A Tactical Advantage

Filed Pursuant To Rule 433

Registration No. 333-209926

July 20, 2016

 

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A TACTICAL ADVANTAGE
Guide to the Dorsey Wright SPDR® ETF Models
STATE STREET GLOBAL ADVISORS. SPDR®

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A LEADING PROVIDER OF TECHNICAL ANALYSIS
Combined with the Precision of SPDR® ETFs
In 2007, State Street Global Advisors (SSGA) partnered with Dorsey, Wright & Associates (DWA) to help bring greater optimization to client portfolios by combining DWA’s technical analysis with our pioneering family of SPDR® ETFs.
We offer five Dorsey Wright SPDR ETF models. Each model is designed to provide targeted exposure to key themes and trends that DWA believes offer the greatest potential for return based on relative strength within that particular asset class.
Relative strength analyzes the performance of investment options against one another within their respective universes. The metric is used to determine which ETFs have the greatest potential for outperforming the market according to price momentum. To construct each model, DWA begins by analyzing a unique investable universe of SPDR ETFs. Inclusion in the Dorsey Wright model is determined by measuring each SPDR ETF’s relative price momentum against a benchmark or against other SPDR ETF’s in the investable universe. Only investments with superior relative strength will be included in the model.
Models remain 100% invested at all times and target an equal weighting across holdings.
State Street Dorsey Wright Models
State Street Fixed Income Model State Street Global Rotation Model State Street Global Sector Rotation Model State Street Sector Model State Street International Sector Rotation Model

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State Street Fixed Income Model
The State Street Fixed Income Model seeks to identify themes in different fixed income sub-asset classes to capture the strongest price momentum, while avoiding the weakest price momentum.
Portfolio Rules
The model holds four equal-weighted positions
Investment universe comprised of 21 SPDR fixed income ETFs
To be included in the model, the ETF must have superior relative strength versus the other SPDR ETFs in the universe
Established positions are only sold if they fall sufficiently out of favor relative to the other SPDR ETFs in the universe, with proceeds moving into the strongest relative strength ETF not currently in the portfolio
Positions are only rebalanced back to equal weighting if a position falls to a weighting of less than 18% or greater than 32% of the overall portfolio
Fixed Income Model Holdings
Allocation Product Ticker Gross Expense Ratio
25% SPDR Wells Fargo Preferred Stock ETF PSK 0.10
25% SPDR Barclays International Treasury Bond ETF BWX 0.50
25% SPDR Barclays Capital Intermediate Term Credit Bond ETF TFI 0.30
25% SPDR Barclays Emerging Markets Local Bond ETF EBND 0.50
Source: Dorsey Wright & Associates, as of 6/30/2016.
Allocations are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.
Weighted Average Gross Expense Ratio: 0.44%.
Weighted Average Gross Expense Ratio is calculated using the gross expense ratio of each individual ETF included in the model proportionately to the allocation percentage provided.
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.
Fixed Income Model Universe
Name Ticker
SPDR Barclays 1-3 Month T-Bill ETF BIL
SPDR Barclays Capital Aggregate Bond ETF BNDS
SPDR Barclays Capital Convertible Bond ETF CWB
SPDR Barclays Capital Emerging Markets Local Bond ETF EBND
SPDR Barclays Capital High Yield Bond JNK
SPDR Barclays Capital Intermediate Term Credit Bond ETF ITR
SPDR Barclays Capital Intermediate Term Treasury ETF ITE
SPDR Barclays Capital International Corporate Bond ETF IBND
SPDR Barclays Capital International Treasury Bond BWX
SPDR Barclays Capital Investment Grade Floating Rate ETF FLRN
SPDR Barclays Capital Long Term Corporate Bond ETF LWC
Name Ticker
SPDR Barclays Capital Long Term Treasury ETF TLO
SPDR Barclays Capital Mortgage Backed Bond ETF MBG
SPDR Barclays Capital Municipal Bond TFI
SPDR Barclays Capital Short Term Corporate Bond ETF SCPB
SPDR Barclays Capital Short Term International Treasury Bond BWZ
SPDR Barclays Capital Short Term Municipal Bond SHM
SPDR Barclays Capital TIPS ETF IPE
SPDR Blackstone / GSO Senior Loan ETF SRLN
SPDR DB International Government Inflation-Protected Bond ETF WIP
SPDR Wells Fargo Preferred Stock ETF PSK
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Guide to the Dorsey Wright SPDR® ETF Models
State Street Global Rotation Model
The State Street Global Rotation Model is designed to provide targeted exposure to SPDR Global ETFs in an attempt to capture the strongest price momentum, and includes a dynamic rotation strategy that reacts to changes in performance price momentum.
