Edgar Filing: SPDR GOLD TRUST

SPDR ETF Trading Report February 2017

Filed Pursuant To Rule 433

Registration No. 333-209926

March 28, 2017

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SPDR® ETF Trading Report

INVESTMENT PROFESSIONAL USE ONLY

February 2017

Consolidated Consolidated Avg. Avg. Avg. Quote Short

Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest

Spread Spread vs. 3 mo. Volume Avg. Daily (shares) vs. Quote Size (Shares) vs. Quote vs. 3 mo. Trade Volatility as of

Ticker ETF Name ($) (%) trailing (shares) Volume ($) 3 mo. trailing (shares) 3 mo. trailing Size ($) trailing Size (%) 02/15/2017

US Core

SPY SPDR S&P 500® ETF 0.01 0.00 0.01 71,849,291 17,769,878,274 77,822,753 19,053 17,372 4,436,872 3,957,168 305 0.30 220,054,513 MDY SPDR S&P MidCap 400® ETF 0.06 0.02 0.06 1,163,654 392,941,603 1,425,090 2,472 2,113 772,080 648,163 123 0.50 2,022,131 SLY SPDR S&P 600 Small Cap ETF 0.40 0.33 0.40 93,717 11,847,037 57,942 2,059 2,213 253,401 270,805 130 0.70 25,230 DIA SPDR Dow Jones Industrial Average ETF Trust 0.01 0.01 0.01 3,362,590 716,042,852 3,963,982 2,721 2,210 555,193 440,785 141 0.30 6,243,997 THRK SPDR Russell 3000 ETF 0.65 0.37 0.64 4,977 1,016,989 5,645 3,016 2,788 525,628 475,744 73 0.40 3,353 TWOK SPDR Russell 2000® ETF 0.26 0.31 0.26 23,837 2,080,795 30,889 5,451 5,239 442,676 421,687 287 0.60 15,546 ONEK SPDR Russell 1000 ETF 0.50 0.46 0.47 7,539 970,500 6,904 2,711 2,499 296,068 267,693 140 0.30 1,667 SMD SPDR S&P 1000 ETF 0.69 0.75 0.68 13,301 1,329,799 14,372 1,550 1,204 141,841 108,589 219 0.50 24,459 SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 0.13 0.23 0.15 7,250 478,221 6,384 4,719 7,767 264,689 425,942 390 0.40 23,051 SHE SPDR SSGA Gender Diversity Index ETF 0.07 0.11 0.08 2,079 191,007 1,949 7,628 7,332 492,311 470,421 120 0.40 2,749

US Style

SPYG SPDR S&P 500 Growth ETF 0.24 0.21 0.24 29,809 3,645,017 55,592 2,140 2,554 238,139 273,865 157 0.30 43,178 SPYV SPDR S&P 500 Value ETF 0.30 0.27 0.27 18,779 2,272,181 29,124 2,665 3,331 298,613 368,309 154 0.30 13,896 MDYG SPDR S&P 400 Mid Cap Growth ETF 0.39 0.28 0.39 23,727 3,479,124 25,801 2,319 2,582 321,019 349,809 94 0.40 24,530 MDYV SPDR S&P 400 Mid Cap Value ETF 0.30 0.31 0.30 27,586 2,817,662 42,474 4,879 5,873 471,897 562,692 138 0.50 22,485 SLYG SPDR S&P 600 Small Cap Growth ETF 0.61 0.29 0.59 30,010 6,807,375 45,218 2,511 2,364 532,257 491,901 83 0.60 12,324 SLYV SPDR S&P 600 Small Cap Value ETF 0.29 0.25 0.30 49,122 6,171,592 80,558 1,750 1,820 208,915 217,090 90 0.70 91,175

US Sector

XLY Consumer Discretionary Select Sector SPDR Fund 0.01 0.01 0.01 3,951,405 394,825,767 4,980,413 11,377 9,998 975,009 836,633 183 0.40 11,113,028 XLP Consumer Staples Select Sector SPDR Fund 0.01 0.02 0.01 12,954,789 1,026,050,968 13,114,202 78,753 62,946 4,232,186 3,295,853 497 0.40 56,096,922 XLE Energy Select Sector SPDR Fund 0.01 0.01 0.01 12,987,688 1,063,005,963 12,748,085 13,199 9,672 953,364 720,661 188 0.70 37,348,211 XLF Financial Select Sector SPDR Fund 0.01 0.04 0.01 59,317,580 1,488,800,392 65,432,815 892,661 795,692 21,468,497 18,746,504 1,273 0.60 99,306,176 XLV Health Care Select Sector SPDR Fund 0.01 0.01 0.01 10,264,183 969,076,614 8,935,231 18,876 15,855 1,366,434 1,121,424 270 0.40 27,247,740 XLI Industrial Select Sector SPDR Fund 0.01 0.02 0.01 10,405,615 858,540,350 10,316,594 30,706 25,709 1,991,284 1,637,406 359 0.40 40,854,528

Source: ArcaVision. Data is as of February 28,2017. Past performance is not a guarantee of future results.

