR Dow Jones Global Real Estate ETF 0.06 0.14 0.06 365,218 16,668,194 255,959 1,188 1,384 43,004 63,373 181 1.20 185,477
RWX SPDR Dow Jones Intl. Real Estate ETF 0.03 0.07 0.03 1,154,821 43,655,484 792,734 1,704 1,581 77,897 60,710 224 1.20 329,141
Global Equities
DGT SPDR Global Dow ETF 0.37 0.62 0.37 3,564 242,715 5,745 772 636 44,729 41,423 194 1.50 2,368
GII SPDR S&P Global Infrastructure ETF 0.32 0.81 0.30 9,736 413,767 22,982 1,644 1,049 56,751 44,299 177 1.50 6,797
GNR SPDR S&P Global Natural Resources ETF 0.07 0.26 0.07 126,157 3,773,280 168,116 1,971 2,413 47,366 78,278 218 1.70 190,612
CWI SPDR MSCI ACWI ex-US ETF 0.03 0.09 0.03 397,639 11,440,305 308,005 2,036 2,003 65,436 60,791 224 1.40 358,685
ACIM SPDR MSCI ACWI IMI ETF 0.91 1.58 1.07 4,989 357,968 4,100 432 528 23,243 32,219 254 1.40 729
GWL SPDR S&P World ex-US ETF 0.04 0.17 0.04 261,925 6,347,842 211,539 5,298 3,965 86,973 100,830 274 1.40 77,920
MDD SPDR S&P International Mid Cap ETF 0.52 1.92 0.51 19,660 550,348 12,417 559 592 13,807 16,842 162 1.40 12,037
GWX SPDR S&P International Small Cap ETF 0.07 0.26 0.08 214,084 5,759,088 152,370 744 952 25,269 26,466 280 1.20 86,099
LOWC SPDR MSCI ACWI Low Carbon Target ETF 0.05 0.08 0.06 1,091 85,959 715 1,121 1,197 69,561 82,569 154 1.20 11,467
International Developed Equities — Region/Country
JSC SPDR Russell/Nomura Small Cap™ Japan ETF 0.31 0.63 0.33 11,219 596,654 5,099 659 716 48,076 36,516 233 1.10 797
JPP SPDR Russell/Nomura PRIME™ Japan ETF 0.21 0.47 0.24 6,914 351,865 4,435 761 909 39,366 41,260 204 1.40 9,704
FEZ SPDR DJ Euro STOXX 50 ETF 0.01 0.03 0.01 4,582,693 151,134,287 2,826,532 32,717 27,394 1,056,960 922,904 368 1.50 642,829
FEU SPDR DJ STOXX 50 ETF 0.07 0.23 0.07 55,910 1,828,203 48,100 1,692 1,436 53,706 45,378 213 1.40 23,144
SMEZ SPDR EURO STOXX Small Cap ETF 0.24 0.54 0.22 13,667 647,074 14,596 403 358 15,212 17,066 191 1.20 15,976
HFEZ SPDR EURO STOXX 50 Currency Hedged ETF 0.07 0.21 0.09 7,544 240,498 6,928 317 549 8,674 19,429 674 1.80 6,831
HREX SPDR MSCI International Real Estate Currency 0.11 0.30 0.11 165 5,225 134 300 903 11,068 35,479 98 9.10 75
Hedged ETF
HDWX SPDR S&P International Dividend Currency 0.14 0.39 0.13 306 11,786 160 104 117 4,259 4,218 84 4.70 122
Hedged ETF
Emerging Market Equities
EMBB SPDR MSCI EM Beyond BRIC ETF 0.88 2.02 0.79 202 10,338 124 692 692 23,620 30,891 — 2.20 207
EMFT SPDR MSCI EM 50 ETF 0.57 1.65 0.80 259 11,759 276 1,084 1,077 69,341 41,432 10 3.50 996
GMM SPDR S&P Emerging Markets ETF 0.16 0.33 0.15 43,685 2,125,933 49,075 1,061 803 45,410 41,812 244 1.70 14,796
Source: ArcaVision. Data is as of the referenced date and is subject to change. Past performance is not a guarantee of future results.