Portfolio Rules
The model holds three equal-weighted positions and is rebalanced whenever there is a change to those positions
Investment universe comprised of 17 SPDR international region and country ETFs, including SPDR S&P 500 ETF (SPY)
To be included in the model, the ETF must have superior relative strength versus the other SPDR ETFs in the universe
Established positions are only sold when they fall sufficiently out of favor relative to the other SPDR ETFs in the universe and the next strongest relative strength ETF not currently in the model is added
Global Rotation Holdings
Allocation Product Ticker Gross Expense Ratio
33% SPDR MSCI EAFE StrategicFactors ETF QEFA 0.30
33% SPDR S&P World (ex-US) ETF GWL 0.34
33% SPDR S&P 500 ETF Trust SPY 0.1098
Source: Dorsey Wright & Associates, as of 6/30/2016.
Allocations are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.
Weighted Average Gross Expense Ratio: 0.24%
Weighted Average Gross Expense Ratio is calculated using the gross expense ratio of each individual ETF included in the model proportionately to the allocation percentage provided.
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.
Global Rotation Model Universe
Name Ticker
SPDR S&P 500 ETF Trust SPY
SPDR S&P Emerging Asia Pacific ETF GMF
SPDR S&P China ETF GXC
SPDR S&P Emerging Middle East & Africa ETF GAF
SPDR S&P Emerging Markets ETF GMM
SPDR MSCI EAFE Quality Mix ETF QEFA
SPDR MSCI EM Beyond BRIC ETF EMBB
SPDR MSCI Emerging Markets Quality Mix ETF QEMM
SPDR S&P Emerging Latin America ETF GML
Name Ticker
SPDR Russell/Nomura PRIME Japan ETF JPP
SPDR EURO STOXX 50 ETF FEZ
SPDR MSCI ACWISM ex-US ETF CWI
SPDR STOXX Europe 50 ETF FEU
SPDR S&P Emerging Europe ETF GUR
SPDR S&P World (ex-US) ETF GWL
SPDR S&P BRIC 40 BIK
SPDR S&P Russia ETF RBL
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State Street Global Sector Rotation Model
The State Street Global Sector Rotation Model is designed to provide targeted exposure to domestic and international SPDR Sector and Industry ETFs in an attempt to capture the strongest price momentum, and includes a dynamic rotation strategy that reacts to changes in performance price momentum.
Portfolio Rules
The model holds five equal-weighted positions, with allocations reviewed upon any change to positions. If any one position is more than 27% or less than 13% of the overall model, the portfolio change is made, and all positions are rebalanced
Investment universe comprised of 40 SPDR sector and industry ETFs
To be included in the model, the ETF must have superior relative strength versus the other SPDR ETFs in the universe
Established positions are only sold when they fall sufficiently out of favor relative to the other SPDR ETFs in the universe, with proceeds moving into the next highest ranked ETF not currently in the model
Global Sector Rotation Holdings
Allocation Product Ticker Gross Expense Ratio
20% Consumer Discretionary Select Sector XLY 0.15
SPDR Fund
20% SPDR S&P Semiconductor ETF XSD 0.35
20% Health Care Select Sector XLV 0.35
SPDR Fund
20% SPDR S&P Aerospace & XAR 0.35
Defense ETF
20% SPDR S&P Health Care Services XHS 0.35
Source: Dorsey Wright & Associates, as of 6/30/2016.
Allocations are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.
Weighted Average Gross Expense Ratio: 0.31%
Weighted Average Gross Expense Ratio is calculated using the gross expense ratio of each individual ETF included in the model proportionately to the allocation percentage provided.
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.