STATE STREET GLOBAL ADVISORS.

SPDR

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SPDR® ETF Trading Report

Consolidated Consolidated Avg. Avg. Avg. Quote Short

Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest

Spread Spread vs. 3 mo. Volume Avg. Daily (shares) vs. Quote Size (Shares) vs. Quote vs. 3 mo. Trade Volatility as of

Ticker ETF Name ($) (%) trailing (shares) Volume ($) 3 mo. trailing (shares) 3 mo. trailing Size ($) trailing Size (%) 02/15/2017

US Sector (cont’d)

XLB Materials Select Sector SPDR Fund 0.01 0.02 0.01 4,870,412 273,107,148 4,961,499 27,669 24,123 1,443,492 1,237,751 276 0.30 15,476,240 XLK Technology Select Sector SPDR Fund 0.01 0.02 0.01 7,198,963 437,647,206 8,357,232 94,816 68,952 4,884,920 3,420,019 441 0.30 27,682,860 XLU Utilities Select Sector SPDR Fund 0.01 0.02 0.01 14,132,456 772,304,874 13,881,981 29,566 23,083 1,467,952 1,124,142 357 0.70 51,800,470 XLRE Real Estate Select Sector SPDR Fund 0.01 0.03 0.01 2,240,154 71,493,969 2,070,309 62,474 44,569 1,959,185 1,378,519 435 0.60 5,772,601

US Industry

KBE SPDR S&P Bank ETF 0.01 0.03 0.01 2,326,038 114,367,148 2,970,211 6,850 7,214 305,442 314,603 169 0.80 5,641,303 KCE SPDR S&P Capital Markets ETF 0.10 0.20 0.11 8,298 433,688 10,046 10,012 12,305 474,369 568,737 136 0.60 16,567 KIE SPDR S&P Insurance ETF 0.04 0.04 0.04 109,460 9,803,605 196,180 2,141 2,806 183,441 233,992 131 0.40 319,413 KRE SPDR S&P Regional Banking ETF 0.01 0.00 0.01 6,090,242 368,472,021 6,950,128 4,781 4,984 270,557 276,861 153 0.80 20,267,245 XBI SPDR S&P Biotech ETF 0.03 0.05 0.03 4,700,434 346,278,461 5,534,082 1,390 1,382 93,756 88,172 152 1.00 23,716,789 MTK SPDR Morgan Stanley Technology ETF 0.32 0.48 0.29 21,591 1,520,930 28,694 4,184 4,169 277,232 263,564 95 0.40 19,982 XHB SPDR S&P Homebuilders ETF 0.01 0.03 0.01 1,380,453 52,234,409 1,755,555 14,275 13,131 502,623 456,302 189 0.50 10,272,221 XME SPDR S&P Metals & Mining ETF 0.01 0.03 0.01 3,825,397 143,408,453 4,128,196 5,030 4,692 169,763 153,945 158 0.90 9,407,105 XES SPDR S&P Oil & Gas Equipment & Services ETF 0.02 0.07 0.02 537,583 12,230,551 611,149 5,883 5,575 130,544 126,385 208 1.50 440,120 XITK SPDR FactSet Innovative Technology ETF 0.41 0.63 0.24 4,309 324,714 3,015 817 672 51,030 40,891 256 0.50 3,209 XOP SPDR S&P Oil & Gas Exploration & Production ETF 0.01 0.03 0.01 12,457,073 534,433,880 12,939,069 11,778 9,176 463,347 377,409 210 1.20 58,478,829 XPH SPDR S&P Pharmaceuticals ETF 0.03 0.07 0.03 227,897 9,922,970 288,232 1,829 2,261 75,410 89,536 174 0.90 702,010 XRT SPDR S&P Retail ETF 0.01 0.03 0.01 7,898,045 385,705,827 6,620,715 7,362 7,350 320,321 325,532 226 1.10 25,296,831 XSD SPDR S&P Semiconductor ETF 0.05 0.08 0.05 146,705 9,031,434 121,996 2,723 2,986 163,489 172,919 194 0.70 1,254,646 XHE SPDR S&P Health Care Equipment ETF 0.19 0.36 0.20 26,810 1,517,701 20,417 2,101 2,311 111,605 119,132 179 0.50 54,951 XTL SPDR S&P Telecom ETF 0.20 0.27 0.18 34,838 2,530,263 27,720 4,252 3,873 301,637 272,892 145 0.70 34,509 XAR SPDR S&P Aerospace & Defense ETF 0.07 0.10 0.07 152,183 12,422,381 171,418 6,617 5,903 446,648 386,410 140 0.50 2,334,353 XHS SPDR S&P Health Care Services ETF 0.10 0.18 0.09 16,650 1,003,171 21,695 575 2,196 32,643 119,572 120 0.70 14,986 XSW SPDR S&P Software & Services ETF 0.14 0.25 0.12 4,570 297,637 4,408 2,531 1,918 145,279 107,753 160 0.50 3,109 XTH SPDR S&P Technology Hardware ETF 0.51 0.75 0.47 1,371 126,699 1,526 6,349 6,089 431,986 404,005 63 0.70 10,952 XTN SPDR S&P Transportation ETF 0.07 0.12 0.07 39,338 2,327,361 72,689 2,823 2,628 155,745 144,645 118 0.80 41,992 XWEB SPDR S&P Internet ETF 0.23 0.38 0.25 195 29,786 1,741 4,129 3,653 250,135 218,413 18 0.50 1,334

Source: ArcaVision. Data is as of February 28,2017. Past performance is not a guarantee of future results.

State Street Global Advisors 2

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SPDR® ETF Trading Report

Consolidated Consolidated Avg. Avg. Avg. Quote Short

Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest

Spread Spread vs. 3 mo. Volume Avg. Daily (shares) vs. Quote Size (Shares) vs. Quote vs. 3 mo. Trade Volatility as of

Ticker ETF Name ($) (%) trailing (shares) Volume ($) 3 mo. trailing (shares) 3 mo. trailing Size ($) trailing Size (%) 02/15/2017

Real Estate Equities

RWR SPDR Dow Jones REIT ETF 0.04 0.04 0.05 372,577 36,236,497 383,841 2,765 2,331 259,246 216,783 178 0.60 168,209 RWO SPDR Dow Jones Global Real Estate ETF 0.03 0.05 0.04 279,955 14,144,066 515,398 2,076 1,792 98,776 84,672 146 0.40 574,951 RWX SPDR Dow Jones International Real Estate ETF 0.01 0.03 0.01 959,956 41,465,213 1,287,734 11,041 10,679 411,829 392,667 392 0.20 1,407,313

Global Equities

DGT SPDR Global Dow ETF 0.34 0.47 0.34 4,885 458,825 4,233 446 449 32,299 32,126 94 0.40 1,223 GII SPDR S&P Global Infrastructure ETF 0.23 0.49 0.23 15,976 823,750 17,826 856 715 39,607 32,618 159 0.40 34,227 GNR SPDR S&P Global Natural Resources ETF 0.07 0.17 0.08 166,903 7,328,384 146,399 911 1,013 39,264 43,032 209 0.40 164,332 CWI SPDR MSCI ACWI ex-US ETF 0.01 0.04 0.01 378,107 12,748,331 514,836 10,031 11,147 332,728 359,602 210 0.40 370,432 ACIM SPDR MSCI ACWI IMI ETF 0.28 0.42 0.80 17,757 1,254,039 16,020 420 570 28,300 37,991 247 0.30 4,746 EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.58 0.92 0.67 375 39,183 505 1,129 1,548 71,251 95,775 89 0.80 619 GWL SPDR S&P World ex-US ETF 0.02 0.06 0.02 262,724 7,115,535 356,449 11,109 18,800 298,943 498,388 461 0.30 737,759 GWX SPDR S&P International Small Cap ETF 0.04 0.13 0.04 168,978 5,306,267 165,042 1,024 1,151 31,642 34,645 140 0.30 18,592 LOWC SPDR MSCI ACWI Low Carbon Target ETF 0.13 0.17 0.13 1,007 117,551 2,019 1,173 985 91,975 74,890 93 0.40 631

International Developed Equities — Region/Country

FEZ SPDR EURO STOXX 50 ETF 0.01 0.03 0.01 2,176,795 79,282,706 2,187,646 85,461 72,767 2,914,220 2,444,971 441 0.40 3,007,553 FEU SPDR STOXX Europe 50 ETF 0.03 0.11 0.03 30,542 1,020,482 46,953 1,349 1,444 41,549 43,349 209 0.30 18,758 SMEZ SPDR EURO STOXX Small Cap ETF 0.12 0.24 0.12 1,450 99,120 3,923 1,352 640 65,572 29,933 155 0.50 829 HFEZ SPDR EURO STOXX 50 Currency Hedged ETF 0.18 0.51 0.16 4,240 207,841 5,250 2,000 2,089 72,560 75,392 697 0.50 8,227 HDWX SPDR S&P International Dividend Currency Hedged ETF 0.23 0.54 0.25 2,076 132,219 1,358 355 353 15,137 15,024 177 0.50 2,058

Emerging Market Equities

GMM SPDR S&P Emerging Markets ETF 0.20 0.32 0.20 23,192 1,528,043 30,153 450 463 28,179 27,623 131 0.50 17,836 GML SPDR S&P Emerging Latin America ETF 0.38 0.76 0.36 1,634 113,289 2,819 270 581 13,508 26,128 70 1.00 791 GAF SPDR S&P Emerging Middle East & Africa ETF 1.36 2.30 1.47 1,114 88,069 3,341 321 291 18,939 16,444 153 1.10 2,414 GUR SPDR S&P Emerging Europe ETF 0.26 0.89 0.24 15,160 471,532 14,018 1,105 864 32,001 24,417 144 0.70 25,014 GMF SPDR S&P Emerging Asia Pacific ETF 0.15 0.18 0.16 19,612 1,701,674 22,567 513 587 42,199 46,091 135 0.40 7,450

Source: ArcaVision. Data is as of February 28,2017. Past performance is not a guarantee of future results.

State Street Global Advisors 3

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SPDR® ETF Trading Report

Consolidated Consolidated Avg. Avg. Avg. Quote Short

Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest

Spread Spread vs. 3 mo. Volume Avg. Daily (shares) vs. Quote Size (Shares) vs. Quote vs. 3 mo. Trade Volatility as of

Ticker ETF Name ($) (%) trailing (shares) Volume ($) 3 mo. trailing (shares) 3 mo. trailing Size ($) trailing Size (%) 02/15/2017

Emerging Market Equities (cont’d)

EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves 0.62 1.11 0.74 50 2,163 168 2,035 1,632 117,460 86,790 — 7.70 514 Free ETF

EWX SPDR S&P Emerging Markets Small Cap ETF 0.07 0.15 0.08 86,815 4,070,446 103,839 891 886 38,946 36,760 151 0.40 73,529 GXC SPDR S&P China ETF 0.10 0.12 0.11 41,237 3,515,762 63,463 686 767 54,660 58,154 101 0.50 17,572 RBL SPDR S&P Russia ETF 0.10 0.46 0.10 21,853 490,334 19,713 1,966 1,301 40,028 26,475 434 0.80 8,284 XINA SPDR MSCI China A Shares IMI ETF 0.24 1.11 0.25 85 3,494 99 195 217 4,237 4,635 1 3.20 16

International Sector Equities

IPD SPDR S&P International Consumer Discretionary 0.27 0.74 0.26 2,563 109,459 3,389 436 357 16,032 13,098 91 0.50 376

Sector ETF

IPS SPDR S&P International Consumer Staples Sector ETF 0.21 0.52 0.21 2,178 114,643 3,999 627 492 25,958 19,582 17 0.50 638 IPW SPDR S&P International Energy Sector ETF 0.11 0.59 0.11 11,238 222,675 18,144 948 919 17,254 17,047 103 0.70 5,949 IPF SPDR S&P International Financial Sector ETF 0.27 1.37 0.28 1,288 46,625 2,884 2,318 2,050 46,940 40,631 58 0.50 4,902 IRY SPDR S&P International Health Care Sector ETF 0.15 0.32 0.13 6,829 355,870 16,878 826 759 37,575 33,191 117 0.40 3,719 IPN SPDR S&P International Industrial Sector ETF 0.14 0.46 0.14 4,316 156,974 5,133 1,289 1,299 40,011 39,671 176 0.50 741 IRV SPDR S&P International Materials Sector ETF 0.16 0.71 0.16 61,233 1,426,603 26,064 2,081 1,892 45,574 40,905 293 0.70 19,211 IPK SPDR S&P International Technology Sector ETF 0.21 0.59 0.24 4,510 207,253 5,167 2,770 1,620 101,521 56,198 141 0.50 1,993 IST SPDR S&P International Telecommunications 0.11 0.47 0.10 4,034 112,572 16,146 832 909 19,419 20,743 179 0.30 258