State Street Global Advisors 3
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SPDR® ETF Trading Report
Consolidated Consolidated Avg. Avg. Avg. Quote Short
Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest
Spread Spread vs. 3 mo. Volume Avg. Daily(shares) vs. Quote Size(Shares) vs. Quote vs. 3 mo. Trade Volatility as of
Ticker ETF Name($)(%) trailing(shares) Volume ($) 3 mo. trailing(shares) 3 mo. trailing Size ($) trailing Size(%) 01/15/2016
Emerging Market Equities (cont’d)
GML SPDR S&P Emerging Latin America ETF 0.25 0.76 0.31 2,786 98,340 5,260 385 414 15,213 14,954 138 1.60 12,798
GAF SPDR S&P Emerging Middle East & Africa ETF 0.67 1.52 0.72 13,035 597,415 8,522 298 669 13,501 32,634 58 2.20 479
GUR SPDR S&P Emerging Europe ETF 0.25 1.15 0.19 13,693 305,497 11,477 370 605 7,976 13,770 95 2.00 10,105
GMF SPDR S&P Emerging Asia Pacific ETF 0.16 0.23 0.16 52,088 3,634,554 38,677 1,069 933 76,947 67,633 129 1.60 33,177
EWX SPDR S&P Emerging Markets Small Cap ETF 0.09 0.25 0.07 92,176 3,374,683 90,291 1,332 905 37,794 33,757 162 1.40 70,058
BIK SPDR S&P BRIC 40 ETF 0.04 0.23 0.05 24,826 445,182 19,999 609 641 12,312 11,852 211 1.60 11,614
GXC SPDR S&P China ETF 0.09 0.14 0.10 223,743 15,080,003 119,995 661 688 49,655 48,071 129 1.90 37,434
RBL SPDR S&P Russia ETF 0.05 0.40 0.06 17,520 236,680 10,119 1,575 1,365 16,045 18,837 278 2.30 15,877
XINA SPDR MSCI China A Shares IMI ETF 0.12 0.53 0.07 982 27,890 2,393 340 351 7,446 9,066 211 4.20 —
International Sector Equities
IPD SPDR S&P International Consumer Discretionary 0.29 0.84 0.30 7,265 264,773 4,037 527 582 21,057 20,847 139 1.60 6,981
Sector ETF
IPS SPDR S&P International Consumer Staples 0.25 0.62 0.22 5,341 233,209 4,503 821 763 33,279 30,871 210 1.20 303
Sector ETF
IPW SPDR S&P International Energy Sector ETF 0.05 0.38 0.07 25,212 365,367 16,723 1,212 1,552 11,584 23,327 170 2.70 75,050
IPF SPDR S&P International Financial Sector ETF 0.57 3.24 0.49 13,508 241,888 6,376 1,180 1,164 15,015 21,499 196 1.80 17,023
IRY SPDR S&P International Health Care Sector ETF 0.17 0.36 0.16 10,265 517,891 6,575 577 518 36,100 25,247 146 1.30 557
IPN SPDR S&P International Industrial Sector ETF 0.09 0.36 0.09 16,931 461,716 7,674 1,510 1,419 39,663 38,199 246 1.30 3,874
IRV SPDR S&P International Materials Sector ETF 0.07 0.49 0.08 2,999 46,756 1,601 2,223 2,076 39,705 33,341 66 2.10 2,234
IPK SPDR S&P International Technology Sector ETF 0.34 1.18 0.34 3,013 110,792 2,540 595 673 24,725 20,749 200 1.20 2,289
IST SPDR S&P International Telecommunications 0.12 0.52 0.12 7,263 186,515 4,106 837 770 14,891 18,873 141 1.20 169
Sector ETF
IPU SPDR S&P International Utilities Sector ETF 0.07 0.43 0.07 3,902 66,799 4,096 722 929 13,200 14,883 135 1.00 5,523
Advanced Beta — Income
EDIV SPDR S&P Emerging Markets Dividend ETF 0.04 0.18 0.04 131,147 2,904,627 122,538 885 945 29,027 22,699 232 1.60 2,679
DWX SPDR International Dividend ETF 0.04 0.12 0.04 200,733 6,316,453 221,759 1,378 1,279 46,016 42,629 190 1.60 206,440
SDY SPDR S&P Dividend ETF 0.02 0.03 0.03 1,465,724 104,342,497 1,151,345 4,055 5,305 348,810 390,342 170 1.10 497,260
WDIV SPDR S&P Global Dividend ETF 0.10 0.19 0.10 23,357 1,291,691 14,620 485 575 28,521 32,154 131 1.20 10,925
SPYD SPDR S&P 500 High Dividend ETF 0.06 0.22 0.05 16,308 506,347 11,505 14,308 14,190 331,716 410,942 433 1.10 1,676
Source: ArcaVision. Data is as of the referenced date and is subject to change. Past performance is not a guarantee of future results.
