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CWB

SPDR® Bloomberg Barclays Convertible Securities ETF

Fund Objective

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

Ordinary brokerage commissions may apply.

Fund Information

As of   12/05/2016
Ticker Symbol CWB
Primary Benchmark Bloomberg Barclays U.S. Convertible Bond > $500MM Index
CUSIP 78464A359
Options Available Yes
Gross Expense Ratio

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

0.40%
Inception Date 04/14/2009
Investment Manager SSGA Funds Management, Inc.
Management Team Global Fixed Income, Cash and Currency
Distributor State Street Global Markets, LLC
Distribution Frequency Monthly
Exchange NYSE ARCA EXCHANGE

Fund Characteristics

As of   12/01/2016
Average Coupon

 Average Coupon

The [market value] weighted average coupon of the bonds in a portfolio

3.68%
Average Maturity in Years

Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

10.40
Average Price $136.28
Average Yield To Worst

For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.

4.01%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

3.60%
Number of Holdings 95
Yield To Maturity

Average Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

1.54%

Yields

As of   12/01/2016
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.

2.50%
Fund Dividend Yield

Fund Dividend Yield is the sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

5.93%

Index Characteristics

As of   12/01/2016
Average Coupon 3.69%
Average Maturity in Years 10.43
Average Price $134.90
Average Yield To Worst 4.04%
Current Yield 3.62%
Number of Holdings 94
Yield To Maturity 1.57%

Fund Documents

Fund Market Price

As of   12/01/2016
Bid/Ask $45.09
Closing Price $45.07
Day High $45.75
Day Low $44.99
Exchange Volume (shares) 260,146
Premium/Discount

Premium/Discount to NAV

Premium/Discount to NAV shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask – Closing NAV)  /  Closing NAV * 100)

1.05%
Premium Discount to Nav Chart

Fund Net Asset Value

NAV

Market value of a mutual fund's and ETF's total assets, minus liabilities, divided by the number of shares outstanding

As of   12/01/2016
NAV $44.62
Shares Outstanding 63.00 M
Total Net Assets $2,811.21 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of   12/01/2016
Net Cash Amount $32,540,752.55

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Graphs

Month End as of 10/31/2016

Fund Inception Date: 04/14/2009

Index Inception Date: 01/01/2003

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Fund Top Holdings

Subject to change.

As of   12/01/2016
Name Weight Market Value ISIN
MANDATORY EXCH TRUST 5.75 12/31/2049 6.48 % 183,045,975.00 US56262P1093
NVIDIA CORP 1 12/01/2018 5.87 % 165,804,495.00 US67066GAC87
WELLS FARGO & COMPANY 7.5 12/31/2049 4.03 % 113,681,890.00 US9497468044
ALLERGAN PLC 5.5 12/31/2049 3.06 % 86,373,452.00 IE00BY9D6T89
BANK OF AMERICA CORP 7.25 12/31/2049 3.04 % 85,878,280.00 US0605056821
DISH NETWORK CORP 3.375 08/15/2026 2.87 % 81,035,370.32 US25470MAA71
INTEL CORP 3.25 08/01/2039 2.84 % 80,212,581.53 US458140AF79
VERISIGN INC 4.345 08/15/2037 2.44 % 68,993,728.17 US92343EAD40
TEVA PHARMACEUTICAL INDU 7 12/31/2049 2.09 % 59,017,500.00 IL0062905489
MICROCHIP TECHNOLOGY INC 1.625 02/15/2025 1.99 % 56,243,704.24 US595017AD62
Download All Holdings XLS

Fund Sector Allocation

As of  12/01/2016
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Index Sector Allocation

As of  12/01/2016
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/01/2016</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>50.211059</rawValue><value>50.21%</value><label>Technology</label><order>1</order></attribute><attribute><rawValue>14.733024</rawValue><value>14.73%</value><label>Consumer Non-Cyclical</label><order>2</order></attribute><attribute><rawValue>10.054233</rawValue><value>10.05%</value><label>Finance</label><order>3</order></attribute><attribute><rawValue>7.326787</rawValue><value>7.33%</value><label>Energy</label><order>4</order></attribute><attribute><rawValue>7.153121</rawValue><value>7.15%</value><label>Communications</label><order>5</order></attribute><attribute><rawValue>6.538857</rawValue><value>6.54%</value><label>Utility</label><order>6</order></attribute><attribute><rawValue>1.699958</rawValue><value>1.70%</value><label>Consumer Cyclical</label><order>7</order></attribute><attribute><rawValue>1.356339</rawValue><value>1.36%</value><label>Capital Goods</label><order>8</order></attribute><attribute><rawValue>0.511758</rawValue><value>0.51%</value><label>Basic Industry</label><order>9</order></attribute><attribute><rawValue>0.414864</rawValue><value>0.41%</value><label>Other Industrial</label><order>10</order></attribute></attributes></component>