Sector ETF

IPU SPDR S&P International Utilities Sector ETF 0.07 0.44 0.07 2,546 51,439 5,758 1,023 998 15,529 14,920 132 0.30 5,520

Advanced Beta — Income

EDIV SPDR S&P Emerging Markets Dividend ETF 0.07 0.25 0.07 75,089 2,269,083 83,210 1,007 919 29,243 25,254 198 0.50 82,302 DWX SPDR S&P International Dividend ETF 0.03 0.08 0.03 199,317 7,646,507 186,999 4,587 2,673 171,324 98,393 225 0.30 331,808 SDY SPDR S&P Dividend ETF 0.02 0.02 0.02 800,032 76,398,678 914,763 4,159 3,507 362,665 303,391 206 0.30 688,821 WDIV SPDR S&P Global Dividend ETF 0.08 0.13 0.09 10,979 776,362 14,793 445 506 28,289 31,655 126 0.30 9,632 SPYD SPDR S&P 500 High Dividend ETF 0.07 0.20 0.06 54,790 2,203,819 61,939 6,719 12,711 238,457 449,715 182 0.40 10,372

Source: ArcaVision. Data is as of February 28,2017. Past performance is not a guarantee of future results.

State Street Global Advisors 4

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SPDR® ETF Trading Report

Consolidated Consolidated Avg. Avg. Avg. Quote Short

Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest

Spread Spread vs. 3 mo. Volume Avg. Daily (shares) vs. Quote Size (Shares) vs. Quote vs. 3 mo. Trade Volatility as of

Ticker ETF Name ($) (%) trailing (shares) Volume ($) 3 mo. trailing (shares) 3 mo. trailing Size ($) trailing Size (%) 02/15/2017

Advanced Beta — Multi Factor

QAUS SPDR MSCI Australia StrategicFactors ETF 0.04 0.08 0.04 4,352 254,475 3,552 965 967 48,761 47,654 126 0.70 6,578 QCAN SPDR MSCI Canada StrategicFactors ETF 0.06 0.10 0.06 12,624 727,668 6,338 884 854 48,319 46,586 115 0.50 2,062 QDEU SPDR MSCI Germany StrategicFactors ETF 0.06 0.11 0.06 497 48,393 605 916 933 49,088 48,376 74 0.70 383 QJPN SPDR MSCI Japan StrategicFactors ETF 0.25 0.37 0.23 199 24,705 1,518 456 549 30,999 36,377 43 0.50 3,373 QESP SPDR MSCI Spain StrategicFactors ETF 0.04 0.09 0.04 1,133 66,617 830 1,050 1,012 43,586 41,532 101 0.70 215 QGBR SPDR MSCI United Kingdom StrategicFactors ETF 0.18 0.37 0.17 323 30,962 294 963 901 45,868 42,185 27 0.40 511 QEFA SPDR MSCI EAFE StrategicFactors ETF 0.36 0.64 0.30 9,777 620,503 32,564 2,012 2,142 112,571 114,961 312 0.30 10,530 QWLD SPDR MSCI World StrategicFactors ETF 0.62 0.94 0.55 124 22,269 398 669 432 43,485 27,782 — 0.50 374 QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.52 0.96 0.45 13,525 817,451 14,911 1,745 1,019 93,846 53,110 195 0.50 50,879 QUS SPDR MSCI USA StrategicFactors ETF 0.05 0.08 0.11 8,148 592,421 4,747 350 443 23,898 29,632 80 0.30 3,634

Advanced Beta — Single Factor

SPYB SPDR S&P 500 Buyback ETF 0.17 0.29 0.13 1,132 91,890 1,767 8,566 8,564 464,449 456,632 115 0.40 13,342 VLU SPDR S&P 1500 Value Tilt ETF 0.78 0.85 0.85 1,105 166,023 2,016 518 1,541 47,252 138,598 60 0.50 4,501 MMTM SPDR S&P 1500 Momentum Tilt ETF 0.47 0.48 0.34 511 36,834 2,307 779 831 76,046 78,920 17 0.50 160 LGLV SPDR SSGA US Large Cap Low Volatility Index ETF 0.52 0.63 0.55 4,211 431,134 4,557 612 587 51,194 48,005 104 0.30 10,053 SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 0.36 0.39 0.36 16,247 1,604,799 19,594 2,367 2,428 218,379 225,925 186 0.50 9,773 ONEY SPDR Russell 1000 Yield Focus ETF 0.50 0.72 0.43 883 105,948 1,326 4,701 4,993 329,681 343,768 71 0.60 7,356 ONEO SPDR Russell 1000 Momentum Focus ETF 0.23 0.35 0.34 5,209 426,697 17,480 5,373 11,696 363,483 771,819 105 0.40 20,898 ONEV SPDR Russell 1000 Low Volatility Focus ETF 0.38 0.55 0.34 1,562 156,359 2,516 5,488 6,256 375,379 420,153 304 0.40 26,647