Global Sector Rotation Model Universe
Name Ticker
SPDR Dow Jones REIT ETF RWR
Consumer Discretionary Select Sector SPDR Fund XLY
SPDR S&P Insurance ETF KIE
Health Care Select Sector SPDR Fund XLV
Energy Select Sector SPDR Fund XLE
SPDR S&P Health Care Services ETF XHS
SPDR S&P Telecom ETF XTL
Industrial Select Sector SPDR Fund XLI
SPDR S&P Biotech ETF XBI
SPDR S&P Aerospace & Defense ETF XAR
Consumer Staples Select Sector SPDR Fund XLP
SPDR Morgan Stanley Technology ETF MTK
SPDR S&P Software & Services ETF XSW
Utilities Select Sector SPDR Fund XLU
SPDR S&P International Health Care Sector IRY
Materials Select Sector SPDR Fund XLB
SPDR S&P Transportation ETF XTN
SPDR S&P Retail ETF XRT
SPDR S&P Health Care Equipment ETF XHE
SPDR S&P International Consumer Staples Sector IPS
Name Ticker
SPDR DJ Wilshire International Real Estate ETF RWX
Technology Select Sector SPDR Fund XLK
SPDR S&P Pharmaceuticals ETF XPH
SPDR S&P Regional Banking ETF KRE
SPDR S&P Capital Markets ETF KCE
SPDR S&P International Consumer Discretionary Sector IPD
SPDR S&P Oil & Gas Exploration & Production ETF XOP
SPDR S&P Homebuilders ETF XHB
SPDR S&P Bank ETF KBE
SPDR S&P International Technology Sector IPK
SPDR S&P International Industrials Sector IPN
SPDR S&P International Telecommunications Sector IST
SPDR S&P Metals & Mining ETF XME
Financial Select Sector SPDR Fund XLF
SPDR S&P Oil & Gas Equipment & Services ETF XES
SPDR S&P International Materials Sector IRV
SPDR S&P International Financial Sector IPF
SPDR S&P International Energy Sector IPW
SPDR S&P International Utilities Sector IPU
SPDR S&P Semiconductor ETF XSD
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Guide to the Dorsey Wright SPDR® ETF Models
State Street Sector Model
The State Street Sector Model is designed to provide targeted exposure to SPDR sector, industry and commodity ETFs in an attempt to capture the strongest price momentum, and includes a dynamic rotation strategy that reacts to changes in performance price momentum.
Portfolio Rules
Investment universe comprised of 30 SPDR sector, industry and commodity ETFs.
SPDR ETFs are compared to the S&P 500 Index
If the ETF demonstrates positive relative strength versus the S&P 500® Index, it is added to the model
To be included in the model, the ETF must have superior relative strength versus the other SPDR ETFs in the universe as well as showing signals of rising demand
Established positions are only sold when they fall sufficiently out of favor relative to the other SPDR ETFs in the universe, as well as showing signals of a sell off
When an addition or deletion is made, the model is rebalanced so each position is equally weighted
Sector Model Universe
Name Ticker
SPDR Gold Trust GLD
SPDR Dow Jones REIT ETF RWR
Consumer Discretionary Select Sector SPDR Fund XLY
SPDR S&P Insurance ETF KIE
Health Care Select Sector SPDR Fund XLV
Energy Select Sector SPDR Fund XLE
SPDR S&P Health Care Services ETF XHS
SPDR S&P Telecom ETF XTL
Industrial Select Sector SPDR Fund XLI
SPDR S&P Biotech ETF XBI
SPDR S&P Aerospace & Defense ETF XAR
Consumer Staples Select Sector SPDR Fund XLP
SPDR Morgan Stanley Technology ETF MTK
SPDR S&P Software & Services ETF XSW
Utilities Select Sector SPDR Fund XLU
Sector Model Holding
Allocation Product Ticker Gross Expense Ratio
6.25 SPDR Gold Trust GLD® 0.40
6.25 SPDR S&P Insurance ETF KIE 0.35
6.25 SPDR Morgan Stanley Technology ETF MTK 0.35
6.25 SPDR Dow Jones REIT ETF RWR 0.35
6.25 SPDR S&P Aerospace & Defense ETF XAR 0.35
6.25 SPDR S&P Oil & Gas Equipment XES 0.35
& Services ETF
6.25 SPDR S&P Health Care Services ETF XHS 0.35
6.25 Industrial Select Sector SPDR Fund XLI 0.35
6.25 Technology Select Sector SPDR Fund XLK 0.35
6.25 Utilities Select Sector SPDR Fund XLU 0.35
6.25 Health Care Select Sector SPDR Fund XLV 0.35
6.25 Consumer Discretionary Select XLY 0.35
Sector SPDR Fund
6.25 SPDR S&P Metals & Mining ETF XME 0.35
6.25 SPDR S&P Oil & Gas Exploration XOP 0.35
& Production ETF
6.25 SPDR S&P Semiconductor ETF XSD 0.35
6.25 SPDR S&P Software & Services ETF XSW 0.35
Name Ticker
Materials Select Sector SPDR Fund XLB
SPDR S&P Transportation ETF XTN
SPDR S&P Retail ETF XRT
SPDR S&P Health Care Equipment ETF XHE
SPDR S&P Semiconductor ETF XSD
Technology Select Sector SPDR Fund XLK
SPDR S&P Pharmaceuticals ETF XPH
SPDR S&P Regional Banking ETF KRE
SPDR S&P Capital Markets ETF KCE
SPDR S&P Oil & Gas Exploration & Production ETF XOP
SPDR S&P Homebuilders ETF XHB
SPDR S&P Bank ETF KBE
SPDR S&P Metals & Mining ETF XME
Financial Select Sector SPDR Fund XLF
SPDR S&P Oil & Gas Equipment & Services ETF XES
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State Street International Sector Rotation Model
The State Street International Sector Rotation Model is designed to provide targeted exposure to SPDR International Sector ETFs in an attempt to capture the strongest price momentum, and includes a dynamic rotation strategy that reacts to changes in performance price momentum.
