GLOBAL ETF SNAPSHOT October 2013

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The research and analysis included in this document has been produced by SSgA for its own investment management activities and is made available here incidentally. Information obtained from external sources is believed to be reliable and is as of the date of publication but is subject to change. This information must not be used in any jurisdiction where prohibited by law and must not be used in a way that would be contrary to local law or legislation. No investment advice, tax advice, or legal advice is provided herein. Unless otherwise noted, all data and statistical information were obtained from Markit and SSgA as of 10/31/13. Data in tables have been rounded to whole numbers, except for percentages, which have been rounded to the nearest tenth of a percent. *The websites are not reviewed by the Securities and Future Commission of Hong Kong (SFC) and may contain information relating to other funds not authorized by SFC.

Snapshot Overview: Includes Data for Every Region Available

GLOBAL ETF ASSET GROWTH

2011 ASSETS # OF ETFs

2012

2013 YTD

$1.5TN 4,648

$1.9TN 5,023

$2.3TN 5,264

ETFs trade like stocks, are subject to investment risk and will fluctuate in market value. The investment return and principal value of an investment will fluctuate in value, so that when shares are sold or redeemed, they may be worth more or less than when they were purchased. Although shares may be bought or sold on an exchange through any brokerage account, shares are not individually redeemable from the fund. Investors may acquire shares and tender them for redemption through the fund in large aggregations known as creation units. Please see the fund prospectus for more details. Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies. Non-diversified funds that focus on a relatively small number of stocks or countries tend to be more volatile than diversified funds and the market as a whole. Past performance does not guarantee future results.

ETF Industry Detail

GLOBAL ETF LISTING REGION
The United States had over $26.6BN of inflows in the month October, increasing its year-to-date inflows to $152.9BN. Europe experienced inflows of $4.0BN in October, increasing its year-to-date inflows to $13.5BN, while APAC had inflows of $4.8BN, increasing its year-to-date inflows to $12.7BN.
# OF ETFs AUM (USD MM) ASSET FLOWS (USD MTD MM) ASSET FLOWS (USD YTD MM)

GLOBAL REGIONS AMERICAS - CANADA AMERICAS - LATIN AMERICA AMERICAS - UNITED STATES APAC EUROPE MIDDLE EAST & AFRICA MIDDLE EAST & AFRICA - ISRAEL TOTAL

391 35 1,523 614 2,370 51 280 5,264

$58,518 $14,352 $1,640,881 $168,762 $405,121 $7,076 $2,294,711

-$121 $38 $26,673 $4,792 $4,005 -$48 $35,339

$3,315 $509 $152,866 $12,725 $13,500 $607 $183,521

GLOBAL PERFORMANCE BY ASSET CLASS

MSCI AC World IMI increased 3.9%, while MSCI EAFE gained 3.4%. Emerging markets returned 4.9%, while Emerging Markets Small Cap jumped 4.4%. US Large Cap, Mid Cap and Small Cap markets were all positive, increasing 4.6%, 3.7% and 3.6%, respectively. The Global Aggregate gained 1.0% and the Global Treasury Ex US grew 1.1%. The US High Yield, the US Aggregate, the US Treasury and the US Corporate Bond markets were all positive in October. The US REIT market was up 4.1%. Commodities were negative, with the Dow Jones-UBS Commodity Index losing 1.5% and Gold dropping 0.2%.
1 MONTH (%) 1 QUARTER (%) YTD (%) 1 YEAR (%)

INDEX/ASSET CLASS BARCLAYS US HIGH YIELD - CORPORATE BARCLAYS US GOVT INFLATION-LINKED BARCLAYS US AGGREGATE CREDIT - CORPORATE - INVESTMENT GRADE BARCLAYS US AGGREGATE BARCLAYS US AGGREGATE GOVERNMENT - TREASURY DB GLOBAL GOVERNMENT EX US INFLATION-LINKED BOND CAPPED INDEX BARCLAYS GLOBAL AGGREGATE BARCLAYS GLOBAL TREASURY EX US DOW JONES US SELECT REIT S&P 500 S&P MIDCAP S&P SMALLCAP MSCI AC WORLD IMI MSCI EAFE MSCI EM (EMERGING MARKETS) S&P DEVELOPED EX UNITED STATES <2B S&P EMERGING MARKETS <2B GOLD (LONDON PM FIX) DOW JONES-UBS COMMODITY INDEX

2.5 0.6 1.5 0.8 0.5 1.3 1.0 1.1 4.1 4.6 3.7 3.6 3.9 3.4 4.9 1.9 4.4 -0.2 -1.5

2.9 0.5 1.5 1.2 0.7 3.6 2.5 3.3 0.0 4.8 5.0 7.4 7.2 9.5 9.8 10.3 7.4 0.7 -0.7

6.3 -6.7 -1.2 -1.1 -1.5 -2.7 -1.2 -2.5 6.5 25.3 27.8 33.3 19.7 20.1 0.3 19.1 5.1 -20.1 -9.9

8.9 -6.9 -1.4 -1.1 -1.5 1.0 -1.5 -4.0 10.0 27.2 33.5 39.1 24.1 26.9 6.5 24.5 13.9 -23.0 -12.2

Source: S&P, MSCI, Barclays, FactSet, as of 10/31/2013. 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. Past performance does not guarantee future results.

Global Flows
GLOBAL ETF FLOWS BY ASSET CLASS
Global ETF inflows topped $35.3BN in October. Equity had inflows of $36.4BN. The equity inflows were driven by developed large cap, with $8.3BN in inflows, and developed mid cap, with $6.7BN in inflows. Fixed Income had inflows of $1.1BN, which were driven by inflows of $2.9BN into developed markets corporate high yield.
MTD ASSET CHANGE (%) YTD ASSET CHANGE (%) ASSET MTD FLOWS FLOWS (USD AS % OF MTD MM) ASSETS YTD FLOWS AS % OF ASSETS

ASSET CLASS INVESTMENT EXPOSURE ALTERNATIVE ASSET ALLOCATION CLOSED END FUND HEDGE FUND INCOME LONG/SHORT MERGER ARBITRAGE OVERLAY PRIVATE EQUITY PROPRIETARY STRATEGY VOLATILITY COMMODITY AGRICULTURE BROAD MARKET ENERGY INDUSTRIAL METALS METALS PRECIOUS METALS CURRENCY AUSTRALIAN DOLLAR SHORT BRITISH POUND LONG BRITISH POUND SHORT CANADIAN DOLLAR SHORT CURRENCY CARRY EURO LONG EURO SHORT KOREAN WON LONG KOREAN WON SHORT US DOLLAR LONG US DOLLAR SHORT EQUITY EQUITYBLENDED DEVELOPMENT SECTOR

# OF ETFs

AUM (USD MM)

ASSET FLOWS (USD YTD MM)

224 83 3 20 7 7 4 27 10 3 1 59 969 196 124 218 122 4 305 134 3 14 14 2 2 14 16 1 1 22 45 3,062 316

$11,521 $3,064 $480 $1,401 $829 $31 $107 $614 $1,369 $139 $5 $3,481 $127,190 $3,753 $16,054 $6,966 $1,745 $87 $98,586 $5,296 $126 $17 $75 $26 $235 $67 $171 $4 $15 $1,859 $2,701 $1,773,919 $129,209

2.5 2.0 4.8 4.3 3.3 3.3 2.8 -0.3 11.1 6.0 2.3 -0.9 -2.2 -3.1 -4.3 -1.3 4.2 -1.8 -2.0 4.5 -15.9 -3.3 -16.2 0.0 3.0 -2.1 7.4 -5.1 6.3 -6.7 16.5 5.8 56.9

27.2 38.4 21.7 23.6 285.0 -14.1 -4.6 -27.1 62.9 26.3 10.2 -35.5 -10.7 -11.9 -11.7 -9.6 -53.0 -40.1 -1.2 41.3 -75.3 2.9 65.2 -41.0 16.1 72.5 -29.7 209.4 1.7 -0.5 30.1 85.5

$304 $7 $13 $36 $10 $1 $3 -$14 $81 $9 $0 $158 -$2,732 -$38 -$546 $56 $80 -$3 -$2,281 $237 -$24 $0 -$14 $0 $5 -$2 $13 $0 $1 -$124 $383 $36,413 $4,259

2.6 0.2 2.7 2.6 1.2 4.0 2.9 -2.3 5.9 6.1 0.0 4.5 -2.1 -1.0 -3.4 0.8 4.6 -3.1 -2.3 4.5 -18.8 -1.6 -18.6 0.0 2.2 -3.5 7.5 -8.3 6.0 -6.7 14.2 2.1 3.3

$3,271 $813 $104 $222 $619 $0 -$13 -$269 $289 $29 $0 $1,476 -$36,745 $152 -$428 -$1,173 $83 -$78 -$35,301 $50 $37 -$57 $4 $14 -$125 $1 $79 -$2 $10 $7 $82 $191,032 $22,402

28.4 26.5 21.7 15.8 74.7 -1.1 -12.3 -43.8 21.1 20.9 0.0 42.4 -28.9 4.0 -2.7 -16.8 4.8 -89.4 -35.8 0.9 29.4 -331.1 4.7 55.0 -53.4 1.5 46.2 -47.4 67.7 0.4 3.0 10.8 17.3