Advanced Beta — Fixed Income

CBND SPDR Bloomberg Barclays Issuer Scored Corporate 0.15 0.47 0.15 16,237 560,106 12,375 430 733 13,700 23,251 157 0.30 1,577 Bond ETF

Fixed Income — US Government

BIL SPDR Bloomberg Barclays 1–3 Month T-Bill ETF 0.01 0.02 0.01 610,774 29,526,642 748,863 2,227,718 2,365,580 101,851,267 108,154,318 1,305 0.00 557,528 ITE SPDR Bloomberg Barclays Intermediate Term 0.07 0.12 0.06 44,894 2,857,613 68,228 3,099 3,073 185,382 183,304 356 0.10 12,845

Treasury ETF

TLO SPDR Bloomberg Barclays Long Term Treasury ETF 0.09 0.12 0.10 57,132 4,745,692 107,577 2,194 1,620 152,461 111,974 185 0.50 2,785 IPE SPDR Bloomberg Barclays TIPS ETF 0.06 0.11 0.06 45,856 2,767,420 84,283 3,971 3,085 225,473 174,179 142 0.20 27,451

Source: ArcaVision. Data is as of February 28,2017. Past performance is not a guarantee of future results.

State Street Global Advisors 5

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SPDR® ETF Trading Report

Consolidated Consolidated Avg. Avg. Avg. Quote Short

Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest

Spread Spread vs. 3 mo. Volume Avg. Daily (shares) vs. Quote Size (Shares) vs. Quote vs. 3 mo. Trade Volatility as of

Ticker ETF Name ($) (%) trailing (shares) Volume ($) 3 mo. trailing (shares) 3 mo. trailing Size ($) trailing Size (%) 02/15/2017

Fixed Income — US Government (cont’d)

SST SPDR Bloomberg Barclays Short Term Treasury ETF 0.06 0.20 0.05 53,541 1,689,379 48,729 5,682 7,212 171,085 216,865 524 0.10 47,155 SIPE SPDR Bloomberg Barclays 0–5 Year TIPS ETF 0.23 1.16 0.21 2,813 89,528 7,790 1,057 2,250 21,013 44,505 373 0.50 5,774 TIPX SPDR Bloomberg Barclays 1–10 Year TIPS ETF 0.08 0.42 0.08 10,729 242,033 41,505 723 949 14,192 18,534 506 0.20 56,841

Fixed Income — US Investment Grade Corporates

SCPB SPDR Bloomberg Barclays Short Term Corporate 0.01 0.03 0.01 787,622 24,407,455 1,015,022 45,079 33,021 1,378,065 1,008,461 487 0.00 46,788

Bond ETF

ITR SPDR Bloomberg Barclays Intermediate Term 0.02 0.07 0.02 473,256 16,456,363 446,788 6,375 5,907 217,133 200,661 390 0.10 121,685

Corporate Bond ETF

LWC SPDR Bloomberg Barclays Long Term Corporate 0.10 0.24 0.15 75,111 3,089,330 58,480 668 998 26,767 39,750 185 0.30 23,184

Bond ET

FLRN SPDR Bloomberg Barclays Investment Grade Floating 0.02 0.07 0.03 306,937 9,680,615 279,462 8,252 8,925 252,924 273,551 307 0.10 84,085 Rate ETF

Fixed Income — High Yield

JNK SPDR Bloomberg Barclays High Yield Bond ETF 0.01 0.03 0.01 7,655,595 327,754,377 9,309,118 93,632 75,009 3,459,702 2,749,830 504 0.10 32,655,558 SJNK SPDR Bloomberg Barclays Short Term High Yield 0.01 0.04 0.01 1,517,786 43,919,435 1,415,540 30,638 23,918 856,945 664,920 358 0.10 1,796,532

Bond ETF

CJNK SPDR BofA Merrill Lynch Crossover Corporate Bond ETF 0.26 1.00 0.33 27,996 761,557 31,222 1,342 866 35,147 22,525 200 0.20 9,620

Fixed Income — US Mortgage

MBG SPDR Bloomberg Barclays Mortgage Backed Bond ETF 0.12 0.45 0.11 70,407 1,937,379 82,206 9,393 4,887 247,130 128,430 135 0.20 9,634

