Filed Pursuant To Rule 433

Registration No. 333-203585

October 9, 2015

It’s A Macro Driven World — Use SPDR ETFs To Invest In It

Global Central Bank Balance Sheets And Notoriety Have Surged Over The Last 10 Years, Creating A Macro Driven World

283%

PBOC Increase In Central Bank News Stories 40% ECB

43% Fed BOJ

450% 253%

Increase In Central Bank Assets 154% 140%

Federal Reserve European Central Bank Peoples Bank of China Bank of Japan

We found that clients have three main concerns1 SPDR ETF Solutions For The Macro Driven World

1 Concern: Bond Market Uncertainty

Solution: Expand your bond portfolio — navigate rates but stay diversified

2 Concern: Global Growth Slowdown

Solution: Continue to buy into the market, don’t just buy the market

3 Concern: Market Volatility

Solution: Tail risk protection with Gold

Name

Ticker

Gross Expense Ratio (%)

Net Expense Ratio (%)

SPDR Doubleline Total Return Tactical ETF TOTL 0.65% 0.55%*

SPDR Blackstone/GSO Senior Loan ETF SRLN 0.70 0.70

1 SPDR Barclays Short Term High Yield Bond ETF SJNK 0.40 0.40

SPDR Barclays Convertible Securities ETF CWB 0.40 0.40

SPDR Barclays Investment Grade Floating Rate ETF FLRN 0.15 0.15

SPDR S&P Regional Banking ETF KRE 0.35 0.35

SPDR S&P Biotech ETF XBI 0.35 0.35

2 SPDR S&P Homebuilders ETF XHB 0.35 0.35

SPDR Euro STOXX 50 ETF FEZ 0.29 0.29

SPDR Dow Jones International Real Estate ETF RWX 0.59 0.59

3 SPDR Gold Shares GLD 0.40 0.40

Source: State Street Global Advisors, Bloomberg July 31, 2015. Period measured 07/2005 to 07/2015 Figures represent the monthly total news stories where the central banks were mentioned

1 Source SSGA, Survey was to determine which investment concerns and client portfolio considerations are on Investment Professionals’ minds currently and for the remainder of 2015 (and beyond).

NBDs, IBDs, RIAs and CFPs accounted for 83% of the survey responses (NBDs and IBDs totaled 57%). Majority of respondents firm’s AUM were at either the $51-250 million (43%) or less than $50 million levels (31%)

* SSGA Funds Management, Inc. (SSGA FM or Adviser) has contractually agreed to waive its advisory fee and/or reimburse certain expenses, until October 31, 2016, so that the net annual fund operating expenses of the Fund will be limited to 0.55% of the Fund’s average daily net assets before application of any extraordinary expenses or acquired fund fees and expenses. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and after October 31, 2016, the waiver and/or reimbursement may be cancelled or modified at any time. This waiver and/or reimbursement may not be terminated during the relevant period except with the approval of the Fund’s Board of Trustees.

STATE STREET

GLOBAL ADVISORS IBG-16264 1

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A Packaged Solution For Core Fixed Income From DoubleLine

TOTL

The Barclays US Aggregate Index (“the Agg”) yield per unit of duration has been in a multi-decade downward trend, and has left this “core” exposure vulnerable to higher rates

The Agg also represents a narrower slice of the fixed income market than bond investors realize, and active managers have been shown to add value in the expansive intermediate bond segment

The Agg’s Yield Per Unit of Duration Has Been in Downward Trend, and Well Below its Historical Average Of Investor Payoff For Fixed Income Exposure

Yield Per Unit Of Duration

2.5

2.0

1.5

1.0

0.5

0.0

Apr-89 Jan-91 Oct-92 Jul-94 Apr-96 Jan-98 Oct-99 Jul-01 Apr-03 Jan-05 Oct-06 Jul-08 Apr-10 Jan-12 Oct-13 Jul-05

Barclays US Aggregate Bond Index Yield Per Unit of Duration Average

Percentage of Actively Managed Funds That Outperformed the S&P 500 and Barclays Intermediate Government/Credit Index

70

14

69

24

59

11

51

18

1 year 3 year 5 year 10 year

Investment-Grade Intermediate Fixed Income Funds Large-Cap Equity Funds

SSGA, Barclays, Bloomberg LP As of July 31, 2015 S&P Indices Versus Active (SPIVA®) US Year-End 2014. Benchmarks: S&P 500 and Barclays Intermediate Gov/Credit.

Past performance is not a guarantee of future results. The funds were categorized by S&P. The Barclays Intermediate Gov/Credit Index was used to measure the performance of intermediate bond mutual funds and is different than the benchmark for the SPDR Doubleline Total Return Tactical Bond ETF

STATE STREET

GLOBAL ADVISORS IBG-16264 2

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A Packaged Solution For Core Fixed Income From DoubleLine

TOTL

SPDR DoubleLine® Total Return Tactical ETF

Ticker TOTL

Name SPDR Doubleline Total Return Tactical ETF

Gross Expense Ratio (%) 0.65

Net Expense Ratio (%) 0.55*

Fund Information

Total Assets $920,098,000

Strategy Type Active

Strategy Focus Aggregate

Index Weighting Methodology Active

30 Days Average Daily Volume (shares) 245,597

Liquidity 30 Days Average Daily Volume ($m) $12,152,705.74

30 Day Average Day Bid/Ask Spread (%) 0.09%

30 Day SEC Yield1 3.12

Portfolio Duration 4.27

TOTL Sector Weights versus the Barclays US Aggregate Bond Index

36%

35%

28%

24%

13%

12%

9% 9%

7%

6% 6%

5% 5%

2% 2%

0% 0% 0% 0% 0% 1% 0%

Agency MBS Bank Loans Cash CMBS Emerging Markets Corporate - HY Corporate - IG Non-Agency MBS Treasury ABS Gov Related

TOTL Barclays U.S. Aggregate Bond Index

Fund Objective:

The SPDR® DoubleLine® Total Return Tactical ETF seeks to maximize total return

Additional Information

TOTL leverages the experience of bond manager Jeffrey Gundlach and his team at DoubleLine Capital to seek to deliver a core fixed income exposure for advisors. TOTL seeks to maximize total return over a full market cycle by actively investing across global fixed income sectors and mixes traditional interest-rate sensitive sector with non-traditional credit-sensitive sectors The fund is managed to seek to pursue lower interest rate risk than the market as measured by the Barclays US Aggregate Bond Index

Source: SSGA, Bloomberg, DoubleLine As of July 31, 2015, 1 30 Day SEC Yield used as result of the fund not having a full calendar years worth of dividends paid to reflect a trailing 12 month dividend yield Allocations and Characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. *SSGA Funds Management, Inc. (“SSGA FM” or “Adviser”) has contractually agreed to waive its advisory fee and/or reimburse certain expenses, until October 31, 2016, so that the net annual fund operating expenses of the Fund will be limited to 0.55% of the Fund’s average daily net assets before application of any extraordinary expenses or acquired fund fees and expenses. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and after October 31, 2016, the waiver and/or reimbursement may be canceled or modified at any time. This waiver and/or reimbursement may not be terminated during the relevant period except with the approval of the Fund’s Board of Trustees.

Past performance is not a guarantee of future results.

STATE STREET

GLOBAL ADVISORS IBG-16264 3

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A Building Block Approach To Fixed Income Portfolio Construction

An Expanded US Aggregate Example With SPDR ETFs

This Portfolio Seeks to:

Reduce exposure to the interest rate sensitive Aggregate fixed income sectors

Expand into non-Aggregate sectors such as Senior Loans Floating Rate Notes, and Short Duration High Yield

Lower duration and Increase yield

Maintain investment grade credit rating

Ticker Name Weight (%)

Government 15.00

ITE SPDR Barclays Intermediate Term Treasury ETF 15.00

Credit 70.00

SCPB SPDR Barclays Short Term Corporate Bond ETF 17.50

ITR SPDR Barclays Intermediate Term Corporate Bond ETF 17.50

SJNK SPDR Barclays Short Term High Yield Bond ETF 15.00

SRLN SPDR Blackstone/GSO Senior Loan ETF 10.00

FLRN SPDR Barclays Investment Grade Floating Rate Bond ETF 10.00

Securitized 15.00

MBG SPDR Barclays Mortgage Backed Bond ETF 15.00

Total 100.00

Characteristics Portfolio Barclays US Aggregate Index

Yield to Worst (%) 2.6 2.3

Duration 2.9 5.6

Credit Spread (bps) 177 54.9

Bloomberg Composite Rating A- AA

Characteristic Portfolio Barclays US Aggregate Index

Expected Standard Deviation 1.49 3.25

Investment Grade/Non Investment Grade Breakdown

Non-Investment Grade,

25%

Investment Grade,

75%

Source: Bloomberg, LP, SSGA , as of June 30, 2015 The Characteristics shown are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. All Risk measures are derived from Bloomberg Global Risk Model and are expected risk measures forecast over the next calendar year. Portfolio characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. Risk measures are generated by a Bloomberg Risk Model. The model portfolio performance shown was created by SPDR ETF Sales Strategy Group. Methodology is weighted average. The model portfolio performance does not reflect actual trading and does not reflect the impact that material economic and market factors may have had on SSGA’s decision-making. The results shown were achieved by means of a mathematical formula. The model performance shown is not indicative of actual future performance, which could differ substantially. Yield to Worst represents the lowest potential yield that can be received on a bond, including prepayment, call or put provisions that will allow the issuer to offer a lower coupon rate (if the bond has prepayment provisions) based on current market rates, without the issuer defaulting. Yield to worst will be the lowest or the same as yield to maturity but never higher. Past performance is not a guarantee of future results.