GLOBAL ETF FLOWS BY ASSET CLASS (Continued)

ASSET CLASS INVESTMENT EXPOSURE CONSUMER GOODS CONSUMER SERVICES ENERGY FINANCIALS HEALTH CARE INDUSTRIALS MATERIALS TECHNOLOGY UTILITIES SIZE AND STYLE BROAD MARKET LARGE & MID CAP LARGE CAP MID & SMALL CAP MID CAP SMALL CAP STRATEGY BETA DIVIDEND EARNINGS LONG/SHORT THEMATIC AGRICULTURE ENVIRONMENT INFRASTRUCTURE MASTER LIMITED PARTNERSHIP NATURAL RESOURCES NUCLEAR RELIGION SOCIALLY RESPONSIBLE WATER EQUITYDEVELOPED MARKETS SECTOR CONSUMER GOODS CONSUMER SERVICES ENERGY FINANCIALS HEALTH CARE INDUSTRIALS MATERIALS MTD ASSET CHANGE (%) YTD ASSET CHANGE (%) ASSET MTD FLOWS FLOWS (USD AS % OF MTD MM) ASSETS YTD FLOWS AS % OF ASSETS

# OF ETFs

AUM (USD MM)

ASSET FLOWS (USD YTD MM)

14 1 17 24 7 10 55 14 5 28 16 19 1 1 5 7 34 1 2 10 9 12 2 7 3 2 3 7 2,066 59 24 54 185 48 47 52

$1,167 $70 $1,684 $7,630 $1,057 $493 $12,928 $1,305 $286 $16,548 $18,130 $44,859 $1,723 $4 $845 $2,131 $6,140 $0 $60 $5,158 $407 $1,436 $266 $3,712 $97 $29 $120 $926 $1,404,173 $24,497 $2,477 $19,744 $78,174 $24,546 $13,042 $8,505

9.3 22.0 9.6 11.4 -3.6 11.1 -0.3 11.9 6.5 10.7 7.0 1315.0 9.9 3.4 7.1 8.4 5.6 0.2 2.3 5.8 10.8 6.9 4.3 -10.7 4.5 9.2 6.1 3.0 9.9 -2.5 5.9 4.2 3.1 8.0 8.4

66.3 -11.1 35.3 43.2 66.4 91.2 -23.0 25.5 -4.0 124.4 16.6 1220.2 55.5 4.3 55.0 126.5 52.1 21.1 -17.0 11.8 42.8 110.7 -16.8 -17.7 115.1 30.5 35.6 37.3 70.6 -22.0 26.7 72.9 90.3 19.7

$59 $10 $105 $594 -$81 $34 $59 $85 $8 $968 $561 $1,388 $101 $0 $31 $106 $55 $0 $0 -$12 $8 $90 $13 $64 -$16 $0 $6 $22 $30,372 $1,294 -$164 $285 $403 $297 $401 $330

5.0 14.5 6.2 7.8 -7.6 7.0 0.5 6.5 2.9 5.9 3.1 3.1 5.9 0.0 3.6 5.0 0.9 -0.1 -0.2 2.0 6.3 4.8 1.7 -16.4 0.0 4.8 2.4 2.2 5.3 -6.6 1.4 0.5 1.2 3.1 3.9

$303 -$9 $186 $2,063 $213 $162 $3,716 $86 -$35 $4,569 $2,340 $3,981 $428 $0 $180 $998 $1,751 $0 $11 -$1,027 -$71 $302 $161 $1,961 $16 -$11 $55 $72 $181,847 $2,414 $438 $452 $8,383 $4,817 $3,884 $1,133

26.0 -12.3 11.0 27.0 20.1 32.9 28.7 6.6 -12.2 27.6 12.9 8.9 24.9 0.0 21.3 46.8 28.5 17.9 -19.9 -17.5 21.0 60.6 52.8 17.0 -39.1 45.6 7.8 13.0 9.9 17.7 2.3 10.7 19.6 29.8 13.3

GLOBAL ETF FLOWS BY ASSET CLASS (Continued)