Fixed Income — US Aggregate

BNDS SPDR Bloomberg Barclays Aggregate Bond ETF 0.08 0.13 0.07 94,358 5,563,035 148,023 7,532 3,146 430,228 179,291 225 0.10 6,253

Fixed Income — Hybrids

CWB SPDR Bloomberg Barclays Convertible Securities ETF 0.01 0.03 0.02 688,843 35,154,056 893,413 1,979 2,472 94,458 114,701 153 0.30 2,449,154 PSK SPDR Wells Fargo Preferred Stock ETF 0.07 0.16 0.07 64,938 2,997,608 92,938 1,638 3,227 71,761 137,890 211 0.10 25,567

Fixed Income — Municipal

SHM SPDR Nuveen Barclays Short Term Municipal Bond ETF 0.01 0.03 0.02 469,665 23,191,441 901,303 9,034 12,094 436,433 580,996 366 0.10 113,237 TFI SPDR Nuveen Barclays Municipal Bond ETF 0.03 0.07 0.04 414,907 20,009,571 637,469 4,686 3,668 223,475 174,230 222 0.10 111,702 HYMB SPDR Nuveen S&P High Yield Municipal Bond ETF 0.08 0.14 0.09 106,327 6,252,169 198,726 825 693 46,423 38,766 157 0.20 58,067

Source: ArcaVision. Data is as of February 28,2017. Past performance is not a guarantee of future results.

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SPDR® ETF Trading Report

Consolidated Consolidated Avg. Avg. Avg. Quote Short

Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest

Spread Spread vs. 3 mo. Volume Avg. Daily (shares) vs. Quote Size (Shares) vs. Quote vs. 3 mo. Trade Volatility as of

Ticker ETF Name ($) (%) trailing (shares) Volume ($) 3 mo. trailing (shares) 3 mo. trailing Size ($) trailing Size (%) 02/15/2017

Fixed Income — International

WIP SPDR Citi International Government Inflation-Protected 0.26 0.47 0.28 53,050 2,951,037 82,698 450 841 24,282 44,338 122 0.30 2,547 Bond ETF

BWZ SPDR Bloomberg Barclays Short Term International 0.10 0.34 0.12 26,212 825,494 44,774 980 986 29,478 29,087 193 0.20 115,423 Treasury Bond ETF

BWX SPDR Bloomberg Barclays International Treasury 0.04 0.13 0.04 631,159 16,970,581 821,495 764 991 20,108 25,855 178 0.20 458,509

Bond ETF

IBND SPDR Bloomberg Barclays International Corporate 0.10 0.33 0.11 66,792 2,778,675 81,229 598 628 18,604 19,374 138 0.30 54,627

Bond ETF

EBND SPDR Bloomberg Barclays Emerging Markets Local 0.11 0.41 0.12 21,766 627,024 64,925 850 914 23,469 24,358 136 0.30 2,134 Bond ETF

Commodity

GLD® SPDR Gold Trust 0.01 0.01 0.01 7,908,686 1,053,360,600 7,677,871 12,176 10,860 1,432,993 1,234,022 179 0.50 6,425,028 NANR SPDR S&P North American Natural Resources ETF 0.06 0.16 0.07 33,893 1,218,982 52,389 3,316 2,235 114,402 76,862 135 0.50 61,152

Active — Asset Allocation

RLY SPDR SSgA Multi-Asset Real Return ETF 0.13 0.54 0.11 36,861 957,085 38,020 7,698 8,280 191,141 204,682 307 0.20 65,217 INKM SPDR SSgA Income Allocation ETF 0.12 0.37 0.11 4,879 183,627 6,887 10,441 9,277 326,281 286,381 242 0.20 272 GAL SPDR SSgA Global Allocation ETF 0.09 0.26 0.10 21,719 811,456 27,216 12,687 12,323 432,246 413,560 141 0.20 1,389 DWFI SPDR Dorsey Wright Fixed Income Allocation ETF 0.15 0.58 0.13 6,748 167,972 9,994 908 1,151 22,674 28,198 497 0.09 3,364

Active — Equity

SYE SPDR MFS Systematic Core Equity ETF 0.19 0.28 0.18 386 43,593 856 1,413 1,261 92,622 80,792 66 0.40 736 SYG SPDR MFS Systematic Growth Equity ETF 0.23 0.34 0.21 2,357 188,153 1,243 1,023 1,065 68,756 69,821 51 0.40 2,888 SYV SPDR MFS Systematic Value Equity ETF 0.24 0.41 0.30 997 81,241 679 1,157 1,175 67,256 68,127 53 0.60 2,745

