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SPDR Russell/Nomura PRIME Japan ETF (JPP)
Fund Objective Why was this benchmark selected?

The SPDRŽ Russell/Nomura PRIME™ Japan ETF†, before expenses, seeks to closely match the returns and characteristics of the total return performance of the Russell/Nomura PrimeTM Index (ticker: RNIRIP), an equity index based upon the Japanese composite market. 

Ordinary brokerage commissions may apply.
  Market Price
  As of 05/07/2008
  Closing Price $50.41  
  Bid/Ask $50.27  
  Premium/Discount -1.76%  
  Day High $50.95  
  Day Low $50.41  
  Exchange Volume (shares) 5,100  
  Premium Discount to Nav Chart
  Net Asset Value
  As of 05/07/2008
  Price $51.18  
  Shares Outstanding 800,000  
  Total Net Assets $40,941,290.67  
  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 6.60%   6.80%   6.60%  
YTD 0.24%   -0.18%   -0.91%  
Annualized      
1 Year -6.86%   -6.26%   -7.14%  
3 Year N/A   N/A   N/A  
5 Year N/A   N/A   N/A  
Since Inception -0.21%   -0.56%   -0.70%  
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 -5.97%   -6.53%   -7.04%  
YTD -5.97%   -6.53%   -7.04%  
Annualized      
1 Year -14.19%   -14.06%   -14.50%  
3 Year N/A   N/A   N/A  
5 Year N/A   N/A   N/A  
Since Inception -4.62%   -5.17%   -5.19%  
Fund Inception Date: 11/09/2006
  Top Holdings ‡
  As of 05/07/2008
  Security Name   Fund Weight
  Toyota Motor Corp 3.56%           
  Mitsubishi Ufj Fin 3.23%           
  Canon Inc 2.04%           
  Sumitomo Mitsui Fg 2.00%           
  Nintendo Co Ltd 1.84%           
  Mizuho Finl Gp 1.84%           
  Sony Corp 1.61%           
  Honda Motor Co 1.53%           
  Matsushita Elc Ind 1.50%           
  Mitsubishi Corp 1.39%           
View/Download All Holdings
  Top Sectors
  As of 05/07/2008
        View/Download All Holdings  
  Country Weights
  As of 05/07/2008
  Japan 100.00%            
  Fund Characteristics
  As of 05/07/2008
  Dividend Yield 1.68%  
  FY1 P/E Ratio 14.88x  
  Number of Holdings 393  
  Price/Book Ratio 1.49x  
  Weighted Average Market Cap $M $31,708.23  
  Fund Information
  As of 05/09/2008
  Ticker Symbol JPP  
  CUSIP 78463X830  
  Marginable Yes  
  Short Selling Allowed Yes  
  Gross Expense Ratio 0.51%  
  Inception Date 11/09/2006  
  Primary Benchmark Russell/Nomura PRIMETM Index  
  Investment Manager SSgA Funds Management, Inc.  
  Management Team ETF Management Team  
  Distributor State Street Global Markets, LLC  
  Distribution Frequency Annually  
  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

§Performance numbers for funds less than 1 year old are cumulative. Performance periods under 1 year reflect performance for the fund and benchmark(s) from the fund's inception date to the month end shown above.

†Prior to January 8, 2007 the SPDR® Russell/Nomura PRIME™ ETF was known as the streetTRACKS® Russell/Nomura PRIME™ Japan ETF.

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 of stocks/issuers tend to be more volatile than diversified funds and the market as a whole.

 Average annual total return and total return are historical and include change in share value and reinvestment of dividends and capital gains , if any.

After tax returns presented above 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.        

Except where indicated, all information is as of date noted and source of data is SSgA research.

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETFs may be bought and sold on the exchange through any brokerage account, ETFs are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for r