State Street Global Advisors 4
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SPDR® ETF Trading Report
Consolidated Consolidated Avg. Avg. Avg. Quote Short
Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest
Spread Spread vs. 3 mo. Volume Avg. Daily(shares) vs. Quote Size(Shares) vs. Quote vs. 3 mo. Trade Volatility as of
Ticker ETF Name($)(%) trailing(shares) Volume ($) 3 mo. trailing(shares) 3 mo. trailing Size ($) trailing Size(%) 01/15/2016
Advanced Beta — Multi Factor
QAUS SPDR MSCI Australia Quality Mix ETF 0.04 0.10 0.04 1,051 52,187 1,566 1,008 1,008 41,061 44,050 93 2.50 1
QCAN SPDR MSCI Canada Quality Mix ETF 0.07 0.17 0.06 4,533 200,273 3,272 1,029 1,004 40,371 43,945 177 1.80 724
QDEU SPDR MSCI Germany Quality Mix ETF 0.06 0.12 0.07 595 32,182 2,111 992 990 46,586 50,797 103 1.90 60
QJPN SPDR MSCI Japan Quality Mix ETF 0.25 0.41 0.23 7,348 472,368 2,613 584 589 35,892 36,335 164 1.30 2,980
QESP SPDR MSCI Spain Quality Mix ETF 0.04 0.09 0.04 163 8,193 244 1,000 1,002 39,320 43,827 51 3.50 26
QGBR SPDR MSCI United Kingdom Quality Mix ETF 0.08 0.17 0.08 127 4,687 86 1,005 1,004 46,813 49,959 60 2.30 943
QEFA SPDR MSCI EAFE Quality Mix ETF 0.86 1.72 0.60 1,241 69,615 1,692 1,699 1,168 77,462 63,492 91 1.60 1,575
QMEX SPDR MSCI Mexico Quality Mix ETF 0.06 0.29 0.06 615 20,549 512 866 860 15,695 18,714 128 2.30 34,842
QKOR SPDR MSCI Korea Quality Mix ETF 0.11 0.47 0.11 46 1,477 468 673 909 18,832 23,279 23 3.20 22,359
QTWN SPDR MSCI Taiwan Quality Mix ETF 0.18 0.38 0.23 93 4,946 100 797 681 35,673 32,974 49 4.20 896
QWLD SPDR MSCI World Quality Mix ETF 0.53 0.94 0.67 333 26,568 304 646 553 26,142 32,727 24 2.40 443
QEMM SPDR MSCI Emerging Markets Quality Mix ETF 0.36 0.86 0.40 38,155 1,688,000 23,670 2,064 1,285 70,313 58,288 199 1.40 75,753
QUS SPDR MSCI USA Quality Mix ETF 0.09 0.15 0.06 202 13,171 691 1,013 2,294 50,342 136,103 72 2.60 1,379
Advanced Beta — Single Factor
SPYB SPDR S&P 500 Buyback ETF 0.05 0.12 0.05 561 36,794 1,453 2,926 2,799 118,702 131,721 50 1.30 8,300
VLU SPDR S&P 1500 Value Tilt ETF 0.50 0.70 0.51 646 55,307 271 4,755 5,169 332,973 379,146 41 1.20 5,476
MMTM SPDR S&P 1500 Momentum Tilt ETF 0.43 0.52 0.55 1,468 141,637 1,681 732 3,400 196,353 298,486 78 1.10 4,731
LGLV SPDR Russell 1000 Low Volatility ETF 0.35 0.50 0.38 2,529 208,933 2,052 1,571 1,394 111,834 101,734 146 1.30 1,338