Active — Fixed Income

TOTL SPDR DoubleLine Total Return Tactical ETF 0.03 0.06 0.03 489,167 24,268,205 565,397 5,395 3,929 263,438 191,028 253 0.20 94,377 EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF 0.17 0.35 0.25 1,991 98,472 6,972 17,464 10,281 862,523 509,152 165 45.82 2,054 STOT SPDR DoubleLine Short Duration Total Return 0.13 0.26 0.14 8,970 444,711 14,507 9,363 9,130 464,502 453,076 333 0.11 13,554

Tactical ETF

SRLN SPDR Blackstone / GSO Senior Loan ETF 0.02 0.04 0.03 269,540 13,618,030 267,335 15,801 11,470 748,967 544,481 342 0.10 179,246

Source: ArcaVision. Data is as of February 28,2017. Past performance is not a guarantee of future results.

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SPDR® ETF Trading Report

Consolidated Consolidated Avg. Avg. Avg. Quote Short

Spread ($) Avg. Daily Consolidated Daily Volume Avg. Quote Size Avg. Size ($) Avg. Daily Interest

Spread Spread vs. 3 mo. Volume Avg. Daily (shares) vs. Quote Size (Shares) vs. Quote vs. 3 mo. Trade Volatility as of

Ticker ETF Name ($) (%) trailing (shares) Volume ($) 3 mo. trailing (shares) 3 mo. trailing Size ($) trailing Size (%) 02/15/2017

Active — Fixed Income (cont’d)

ULST SPDR SSgA Ultra Short Term Bond ETF 0.05 0.12 0.05 2,583 135,592 5,376 3,639 3,377 146,506 135,823 256 0.10 7,700

Source: ArcaVision. Data is as of February 28,2017. Past performance is not a guarantee of future results.

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ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETFs’ net asset value.

Brokerage commissions and ETF expenses will reduce returns. State Street Global Advisors and SSGA are registered trademarks of State Street Corporation.

While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and There is no relationship between Dorsey Wright & Associates, LLC (collectively with its parent companies and may trade at significant discounts in periods of market stress. affiliates, “Dorsey Wright”) and State Street Global Advisors (“SSGA”) other than a license by Dorsey Wright to

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Investing in commodities entails significant risk and is not appropriate for all investors. (“Index”), for use by SSGA.

Important Information Relating to SPDR Gold Trust (“GLD ”): BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and BARCLAYS®, a

The SPDR Gold Trust (“GLD”) has filed a registration statement (including a prospectus) with trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and the Securities and Exchange Commission (“SEC”) for the offering to which this communication trading of the SPDR Bloomberg Barclays ETFs. relates. Before you invest, you should read the prospectus in that registration statement and other Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); documents GLD has filed with the SEC for more complete information about GLD and this offering. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks You may get these documents for free by visiting EDGAR on the SEC website at sec.gov or by visiting have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State spdrgoldshares.com. Alternatively, the SPDR Gold Trust will arrange to send you the prospectus if you Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted request it by calling 866.320.4053. by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any

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1940 Act or the protections afforded by the CEA. Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street GLD shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of GLD affiliates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., a registered broker-dealer, shares relates directly to the value of the gold held by GLD (less its expenses), and fluctuations in the price of is distributor for SPDR S&P 500, SPDR S&P MidCap 400 and SPDR Dow Jones Industrial Average, and all unit gold could materially and adversely affect an investment in the shares. The price received upon the sale of the investment trusts. ALPS Portfolio Solutions Distributor, Inc. is distributor for Select Sector SPDRs. ALPS Distributors, shares, which trade at market price, may be more or less than the value of the gold represented by them. GLD Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Markets, LLC. does not generate any income, and as GLD regularly sells gold to pay for its ongoing expenses, the amount of gold State Street Global Markets, LLC is the distributor for certain registered products on behalf of the advisor. SSGA represented by each Share will decline over time to that extent. Investing involves risk, and you could lose money on Funds Management has retained GSO Capital Partners, Nuveen Asset Management & Massachusetts Financial an investment in GLD. Please see the GLD prospectus for a detailed discussion of the risks of investing Services Company & DoubleLine Capital LP as the sub-advisor. GSO Capital Partners, Nuveen Asset Management, in GLD shares. When this document is distributed electronically, the GLD prospectus is available by MFS, and DoubleLine Capital LP are not affiliated with State Street Global Markets, LLC. clicking here.

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State Street Global Advisors ID9072-IBG-23195 0317 Exp. Date: 03/31/2018 SPD001284

Not FDIC Insured – No Break Guarantee – May Lose Value

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.