Portfolio Rules
The model holds three equal-weighted positions and is rebalanced whenever there is a change to positions
Investment universe comprised of 10 SPDR International Sector ETFs
To be included in the model, the ETF must have superior relative strength versus the other SPDR ETFs in the universe
Established positions are only sold when they fall significantly out of favor relative to the other sectors in the universe, with proceeds moving into the next strongest relative strength ETF not currently in the model
International Sector Rotation Model Universe
Name Ticker
SPDR S&P International Health Care Sector IRY
SPDR S&P International Consumer Staples Sector IPS
SPDR S&P International Consumer Discretionary Sector IPD
SPDR S&P International Technology Sector IPK
SPDR S&P International Industrials Sector IPN
SPDR S&P International Telecommunications Sector IST
SPDR S&P International Materials Sector IRV
SPDR S&P International Financial Sector IPF
SPDR S&P International Energy Sector IPW
SPDR S&P International Utilities Sector IPU
International Sector Rotation Holdings
Allocation Product Ticker Gross Expense Ratio
33.3% SPDR S&P International Consumer IPD 0.40
Discretionary Sector
33.3% SPDR S&P International IRY 0.40
Health Care Sector
33.3% SPDR S&P International IPN 0.40
Industrials Sector
Source: Dorsey Wright & Associates, as of 6/30/2016.
Allocations are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.
Weighted Average Gross Expense Ratio: 0.40%
Weighted Average Gross Expense Ratio is calculated using the gross expense ratio of each individual ETF included in the model proportionately to the allocation percentage provided.
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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Guide to the Dorsey Wright SPDR® ETF Models Standard Performance as of 6/30/2016 Gross Expense Cumulative Annualized Annualized Annualized Since Name Ticker Ratio Qtd (%) 1Yr (%) 5Yr (%) 10Yr (%) Inception (%) Inception Date Fixed Income SPDR Barclays International BWX 0.50% NAV 2.58 9.67 0.18 N/A 2.87 10/02/2007 Treasury Bond ETF Market Value N/A Market 2.57 9.68 0.19 N/A 2.86 10/02/2007 Value SPDR Nuveen Barclays TFI 0.30% NAV 3.03 9.01 5.30 N/A 4.99 09/11/2007 Municipal Bond ETF Market Value N/A Market 3.12 9.19 5.41 N/A 4.99 09/11/2007 Value SPDR Wells Fargo Preferred PSK 0.45% NAV 3.77 12.11 6.49 N/A 8.53 09/16/2009 Stock ETF Market Value N/A Market 3.65 12.05 6.51 N/A 8.55 09/16/2009 Value SPDR Barclays Emerging EBND 0.50% NAV 2.40 2.44 -0.94 N/A 0.33 02/23/2011 Markets Local Bond ETF Market Value N/A Market 3.38 2.96 -1.12 N/A 0.40 02/23/2011 Value
Global Rotation SPDR MSCI EAFE QEFA 0.30% NAV -0.35 -4.33 N/A N/A -3.04 06/04/2014 StrategicFactors ETF Market Value N/A Market 0.65 -3.93 N/A N/A -2.72 06/04/2014 Value
SPDR S&P World ex-US ETF GWL 0.34% NAV -0.86 -9.12 1.50 N/A -0.32 04/20/2007
Market Value N/A Market 0.05 -8.70 1.34 N/A -0.27 04/20/2007 Value SPDR S&P 500 ETF SPY 0.11% NAV 2.42 3.88 11.94 7.32 8.94 01/22/1993 Market Value N/A Market 2.45 3.95 11.95 7.32 8.94 01/22/1993 Value
Global Sector Consumer Discretionary XLY 0.14% NAV -0.92 3.65 15.90 10.50 8.08 12/16/1998
Rotation Model Select Sector SPDR Fund
Market Value N/A Market -0.91 3.69 15.91 10.50 8.08 12/16/1998 Value
SPDR S&P XSD 0.35% NAV 0.13 4.03 10.42 7.23 5.71 01/31/2006
Semiconductor ETF Market Value N/A Market 0.13 4.02 10.42 7.32 5.71 01/31/2006
Value
Health Care Select Sector XLV 0.14% NAV 6.23 -2.14 17.08 10.97 7.90 12/16/1998
SPDR Fund
Market Value N/A Market 6.25 -2.09 17.08 10.96 7.90 12/16/1998