ASSET CLASS INVESTMENT EXPOSURE TECHNOLOGY UTILITIES SIZE AND STYLE BROAD MARKET LARGE & MID CAP LARGE CAP MICRO CAP MID & SMALL CAP MID CAP SMALL CAP STRATEGY BETA CORPORATE ACTION DIVIDEND EARNINGS INSIDER SENTIMENT LONG/SHORT PROPRIETARY RESEARCH TECHNICAL TREND FOLLOWING THEMATIC ELECTRONICS ENVIRONMENT INFRASTRUCTURE INTERNATIONAL GEOGRAPHIC EXPOSURE MASTER LIMITED PARTNERSHIP NATURAL RESOURCES RELIGION SOCIALLY RESPONSIBLE WATER EQUITYEMERGING MARKETS SECTOR CONSUMER GOODS CONSUMER SERVICES ENERGY FINANCIALS HEALTH CARE INDUSTRIALS # OF ETFs AUM (USD MM) MTD ASSET CHANGE (%) YTD ASSET CHANGE (%) ASSET MTD FLOWS FLOWS (USD AS % OF MTD MM) ASSETS ASSET FLOWS (USD YTD MM) YTD FLOWS AS % OF ASSETS

87 28 224 220 578 2 85 69 48 33 4 120 2 2 6 4 17 2 5 3 6 7 1 17 5 3 14 2 677 21 1 8 31 5 8

$29,188 $9,030 $136,536 $191,546 $583,298 $99 $74,712 $65,214 $24,725 $8,189 $2,764 $82,952 $67 $181 $288 $60 $1,773 $1,542 $67 $42 $343 $450 $3 $15,871 $2,208 $21 $856 $1,136 $240,528 $1,900 $14 $97 $773 $219 $30

7.8 -3.0 4.8 5.4 -1.0 4.3 2.5 15.8 6.9 -1.6 29.6 6.7 4.3 25.1 3.0 6.1 15.7 10.1 41.3 1.0 12.7 2.6 -0.6 8.2 1.8 14.6 6.1 6.6 4.5 1.4 -9.9 -18.2 13.3 -25.5 -13.0

59.3 2.2 84.6 38.1 18.6 135.6 66.8 58.8 57.0 74.9 808.4 49.2 19.4 72.9 -52.1 -5.6 100.7 87.5 289.0 18.3 99.6 -58.1 16.8 20.0 -34.9 42.3 26.7 -7.0 32.7 526.7 320.6 66.1 768.3 -79.4

$1,027 -$610 $2,626 $5,898 $8,314 $3 -$203 $6,657 $830 -$471 $521 $1,615 $0 $31 $2 $3 $201 $109 $17 $0 $32 $0 $0 $899 -$50 $2 $15 $32 $1,782 $9 $0 -$14 -$38 -$41 -$2

3.5 -6.8 1.9 3.1 1.4 2.7 -0.3 10.2 3.4 -5.8 18.9 1.9 0.0 17.0 0.7 4.2 11.3 7.1 26.0 0.0 9.4 0.0 0.0 5.7 -2.3 9.9 1.8 2.8 0.7 0.5 -0.1 -14.7 -5.0 -18.9 -5.1

$6,711 -$619 $29,376 $27,481 $40,421 $37 $14,860 $12,295 $4,670 $2,331 $2,139 $14,823 -$2 $51 $141 -$21 $739 $467 $45 $0 $76 $290 $0 $3,667 $123 -$1 $141 $55 -$13,226 $185 $18 -$43 $28 -$119 -$132

23.0 -6.9 21.5 14.3 6.9 37.4 19.9 18.9 18.9 28.5 77.4 17.9 -3.1 28.5 49.1 -34.2 41.7 30.3 67.4 0.0 22.1 64.5 0.0 23.1 5.6 -5.6 16.4 4.8 -5.5 9.7 131.1 -44.7 3.6 -54.3 -439.9

GLOBAL ETF FLOWS BY ASSET CLASS (Continued)

ASSET CLASS INVESTMENT EXPOSURE MATERIALS TECHNOLOGY UTILITIES SIZE AND STYLE BROAD MARKET LARGE & MID CAP LARGE CAP MICRO CAP MID & SMALL CAP MID CAP SMALL CAP STRATEGY BETA DIVIDEND EARNINGS RESEARCH TECHNICAL TREND FOLLOWING THEMATIC ENVIRONMENT INFRASTRUCTURE INTERNATIONAL GEOGRAPHIC EXPOSURE NATURAL RESOURCES RELIGION SOCIALLY RESPONSIBLE EQUITYFRONTIER MARKETS SIZE AND STYLE BROAD MARKET FIXED INCOME FIXED INCOMEBLENDED DEVELOPMENT BROAD MARKET BROAD MARKET CORPORATE CORPORATE HIGH YIELD INVESTMENT GRADE GOVERNMENT GOVERNMENT SOVEREIGN # OF ETFs AUM (USD MM) MTD ASSET CHANGE (%) YTD ASSET CHANGE (%) ASSET MTD FLOWS FLOWS (USD AS % OF MTD MM) ASSETS ASSET FLOWS (USD YTD MM) YTD FLOWS AS % OF ASSETS

