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State Street and SPDR ETFs' Statement Regarding ETF Trading

State Street Global Advisors (State Street) believes that so far, Standard & Poor’s downgrade of the long term US debt has been greeted in a pragmatic way by investors, regulators, clients, and central banks. Many analysts and investors have claimed to have expected it for some time, and State Street’s investment concern is less the downgrade as a per se indicator, but rather the diminishing set of choices available to boost US economic growth, and set federal finances onto a non-inflationary path. With this as context, State Street has also been carefully scrutinizing how market events may impact Exchange Traded Funds and the products we offer through our SPDR ETF business.

While State Street is aware of and is closely monitoring the risks and implications of the current market dislocation, we do not expect that S&P’s downgrade of US Debt will have any impact on the management of our ETFs, which are passively managed to track the performance of market indices.

Since the S&P rating decision on August 5th, ETFs have continued to trade in an orderly fashion and we expect that the trading and settlement of our SPDR ETFs will continue to trade without incident as they did prior to S&P’s recent announcement.

Investors can be confident that State Street and SPDR ETFs is bringing to bear all necessary resources as we closely monitor the situation and continue to commit ourselves to protecting the interests of our shareholders.

For Public Use.

Important Risk Information

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 in this material are the views of State Street Global Advisors through the period ended August 9, 2011 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

“SPDR” is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and has been licensed for use by State Street Corporation. STANDARD & POOR’S and S&P are registered trademarks of Standard & Poor’s Financial Services LLC. 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.

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.

Before investing, consider the funds investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.

IBG-4494    Exp. Date: 12/31/11

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