Value
SPDR S&P Aerospace & XAR 0.35% NAV 7.46 -0.11 N/A N/A 20.55 09/28/2011
Defense ETF
Market Value N/A Market 7.50 -0.13 N/A N/A 20.55 09/28/2011
Value
SPDR S&P Health Care XHS 0.35% NAV 3.51 -11.74 N/A N/A 20.73 09/28/2011
Services ETF
Market Value N/A Market 3.54 -11.78 N/A N/A 20.74 09/28/2011
Value

 

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Standard Performance as of 6/30/2016
Gross
Expense Cumulative Annualized Annualized Annualized Since
Name Ticker Ratio Qtd (%) 1Yr (%) 5Yr (%) 10Yr (%) Inception (%) Inception Date
Sector Rotation SPDR Gold Shares GLD 0.40% NAV 6.67 12.34 -2.97 7.53 9.44 11/18/2004
Market Value N/A Market 7.55 12.59 -2.82 7.52 9.35 11/18/2004
Value
SPDR S&P Insurance ETF KIE 0.35% NAV 3.21 6.37 13.29 5.18 4.76 11/08/2005
Market Value N/A Market 3.21 6.38 13.29 5.19 4.76 11/08/2005
Value
SPDR Morgan Stanley MTK 0.35% NAV 0.22 5.73 11.04 8.66 0.92 09/25/2000
Technology ETF
Market Value N/A Market 0.21 5.69 11.04 8.64 0.92 09/25/2000
Value
SPDR Dow Jones REIT ETF RWR 0.25% NAV 5.34 22.43 12.01 6.70 11.52 04/23/2001
Market Value N/A Market 5.34 22.46 12.00 6.71 11.52 04/23/2001
Value
SPDR S&P Aerospace & XAR 0.35% NAV 7.46 -0.11 N/A N/A 20.55 09/28/2011
Defense ETF
Market Value N/A Market 7.50 -0.13 N/A N/A 20.55 09/28/2011
Value
SPDR S&P Oil & Gas XES 0.35% NAV 8.57 -26.87 -13.78 -4.13 -3.12 06/19/2006
Equipment & Services ETF
Market Value N/A Market 8.52 -26.91 -13.78 -4.10 -3.13 06/19/2006
Value
SPDR S&P Health Care XHS 0.35% NAV 3.51 -11.74 N/A N/A 20.73 09/28/2011
Services ETF
Market Value N/A Market 3.54 -11.78 N/A N/A 20.74 09/28/2011
Value
Industrial Select Sector XLI 0.14% NAV 1.52 5.89 10.83 7.43 7.21 12/16/1998
SPDR Fund
Market Value N/A Market 1.54 5.94 10.83 7.44 7.21 12/16/1998
Value
Technology Select Sector XLK 0.14% NAV -1.71 6.84 13.07 9.59 3.23 12/16/1998
SPDR Fund
Market Value N/A Market -1.69 6.86 13.09 9.57 3.24 12/16/1998
Value
Utilities Select Sector XLU 0.14% NAV 6.71 31.16 13.57 8.95 7.24 12/16/1998
SPDR Fund
Market Value N/A Market 6.70 31.15 13.58 8.94 7.24 12/16/1998
Value
Health Care Select Sector XLV 0.14% NAV 6.23 -2.14 17.08 10.97 7.90 12/16/1998
SPDR Fund
Market Value N/A Market 6.25 -2.09 17.08 10.96 7.90 12/16/1998
Value
Consumer Discretionary XLY 0.14% NAV -0.92 3.65 15.90 10.50 8.08 12/16/1998
Select Sector SPDR Fund
Market Value N/A Market -0.91 3.69 15.91 10.50 8.08 12/16/1998
Value
SPDR S&P Metals and XME 0.35% NAV 19.55 2.53 -17.52 -5.76 -4.37 06/19/2006
Mining ETF
Market Value N/A Market 19.68 2.63 -17.52 -5.71 -4.36 06/19/2006
Value
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Guide to the Dorsey Wright SPDR® ETF Models
Standard Performance as of 6/30/2016
Gross
Expense Cumulative Annualized Annualized Annualized Since
Name Ticker Ratio Qtd (%) 1Yr (%) 5Yr (%) 10Yr (%) Inception (%) Inception Date
Sector Rotation SPDR S&P Oil & Gas XOP 0.35% NAV 14.83 -24.38 -8.88 -0.31 1.15 06/19/2006
Exploration & Production ETF
Market Value N/A Market 14.89 -24.36 -8.90 -0.27 1.15 06/19/2006
Value
SPDR S&P XSD 0.35% NAV 0.13 4.03 10.42 7.23 5.71 01/31/2006
Semiconductor ETF
Market Value N/A Market 0.13 4.02 10.42 7.32 5.71 01/31/2006
Value
SPDR S&P Software & XSW 0.35% NAV 6.00 -0.46 N/A N/A 17.69 09/28/2011
Services ETF
Market Value N/A Market 5.99 -0.50 N/A N/A 17.68 09/28/2011
Value
International SPDR S&P International IPD 0.40% NAV -6.66 -13.52 3.79 N/A 5.65 07/16/2008
Sector Rotation Consumer Discretionary
Sector ETF
Market Value N/A Market -6.50 -12.83 3.83 N/A 5.73 07/16/2008
Value