10 8 3 163 197 124 1 18 7 17 8 22 3 1 1 1 2 8 1 2 4 2 2 2 875 42 7 4 6 6 6 2

$95 $111 $9 $34,547 $151,630 $29,531 $18 $1,812 $1,826 $2,803 $3,390 $9,066 $95 $67 $369 $2 $1,396 $440 $2 $83 $127 $76 $9 $9 $376,785 $14,105 $1,383 $560 $2,080 $884 $3,524 $536

-9.5 11.1 -18.4 5.2 4.8 0.8 4.8 1.6 0.8 24.6 7.0 5.3 -3.0 0.6 14.9 7.6 3.4 1.9 1.4 0.1 8.3 5.6 3.7 3.7 0.3 3.7 -12.6 5.1 1.7 81.5 3.3 3.2

-9.5 36.2 -24.2 11.1 -12.1 -17.5 47.4 6.1 -9.7 85.0 228.7 19.3 -34.5 -27.7 54.1 -3.3 -15.2 -13.3 -21.4 -26.1 -4.3 10.7 -

$0 $19 $0 $497 $1,012 -$259 $0 -$209 $11 $552 $106 $115 -$4 -$3 $36 $0 -$3 -$9 $0 -$1 $4 $3 $0 $0

-0.2 17.4 0.0 1.4 0.7 -0.9 0.0 -11.5 0.6 19.7 3.1 1.3 -4.1 -3.8 9.9 0.0 -0.2 -2.1 0.0 -0.9 2.9 3.9 0.0 0.0 0.3 1.5 7.9 3.4 -3.9 6.3 1.1 1.6

-$48 $1 $1 $3,983 -$17,535 -$3,628 $2 -$647 $493 $153 $2,289 $1,818 -$48 -$23 $143 $0 -$84 -$30 -$1 -$7 -$5 $8 $9 $9 $25,913 $2,796 $851 $175 $1,481 $750 -$115 $64

-50.4 0.8 13.2 11.5 -11.6 -12.3 12.1 -35.7 27.0 5.5 67.5 20.1 -51.0 -33.9 38.8 0.0 -6.0 -6.7 -30.9 -9.0 -3.7 10.7 99.5 99.5 6.9 19.8 61.5 31.3 71.2 84.8 -3.3 11.9

5.7 22.4 145.6 44.3 390.8 662.1 -8.0 19.2

$1,118 $216 $110 $19 -$81 $56 $37 $9

GLOBAL ETF FLOWS BY ASSET CLASS (Continued)

ASSET CLASS INVESTMENT EXPOSURE TREASURY INFLATION INFLATION PREFERRED STOCK PREFERRED STOCK FIXED INCOMEDEVELOPED MARKETS ASSET BACKED AGENCY MBS CMBS NON AGENCY MBS BROAD MARKET BROAD MARKET CORPORATE CONVERTIBLE CORPORATE COVERED BOND HIGH YIELD INVESTMENT GRADE LEVERAGED LOAN CORPORATE - CREDIT CROSSOVER HIGH YIELD INVESTMENT GRADE SENIOR SUBORDINATED GOVERNMENT AGENCY GOVERNMENT SOVEREIGN TREASURY INFLATION INFLATION TIPS MONEY MARKET MONEY MARKET MUNICIPAL MUNICIPAL PREFERRED STOCK PREFERRED STOCK YIELD CURVE FLATTENING # OF ETFs AUM (USD MM) MTD ASSET CHANGE (%) YTD ASSET CHANGE (%) ASSET MTD FLOWS FLOWS (USD AS % OF MTD MM) ASSETS ASSET FLOWS (USD YTD MM) YTD FLOWS AS % OF ASSETS

2 8 1 771 4 1 2 47 5 71 10 43 59 5 4 5 8 4 2 3 219 68 90 18 19 31 33 18 1

$2,286 $2,818 $35 $341,744 $6,654 $82 $38 $67,085 $1,889 $26,815 $3,472 $42,855 $54,205 $6,881 $372 $44 $211 $40 $32 $49 $26,861 $8,733 $33,578 $3,176 $20,824 $9,883 $11,769 $16,176 $5

3.6 1.3 -4.1 0.2 3.2 3.7 0.1 6.5 8.7 1.2 1.0 9.4 0.5 5.0 19.3 41.4 1.6 23.9 1.2 35.9 -0.4 4.4 -9.4 -0.7 -1.1 -33.2 0.4 -1.0 1.4

2.4 -17.0 -71.9 5.0 -8.6 57.8 185.3 8.1 75.9 5.3 16.2 14.6 1.6 347.6 46.9 23.9 -15.7 124.7 4.3 58.9 18.1 12.2 -9.3 -12.4 -23.7 54.8 -9.3 3.0 -76.7