Fund Quality Breakdown

Quality Breakdown

Bloomberg Barclays uses the "middle rating" of Moody's, S&P, and Fitch to determine a security's index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Bloomberg Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of  12/01/2016
Aaa -0.10%
A 6.43%
Baa 25.40%
Below Baa 28.29%
Not Rated 39.98%

Index Quality Breakdown

Quality Breakdown

Bloomberg Barclays uses the "middle rating" of Moody's, S&P, and Fitch to determine a security's index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Bloomberg Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of  12/01/2016
A 6.48%
Baa 25.02%
Below Baa 28.40%
Not Rated 40.10%

Fund Maturity Ladder

As of  12/01/2016
0 - 1 Year 5.99%
1 - 2 Years 17.29%
2 - 3 Years 29.20%
3 - 5 Years 11.79%
5 - 7 Years 2.57%
7 - 10 Years 7.79%
10 - 15 Years 1.23%
15 - 20 Years 3.34%
20 - 30 Years 11.58%
> 30 Years 0.71%

Index Maturity Ladder

As of  12/01/2016
0 - 1 Year 6.01%
1 - 2 Years 17.46%
2 - 3 Years 29.01%
3 - 5 Years 11.90%
5 - 7 Years 2.55%
7 - 10 Years 7.60%
10 - 15 Years 1.24%
15 - 20 Years 3.39%
20 - 30 Years 11.52%
> 30 Years 0.70%

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and BARCLAYS®, a trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and trading of the SPDR Bloomberg Barclays ETFs.

Unless otherwise noted all information contained herein is that of the SPDR Bloomberg Barclays Convertible Securities ETF.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Prior to 10/31/2016, the SPDR Bloomberg Barclays Convertible Securities ETF was known as the SPDR Barclays Convertible Securities ETF. Index prior to 10/31/2016 was known as the Barclays U.S. Convertible Bond > $500MM Index. Index after 10/31/2016 is known as the Bloomberg Barclays U.S. Convertible Bond > $500MM Index.

Global Fixed Income, Cash and Currency

Portfolio Manager Joanna Madden Vice President Show Bio

Joanna Madden is a Vice President at State Street Global Advisors and a Portfolio Manager in the Fixed Income Beta Solutions team since 2013.

Previously, she was a Portfolio Manager within the US Cash Management Group responsible for short term liquidity investments across all the cash and securities lending portfolios managed in Boston. She joined the Boston group in April 2010 after working as a Portfolio Manager with the London Cash Management Group.

Prior to her portfolio management role, she was a Product Analyst for the London Cash Management Group where she provided analytical and business support. Before joining SSGA in London, Joanna worked as an Operations Specialist supporting the Boston Cash Management Group.

Joanna received a Bachelor of Science degree in Political Science from Loyola University of Chicago, Illinois.

Portfolio Manager Mike Brunell Vice President Show Bio
Mike is a Vice President of State Street Global Advisors and has been a member of the Fixed Income portfolio management team since 2004. In his current role as part of the Beta solutions group, he is responsible for developing and managing various funds and ETF's against a variety of conventional and custom bond index strategies. Prior to joining the investment team Mike had been responsible for managing the U.S. Bond Operations group at SSGA which he had been a member of since 1997. He started his career in the investment management field when he joined the Mutual Fund Custody division of State Street in 1993. In this role he focused on the accounting and the valuation of various domestic and international equity and bond portfolios. Mike earned a BS in Business Administration from Saint Michael's College and a MSF degree from Boston College. Additionally he earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute and the Boston Securities Analyst Society.
Portfolio Manager Christopher DiStefano Principal Show Bio

Chris is a portfolio manager within SSGA's Fixed Income Currency, and Cash Investments team. He is responsible for managing several funds and ETFs within the Investment Grade Credit, Government/Credit, and Short Duration sectors.

Prior to his current role, Chris was a member of the Global Graduate Rotational Program at SSGA, a two year cross-functional program engineered to provide candidates with a diverse skill set and a broad perspective. Before joining SSGA, Chris worked as an engineer within the real estate development and transportation industries.

Chris holds an MBA from Boston College, and an MS and BS in Civil Engineering from the University of Illinois and Union College respectively.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

Bloomberg Barclays U.S. Convertible Bond > $500MM Index

The Bloomberg Barclays U.S. Convertible Bond >$500MM Index is designed to represent the market of U.S. convertible securities, such as convertible bonds, with outstanding issue sizes greater than $500 million. Convertible bonds are bonds that can be exchanged, at the option of the holder, for a specific number of shares of the issuer's preferred stock ("Preferred Securities") or common stock.

Important Risk 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.

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.

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.

The Fund invests 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.

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.

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, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Premium Discount to NAV

As of  12/01/2016
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Bloomberg Barclays Convertible Securities ETF CWB $44.62 $45.07 $45.09 1.05%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

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, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.