SPDR S&P International IRY 0.40% NAV 4.64 -3.29 10.14 N/A 7.96 07/16/2008
Health Care Sector ETF
Market Value N/A Market 5.46 -3.25 10.11 N/A 7.98 07/16/2008
Value
SPDR S&P International IPN 0.40% NAV -1.46 -5.09 1.42 N/A 2.44 07/16/2008
Industrial Sector ETF
Market Value N/A Market -1.10 -4.68 1.39 N/A 2.48 07/16/2008
Value
Source: SSGA, as of June 30, 2016.
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.
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About Us
For nearly four decades, State Street Global Advisors has been committed to helping our clients, and those who rely on them, achieve financial security. We partner with many of the world’s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process spanning both indexing and active disciplines. With trillions* in assets, our scale and global reach offer clients access to markets, geographies and asset classes, and allow us to deliver thoughtful insights and innovative solutions.
State Street Global Advisors is the investment management arm of State Street Corporation.
* Assets under management were $2.30 trillion as of March 31, 2016. AUM reflects approx. $32.6 billion (as of March 31, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated.
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ssga.com | spdrs.com
For public use.
Important Risk Information
ETFs trade like stocks, are subject to investment risk and will fluctuate in market value.
Brokerage commissions and ETF expenses will reduce returns.
Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.
Momentum style of investing emphasizes investing in securities that have had higher recent price performance compared to other securities, which is subject to the risk that these securities may be more volatile and can turn quickly and cause significant variation from other types of investments.
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.
Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; issuer credit risk; liquidity risk; and inflation risk.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.
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.
Investing in commodities entails significant risk and is not appropriate for all investors.
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 sec.gov or by visiting spdrgoldshares.com. Alternatively, the 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.
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.
For more information: State Street Global Markets, LLC, One Lincoln Street,
Boston, MA, 02111. T: +1 866 320 4053. spdrgoldshares.com
Morgan Stanley is a service mark of Morgan Stanley and has been licensed for use by State Street Bank and Trust Company.
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 licensor’s 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.
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., aregistered broker-dealer, is distributor for SPDR S&P 500, 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. ALPS Distributors, Inc. is not affiliated with State Street Global Markets, LLC or Dorsey Wright & Associates.
SSGA Funds Management has retained Nuveen Asset Management, as the sub-advisor for the SPDR Nuveen Barclays Municipal Bond ETF.
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
866.787.2257 or visit spdrs.com. Read it carefully.
Not FDIC Insured • No Bank Guarantee • May Lose Value
© 2016 State Street Corporation. All Rights Reserved.
ID6589-IBG-19347 0716 Exp. Date: 07/20/2016
State Street GLOBAL ADVISORS. SPDR

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.