STATE STREET

GLOBAL ADVISORS IBG-16264 4

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Floating Over Fixed Rate Exposures SRLN FLRN

The potential benefit of Floating Rate exposures is that the coupon adjusts based on movements in short term rates (Libor), while, a fixed rate bonds coupon does not

For investors seeking additional income within a floating rate structure, and are able to withstand a higher level of credit risk, senior loans may be an optimal exposure

Looking Back On The Effect Of Floating Over Fixed

Average Monthly Return Compared to Increasing or Decreasing US

Treasury 2 Year Yields1

1.00 0.94 0.90

0.80

0.56

Average 0.60

Month 0.40 0.31

Return 0.20 0.09

(%) 0.05

0.00

-0.20 -0.09

-0.18

-0.40

S&P/LSTA U.S. Barclays U.S. Dollar Barclays US Barcalys US

Leveraged Loan 100 Floating Rate Note < Corporate 1-5 Year Aggregate Index

Index 5 Years Index Index

2 Year Yield Increases 2 Year Yield Decreases

Looking Ahead On The Effect Of Floating Over Fixed

Hypothetical Performance After a +25 Bps Shift In US 6 Month Rate

(Based on holdings as of July 31, 2015)

0.80

0.60 0.54

0.40

0.20

0.05

%

P/L 0.00

-0.20

-0.40

-0.60 -0.50

-0.80

-1.00

-1.05

-1.20

SRLN FLRN Barclays US Corporate Barclays US Aggregate

1-5 years Index Bond Index

Source: SSGA, Bloomberg As of July 31, 2015,

1 SSGA, Barclays Based on monthly change of the US Treasury 2 Year Yield relative to the Period measured 12/2004-07/2015

The hypothetical performance shown is not indicative of actual future performance, which could differ substantially. The hypothetical performance shown was created by State Street Global Advisors IBG Research Team. Hypothetical performance was generated using the Bloomberg Multi-Asset Global Risk Model, which includes historical volatilities, correlations and sensitivities to interest rates, credit spreads and risk factors and assumes a time horizon of 1 day. The hypothetical performance does not reflect actual trading and does not reflect the impact that material economic and market factors may have had on SSGA’s decision-making. The results shown were achieved by means of a mathematical formula. Characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. The funds presented herein have different investment objectives, costs and expenses. The performance of each fund will necessarily depend on the ability of their respective managers to select portfolio investments. These differences, among others, may result in significant disparity in the funds’ portfolio assets and performance. For further information on the funds, please review their respective prospectuses. Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

STATE STREET

GLOBAL ADVISORS IBG-16264 5

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Floating Over Fixed Rate Exposures SRLN FLRN

SPDR Blackstone/GSO Senior Loan ETF

Ticker SRLN

Name SPDR Blackstone/GSO Senior Loan ETF

Gross Expense Ratio (%) 0.70

Net Expense Ratio (%) 0.70

Fund Information

Total Assets $702,814,800

Strategy Type Active

Strategy Focus Bank Loans

Index Weighting Methodology Active

30 Days Average Daily Volume (shares) 127,338

Liquidity

30 Days Average Daily Volume ($m) $6,254,516

30 Day Average Day Bid/Ask Spread (%) 0.08

Dividend Yield (Trailing 12 Month) % 4.21

Portfolio

Duration 0.84

SPDR Barclays Investment Grade Floating Rate ETF

Ticker FLRN

Name SPDR Barclays Investment Grade Floating Rate ETF

Gross Expense Ratio (%) 0.15

Net Expense Ratio (%) 0.15

Fund Information

Total Assets $387,679,600

Strategy Type Passive (Optimized)

Strategy Focus Investment Grade Corporate

Index Weighting Methodology Market Cap

30 Days Average Daily Volume (shares) 36,031

Liquidity

30 Days Average Daily Volume ($m) $1,100,606

30 Day Average Day Bid/Ask Spread (%) 0.28

Dividend Yield (Trailing 12 Month) % 0.58

Portfolio

Duration 0.15

Fund Objective:

The investment objective of the SPDR® Blackstone/GSO Senior Loan ETF is to provide current income consistent with the preservation of capital.

In pursuing its investment objective, the Portfolio seeks to outperform the Markit iBoxx USD Liquid Leveraged Loan Index (the “Primary Index”) and the S&P/LSTA US Leveraged Loan 100 Index (the “Secondary Index”) by normally investing at least 80% of its net assets (plus any borrowings for investment purposes) in Senior Loans. For purposes of this 80% test, “Senior Loans” are first lien senior secured floating rate bank loans.

Fund Objective:

The SPDR® Barclays Investment Grade Floating Rate ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays US Dollar Floating Rate Note < 5 Years Index

Source: SSGA, Bloomberg As of July 31, 2015,

Characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.

Past performance is not a guarantee of future results.

STATE STREET

GLOBAL ADVISORS

IBG-16264 6

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Shorten Duration, Heighten Yield SJNK JNK

Spreads may have widened recently, however, fundamentals remain strong and corporate default rates in 2015 are expected to be 2.5%–3%, well below the historical 4.5% levels1

Additionally, High Yield can be a diversifier as the 5 year correlation of returns in High Yield to the Barclays Aggregate is 0.17, the IG Corporate market is 0.882

Short Term High Yield Credit Spreads Are Above Recent Averages

1,000

900

800

Basis Points 700

600

500

400

300

Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15

Barclays US High Yield 1-5 Yr Cash Pay 2% Spread Average

1 Year Moving Average 1 Standard Deviation

1 Standard Deviation

Wide Spreads May Provide Tailwinds

In the months where the US Treasury Yield Increased, the spread the Barclays US High Yield 1–5 Yr Cash Pay 2%

Index spread tightened by 3%3

Yield Per Unit of Duration

(As of July 31, 2015)

2.78

1.58

0.41

SJNK JNK Barclays U.S.

Aggregate Index

Source: SSGA, Bloomberg As of July 31, 2015,

1 Moody’s and S&P , 2 Correlation of monthly returns of the Barclays High Yield US Index and the Barclays US Investment Grade Corporate Bond Index to the Barclays US Aggregate Index, 3 SSGA, Barclays Based on monthly change of the US Treasury 2 Year Yield and change in spread of the Barclays US High Yield Cash Pay 0-5 Yr 2% Capped Index OAS 07/31/1995 to July 31, 2015 Past performance is not a guarantee of future results. Period chosen as the longest available period of index data for high yield index.

The correlation coefficient measures the strength and direction of a linear relationship between two variables. It measures the degree to which the deviations of one variable from its mean are related to those of a different variable from its respective mean.

STATE STREET

GLOBAL ADVISORS IBG-16264 7

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Shorten Duration, Heighten Yield SJNK JNK

SPDR Barclays Short Term High Yield Bond ETF

Ticker SJNK

SPDR Barclays Short Term High Yield Bond ETF

Name

Gross Expense Ratio (%) 0.40

Net Expense Ratio (%) 0.40

Fund Information Total Assets $3,929,636,100

Strategy Type Passive (Optimized)

Strategy Focus High Yield

Index Weighting Methodology Market Cap

30 Days Average Daily Volume (shares) 2,000,953

Liquidity 30 Days Average Daily Volume ($m) $57,146,999

30 Day Average Day Bid/Ask Spread (%) 0.04

Dividend Yield (Trailing 12 Month) (%) 5.39

Portfolio Duration 2.35

Fund Objective:

The SPDR® Barclays Short Term High Yield Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays US High Yield 350mn Cash Pay 0–5 Yr 2% Capped Index

SPDR Barclays High Yield Bond ETF

Ticker JNK

Name SPDR Barclays High Yield Bond ETF

Gross Expense Ratio (%) 0.40

Net Expense Ratio (%) 0.40

Fund Information Total Assets $10,091,683,400

Strategy Type Passive (Optimized)

Strategy Focus High Yield

Index Weighting Methodology Market Cap

30 Days Average Daily Volume (shares) 8,609,418

Liquidity 30 Days Average Daily Volume ($m) $327,505,973

30 Day Average Day Bid/Ask Spread (%) 0.03

Dividend Yield (Trailing 12 Month) (%) 6.05

Portfolio Duration 4.42

Fund Objective:

The SPDR® Barclays High Yield Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays High Yield Very Liquid Index

Source: SSGA, Bloomberg As of July 31, 2015,

Characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.

Past performance is not a guarantee of future results.

STATE STREET

GLOBAL ADVISOR IBG-16264 8

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Expand With Convertibles CWB

Convertible bonds have a low duration figure (3.97), relative to the Barclays US Aggregate Index (5.6), and have had strong positive returns during rising rate periods as result of its equity and economic sensitivity

Additionally, due to the hybrid nature of Convertible securities, potential diversification benefits arise as shown through historical correlations to traditional bond indexes

Convertible Securities Potential Diversification: Correlation1

Bloomberg US Treasury Bond Index -0.39

Barclays US Aggregate Index -0.24

Bloomberg 1-3 Year US Treasusry Bond Index -0.18

Bloomberg US Investment Grade Bond Index -0.15

Barclays US High Yield Index 0.64

Russell 2000 Index 0.87

S&P 400 Index 0.90

S&P 500 Index 0.90

Convertible Securities During Rising Rates

Over the last 10 Years, in the months where the US 2 Year Treasury Yield Increased, the return on the Barclays US Convertibles: 500MM Face Liquidity Constraint Index was on average 1.04% in the same month2

Bloomberg Consensus estimates the US 2 Year Yield to be 1.09% by the end of 2015, nearly 40bps than as of July 31, 2015

Average Monthly Returns

(As of 07/2005 – 07/2015)

1.04%

0.18%

2 Year Yield Increases 2 Year Yield Decreases

Source: SSGA, Bloomberg As of July 31, 2015,

1 Computed using monthly return data from June 1990 to June 2015 The correlation coefficient measures the strength and direction of a linear relationship between two variables.

It measures the degree to which the deviations of one variable from its mean are related to those of a different variable from its respective mean. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income

2 SSGA, Barclays Based on monthly change of the US Treasury 2 Year Yield and return on the Barclays US Convertibles 500MM Face Liquidity Constraint Index. Period measured 07/2005–07/2015 Past performance is not a guarantee of future results. Period chosen as the longest available period of index data for convertible securities index.

Diversification does not ensure a profit or guarantee against loss.

STATE STREET GLOBAL ADVISORS IBG 16264 9

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Expand With Convertibles CWB

SPDR Barclays Convertible Securities ETF

Ticker CWB

Name SPDR Barclays Convertible Securities ETF

Gross Expense Ratio (%) 0.40

Net Expense Ratio (%) 0.40

Fund Information Total Assets $2,914,213,600

Strategy Type Passive (Optimized)

Strategy Focus Convertibles

Index Weighting Methodology Market Cap

30 Days Average Daily Volume (shares) 944,264

Liquidity 30 Days Average Daily Volume ($m) $44,498,231

30 Day Average Day Bid/Ask Spread (%) 0.06

30 Day SEC Yield 2.31

Portfolio Duration 3.97

CWB Sector Exposures As of July 31, 2015

Basic Materials, Industrial,

Utilities, 2.6 1.5

4.8

Energy, Technology,

6.6 22.4

Consumer, Cyclical,

8.6

Financial,

14.3

Communications,

21.8

Consumer, Non-cyclical,

17.1

Fund Objective:

The SPDR® Barclays Convertible Securities ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays US Convertible Bond > $500MM Index.

Source: SSGA, Bloomberg As of July 31, 2015,

Characteristics and Allocations are as of July 31, 2015, are subject to change without notice and should not be relied upon thereafter.

Past performance is not a guarantee of future results.

STATE STREET GLOBAL ADVISORS IBG 16264 10

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Do More For The Core With Sectors And Industries KRE

Equity Sector and Industry ETFs may positively enhance a portfolios overall interest rate sensitivity

Based on the beta sensitivity to the US 10 Year Yield, the Financial sector, and its sub-industries, register the strongest relationship to an increase in rates — specifically Regional Banks

Beta Sensitivity to US 10 Year Yield (36 Mth)

0.24

0.23

0.14

0.09

0.08

0.05

0.02

0.01

SPDR S&P Regional SPDR S&P Bank ETF Financial Select Sector SPDR S&P 500 Value ETF SPDR Russell 2000 ETF SPDR S&P 500 ETF Trust SPDR S&P MidCap 400 SPDR S&P 500 Growth

Banking ETF SPDR Fund ETF Trust ETF

KRE KBE XLF SPYV TWOK SPY MDY SPYG

Regional Banks Banks Financial Sector Value Small Cap Large Cap Mid Cap Growth

Source: FactSet As of July 31, 2015 Beta sensitivity of monthly returns over the last 36 months. Performance quoted represents past performance, which is no guarantee of future results.

The funds presented herein have different investment objectives, costs and expenses. The performance of each fund will necessarily depend on the ability of their respective managers to select portfolio investments. These differences, among others, may result in significant disparity in the funds’ portfolio assets and performance.

STATE STREET GLOBAL ADVISORS IBG-16264 11

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Do More For The Core With Sectors And Industries KRE

SPDR S&P Regional Banking ETF

Ticker KRE

Fund Information

Name SPDR S&P Regional Banking ETF

Gross Expense Ratio (%) 0.35

Net Expense Ratio (%) 0.35

Total Assets $2,770,178,900

Strategy Type Passive (Full)

Strategy Focus Regional Banks

Index Weighting Methodology Equal

Liquidity

30 Days Average Daily Volume (shares) 4,429,516

30 Days Average Daily Volume ($m) $194,986,643

30 Day Average Day Bid/Ask Spread (%) 0.02

Portfolio

Dividend Yield (Trailing 12 Month) (%) 1.62

# of Holdings (ETF) 92

Fund Objective:

The SPDR® S&P® Regional Banking ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P® Regional Banks Select Industry Index.

Additional Information

The S&P Regional Banks Select Industry Index is a modified equal-weighted index that seeks to reflect the performance of publicly traded companies that do business as regional banks or thrifts.

Source: SSGA, Bloomberg As of July 31, 2015,

Characteristics and Allocations are as of July 31, 2015, are subject to change without notice and should not be relied upon thereafter.

Past performance is not a guarantee of future results.

KRE Market Cap Exposures (%)

Large Cap,

20

Small Cap,

32

Mid Cap,

47

STATE STREET GLOBAL ADVISORS

IBG-16264

12

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Do More For The Core With Sectors And Industries XHB

Consider tilting a portfolio towards the potential drivers of economic growth by tactically overlaying specific Sectors and Industries — particularly Health Care, Consumer Discretionary, and Financials — within a core US equity portfolio

Within the sectors, Homebuilder and Biotechnology industries appear attractive to potentially drive growth based on earnings and sales expectations, as well as macro (household sentiment and formation) and micro (M&A) trends

Q2 Earnings And Revenue Forecasts: Year Over Year Growth (%)1

Health Care 15

9

Telecom 9

2

Consumer Discretionary 8

2

Financials 7

4

Utilities 7

-2

Technology 4

3

Materials 4

-10

Consumer Staples 0

1

S&P 500 -1

-3

Industrials -5

-4

Energy -57

-33

EPS Growth As of 07/31/2015

Housing Stocks Have Risen With Builder Sentiment

NAHB Index

70 4,000

60 3,500

3,000

50

2,500

40 2,000

30

1,500

20

4.5 4.3 4.2 4.4 4.5 4.9 5.1 4.9 5.0 5.1 5.5

1,000

10 500

0 0

Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15

S&P Homebuilder Select Industry Index

Existing Home Sales (m)

NAHB/Wells Fargo Housing Market Index

S&P Homebuilders Select Industry — Price Index

1 FactSet

Source: Bloomberg, FactSet, State Street Global Advisors As of July 31, 2015 . Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends net of withholding taxes and other income.

STATE STREET GLOBAL ADVISORS IBG-16264 13

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Do More For The Core With Sectors And Industries XBI

The SPDR S&P Industry ETF Suites equal weighted methodology can lead to further potential benefits, specifically in a market segment that is experiencing high levels of growth and robust M&A activity, such as the Biotechnology

US Biotechnology M&A Is On An Upward Trend And Set To Surpass Prior Year Levels

27.4

26.5

21.5

19.2

8.1

2011 2012 2013 2014 2015 (thru July)

Deal Volume (Billion $) Linear (Deal Volume (Billion $))

Equal Weighting May Lead To A Higher Participation Rate In M&A Growth Opportunities

As a result of the broader market cap coverage, XBI has had the below metrics over last 18 months in regards to the M&A targets :

# of targets XBI was overweight versus IBB1: 11 out of 12

# of Deals where IBB did not hold target: 2 out of 12

Average overweight to IBB in the deals: 0.69%

Average overweight to IBB in all deals: 0.56%

XBI Market Cap Weights (%)

58

21 21

Large Mid Small

Source: State Street Global Advisors, Bloomberg July 20, 2015

1 IBB iShares NASDAQ Biotechnology ETF is a market weighted Biotechnology Industry ETF. See Appendix for full list of Activity

The determination of if a stock was over or underweight is based on the holdings as of the prior nights close within the portfolios on the day before the announcement of the acquisition.

The Selection of Mergers and Acquisition deals is based on the Top 30 acquisitions over the last 18 months from the deal announcement date that are either pending or have been completed The Deal List is per Bloomberg Mergers and Acquisitions Function, screening for US firms located within the Biotechnology or Pharmaceutical Bloomberg Industry Classifications that trade on a US listed stock exchange Characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.

STATE STREET GLOBAL ADVISORS IBG-16264 14

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Do More For The Core With Sectors And Industries XHB XBI

SPDR S&P Homebuilders ETF

Fund Information Ticker XHB

Name SPDR S&P Homebuilders ETF

Gross Expense Ratio (%) 0.35

Net Expense Ratio (%) 0.35

Total Assets $1,882,774,900

Strategy Type Passive (Full)

Strategy Focus Homebuilders

Index Weighting Methodology Equal

Liquidity

30 Days Average Daily Volume (shares) 2,929,517

30 Days Average Daily Volume ($m) $107,854,667

30 Day Average Day Bid/Ask Spread (%) 0.03

Portfolio

Dividend Yield (Trailing 12 Month) (%) 0.46

# of Holdings (ETF) 37

Fund Objective:

The SPDR® S&P® Homebuilders ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P® Homebuilders Select Industry Index

Additional Information

The S&P® Homebuilders Select Industry Index is a modified equal-weighted index that seeks to reflect the performance of publicly traded companies that are in the homebuilding sub-industry of the S&P Total Markets Index

SPDR S&P Biotech ETF

Fund Information Ticker XBI

Name SPDR S&P Biotech ETF

Gross Expense Ratio (%) 0.35

Net Expense Ratio (%) 0.35

Total Assets $2,922,188,300

Strategy Type Passive (Full)

Strategy Focus Biotech

Index Weighting Methodology Equal

Liquidity

30 Days Average Daily Volume (shares) 1,279,535

30 Days Average Daily Volume ($m) $328,231,861

30 Day Average Day Bid/Ask Spread (%) 0.10

Portfolio

Dividend Yield (Trailing 12 Month) (%) 0.74

# of Holdings (ETF) 104

Fund Objective:

The SPDR® S&P® Biotech ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P® Biotechnology Select Industry Index

Additional Information

The S&P® Biotechnology Select Industry Index is a modified equal-weighted index that seeks to reflect the performance of publicly traded companies that are in the biotechnology sub-industry of the S&P Total Markets Index

Source: SSGA, Bloomberg As of July 31, 2015,

Characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.

Past performance is not a guarantee of future results.

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Look Overseas For Growth

FEZ

Eurozone Q2 GDP numbers missed estimates (1.3% versus 1.6%)1, which we believe should ensure QE and other accommodative policies to continue, so a market position is necessary

Germany looks to be the leader of the recovery, but it’s not the only catalyst (Spain +3.9% GDP growth in Q2) - so a sole single country position may miss some of the tide that is lifting “all boats”

ECB Balance Sheet of Assets versus Euro STOXX 50 Index

4,000 2,600

2,500

3,800

Euro STOXX Index Level

3,600 2,400 2,300

3,400 ECB Announces QE 2,200

2,100

3,200 ECB Balance Sheet Assets (B)

2,000

3,000

1,900

2,800 1,800

Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15

Euro STOXX 50 Index ECB Balance Sheet Total Assets

Valuations Are Below Historical Averages And EPS Growth Is Steady

3.0

2.5

2.0

1.68

1.5

1.55

1.0

0.5

0.0

Jun-01 Nov-02 Apr-04 Sep-05 Feb-07 Jul-08 Dec-09 May-11 Oct-12 Mar-14 Aug-15

Euro Stoxx 50 Price to Book Ratio Average P/B

12.7%

10.8%

0.46%

-2.74%

Q1 2015 Q2 2015

Euro Stoxx 50 Earnings Growth S&P 500 Earnings Growth

1 Bloomberg Market Forecasts

Source: Bloomberg,, State Street Global Advisors As of July 31, 2015. Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends net of withholding taxes and other income.

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Look Overseas For Growth FEZ

SPDR EURO STOXX 50 ETF

Ticker FEZ

Name SPDR EURO STOXX 50 ETF

Gross Expense Ratio (%) 0.29

Net Expense Ratio (%) 0.29

Total Assets $4,816,395,600

Fund Information

Strategy Type Passive (Full)

Strategy Focus Eurozone

Index Weighting Methodology Market Cap

30 Days Average Daily Volume (shares) 3,114,639

Liquidity 30 Days Average Daily Volume ($m) $117,409,634

30 Day Average Day Bid/Ask Spread (%) 0.03

Dividend Yield (Trailing 12 Month) (%) 3.18

Portfolio # of Holdings (ETF) 53

Fund Objective:

The SPDR® EURO STOXX 50® ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the EURO STOXX 50® Index.

Additional Information

The EURO STOXX 50® Index is designed to represent the performance of some of the largest companies across components of the 20 EURO STOXX Supersector Indexes. The EURO STOXX Supersector Indexes are subsets of the EURO STOXX Index. The EURO STOXX Index is a broad yet liquid subset of the STOXX Europe 600 Index. The Index captures approximately 60% of the free-float market capitalization of the EURO STOXX Total Market Index, which in turn covers approximately 95% of the free float market cap.

FEZ Country Exposure

36

31

13

8

5

4 3 1

France Germany Spain Italy Netherlands Belgium United Kingdom Finland

FEZ Sector Exposure

27

11 11 11 11

7 6 6 5 5

Financials Health care Industrials Consumer Discretionary Consumer Staples Energy Telecommunications Services Utilities Information technology Materials

Source: SSGA, Bloomberg As of July 31, 2015,

Characteristics and Allocations are as of July 31, 2015, are subject to change without notice and should not be relied upon thereafter.

Past performance is not a guarantee of future results.

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Look Overseas For Growth

RWX

Since the start of 2015, 571 number of global central banks have enacted some form of accommodative monetary polices, with the ECB and BOJ launching asset purchase programs (QE) Global sovereign Ex-US bonds yield 0.80%2 as of July, below the 5 year average of 1.5%, and rates are expected to remain low which should fuel demand for high yielding economic sensitive market segments such as real estate

Real Estate Performance versus Market During US QE Program

4.3 0.12

0.11

3.8 3.3 0.11 0.10

0.10

2.8

Taper Tantrum

0.09

US Treasury 10 Yield (%) 2.3 0.09

0.08

Ratio of S&P 500 Real Estate to S&P 500

1.8

0.08

1.3 0.07 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15

US 10 Year Treasury Yield S&P 500 Real Estate Industry Index / S&P 500 Index Federal Reserve Assets On Balance Sheet

International Rates Expected To Remain Low

2.0

1.9

0.8 0.8

0.5 0.5

0.1 0.1 0.1 0.1

Japan United Kingdom Eurozone Australia Canada

Current Central Bank Rate Q4 2016 Estimate*

20

17

13 12

10

Japan United Kingdom Eurozone Australia Canada

Country Exposure (%) In RWX

* Bloomberg As of July 31, 2015

1 Cornerstone Macro Research As of July, 2015, 2 Bloomberg Global Ex-US Developed Sovereign Bond Index

Source: Bloomberg, FactSet, State Street Global Advisors As of July 31, 2015. Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends net of withholding taxes and other income.

Country Exposure are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.

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Look Overseas For Growth

RWX

SPDR Dow Jones International Real Estate ETF

Ticker RWX

Name SPDR Dow Jones International Real Estate ETF

Gross Expense Ratio (%) 0.59

Net Expense Ratio (%) 0.59

Total Assets $5,156,702,600

Fund Information Strategy Type Passive (Optimized)

Strategy Focus Real Estate

Index Weighting Methodology Market Cap

30 Days Average Daily Volume (shares) 536,881

Liquidity 30 Days Average Daily Volume ($m) $22,490,468

30 Day Average Day Bid/Ask Spread (%) 0.09

Dividend Yield (Trailing 12 Month) (%) 3.00

Portfolio # of Holdings (ETF) 130

Fund Objective:

The SPDR® Dow Jones® International Real Estate ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Dow Jones® Global ex-US Select Real Estate Securities IndexSM

The Dow Jones Global ex-US Real Estate Securities IndexSM is a float adjusted market capitalization index designed to measure the performance of publicly traded real estate securities in developed and emerging countries excluding the United States

RWX Region Exposure

53.2

33.9

10.2

2.0 0.4 0.2

Asia Pacific Western Europe North America Africa / Middle East South & Central America Eastern Europe

Top 10 RWX Country Exposure

20

17

12

11 10 10

7

2 2 2

Japan United Kingdom Australia France Hong Kong Canada Singapore Philippines Switzerland South Africa

Source: SSGA, Bloomberg As of July 31, 2015,

Characteristics and Allocations are as of July 31, 2015, are subject to change without notice and should not be relied upon thereafter.

Past performance is not a guarantee of future results. Visit spdrs.com for most recent month-end performance.

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Gold As A Strategic Hedge GLD

Over time, holding a modest allocation to gold has been found to offer a range of potential portfolio benefits, including: Portfolio Diversification, Moderating Volatility In Tumultuous Markets, and Wealth Preservation

Gold As A Strategic Hedge In Tumultuous Times1

%

20

10

0

-10

-20

-30

-40

-50

-60

-70

Gulf War I

LTCM

Dot.com Meltdown

9/11

2002 Recession

Great Recession

Sov’t Debt Crisis I

Gold

MSCI USTR Index

Commodities

Hedge Funds

Real Estate Private Equity

US Treasuries

Gold As A Potential Portfolio Diversifier: Correlation Of Returns To Other Asset Classes2

0.43

0.22

0.19

0.18

0.14

0.12

0.10

0.09

0.07

-0.02

-0.05

Bloomberg Commodity Index

BofA Merrill Lynch US Corporate Index

MSCI Emerging Markets Index

Barclays US Aggregate index

BofA Merrill Lynch US Treasury Index

MSCI EAFE Index

Dow Jones US Select REIT Index

Barclays US High Yield Index

Russell 2000 Index

S&P 500 Index

US 3M Libor (Cash)

Source: SSGA, Bloomberg As of July 31, 2015 Past performance is not a guarantee of future results.