$61 $6 -$1 -$1,532 $170 $3 $0 -$420 $116 $21 -$4 $2,918 -$147 $293 $56 $13 $0 $8 $0 $13 -$79 $235 -$3,438 -$43 -$320 -$698 -$9 -$217 $0

2.7 0.2 -3.6 -0.4 2.6 3.1 0.0 -0.6 6.1 0.1 -0.1 6.8 -0.3 4.3 15.1 28.5 0.1 19.1 0.1 26.1 -0.3 2.7 -10.2 -1.3 -1.5 -7.1 -0.1 -1.3 0.0

$123 -$454 -$78 $22,291 -$500 $31 $23 $5,759 $660 $1,351 $380 $4,413 $2,456 $5,295 $99 $7 -$52 $11 $ $20 $4,071 $557 $2,509 -$330 -$4,752 -$960 -$264 $1,518 -$15

5.4 -16.1 -224.8 6.5 -7.5 37.5 62.0 8.6 34.9 5.0 11.0 10.3 4.5 77.0 26.7 14.9 -24.9 27.5 0.2 40.6 15.2 6.4 7.5 -10.4 -22.8 -9.7 -2.2 9.4 -317.8

GLOBAL ETF FLOWS BY ASSET CLASS (Continued)

ASSET CLASS INVESTMENT EXPOSURE STEEPENING FIXED INCOMEEMERGING MARKETS BROAD MARKET BROAD MARKET CORPORATE CORPORATE HIGH YIELD INVESTMENT GRADE GOVERNMENT GOVERNMENT SOVEREIGN TREASURY INFLATION INFLATION MONEY MARKET MONEY MARKET GRAND TOTAL # OF ETFs AUM (USD MM) MTD ASSET CHANGE (%) YTD ASSET CHANGE (%) ASSET MTD FLOWS FLOWS (USD AS % OF MTD MM) ASSETS ASSET FLOWS (USD YTD MM) YTD FLOWS AS % OF ASSETS

1 62 8 6 2 5 23 9 3 3 3 5,264

$16 $20,935 $1,542 $681 $451 $656 $3,968 $9,045 $1,441 $94 $3,057 $2,294,711

-3.6 0.8 -2.3 -0.4 -5.2 -10.5 5.4 2.1 -2.5 -35.7 0.4 4.4

100.0 6.1 -3.2 -11.0 95.8 76.6 54.8 -29.7 20.2 -27.4 119,192.3 18.8

$0 $2,435 -$68 -$19 -$36 -$70 $97 -$19 -$58 -$54 $2,661 $35,339

-1.5 11.6 -4.4 -2.9 -7.9 -10.7 2.4 -0.2 -4.0 -57.7 87.1 1.5

$7 $826 $156 -$54 $250 -$247 $1,581 -$2,675 -$556 -$7 $2,377 $183,521

42.5 3.9 10.1 -8.0 55.4 -37.6 39.9 -29.6 -38.6 -7.8 77.8 8.0

ETF Manager & Fund Detail

MANAGER DETAIL The top three families in the Global ETF marketplace were: BlackRock, State Street and Vanguard. Collectively, they
account for approximately 71% of the Global ETF market.
# OF ETFs AUM (USD MM) MARKET SHARE (%) ASSET FLOWS (USD MTD MM) ASSET FLOWS (USD YTD MM)

ETF FAMILY STATE STREET BLACKROCK VANGUARD POWERSHARES DEUTSCHE BANK SOCIT GNRALE NOMURA ASSET MANAGEMENT WISDOMTREE PROSHARES VAN ECK SECURITIES CORPORATION ETF SECURITIES LIMITED GUGGENHEIM INVESTMENTS UBS AG FIRST TRUST NIKKO ASSET MANAGEMENT

191 743 100 196 365 255 52 55 142 61 323 71 385 90 23

$395,270 $898,575 $327,330 $95,647 $53,626 $41,495 $34,763 $32,867 $25,749 $23,820 $20,174 $19,617 $17,729 $17,222 $16,861

17.2 39.2 14.3 4.2 2.3 1.8 1.5 1.4 1.1 1.0 0.9 0.9 0.8 0.8 0.7

$7,974 $9,994 $7,013 $1,464 -$2,834 $561 $839 $711 $582 $165 -$198 $895 $1,094 $1,203 $412

$9,434 $51,872 $50,049 $11,988 -$3,595 -$1,553 $4,458 $12,747 $4,485 $2,497 -$3,920 $5,444 $2,677 $6,398 $3,041