SMLV SPDR Russell 2000 Low Volatility ETF 0.29 0.42 0.29 5,043 372,534 3,899 2,575 2,995 185,425 220,043 98 1.30 11,436
ONEY SPDR Russell 1000 Yield Focus ETF 0.08 0.15 0.08 179 9,641 91,177 4,734 2,322 260,764 138,972 65 4.80 400
ONEO SPDR Russell 1000 Momentum Focus ETF 0.11 0.20 0.09 181 8,936 91,098 4,120 2,317 248,437 138,765 70 6.10 403
ONEV SPDR Russell 1000 Low Volatility Focus ETF 0.08 0.15 0.08 343 23,612 91,479 2,669 1,886 121,080 113,462 120 2.10 3,570
Advanced Beta — Fixed Income
CBND SPDR Barclays Issuer Scored Corporate Bond ETF 0.11 0.34 0.15 5,389 187,533 7,390 766 1,194 28,506 37,384 91 0.30 11,064
Fixed Income — US Government
BIL SPDR Barclays 1–3 Month T-Bill ETF 0.01 0.02 0.01 2,615,690 120,414,872 2,112,882 2,817,673 3,512,065 137,871,696 160,431,129 4,486 0.00 700,925
ITE SPDR Barclays Intermediate Term Treasury ETF 0.03 0.06 0.04 102,282 6,280,662 162,527 82,951 64,866 2,811,300 3,898,447 333 0.10 25,193
TLO SPDR Barclays Long Term Treasury ETF 0.07 0.10 0.09 92,055 6,762,144 104,456 17,117 14,162 820,853 998,704 251 0.60 46,150
IPE SPDR Barclays TIPS ETF 0.07 0.12 0.05 49,547 2,842,935 36,704 19,039 10,931 1,009,195 600,768 283 0.20 24,251
Source: ArcaVision. Data is as of the referenced date and is subject to change. Past performance is not a guarantee of future results.
State Street Global Advisors 5
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SPDR® ETF Trading Report
Consolidated Consolidated Avg. Avg. Avg. Quote Short
Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest
Spread Spread vs. 3 mo. Volume Avg. Daily(shares) vs. Quote Size(Shares) vs. Quote vs. 3 mo. Trade Volatility as of
Ticker ETF Name($)(%) trailing(shares) Volume ($) 3 mo. trailing(shares) 3 mo. trailing Size ($) trailing Size(%) 01/15/2016
Fixed Income — US Government (cont’d)
SST SPDR Barclays Short Term Treasury ETF 0.08 0.26 0.07 21,648 722,485 30,505 1,836 1,592 60,823 47,999 367 0.10 5,818
SIPE SPDR Barclays 0–5 Year TIPS ETF 0.15 0.77 0.14 1,199 28,267 849 5,089 4,905 53,514 94,765 41 0.40 594
TIPX SPDR Barclays 1–10 Year TIPS ETF 0.04 0.21 0.03 4,467 101,855 6,534 3,976 3,586 61,880 68,242 303 0.20 23,038
Fixed Income — US Investment Grade Corporates
