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SPDR S&P Emerging Middle East & Africa ETF (GAF)
Fund Objective Why was this benchmark selected?

The SPDR® S&P Emerging Middle East & Africa ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the S&P®/Citigroup® BMI Middle East & Africa Index (ticker: STBMMEU)

Ordinary brokerage commissions may apply.
  Market Price
  As of 05/09/2008
  Closing Price $69.95  
  Bid/Ask $69.74  
  Premium/Discount 0.15%  
  Day High $70.00  
  Day Low $69.48  
  Exchange Volume (shares) 24,000  
  Premium Discount to Nav Chart
  Net Asset Value
  As of 05/09/2008
  Price $69.63  
  Shares Outstanding 2,600,000  
  Total Net Assets $181,050,137.75  
  Most Recent NAV / NAV History
  Performance  
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.

  Fund Before Taxes      Fund After Taxes
Month End Performance
Total Return * Index Market Value NAV
  As of 04/30/2008 As of 04/30/2008 As of 04/30/2008
QTD 6.79%   7.37%   8.83%  
YTD -1.30%   -3.39%   -2.24%  
Annualized      
1 Year 9.25%   4.62%   4.69%  
3 Year N/A   N/A   N/A  
5 Year N/A   N/A   N/A  
Since Inception 19.45%   15.27%   15.77%  
Quarter End Performance
Total Return Index Market Value NAV
  As of 03/31/2008 As of 03/31/2008 As of 03/31/2008
QTD -7.58%   -10.02%   -10.16%  
YTD -7.58%   -10.02%   -10.16%  
Annualized      
1 Year 10.06%   4.53%   3.50%  
3 Year N/A   N/A   N/A  
5 Year N/A   N/A   N/A  
Since Inception 13.97%   8.82%   7.91%  
Fund Inception Date: 03/19/2007
  Top Holdings ‡
  As of 05/09/2008
  Security Name   Fund Weight
  Teva Pharma Ind 8.54%           
  Mtn Group Ltd 7.10%           
  Sasol 6.09%           
  Impala Platinum 5.71%           
  Remgro 2.89%           
  Arab Bank 2.74%           
  Icl-Israel Chem 2.58%           
  Standard Bk Gr Ltd 2.48%           
  Firstrand Ltd 2.40%           
  Bqe Maroc Comm Ext 2.35%           
View/Download All Holdings
  Top Sectors
  As of 05/09/2008
        View/Download All Holdings  
  Country Weights
  As of 05/09/2008
  South Africa 57.77%       Israel - Non Domestic 1.38%  
  Israel - Domestic 20.55%       Nigeria 1.16%  
  Morocco 7.05%       Bermuda 1.13%  
  Egypt 6.49%       United States 0.30%  
  Jordan 4.16%            
  Fund Characteristics
  As of 05/09/2008
  Dividend Yield 1.48%  
  FY1 P/E Ratio 13.48x  
  Number of Holdings 104  
  Price/Book Ratio 2.91x  
  Weighted Average Market Cap $M $15,981.19  
  Fund Information
  As of 05/12/2008
  Ticker Symbol GAF  
  CUSIP 78463X806  
  Marginable Yes  
  Short Selling Allowed Yes  
  Gross Expense Ratio 0.60%  
  Inception Date 03/19/2007  
  Primary Benchmark S&P/Citigroup BMI Middle East and Africa Index  
  Investment Manager SSgA Funds Management, Inc.  
  Management Team ETF Management Team  
  Distributor State Street Global Markets, LLC  
  Distribution Frequency Quarterly  
  Fund Documents
  Quarterly Fund Fact Sheet (.pdf)
  Fund Prospectus (.pdf)
  Statement of Additional Information (.pdf)
  Fund Semi-Annual Report (.pdf)
  Fund Annual Report (.pdf)
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‡ Subject to Change

Index returns do not represent actual ETF performance and are for illustration purposes only. Index performance does not reflect charges and expenses associated with the fund or brokerage commissions associated with buying and selling exchange traded funds. It is not possible to invest directly in an index.

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 shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

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