Appendix
Index Definitions
BARCLAYS GLOBAL AGGREGATE The Global Aggregate Index provides a broad-based measure of the global investment grade fixed-rate debt markets. The Global Aggregate Index contains three major components: the U.S. Aggregate (USD 300mn), the Pan-European Aggregate (EUR 300mn), and the Asian-Pacific Aggregate Index (JPY 35bn). In addition to securities from these three benchmarks (94.0% of the overall Global Aggregate market value as of December 31, 2010), the Global Aggregate Index includes Global Treasury, Eurodollar (USD 300mn), Euro-Yen (JPY 25bn), Canadian (USD 300mn equivalent), and Investment Grade 144A (USD 300mn) index-eligible securities not already in the three regional aggregate indices. BARCLAYS GLOBAL TREASURY EX-U.S. CAPPED INDEX The Barclays Global Treasury Ex-U.S. Capped Index tracks fixed-rate, local currency sovereign debt of investment-grade countries outside the United States. BARCLAYS U.S. AGGREGATE CREDIT - CORPORATE - INVESTMENT GRADE The Index is designed to measure the performance of U.S. corporate bonds that have a maturity of greater than or equal to 1 year. The Index is a component of the Barclays U.S. Aggregate Index and includes investment grade, fixed-rate, taxable, U.S. dollardenominated debt with $250 million or more par amount outstanding, issued by U.S. and non-U.S. industrial, utility, and financial institutions. The Index is rebalanced monthly, on the last day business day of the month. BARCLAYS U.S. AGGREGATE GOVERNMENT - TREASURY The Barclays U.S. Aggregate Index provides a measure of the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moodys Investor Service, Inc., Standard & Poors, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States. The securities in the U.S. Aggregate Index must have at least 1 year remaining to maturity and must have $250 million or more of outstanding face value. Asset backed securities must have a minimum deal size of $500 million and a minimum tranche size of $25 million. For commercial mortgage backed securities, the original aggregate transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the aggregate outstanding transaction sizes must be at least $300 million to remain in the index. In addition, the securities must be U.S. dollar denominated, fixed rate, non convertible, and taxable. Certain types of securities, such as flower bonds, TINs, and state and local government series bonds are excluded from the U.S. Aggregate Index. Also excluded from the U.S. Aggregate Index are structured notes with embedded swaps or other special features, private placements, floating rate securities and Eurobonds. The U.S. Aggregate Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month. BARCLAYS U.S. AGGREGATE INDEX The Barclays U.S. Aggregate Index represents the securities of the U.S. dollar-denominated, investment grade bond market. The Index provides a measure of the performance of the U.S. dollar-denominated, investment grade, bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moodys Investor Service, Inc., Standard & Poors, and Fitch Rating) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly offered for sale in the United States.

One cannot invest directly in an index.

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BARCLAYS U.S. GOVERNMENT INFLATION-LINKED BOND INDEX The Barclays U.S. Government Inflation-linked Bond Index measures the performance of the inflation-protected public obligations of the U.S. Treasury. Inflation-protected public obligations of the U.S. Treasury, commonly known as TIPS, are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. The Index includes publicly-issued, U.S. Treasury inflation-protected securities that have at least 1 year remaining to maturity on index rebalancing date, with an issue size equal to or in excess of $500 million. BARCLAYS U.S. HIGH YIELD CORPORATE The Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moodys, Fitch, and S&P is Ba1/BB+/BB+ or below, excluding emerging market debt. The U.S. Corporate High-Yield Index was created in 1986. DB GLOBAL GOVERNMENT EX-US INFLATION-LINKED BOND CAPPED INDEX The DB Global Government ex-US Inflation-Linked Bond Capped Index measures the total return performance of inflationlinked government bonds from developed and emerging market countries outside of the United States. The Index includes government debt (direct obligations of the issuer country) but does not include quasi-government debt or corporate debt. DOW JONES-UBS COMMODITY INDEX The Dow Jones-UBS Commodity Index (DJ-UBSCI) is a broadly diversified index that allows investors to track commodity futures through a single, simple measure. The index is composed of futures contracts on physical commodities. Commodity weightings are based on production and liquidity, subject to weighting restrictions applied annually such that no related group of commodities constitutes more than 33% of the index and no single commodity constitutes more than 15% or less than 2% of the index. DOW JONES US SELECT REIT INDEX The Dow Jones US Select REIT Index is comprised of companies whose charters are the equity ownership and operation of commercial real estate and which operate under the REIT Act of 1960. The Index is generally rebalanced monthly, and returns are calculated on a buy and hold basis except as necessary to reflect the occasional occurrence of Index changes in the middle of the month. Each REIT in the Index is weighted by its float-adjusted market capitalization. That is, each security is weighted to reflect the attainable market performance of the security which reflects that portion of securities shares that are accessible to investors. GOLD (LONDON PM FIX) The London Gold Fix involves gold dealers from London's five biggest bullion banks establishing a common transaction price for a large pool of purchase and sale orders. They do this twice each business day - first at 10:30am (the Morning Fix) and then again at 3pm (the Afternoon Fix). MSCI AC WORLD IMI The MSCI ACWI IMI Index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets. The Index covers approximately 98% of the global equity investment opportunity set. MSCI EAFE INDEX The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. As of May 30, 2011, the MSCI EAFE Index consists of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

