Endnote 1 Frederic Dodard and Abigail Greenway, A Case For Global Diversification: Harnessing the Global Multi-
Asset Market Portfolio, IQ Insights, State Street Global Advisors ISG EMEA, 2015. ssga.com/etfs Glossary Bloomberg Barclays Emerging Markets USD Aggregate Bond TR Index A flagship hard currency Emerging Markets debt benchmark
that includes USD-denominated debt from sovereign, quasi-sovereign, and corporate EM issuers. Bloomberg Barclays Global Aggregate Corporate Bond TR Index Corporate Index is a flagship measure of global
investment grade, fixed-rate corporate debt. This multi-currency benchmark includes bonds from developed and emerging markets issuers within the industrial, utility and financial sectors.
Bloomberg Barclays Global Corporate High Yield Bond TR Index A multi-currency flagship measure of the global high yield debt market. The index represents the union of the US High Yield, the
Pan-European High Yield, and Emerging Markets (EM) Hard Currency High Yield Indices. The high yield and emerging markets sub-components are mutually
exclusive. Bloomberg Barclays Global Aggregate Government Bond Index TR Government index is a measure of investment grade rated debt from 25 local currency markets. This multi-currency benchmark includes treasury and government-related fixed-rate bonds from both developed and emerging markets issuers. Bloomberg Barclays World Inflation Linked Bond TR Index Measures the investment-grade, government inflation-linked debt from 12 different
developed market countries. Investability is a key criterion for inclusion of markets in this index, and it is designed to include only those markets in which a global government linker fund is likely and able to invest. Bloomberg Commodity Index TR
A broadly diversified commodity price index distributed by Bloomberg Indexes that tracks 22 commodity futures and seven sectors. No one commodity can compose less than 2 percent or more than 15 percent of
the index, and no sector can represent more than 33 percent of the index. Global Property Research General Index A broad-based global real estate benchmark that contains all listed real estate companies that conform to General Property
Research’s index-qualification rules, bringing the number of index constituents to more than 650. The index’s inception date was Dec. 31 1983. Hypothetical Blended Portfolio Performance Methodology Returns shown in Figure 1 do not
represent those of a fund but were achieved by mathematically combining the actual performance data of MSCI AC World Daily TR Index, Bloomberg Barclays Global Aggregate Government Bond Index, Bloomberg Barclays Aggregate Global Corporate Bond Index,
Bloomberg Barclays Emerging Markets Debt Index, Global Property Research General Index, S&P Listed Private Equity Index, Bloomberg Barclays World Inflation Linked Bond Index, Bloomberg Barclays Global Corporate High Yield Index, S&P GSCI
Index, and SPDR® Gold Shares (GLD®) between January 1, 2005 and March 31, 2020. Each portfolio is re-balanced at the beginning of each year to maintain target portfolio weights. The
performance assumes no transaction and rebalancing costs, so actual results will differ. It is not possible to invest directly in an index. Performance of GLD reflects annual expense ratio of 0.40%. The impact of adding GLD to an
investor’s portfolio will vary based upon an investor’s asset allocation decisions and market performance, among other things. LPX Composite Listed Private Equity Index A broad global listed private equity index whose number of
constituents is not limited. The LPX Composite includes all major private equity companies listed on global stock exchanges that fulfils the index provider’s liquidity criteria. The index composition is well diversified across listed private
equity categories, styles, regions and vintage years. The index has two versions: a price index (PI) and a total return index (TR) that includes all payouts. MSCI ACWI Index, or MSCI All Country World Index Captures large
and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. With 3,050 constituents, the index covers approximately 85% of the global investable equity opportunity set. Sharpe Ratio A measure for calculating
risk-adjusted returns that has become the industry standard for such calculations. It was developed by Nobel laureate William F. Sharpe. The Sharpe ratio is the average return earned in excess of the risk-free rate per unit of volatility or total
risk. The higher the Sharpe ratio the better. Standard Deviation A statistical measure of volatility that quantifies the historical dispersion of a security, fund or index around an average. Investors use standard deviation to measure expected
risk or volatility, and a higher standard deviation means the security has tended to show higher volatility or price swings in the past. As an example, for a normally distributed return series, about
two-thirds of the time returns will be within 1 standard deviation of the average return. Important Risk Information The views expressed in this material are the views of the SPDR® Gold Strategy Team 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. All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy,
reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. The information provided does not constitute investment advice and it should not be relied on as
such. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor. There is no representation or warranty as to the accuracy
of the information and State Street shall have no liability for decisions based on such information. Asset Allocation is a method of diversification which positions assets among major investment categories. Asset Allocation may be used in an effort
to manage risk and enhance returns. It does not, however, guarantee a profit or protect against loss. Diversification does not ensure a profit or guarantee against loss. Additional Risk Information Investing involves risk, and you could lose money
on an investment in SPDR® Gold Trust (“GLD®”). 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. There can be no assurance
that a liquid market will be maintained for ETF shares. Diversification does not ensure a profit or guarantee against loss. Commodities and commodity-index linked securities may be affected by changes in overall market movements, changes in interest
rates, and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities. Investing in commodities entails significant risk and
is not appropriate for all investors. 3