1 Source: FactSet, State Street Global Advisors, from 01/01/1979 to 12/31/2013.

Notes: Persian Gulf War I: Q3 1990, LTCM: Q3 1998, Dot-com meltdown: Q1 2001, 9/11: Q3 2001, 2002 recession: Q2/Q3 2002, US Credit Crisis: q4 2008/Q1 2009, European sovereign debt crisis: Q2 2010.

2 Computed using monthly return data from June 1990 to June 2015. The correlation coefficient measures the strength and direction of a linear relationship between two variables. It measures the degree to which the deviations of one variable from its mean are related to those of a different variable from its respective mean. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income. Diversification does not ensure a profit or guarantee against loss.

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 by clicking here https://www.spdrs.com/library-content/public/SPDR_GOLD%20TRUST_PROSPECTUS.pdf

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Gold As A Strategic Hedge

GLD

SPDR Gold Shares

Fund Information

Liquidity

Ticker GLD

Name SPDR Gold Shares

Gross Expense Ratio (%) 0.40

Net Expense Ratio (%) 0.40

Total Assets $23,747,009,600

Strategy Type Passive (Full)

Strategy Focus Gold

Index Weighting Methodology Single Asset

30 Days Average Daily Volume (shares) 7,191,089

30 Days Average Daily Volume ($m) $774,931,878

30 Day Average Day Bid/Ask Spread (%) 0.01

Fund Objective:

The investment objective of the Trust is for SPDR® Gold Shares (GLD®) to reflect the performance of the price of gold bullion, less the Trust’s expenses

Source: SSGA, Bloomberg As of July 31, 2015,

Characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.

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 by clicking here https://www.spdrs.com/library-content/public/SPDR_GOLD%20TRUST_PROSPECTUS.pdf

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Portfolio Construction:

State Street SPDR ETF Multi-Asset Class Illustrative Examples

For Investment Professional Use only - Not to Be Distributed to the Public Do not reproduce or reprint without the written permission of SSGA.

STATE STREET

GLOBAL ADVISORS

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State Street SPDR ETF Multi-Asset Class Illustrative Examples

The precise nature of ETFs allow an investor to tailor a global multi- asset class portfolio and have become essential tools in the portfolio construction process

The following are illustrative portfolios constructed by allocating to different global market segments with the appropriate SPDR ETFs

The goal of these portfolios is to provide an educational guidepost on how ETFs can be used as building blocks to create outcome or objective oriented exposures

Portfolio Exposure

Equities

Fixed Income

Alternatives

US Equities

High Yield

Convertibles

Gold

Source SSGA, As of May 31

The information contained above is for illustrative purposes only.

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Global Multi-Asset Class Portfolio

This Portfolio Seeks to:

Provide exposure across asset classes and regions, while maintaining the traditional 60/40 Equity and Fixed Income split

Improve diversification by increasing the portfolios allocation to international equities and real assets

Improve ability for customization within sub-segments of the specific asset classes

Ticker Name Weight

SPY SPDR S&P 500 ETF Trust 21.00

MDY SPDR S&P MidCap 400 ETF Trust 2.00

TWOK SPDR Russell 2000 ETF 3.00

GWL SPDR S&P World ex-US ETF 19.00

GMM SPDR S&P Emerging Markets ETF 5.00

GWX SPDR S&P International Small Cap ETF 3.00

EWX SPDR S&P Emerging Markets SmallCap ETF 1.00

RWR SPDR Dow Jones REIT ETF 3.00

RWX SPDR Dow Jones International Real Estate ETF 3.00

LAG SPDR Barclays Aggregate Bond ETF 25.00

JNK SPDR Barclays High Yield Bond ETF 6.00

IPE SPDR Barclays TIPS ETF 5.00

WIP SPDR DB International Government Inflation-Protected Bond ETF 2.00

BIL SPDR Barclays 1–3 Month T-Bill 2.00

Total 100.00

Characteristic Portfolio MSCI ACWI Index

Price to Book Ratio (P/B) 1.93 2.01

Price to Earnings Ratio (P/E) 17.03 16.93

Return on Equity (%) 18.36 20.29

Debt/Equity (%) 139 176

Market Capitalization ($B) 73.06 87.16

Barclays US

Characteristic Portfolio Aggregate Index

Yield to Worst (%) 2.14 2.3

Duration (OAD) 5.82 5.6

Credit Spread (OAS bps) 115.5 54.9

Bloomberg Average Credit Rating A+ AA

MSCI ACWI/Barclays

Characteristic Portfolio US Aggregate Index

Expected Standard Deviation 7.38 7.47

Source: SSGA, Bloomberg LP, as of July 31, 2015.

The benchmark that is used for comparison is the MSCI ACWI for Equity, and Barclays US Aggregate Index for Fixed Income

All Risk measures are derived from Bloomberg Global Risk Model and are expected risk measures forecast over the next calendar year.

The model portfolio performance shown was created by SPDR ETF Sales Strategy Group. Methodology is weighted average. The model portfolio performance does not reflect actual trading and does not reflect the impact that material economic and market factors may have had on SSGA’s decision-making. The results shown were achieved by means of a mathematical formula. The model performance shown is not indicative of actual future performance, which could differ substantially.

Past performance is not a guarantee of future results. Diversification does not ensure a profit or guarantee against loss.

Yield to Worst represents the lowest potential yield that can be received on a bond, including prepayment, call or put provisions that will allow the issuer to offer a lower coupon rate (if the bond has prepayment provisions) based on current market rates, without the issuer defaulting. Yield to worst will be the lowest or the same as yield to maturity but never higher.

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Expanded US Aggregate Portfolio

This Portfolio Seeks to:

Reduce exposure to the interest rate sensitive Aggregate fixed income sectors

Expand into non-Aggregate sectors such as Senior Loans Floating Rate Notes, and Short Duration High Yield

Lower duration and Increase yield

Maintain investment grade credit rating

Ticker Name Weight (%)

Government 15.00

ITE SPDR Barclays Intermediate Term Treasury ETF 15.00

Credit 70.00

SCPB SPDR Barclays Short Term Corporate Bond ETF 17.50

ITR SPDR Barclays Intermediate Term Corporate Bond ETF 17.50

SJNK SPDR Barclays Short Term High Yield Bond ETF 15.00

SRLN SPDR BlackstonefGSO Senior Loan ETF 10.00

FLRN SPDR Barclays Investment Grade Floating Rate Bond ETF 10.00

Securitized 15.00

MBG SPDR Barclays Mortgage Backed Bond ETF 15.00

Total 100.00

Characteristics Portfolio Barclays US Aggregate Index

Yield to Worst (%) 2.6 2.3

Duration 2.9 5.6

Credit Spread (bps) 177 54.9

Bloomberg Composite Rating A- AA

Characteristic Portfolio Barclays US Aggregate Index

Expected Standard Deviation 1.49 3.25

Investment Grade/Non Investment Grade Breakdown

Non-Investment Grade, 25%

Investment Grade,

75%

Source: Bloomberg, LP, SSGA, as of June 30, 2015.

The Characteristics shown are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. All Risk measures are derived from Bloomberg Global Risk Model and are expected risk measures forecast over the next calendar year. The model portfolio performance shown was created by SPDR ETF Sales Strategy Group. Methodology is weighted average. The model portfolio performance does not reflect actual trading and does not reflect the impact that material economic and market factors may have had on SSGA’s decision-making. The results shown were achieved by means of a mathematical formula. The model performance shown is not indicative of actual future performance, which could differ substantially. Past performance is not a guarantee of future results.

Yield to Worst represents the lowest potential yield that can be received on a bond, including prepayment, call or put provisions that will allow the issuer to offer a lower coupon rate (if the bond has prepayment provisions) based on current market rates, without the issuer defaulting. Yield to worst will be the lowest or the same as yield to maturity but never higher.

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Short Duration Expanded Aggregate Portfolio

This Portfolio Seeks to:

Reduce exposure to the interest rate sensitive Aggregate fixed income sectors

Expand into non-Aggregate sectors

Lower duration to the Index

Increase yield to the Index

Maintain investment grade credit rating

Ticker Name Weight (%)

Inflation Protected 10.00

SST SPDR Barclays Short Term Treasury ETF 10.00

Hybrids 85.00

FLRN SPDR Barclays Investment Grade Floating Rate Bond ETF 25.00

SCPB SPDR Barclays Short Term Corporate Bond ETF 15.00

SJNK SPDR Barclays Short Term High Yield Bond ETF 20.00

SRLN SPDR Blackstone/GSO Senior Loan ETF 25.00

Securitized 20.00

MBG SPDR Barclays Mortgage Backed Bond ETF 5.00

Total 100.00

Characteristics Portfolio Barclays US Aggregate Index

Yield to Worst (%) 3.1 2.3

Duration 1.5 5.6

Credit Spread (bps) 281 54.9

Bloomberg Composite Rating BBB+ AA

Characteristic Portfolio Barclays US Aggregate Index

Expected Standard Deviation 1.49 3.25

Investment Grade/Non Investment Grade Breakdown

Non-Investment Grade,

45.0%

Investment Grade,

55.0%

Source: Bloomberg, LP, SSGA, as of June 30, 2015 The Characteristics shown are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. All Risk measures are derived from Bloomberg Global Risk Model and are expected risk measures forecast over the next calendar year. The model portfolio performance shown was created by SPDR ETF Sales Strategy Group. Methodology is weighted average. The model portfolio performance does not reflect actual trading and does not reflect the impact that material economic and market factors may have had on SSGA’s decision-making. The results shown were achieved by means of a mathematical formula. The model performance shown is not indicative of actual future performance, which could differ substantially. Past performance is not a guarantee of future results. Yield to Worst represents the lowest potential yield that can be received on a bond, including prepayment, call or put provisions that will allow the issuer to offer a lower coupon rate (if the bond has prepayment provisions) based on current market rates, without the issuer defaulting. Yield to worst will be the lowest or the same as yield to maturity but never higher.

