Fund Description: The SPDR S&P 600 Small Cap Value ETF, formerly the SPDR Dow Jones Small Cap Value ETF (Ticker DSV), formerly the streetTRACKS DJ Wilshire Small Cap Value ETF, is an exchange-traded index fund that is a separate portfolio of the SPDR Series Trust, an open-end management investment company. INVESTMENT OBJECTIVE: The SPDR S&P 600 Small Cap Value ETF seeks to closely match the returns and characteristics, before fees and expenses, of the S&P Small Cap 600 Value Index. INDEX DESCRIPTION: The S&P Small Cap 600 Value Index measures the performance of the small-capitalization value sector in the U.S. equity market. The Index consists of those stocks in the S&P SmallCap 600 Index exhibiting the strongest value characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio. The selection universe for the Index includes all U.S. common equities listed on the NYSE, NASDAQ Global Select Market, NASDAQ Select Market and NASDAQ Capital Market with market capitalizations between $250 million and $1.2 billion. To be included in the Index, a security should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 1 or greater; (ii) trade a minimum of 250,000 shares for six consecutive months; (iii) have a public float of at least 50%; and (iv) have four consecutive quarters of positive as-reported earnings. The Index is market capitalization weighted and rebalanced annually on the third Friday of December. As of September 30, 2010, the Index was comprised of 427 stocks. FUND STRATEGY: The Fund uses a passive management strategy designed to track the total return performance of the Index. The Fund, using an indexing investment approach, attempts to replicate, before expenses, the total return performance of the Index. The Adviser seeks a correlation of 0.95 or better between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Fund generally will invest in all of the stocks but at least 80%, comprising the Index in proportion to the weightings in the Index. However, under various circumstances, it may not be possible or practicable to purchase all of the stocks in the Index in those weightings. In those circumstances, Ithe Fund may purchase a sample of the stocks in the Index in proportions to replicate generally the performance of the Index as a whole. There may also be instances in which the Adviser may choose to overweight another stock in the Index, purchase (or sell) securities not in the Index which are appropriate to substitute for one or more Index components, or utilize various ombinations of other available investment techniques, in seeking to track accurately the Index. In addition, from time to time stocks are added to or removed from the Index. The Fund may sell stocks that are represented in the Index, or purchase stocks that are not yet represented in the Index, in anticipation of their removal from or addition to the Index. The Fund will normally invest at least 95% of its total assets in common stocks that comprise the Index. FUND MANAGEMENT: SSgA Funds Management, Inc. serves as the investment adviser to the Fund and, subject to the supervision of the Board, is responsible for the investment management of the Fund and it's assets.