SCPB SPDR Barclays Short Term Corporate Bond ETF 0.01 0.03 0.01 1,346,184 41,446,952 969,059 10,467 20,647 531,818 628,701 423 0.10 670,715
ITR SPDR Barclays Term Corporate Bond ETF 0.03 0.09 0.03 233,572 8,073,529 168,509 1,959 15,525 62,142 522,882 185 0.10 20,817
LWC SPDR Barclays Long Term Corporate Bond ETF 0.14 0.37 0.14 36,551 1,433,515 72,412 4,423 3,368 121,351 127,378 187 0.30 4,327
FLRN SPDR Barclays Investment Grade Floating Rate ETF 0.04 0.13 0.04 45,799 1,430,213 36,692 1,279 1,321 164,880 40,198 637 0.10 24,031
Fixed Income — High Yield
JNK SPDR Barclays High Yield Bond ETF 0.01 0.03 0.01 16,089,777 534,576,793 13,792,389 38,285 49,262 1,269,925 1,682,297 537 0.60 35,891,884
SJNK SPDR Barclays Short Term High Yield Bond ETF 0.01 0.04 0.01 1,934,209 49,373,325 1,954,605 6,849 8,997 180,128 232,752 366 0.40 943,309
IJNK SPDR Barclays International High Yield Bond ETF 0.23 1.10 0.25 2,306 57,769 4,697 1,068 1,763 25,987 38,116 151 1.00 678
CJNK SPDR BofA Merrill Lynch Crossover Corporate 0.24 0.99 0.24 6,285 166,321 7,848 1,033 3,582 25,527 87,902 139 0.40 656
Bond ETF
Fixed Income — US Mortgage
MBG SPDR Barclays Mortgage Bond ETF 0.09 0.34 0.07 22,383 632,090 25,327 1,398 2,194 26,512 58,931 297 0.20 14,101
Fixed Income — US Aggregate
BNDS SPDR Barclays Aggregate Bond ETF 0.03 0.06 0.04 128,582 7,595,737 71,000 743 1,035 46,239 59,357 230 0.20 62,207
Fixed Income — Hybrids
CWB SPDR Barclays Convertible Securities ETF 0.02 0.04 0.02 1,426,884 61,483,093 1,066,462 3,217 3,152 137,787 138,688 173 0.80 1,330,206
PSK SPDR Wells Fargo Preferred Stock ETF 0.08 0.18 0.07 175,102 7,881,767 144,194 1,430 1,150 42,005 51,336 193 0.30 26,693
Fixed Income — Municipal
SHM SPDR Nuveen Barclays Short Term Municipal 0.01 0.05 0.01 975,187 24,105,920 707,118 22,793 25,057 457,565 610,389 411 0.10 199,715
Bond ETF
TFI SPDR Nuveen Barclays Municipal Bond ETF 0.01 0.05 0.01 679,196 16,951,739 441,412 4,377 5,600 110,909 136,416 239 0.20 163,468
CXA SPDR NuveenBarclays California Municipal Bond ETF 0.07 0.28 0.07 26,027 677,314 20,868 1,583 1,579 30,282 38,322 224 0.20 15,738
INY SPDR Nuveen Barclays New York Municipal Bond ETF 0.19 0.80 0.28 3,339 91,762 3,436 2,108 2,365 54,039 55,861 150 0.30 18,175
Source: ArcaVision. Data is as of the referenced date and is subject to change. Past performance is not a guarantee of future results.