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Global Fixed Income Expanded Aggregate Portfolio

This Portfolio Seeks to:

Reduce exposure to the interest rate sensitive Aggregate fixed income sectors

Expand into non-Aggregate and Global sectors

Lower duration and increase yield to the Index

Maintain an investment grade credit rating

Maintain 60% exposure to the US

Ticker Name Weight (%)

Active (US/International) 60.00

TOTL SPDR DoubleLine® Total Return Tactical ETF 60.00

Inflation Protected 10.00

IPE SPDR Barclays TIPS ETF 5.00

WIP SPDR DB International Government Inflation-Protected Bond ETF 5.00

Hybrids 10.00

PSK SPDR Wells Fargo Preferred Stock ETF 5.00

CWB SPDR Barclays Convertible Securities ETF 5.00

International Debt 20.00

BWX SPDR Barclays International Treasury Bond ETF 10.00

IBND SPDR Barclays International Corporate Bond ETF 5.00

EMCD SPDR Barclays Emerging Markets Corporate Debt ETF 5.00

Total 100.00

Characteristics Portfolio Barclays US Aggregate Index

Yield to Worst (%) 3.3 2.3

Duration 5.1 5.6

Credit Spread (bps) 74 54.9

Bloomberg Composite Rating BBB+ AA

Characteristic Portfolio Barclays US Aggregate Index

Expected Standard Deviation 3.22 3.25

Investment Grade/Non Investment Grade Breakdown

Non-Investment Grade,

25.5%

Investment Grade,

74.5%

Source: Bloomberg, LP, SSGA, as of June 30, 2015 The Characteristics shown are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. All Risk measures are derived from Bloomberg Global Risk Model and are expected risk measures forecast over the next calendar year. The model portfolio performance shown was created by SPDR ETF Sales Strategy Group. Methodology is weighted average. The model portfolio performance does not reflect actual trading and does not reflect the impact that material economic and market factors may have had on SSGA’s decision-making. The results shown were achieved by means of a mathematical formula. The model performance shown is not indicative of actual future performance, which could differ substantially. Past performance is not a guarantee of future results. Yield to Worst represents the lowest potential yield that can be received on a bond, including prepayment, call or put provisions that will allow the issuer to offer a lower coupon rate (if the bond has prepayment provisions) based on current market rates, without the issuer defaulting. Yield to worst will be the lowest or the same as yield to maturity but never higher.

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Core US Equity Thematic Sector and Industry Overlay

This Portfolio Seeks to:

Augment an existing Core US Equity position by overlaying specific sectors and industries

Increase exposure along two themes:

- Rising Rates

- US Earnings Growth

Maintain equivalent expected standard deviation and beta to the S&P 500 Index

Ticker Name Weight (%)

Core US Equity 60.00

SPY SPDR S&P 500 ETF Trust 60.00

Rising Rates 20.00

KRE SPDR S&P Regional Banking ETF 10.00

XLF Financial Select Sector SPDR Fund 10.00

US Growth 20.00

XBI SPDR S&P Biotech ETF 10.00

XHB SPDR S&P Homebuilders ETF 10.00

Total 100.00

Characteristic Portfolio S&P 500 Index

Price to Book Ratio (P/B) 2.74 2.77

5 Year Avg Price to Book Ratio (P/B) 2.67 2.77

Price to Earnings Ratio (P/E) 18.37 18.12

5 Year Avg Price to Earnings Ratio (P/E) 18.21 18.05

Debt/Equity (%) 123.20 120.59

Market Capitalization ($B) 111.76 138.26

Characteristic Portfolio S&P 500 Index

Expected Standard Deviation 11.61 10.97

Expected Beta to the S&P 500 Index 1.03

14.4%

11.2%

6.8%

5.0%

EST EPS Growth 1 Yr EST EPS Growth 3-5 Yr

Portfolio S&P 500 Index

0.06

0.05

Beta Sensativity to US 10 Year Yield

Portfolio S&P 500 Index

Source: SSGA, Bloomberg LP As of July 31, 2015. All Risk measures are derived from Bloomberg US Equity Fundamental and are expected risk measures forecast over the next calendar year.

Portfolio characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. The model portfolio performance shown was created by SPDR ETF Sales Strategy Group. Methodology is weighted average. The model portfolio performance does not reflect actual trading and does not reflect the impact that material economic and market factors may have had on SSGA’s decision-making. The results shown were achieved by means of a mathematical formula. The model performance shown is not indicative of actual future performance, which could differ substantially. Past performance is not a guarantee of future results. Yield to Worst represents the lowest potential yield that can be received on a bond, including prepayment, call or put provisions that will allow the issuer to offer a lower coupon rate (if the bond has prepayment provisions) based on current market rates, without the issuer defaulting. Yield to worst will be the lowest or the same as yield to maturity but never higher.

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Supporting Documents

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Appendix A: M&A Deal List

Holdings XBI Weight IBB Weight Target Acquirer Announce Target Acquirer Deal

Date In Target In Target Ticker Ticker Date Name Name Status

3/3/2015 1.67 2.57 PCYC US ABBV US Mar 4, 2015 Pharmacyclics Inc AbbVie Inc Completed

12/5/2015 1.25 1.11 CBST US MRK US Dec 8, 2014 Cubist Pharmaceuticals Inc Merck & Co Inc Completed

5/5/2015 1.01 0.56 GEVA US ALXN US May 6, 2015 Synageva BioPharma Corp Alexion Pharmaceuticals Inc Completed

8/22/2014 1.55 1.17 ITMN US ROG VX Aug 24, 2014 InterMune Inc Roche Holding AG Completed

7/13/2015 1.00 0.87 RCPT US CELG US Jul 14, 2015 Receptos Inc Celgene Corp Pending

1/9/2015 1.48 0.74 NPSP US SHP LN Jan 12, 2015 NPS Pharmaceuticals Inc Shire PLC Completed

6/6/2014 1.42 0.25 IDIX US MRK US Jun 09, 2014 Idenix Pharmaceuticals Inc Merck & Co Inc Completed

3/27/2015 0.95 0.32 ASPX US TEVA IT Mar 30, 2015 Auspex Pharmaceuticals Inc Teva Pharmaceutical Industries Ltd Completed

6/14/2015 1.07 0.21 AGN US KYTH US Jun 15, 2015 KYTHERA Biopharmaceuticals Allergan plc Pending

6/26/2015 0.73 0.00 JUNO US CELG US Jun 29, 2015 Juno Therapeutics Inc Celgene Corp Completed

1/9/2015 1.13 0.11 FMI US ROG VX Jan 12, 2015 Foundation Medicine Inc Roche Holding AG Completed

5/7/2014 1.32 0.00 CHTP US LUN DC May 8, 2014 Chelsea Therapeutics Interna H Lundbeck A/S Completed

Source: State Street Global Advisors, Bloomberg July 20, 2015

The determination of if a stock was over or underweight is based on the holdings as of the prior nights close within the portfolios on the day before the announcement of the acquisition.