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MSCI EMERGING MARKETS (EM) INDEX The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 30, 2011, the MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. S&P 500 INDEX The S&P 500 Index is composed of 500 selected stocks, all of which are listed on the Exchange, the NYSE or NASDAQ, and spans over 24 separate industry groups. Since 1968, the S&P 500 Index has been a component of the US Commerce Departments list of Leading Indicators that track key sectors of the US economy. Current information regarding the market value of the S&P 500 Index is available from market information services. The S&P 500 Index is determined, comprised and calculated without regard to the Trust. S&P DEVELOPED EX UNITED STATES <2BN The S&P Developed ExUS Under USD 2 Billion is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in developed countries outside the US The Developed Small Cap Index is float adjusted, meaning that only those shares publicly available to investors are included in the Developed Small Cap Index calculation. S&P EMERGING MARKETS <2BN INDEX S&P Emerging Markets Under USD 2 Billion Index is a float-adjusted, market cap-weighted index that represents the small capitalization segment of emerging countries included in the S&P Global BMI Index. The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million. S&P MIDCAP 400 INDEX The S&P MidCap 400 Index covers over 7% of the US equities market, and is part of a series of S&P US indices. Included in the index are companies with market cap in the range of US $1 billion to US $4.5 billion. This range is reviewed from time to time to ensure consistency with market conditions. The index also includes companies that should have four consecutive quarters of positive as-reported earnings, where as-reported earnings are defined as GAAP Net Income excluding discontinued operations and extraordinary items. S&P SMALLCAP 600 INDEX The S&P SmallCap 600 Index measures the performance of the small-capitalization sector in the US equity market. The selection universe for the Index includes all US common equities listed on the NYSE, NASDAQ Global Select Market, NASDAQ Select Market and NASDAQ Capital Market with market capitalizations between $250 million and $1.2 billion. The Index is float-adjusted and market capitalization weighted.

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Important Risk Information THIS MATERIAL IS FOR YOUR PRIVATE INFORMATION. In Hong Kong, this material is published by State Street Global Advisors Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Singapore, this is published by State Street Global Advisors Singapore, Limited (Co. registration no. 200002719D). This material or any portion thereof may not be reprinted or redistributed without the written consent of State Street Global Advisors. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. The views expressed here are those of the Intermediary Business Group of State Street Global Advisors and are subject to change based on market and other conditions. The information we provide 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 any security. It does not take into account any investors particular investment objectives, strategies, tax status or investment horizon. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. There is no representation nor warranty as to the current accuracy of such information, nor liability for decisions based on such information. Past performance is no guarantee of future results. Unless otherwise noted, all data and statistical information was obtained from Markit and SSgA as of 10/31/2013. Barclays is a trademark of Barclays, the investment banking division of Barclays Bank PLC (Barclays), and has been licensed for use in connection with the listing and trading of the SPDR Barclays ETFs. The products are not sponsored by, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of investing in them. Source: Barclays POINT/Global Family of Indices. (c) 2013 Barclays Inc. Used with permission. The Dow Jones-UBS Commodity Indexes are a joint product of DJI Opco, LLC (Dow Jones Opco), a subsidiary of S&P Dow Jones Indices LLC, and UBS Securities LLC (UBS), and have been licensed for use by SSgA. Dow Jones and DJ are trademarks of Dow Jones Trademark Holdings LLC. UBS is a registered trademark of UBS AG. Standard & Poors and S&P are registered trademarks of Standard & Poors Financial Services LLC (S&P) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed by SSGA. The Dow Jones US Select REIT Index is a product of S&P Dow Jones Indices LLC and has been licensed by SSGA. The MSCI EAFE Index, MSCI EM (EMERGING MARKETS) Index and MSCI ACWI Inc.
SM SM

EX USA INDEX are trademarks of MSCI

Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCIs express written consent. SPDR is a registered trademark of Standard & Poor Financial Services LLC (S&P) and has been licensed for use by State Street Corporation. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its Affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Further limitations and important information that could affect investors rights are described in the prospectus for the applicable product. 2013 State Street Corporation. All Rights Reserved. IBGAP-1502 Exp. Date: 31/12/2013

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