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SPDR® ETF Trading Report
Consolidated Consolidated Avg. Avg. Avg. Quote Short
Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest
Spread Spread vs. 3 mo. Volume Avg. Daily(shares) vs. Quote Size(Shares) vs. Quote vs. 3 mo. Trade Volatility as of
Ticker ETF Name($)(%) trailing(shares) Volume ($) 3 mo. trailing(shares) 3 mo. trailing Size ($) trailing Size(%) 01/15/2016
Fixed Income — Municipal (Cont’d)
BABS SPDR Nuveen Barclays Build America Bond ETF 0.50 0.81 0.43 5,724 374,778 4,484 823 645 72,835 38,752 118 0.70 3,839
HYMB SPDR Nuveen S&P High Yield Municipal Bond ETF 0.07 0.12 0.07 101,664 5,919,065 113,676 903 951 44,070 53,950 157 0.10 11,624
Fixed Income — International
WIP SPDR DB International Government Inflation- 0.07 0.14 0.08 80,245 4,158,183 104,886 1,994 2,124 109,930 109,067 135 0.20 321,966
Protected Bond ETF
BWZ SPDR Barclays Short Term International Treasury 0.06 0.21 0.06 18,723 599,381 45,573 2,141 2,379 69,128 70,751 219 0.30 10,803
Bond ETF
BWX SPDR Barclays International Treasury Bond ETF 0.04 0.07 0.04 691,333 36,032,285 441,566 4,844 3,945 201,767 203,128 223 0.20 27,830
IBND SPDR Barclays International Corporate Bond ETF 0.09 0.29 0.08 60,191 1,900,714 64,021 638 951 29,113 29,215 186 0.40 6,673
EMCD SPDR BofA Merrill Lynch Emerging Markets 0.51 1.94 0.54 2,350 74,452 2,843 1,852 2,236 55,840 60,685 88 1.40 2,007
Corporate Bond ETF
EBND SPDR Barclays Capital Emerging Markets Local 0.18 0.74 0.17 25,130 625,393 24,580 2,783 3,237 74,523 80,083 265 0.50 1,858
Bond ETF
Commodity
GLD® SPDR Gold Shares 0.01 0.01 0.01 7,353,296 803,423,374 5,890,199 6,708 6,659 650,371 691,604 206 0.80 9,192,719
NANR SPDR S&P North American Natural 0.05 0.23 0.08 73,279 1,782,584 460,412 5,209 6,550 87,924 161,851 204 1.80 21,379
Resources ETF
Active — Asset Allocation
RLY SPDR SSgA Multi-Asset Real Return ETF 0.05 0.23 0.05 46,181 1,182,044 62,289 19,410 19,033 408,437 426,530 152 0.90 501
INKM SPDR SSgA Income Allocation ETF 0.05 0.19 0.06 11,090 329,779 13,600 5,150 3,911 212,493 116,665 160 0.60 3,575
GAL SPDR SSgA Global Allocation ETF 0.09 0.30 0.08 56,355 1,847,922 74,675 25,350 19,657 682,007 649,271 347 0.80 4,686
Active — Equity
SYE SPDR MFS Systematic Core Equity ETF 0.27 0.49 0.26 1,584 95,060 1,416 2,115 2,269 75,555 130,808 150 1.30 1,040
SYG SPDR MFS Systematic Growth Equity ETF 0.26 0.46 0.23 3,498 214,814 2,769 2,006 1,988 81,904 118,703 109 1.10 5,157
SYV SPDR MFS Systematic Value Equity ETF 0.30 0.65 0.28 641 27,852 668 2,963 3,799 93,817 206,932 76 2.50 346
RORO SPDR SSgA Risk Aware ETF 0.20 0.58 0.22 75 2,842 39 526 534 18,288 19,176 16 0.00 3
Source: ArcaVision. Data is as of the referenced date and is subject to change. Past performance is not a guarantee of future results.
The GLD prospectus is available by clicking here.
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SPDR® ETF Trading Report
Consolidated Consolidated Avg. Avg. Avg. Quote Short
Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest
Spread Spread vs. 3 mo. Volume Avg. Daily(shares) vs. Quote Size(Shares) vs. Quote vs. 3 mo. Trade Volatility as of
Ticker ETF Name($)(%) trailing(shares) Volume ($) 3 mo. trailing(shares) 3 mo. trailing Size ($) trailing Size(%) 01/15/2016
Active — Fixed Income
TOTL SPDR DoubleLine Total Return Tactical ETF 0.02 0.05 0.02 573,343 28,180,747 460,193 11,793 12,885 338,905 630,205 526 0.10 48,778
SRLN SPDR Blackstone / GSO Senior Loan ETF 0.06 0.13 0.06 135,690 6,587,167 172,783 3,516 6,131 153,377 284,908 177 0.10 65,989
ULST SPDR SSgA Ultra Short Term Bond ETF 0.06 0.16 0.06 247,840 9,934,871 79,720 964 936 22,514 37,431 268 0.10 7,415
Source: ArcaVision. Data is as of the referenced date and is subject to change. Past performance is not a guarantee of future results.