The Selection of Mergers and Acquisition deals is based on the Top 30 acquisitions over the last 18 months from the deal announcement date that are either pending or have been completed The Deal List is per Bloomberg Mergers and Acquisitions Function, screening for US firms located within the Biotechnology or Pharmaceutical Bloomberg Industry Classifications that trade on a US listed stock exchange

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Appendix B: Standard Performance

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Standard Performance as of 6/30/2015

NAME TICKER GROSS EXPENSE RATIO CUMULATIVE QTD CUMULATIVE YTD ANNUALIZED 1YR ANNUALIZED 3YR ANNUALIZED 5YR ANNUALIZED 10YR SINCE INCEPTION INCEPTION DATE PERF AS OF

SPDR EURO STOXX 50 ETF FEZ 0.29% NAV -2.01% 2.43% -11.14% 13.37% 7.58% 3.33% 6.96% 10/15/2002 06/30/2015

MARKET VALUE N/A Market Value -1.61 3.77 -10.82 13.46 8.04 3.39 7.01 10/15/2002 06/30/2015

SPDR Gold Shares GLD 0.40 NAV -1.45 -2.55 -11.31 -10.22 -1.60 9.91 9.17 11/18/2004 06/30/2015

MARKET VALUE N/A Market Value -1.13 -1.07 -12.24 -10.20 -1.58 9.96 9.05 11/18/2004 06/30/2015

SPDR DoubleLine Total Return Tactical ETF TOTL 0.65 NAV -0.42 N/A N/A N/A N/A N/A -0.34 02/23/2015 06/30/2015

MARKET VALUE N/A Market Value -0.38 N/A N/A N/A N/A N/A -0.26 02/23/2015 06/30/2015

SPDR Blackstone/GSO Senior Loan ETF SRLN 0.70 NAV 0.64 2.94 2.38 N/A N/A N/A 2.51 04/03/2013 06/30/2015

MARKET VALUE N/A Market Value 0.66 2.83 2.39 N/A N/A N/A 2.52 04/03/2013 06/30/2015

SPDR Dow Jones International Real Estate ETF RWX 0.59 NAV -2.52 1.28 -2.71 9.65 11.71 N/A 0.50 12/15/2006 06/30/2015

MARKET VALUE N/A Market Value -2.50 2.08 -2.75 9.34 12.04 N/A 0.51 12/15/2006 06/30/2015

SPDR Barclays Convertible Securities ETF CWB 0.40 NAV 0.32 2.59 1.27 13.36 10.78 N/A 12.90 04/14/2009 06/30/2015

MARKET VALUE N/A Market Value 0.08 2.32 1.10 13.51 10.83 N/A 12.93 04/14/2009 06/30/2015

SPDR Barclays Investment Grade Floating Rate ETF FLRN 0.15 NAV 0.11 0.31 0.29 1.04 N/A N/A 1.42 11/30/2011 06/30/2015

MARKET VALUE N/A Market Value 0.31 0.77 0.56 1.33 N/A N/A 1.50 11/30/2011 06/30/2015

SPDR Barclays High Yield Bond ETF JNK 0.40 NAV -0.67 1.68 -2.50 5.47 7.68 N/A 6.09 11/28/2007 06/30/2015

MARKET VALUE N/A Market Value 0.72 -1.90 -9.20 N/A N/A N/A -5.53 11/28/2007 06/30/2015

SPDR Barclays Short Term High Yield Bond ETF SJNK 0.40 NAV 0.22 1.72 -1.72 4.53 N/A N/A 4.25 03/14/2012 06/30/2015

MARKET VALUE N/A Market Value 0.23 2.07 -1.77 4.32 N/A N/A 4.33 03/14/2012 06/30/2015

SPDR S&P Biotech ETF XBI 0.35 NAV 14.61 35.77 65.37 42.74 37.78 N/A 19.32 01/31/2006 06/30/2015

MARKET VALUE N/A Market Value 14.79 35.87 65.36 42.76 37.79 N/A 19.32 01/31/2006 06/30/2015

SPDR S&P Homebuilders ETF XHB 0.35 NAV -0.82 7.48 12.37 20.26 21.80 N/A -1.52 01/31/2006 06/30/2015

MARKET VALUE N/A Market Value -0.72 7.48 12.38 20.25 21.80 N/A -1.52 01/31/2006 06/30/2015

SPDR S&P Regional Banking ETF KRE 0.35 NAV 8.54 9.34 11.40 19.35 15.85 N/A 1.50 06/19/2006 06/30/2015

MARKET VALUE N/A Market Value 8.60 9.33 11.46 19.33 15.86 N/A 1.51 06/19/2006 06/30/2015

SPDR Barclays Intermediate Term Treasury ETF ITE 0.10 NAV -0.49 0.76 1.69 0.77 2.03 N/A 3.88 05/23/2007 06/30/2015

MARKET VALUE N/A Market Value -0.55 0.81 1.66 0.76 2.02 N/A 3.88 05/23/2007 06/30/2015

SPDR Barclays Short Term Corporate Bond ETF SCPB 0.12 NAV 0.00 0.72 0.74 1.62 2.01 N/A 1.96 12/16/2009 06/30/2015

MARKET VALUE N/A Market Value -0.18 0.60 0.61 1.52 1.98 N/A 1.96 12/16/2009 06/30/2015

SPDR Barclays Intermediate Term Corporate Bond ETF ITR 0.12 NAV -1.11 0.76 1.34 2.95 4.19 N/A 5.56 02/10/2009 06/30/2015

MARKET VALUE N/A Market Value -1.21 0.35 1.14 2.75 4.10 N/A 5.58 02/10/2009 06/30/2015

SPDR Barclays Mortgage Backed Bond ETF MBG 0.29 NAV -0.83 0.14 2.03 1.62 2.70 N/A 3.60 01/15/2009 06/30/2015

MARKET VALUE N/A Market Value -1.20 0.21 2.04 1.55 2.65 N/A 3.57 01/15/2009 06/30/2015

SPDR Barclays Short Term Treasury ETF SST 0.10 NAV -0.01 0.84 1.23 0.71 N/A N/A 0.73 11/30/2011 06/30/2015

MARKET VALUE N/A Market Value -0.03 0.91 1.27 0.81 N/A N/A 0.75 11/30/2011 06/30/2015

Source: SSGA. As of June 30, 2015. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. All results are historical and assume the reinvestment of dividends and capital gains. Visit www.spdrs.com for most recent month-end performance. Performance numbers for funds less than 1 year old are cumulative. The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. If you trade your shares at another time, your return may differ.

The gross expense ratio is the fund’s total annual operating expenses ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund’s most recent prospectus.

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Standard Performance as of 6/30/2015

NAME TICKER GROSS EXPENSE RATIO CUMULATIVE QTD CUMULATIVE YTD ANNUALIZED 1YR ANNUALIZED 3YR ANNUALIZED 5YR ANNUALIZED 10YR SINCE INCEPTION INCEPTION DATE PERF AS OF

SPDR Barclays TIPS ETF IPE 0.15% NAV -1.37% 0.03% -1.84% -0.96% 3.20% N/A 4.70% 05/25/2007 06/30/2015

MARKET VALUE N/A Market Value -1.67 -0.30 -1.96 -1.04 3.14 N/A 4.68 05/25/2007 06/30/2015

SPDR Barclays Aggregate Bond ETF LAG 0.10 NAV -1.72 -0.13 1.77 1.71 3.23 N/A 4.79 05/23/2007 06/30/2015

MARKET VALUE N/A Market Value -2.00 -0.54 1.58 1.65 3.22 N/A 4.77 05/23/2007 06/30/2015

SPDR Wells Fargo Preferred Stock ETF PSK 0.45 NAV -2.01 1.71 5.11 4.95 7.16 N/A 7.92 09/16/2009 06/30/2015

MARKET VALUE N/A Market Value -2.00 1.51 5.10 4.97 7.22 N/A 7.96 09/16/2009 06/30/2015

SPDR Barclays International Corporate Bond ETF IBND 0.50 NAV 0.77 -8.66 -16.02 0.32 2.64 N/A 2.56 05/19/2010 06/30/2015

MARKET VALUE N/A Market Value 1.09 -8.93 -16.16 0.38 2.65 N/A 2.62 05/19/2010 06/30/2015

SPDR Barclays International Treasury Bond ETF BWX 0.50 NAV -1.57 -5.62 -13.01 -2.55 1.30 N/A 2.02 10/02/2007 06/30/2015

MARKET VALUE N/A Market Value -1.92 -5.96 -13.31 -2.57 1.31 N/A 2.01 10/02/2007 06/30/2015

SPDR BofA Merrill Lynch Emerging Markets EMCD 0.50 NAV 0.82 3.11 -0.35 3.60 N/A N/A 3.65 06/18/2012 06/30/2015

Corporate Bond ETF MARKET VALUE N/A Market Value 1.78 4.33 -1.87 3.07 N/A N/A 3.60 06/18/2012 06/30/2015

SPDR DB International Government WIP 0.50 NAV -0.30 -4.49 -11.25 -0.29 3.67 N/A 1.00 03/13/2008 06/30/2015

Inflation-Protected Bond ETF

MARKET VALUE N/A Market Value 0.48 -3.70 -10.50 -0.04 3.85 N/A 1.05 03/13/2008 06/30/2015

SPDR Dow Jones REIT ETF RWR 0.25 NAV -10.00 -5.84 4.97 8.40 14.14 6.64% 10.79 04/23/2001 06/30/2015

MARKET VALUE N/A Market Value -10.03 -5.91 4.96 8.41 14.12 6.64 10.79 04/23/2001 06/30/2015

SPDR Russell 2000 ETF TWOK 0.12 NAV 0.37 4.67 6.43 N/A N/A N/A 13.00 07/08/2013 06/30/2015

MARKET VALUE N/A Market Value 0.51 4.81 6.52 N/A N/A N/A 13.06 07/08/2013 06/30/2015

SPDR S&P 500 ETF SPY 0.1098 NAV 0.26 1.19 7.34 17.14 17.16 7.79 9.17 01/22/1993 06/30/2015

MARKET VALUE N/A Market Value 0.23 1.12 7.30 17.11 17.16 7.79 9.17 01/22/1993 06/30/2015

SPDR S&P MIDCAP 400 ETF MDY 0.25 NAV -1.12 4.07 6.11 18.24 17.48 9.42 12.04 05/04/1995 06/30/2015

MARKET VALUE N/A Market Value -1.12 4.08 6.10 18.25 17.48 9.42 12.05 05/04/1995 06/30/2015

