Fund Description: SPDR Russell 1000 Momentum Focus ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the SPDR Series Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The SPDR Russell 1000 Momentum Focus ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Russell 1000 Momentum Focused Factor Index. INDEX DESCRIPTION: The Russell 1000 Momentum Focused Factor Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising high momentum characteristics (the Factor Characteristics). To construct the Index, Frank Russell Company (the Index Provider) utilizes a proprietary rules-based multi-factor scoring process that seeks to increase exposure to companies in the Russell 1000 Index demonstrating the Factor Characteristics. The Russell 1000 Index is a market-capitalization index that measures the erformance of the large-cap segment of the U.S. equity universe. Within the multi-factor scoring process, a specific focus is applied towards a company’s momentum factor. Companies with higher momentum are those whose securities have had higher recent price performance compared to other securities. Each stock’s combined multi-factor score is multiplied by the stock’s free float market cap weight in the Russell 1000 Index to determine the constituents of the Index and each constituent’s weight in the Index. The weight of each individual stock in the Index is capped at 2000% of the stock’s weight in the Russell 1000 Index and any weight exceeding this limit will be redistributed to all stocks below the limit in proportion to their combination of market capitalization and factor scoring. A significant portion of the Index comprised companies in the consumer services and industrial sectors, although this may change from time to time. FUND STRATEGY: In seeking to track the performance of the Index, the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors the investment adviser may invest the Fund’s assets in a subset of securities in the Index or may invest the Fund’s assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index. Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index. In addition, the Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, depositary receipts and shares of other investment companies), cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). FUND MANAGEMENT: SSgA Funds Management, Inc. (SSgA FM) serves as the investment adviser to the Fund.