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State Street Global Advisors, One Lincoln Street, Boston, MA 02111-2900. T: +1 617 664 7727.
Important Risk Information
ETFs trade like stocks, 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.
Actively managed ETFs do not seek to replicate the performance of a specified index.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Select Sector SPDR Funds bear a higher level of risk than more broadly diversified funds. All ETFs are subject to risk, including the possible loss of principal. Sector ETFs products are also subject to sector risk and non-diversification risk, which generally results in greater price fluctuations than the overall market.
Non-diversified funds that focus on a relatively small number of stocks or countries tend to be more volatile than diversified funds and the market as a whole.
Passively managed ETFs invest by sampling the Index, holding 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.
Commodities investing entails significant risk as commodity prices can be extremely volatile due to wide range of factors. A few such factors include overall market movements, real or perceived inflationary trends, commodity index volatility, international, economic and political changes, change in interest and currency exchange rates.
Foreign investments involve greater risks than US investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.
Investing in commodities entails significant risk and is not appropriate for all investors.
Small company issues can be subject to increased volatility and considerable price fluctuations.
Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss. The municipal market can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. High-yield municipal bonds are subject to greater credit risk and are likely to be more sensitive to adverse economic changes or subject to greater risk of loss of income and principal than higher-rated securities.
The municipal market may be volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Interest rate increases can cause the price of a debt security to decrease. While income from municipal bonds is generally not subject to federal income tax, a portion of the dividends paid by an ETF may be subject to federal, state, or local income tax or the federal alternative minimum tax.
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.
Important Information Relating to SPDR Gold Trust (“GLD®”):
The SPDR Gold Trust (“GLD”) has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents GLD has filed with the SEC for more complete information about GLD and this offering. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov or by visiting spdrgoldshares.com. Alternatively, the SPDR Gold Trust will arrange to send you the prospectus if you request it by calling 866.320.4053.
GLD is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and is not subject to regulation under the Commodity Exchange Act of 1936 (the “CEA”). As a result, shareholders of the Trust do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.
State Street Global Advisors
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SPDR® ETF Trading Report
GLD shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of GLD shares relates directly to the value of the gold held by GLD (less its expenses), and fluctuations in the price of gold could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them. GLD does not generate any income, and as GLD regularly sells gold to pay for its ongoing expenses, the amount of gold represented by each Share will decline over time. Investing involves risk, and you could lose money on an investment in GLD. Please see the GLD prospectus for a detailed discussion of the risks of investing in GLD shares. The GLD prospectus is available here.
For more information: State Street Global Markets, LLC, One Lincoln Street, Boston, MA, 02111 T: +1 866 320 4053 spdrgoldshares.com
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“Deutsche Bank” and “DB Global Government ex-US Inflation-Linked Bond Capped IndexSM” are reprinted with permission. © Copyright 2014 Deutsche Bank AG. All rights reserved. “Deutsche Bank” and DB Global Government ex-US Inflation-Linked Bond Capped IndexSM are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by State Street Global Advisors. The SPDR DB International Government Inflation-Protected Bond is not sponsored, endorsed, sold or promoted by Deutsche Bank AG. Deutsche Bank AG, as Index Provider, makes no representation, express or implied, regarding the advisability of investing in this product.
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State Street Global Advisors ID6207-IBG-18660 0316 Exp. Date 04/20/2016 SPD001077
SPDR® GOLD TRUST has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any Authorized Participant will arrange to send you the prospectus if you request it by calling toll free at 1-866-320-4053 or contacting State Street Global Markets, LLC, One Lincoln Street, Attn: SPDR® Gold Shares, 30th Floor, Boston, MA 02111.