Financial Select Sector SPDR Fund XLF 0.15 NAV 1.69 -0.42 9.22 20.60 13.93 0.22 2.61 12/16/1998 06/30/2015

MARKET VALUE N/A Market Value 1.66 -0.44 9.29 20.63 13.93 0.23 2.61 12/16/1998 06/30/2015

SPDR S&P International Small Cap ETF GWX 0.40 NAV 5.70 10.90 -2.12 12.43 9.89 N/A 1.84 04/20/2007 06/30/2015

MARKET VALUE N/A Market Value 5.93 11.98 -2.03 12.20 10.33 N/A 1.87 04/20/2007 06/30/2015

SPDR S&P World ex-US ETF GWL 0.34 NAV 0.99 5.39 -4.36 11.17 9.11 N/A 0.81 04/20/2007 06/30/2015

MARKET VALUE N/A Market Value 0.97 5.85 -4.50 10.87 9.33 N/A 0.81 04/20/2007 06/30/2015

SPDR S&P Emerging Markets ETF GMM 0.59 NAV 1.02 2.87 -2.53 4.96 4.24 N/A 4.20 03/20/2007 06/30/2015

MARKET VALUE N/A Market Value 0.81 3.00 -2.83 4.38 4.33 N/A 4.15 03/20/2007 06/30/2015

SPDR S&P Emerging Markets Small Cap ETF EWX 0.65 NAV 1.00 1.99 -8.06 5.43 2.90 N/A 0.58 05/12/2008 06/30/2015

MARKET VALUE N/A Market Value 1.37 2.31 -8.00 5.07 3.10 N/A 0.58 05/12/2008 06/30/2015

SPDR Barclays 1-3 Month T-Bill ETF BIL 0.1368 NAV -0.03 -0.06 -0.11 -0.08 -0.06 N/A 0.51 05/25/2007 06/30/2015

MARKET VALUE N/A Market Value -0.04 -0.07 -0.15 -0.08 -0.07 N/A 0.51 05/25/2007 06/30/2015

Source: SSGA. As of June 30, 2015. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. All results are historical and assume the reinvestment of dividends and capital gains. Visit www.spdrs.com for most recent month-end performance. Performance numbers for funds less than 1 year old are cumulative. The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. If you trade your shares at another time, your return may differ. The gross expense ratio is the fund’s total annual operating expenses ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund’s most recent prospectus.

STATE STREET GLOBAL ADVISORS IBG-16264 33

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30 Day SEC Yield as of 7/31/15

Ticker Fund 30 Day SEC Yield As of Date

TOTL SPDR Doubleline Total Return Tactical ETF 3.08 7/31/2015

SRLN SPDR Blackstone/GSO Senior Loan ETF 4.23 7/31/2015

FLRN SPDR Barclays Investment Grade Floating Rate ETF 0.56 7/31/2015

SJNK SPDR Barclays Short Term High Yield Bond ETF 5.86 7/31/2015

JNK SPDR Barclays High Yield Bond ETF 6.12 7/31/2015

CWB SPDR Barclays Convertible Securities ETF 2.21 7/31/2015

KRE SPDR S&P Regional Banking ETF 1.56 7/31/2015

XHB SPDR S&P Homebuilders ETF 0.37 7/31/2015

XBI SPDR S&P Biotech ETF 0.22 7/31/2015

FEZ SPDR EURO STOXX 50 ETF 2.10 7/31/2015

RWX SPDR Dow Jones International Real Estate ETF 2.25 7/31/2015

Source: SSGA. As of June 30, 2015. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. All results are historical and assume the reinvestment of dividends and capital gains. Visit www.spdrs.com for most recent month-end performance.

STATE STREET GLOBAL ADVISORS IBG-16264 34

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Appendix C: Important Disclosures

STATE STREET GLOBAL ADVISORS IBG-16264 35

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Important Disclosures

FOR INVESTMENT PROFESSIONAL USE ONLY

The views expressed in this material are the views of State Street Global Advisors IBG Research Team through the period ended July 31, 2015 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.

All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information.

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; 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.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value. Brokerage commissions and ETF expenses will reduce returns.

Investments in Senior Loans are subject to credit risk and general investment risk. Credit risk refers to the possibility that the borrower of a Senior Loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a Senior Loan will result in a reduction in the value of the Senior Loan and consequently a reduction in the value of the Portfolio’s investments and a potential decrease in the net asset value (“NAV”) of the Portfolio.

Investing in high yield securities, otherwise known as “junk bonds”, is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

These investments may have difficulty in liquidating an investment position without taking a significant discount from current market value, which can be a significant problem with certain lightly traded securities.

Actively managed funds and may underperform its benchmarks. An investment in the fund is not appropriate for all investors and is not intended to be a complete investment program. Investing in the fund involves risks, including the risk that investors may receive little or no return on the investment or that investors may lose part or even all of the investment.

Passively managed funds 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 which may cause the fund to experience tracking errors relative to performance of the Index.

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.

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. Diversification does not ensure a profit or guarantee against loss.

STATE STREET GLOBAL ADVISORS IBG-16264 36

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Important Disclosures (continued)

The values of debt securities may decrease as a result of many factors, including, by way of example, general market fluctuations; increases in interest rates; actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments; illiquidity in debt securities markets; and prepayments of principal, which often must be reinvested in obligations paying interest at lower rates.

Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.

Increase in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

Investments in asset backed and mortgage backed securities are subject to prepayment risk which can limit the potential for gain during a declining interest rate environment and increases the potential for loss in a rising interest rate environment.

Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns.

Investing in REITs involves certain distinct risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of credit extended. REITs are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs, especially mortgage REITs, are also subject to interest rate risk (i.e., as interest rates rise, the value of the REIT may decline).

Convertible securities generally provide yields higher than the underlying stocks, but generally lower than comparable non-convertible securities, in exchange for limited upside potential.

Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and may be more vulnerable to changes in the economy. Other risks associated with convertible bond investments include: Call risk which is the risk that bond issuers may repay securities with higher coupon or interest rates before the security’s maturity date; liquidity risk which is the risk that certain types of investments may not be possible to sell the investment at any particular time or at an acceptable price; and investments in derivatives, which can be more sensitive to sudden fluctuations in interest rates or market prices, potential illiquidity of the markets, as well as potential loss of principal.

Risk associated with equity investing include stock values which may fluctuate in response to the activities of individual companies and general market and economic conditions.

Investments in small-sized companies may involve greater risks than in those of larger, better known companies. Investments in mid-sized companies may involve greater risks than those in larger, better known companies, but may be less volatile than investments in smaller 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

Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.

The fund may contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; inflation risk; and issuer call risk. The Fund may invest in US dollar-denominated securities of foreign issuers traded in the United States.

90-day US Treasury bills are insured and guaranteed by the US government. US Treasury Bills maintain a stable value if held to maturity, but returns are generally only slightly above the inflation rate.

STATE STREET GLOBAL ADVISORS IBG-16264 37

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Important Disclosures (continued)

All the index performance results referred to are provided exclusively for comparison purposes only. It should not be assumed that they represent the performance of any particular investment.

Commodities and commodity-index linked securities may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities

Important Information Relating to SPDR Gold Trust:

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 www.sec.gov or by visiting www.spdrgoldshares.com. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus if you request it by calling 1-866-320-4053.

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 funds presented herein have different investment objectives, costs and expenses. The performance of each fund will necessarily depend on the ability of their respective managers to select portfolio investments. These differences, among others, may result in significant disparity in the funds’ portfolio assets and performance. For further information on the funds, please review their respective prospectuses.

Barclays is a trademark of Barclays, Inc. and has been licensed for use in connection with the listing and trading of the SPDR Barclays ETFs. SPDR Barclays ETFs are not sponsored by, endorsed, sold or promoted by Barclays, Inc. and Barclays makes no representation regarding the advisability of investing in them.

Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

STATE STREET GLOBAL ADVISORS

IBG-16264

38

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Important Disclosures (continued)

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.

ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR, S&P500, SPDR S&P MidCap 400 and SPDR Dow Jones Industrial Average, and all unit investment trusts. ALPS Portfolio Solutions Distributor, Inc. is distributor for Select Sector SPDRs. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Markets, LLC

DoubleLine is a registered trademark of DoubleLine Capital LP.

State Street Global Markets, LLC is the distributor for all registered products on behalf of the advisor. SSGA Funds Management has retained GSO Capital Partners, DoubleLine Capital LP as the sub-advisor.

The model portfolio performance shown on 4, 24-28 was created by SPDR ETF Sales Strategy Group. Methodology is weighted average. The model portfolio performance does not reflect actual trading and does not reflect the impact that material economic and market factors may have had on SSGA’s decision-making. The results shown were achieved by means of a mathematical formula. The model performance shown is not indicative of actual future performance, which could differ substantially.

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 visit www.spdrs.com. Read it carefully.

United States: State Street Global Advisors, One Lincoln Street, Boston, MA 02111-2900.

Web: www.ssga.com

© 2015 State Street Corporation - All Rights Reserved.

Tracking Code: IBG-16264

Expiration Date: 10/20/2015

Not FDIC Insured - No Bank Guarantee - May Lose Value.

STATE STREET GLOBAL ADVISORS

IBG-16264

39

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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.