Category: Open Ended Investment Company

Investment Objective The investment objective of the Fund is to track the performance of US small capitalisation equities with a higher weighting applied to equities exhibiting low valuation characteristics. Investment Policy The Fund seeks to track the performance of the MSCI USA Small Cap Value Weighted Index (the "Index") as closely as possible. The Fund invests primarily in securities included in the Index. These securities include US smaller sized companies based on the traditional market capitalisation weighted parent index, the MSCI USA Small Cap Index. The value methodology re-weights each security in the parent index to emphasise stocks with lower valuations using fundamental accounting data (sales, book value, earnings and cash earnings). As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index, the Fund will use an optimisation strategy to build a representative portfolio which should reflect the performance of the Index. Consequently, the Fund will typically hold only a subset of the securities included in the Index. In limited circumstances the Fund may purchase securities that are not included in the Index. The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently. Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund. The Fund does not currently engage in securities lending. Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.spdrs.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days. Any income earned by the Fund will be retained and reflected in an increase in the value of the shares. The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information. Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes.