SPDR Gold Shares (GLD) FWP Free writing prospectus

Filed Pursuant To Rule 433

RegistrationNo. 333-233191

March 10, 2020

ETF Data February 2020 Trading Report Capital Markets Group Ticker ETF Name Spread Spread Spread ($) Consolidated Consolidated Consolidated Avg. Quote Avg. Quote Avg. Quote Avg. Quote Avg. Daily Short ($) (%) 3 Month Avg. Daily Average Avg. Daily Size Size Size ($) Size ($) Trade Volatility Interest as of Avg. Volume Daily Volume ($) Volume (Shares) (Shares) 3 Month Avg. Size (%) 02/15/2020 (Shares) (Shares) 3 Month 3 Month Avg. Avg. US Core SPY SPDR ® S&P 500 ® ETF Trust 0.01 0.00 0.01 111,119,935 35,322,833,155 78,644,394 2,948 4,319 979,277 1,399,636 190 1.35 123,985,554 MDY SPDR S&P MIDCAP 400 ® ETF Trust 0.07 0.02 0.06 1,571,971 562,213,139 1,100,925 718 821 265,496 305,276 109 1.41 1,678,625 SLY SPDR S&P ® 600 Small Cap ETF 0.08 0.12 0.07 92,723 6,522,809 71,239 907 861 64,219 61,618 237 1.44 46,574 DIA SPDR Dow Jones ® Industrial Average 0.03 0.01 0.02 4,829,786 1,334,479,409 3,198,954 1,024 1,336 296,924 382,812 136 1.35 4,605,359 ETF Trust SPTM SPDR Portfolio S&P 1500 Composite Stock 0.01 0.03 0.01 1,484,147 59,972,847 766,532 6,522 6,321 266,796 254,332 605 1.30 449,480 Market ETF SPSM SPDR S&P 600 Small Cap ETF 0.02 0.08 0.02 709,366 22,415,862 492,422 6,162 3,937 195,525 126,369 557 1.46 34,995 SPLG SPDR Portfolio S&P 500 ETF 0.01 0.03 0.01 4,418,507 164,717,827 1,954,437 102,969 42,540 4,038,525 1,656,625 1,189 1.33 236,665 SPMD SPDR S&P 400 Mid Cap ETF 0.02 0.04 0.02 665,948 23,223,431 395,500 9,575 7,600 343,059 273,381 506 1.39 126,599 SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 0.05 0.07 0.07 46,577 3,655,311 30,963 2,147 1,594 175,298 128,126 216 1.19 12,155 SHE SPDR SSGA Gender Diversity Index ETF 0.05 0.06 0.04 10,368 791,156 11,680 1,059 1,529 83,470 118,678 95 1.07 5,799 US Style SPYG SPDR Portfolio S&P 500 Growth ETF 0.01 0.03 0.01 1,992,797 85,172,976 1,569,334 11,578 16,766 516,101 718,049 296 1.60 667,269 SPYV SPDR Portfolio S&P 500 Value ETF 0.01 0.03 0.01 1,841,938 60,706,977 1,757,228 27,594 23,462 960,844 815,822 468 1.22 243,982 MDYG SPDR S&P 400 Mid Cap Growth ETF 0.06 0.11 0.05 119,199 6,747,180 99,556 3,277 3,056 188,512 175,005 214 1.36 6,137 MDYV SPDR S&P 400 Mid Cap Value ETF 0.04 0.07 0.04 166,297 8,481,539 117,247 1,159 1,731 61,918 93,726 246 1.35 67,807 SLYG SPDR S&P 600 Small Cap Growth ETF 0.07 0.11 0.06 170,269 10,727,853 135,336 2,010 1,737 129,811 112,225 164 1.43 45,429 SLYV SPDR S&P 600 Small Cap Value ETF 0.05 0.09 0.05 231,205 13,992,516 198,541 1,839 1,788 113,681 114,346 137 1.54 111,341 US Sector XLC The Communication Services Select 0.01 0.02 0.01 5,030,346 270,731,162 3,909,539 15,676 17,364 875,286 949,204 226 1.58 3,618,961 Sector SPDR Fund XLY The Consumer Discretionary Select 0.01 0.01 0.01 7,471,880 931,927,343 5,142,033 3,037 3,524 392,837 444,539 141 1.51 6,940,295 Sector SPDR Fund Source: NYSE, Nasdaq and BATS as of 02/29/2020. Past performance is not a guarantee of future results.

Ticker ETF Name Spread Spread Spread ($) Consolidated Consolidated Consolidated Avg. Quote Avg. Quote Avg. Quote Avg. Quote Avg. Daily Short ($) (%) 3 Month Avg. Daily Average Avg. Daily Size Size Size ($) Size ($) Trade Volatility Interest as of Avg. Volume Daily Volume ($) Volume (Shares) (Shares) 3 Month Avg. Size (%) 02/15/2020 (Shares) (Shares) 3 Month 3 Month Avg. Avg. US Sector (cont’d) XLP The Consumer Staples Select Sector 0.01 0.02 0.01 16,639,447 1,035,198,958 12,808,576 47,213 52,214 3,023,860 3,303,111 315 1.24 20,541,522 SPDR Fund XLE The Energy Select Sector SPDR Fund 0.01 0.02 0.01 25,533,800 1,296,427,266 18,330,607 28,343 26,950 1,513,198 1,542,766 234 2.17 19,842,560 XLF The Financial Select Sector SPDR Fund 0.01 0.03 0.01 59,520,541 1,744,983,325 45,795,859 446,495 500,537 13,670,382 15,308,437 642 1.47 75,761,823 XLV The Health Care Select Sector 0.01 0.01 0.01 10,852,834 1,081,393,225 8,322,395 6,546 8,438 672,645 862,615 161 1.43 25,277,538 SPDR Fund XLI The Industrial Select Sector SPDR Fund 0.01 0.01 0.01 17,997,191 1,421,672,271 13,154,918 12,191 16,371 1,015,202 1,350,116 173 1.50 22,079,839 XLB The Materials Select Sector SPDR Fund 0.01 0.02 0.01 10,580,239 611,027,005 7,431,894 12,647 17,076 757,711 1,025,862 212 1.59 9,622,444 XLK The Technology Select Sector 0.01 0.01 0.01 16,105,407 1,529,680,833 11,300,456 6,070 11,106 606,078 1,035,310 164 2.14 10,992,230 SPDR Fund XLU The Utilities Select Sector SPDR Fund 0.01 0.01 0.01 20,410,992 1,371,581,554 16,205,016 19,251 22,601 1,333,477 1,492,344 237 1.37 42,191,961 XLRE The Real Estate Select Sector SPDR Fund 0.01 0.02 0.01 7,223,694 282,696,222 5,042,925 53,197 65,496 2,160,413 2,565,736 409 1.58 3,209,888 US Industry KBE SPDR S&P Bank ETF 0.01 0.02 0.01 2,293,644 98,948,625 1,755,791 10,538 9,769 474,915 449,394 159 1.76 3,139,862 KCE SPDR S&P Capital Markets ETF 0.14 0.24 0.13 4,833 297,351 5,686 387 608 23,523 36,452 104 0.88 16,133 KIE SPDR S&P Insurance ETF 0.02 0.05 0.01 255,386 9,102,438 232,437 2,681 3,036 98,059 108,727 134 1.38 388,089 KRE SPDR S&P Regional Banking ETF 0.01 0.02 0.01 8,104,162 437,867,833 6,468,038 12,879 11,658 716,515 659,531 219 1.84 32,021,273 XBI SPDR S&P Biotech ETF 0.03 0.03 0.02 5,038,415 470,397,152 5,098,854 922 1,192 87,407 112,659 115 2.21 48,301,922 XNTK SPDR NYSE Technology ETF 0.04 0.05 0.03 34,025 2,984,920 34,442 845 872 75,445 73,987 118 2.03 160 XHB SPDR S&P Homebuilders ETF 0.01 0.02 0.01 1,568,006 72,931,219 1,696,978 4,142 8,553 199,637 399,143 139 1.69 5,550,667 XME SPDR S&P Metals & Mining ETF 0.01 0.04 0.01 2,184,651 54,770,835 2,543,467 8,475 10,808 217,566 295,568 182 2.33 5,327,376 XES SPDR S&P Oil & Gas Equipment & 0.01 0.16 0.01 1,352,790 8,429,902 1,330,386 126,842 114,261 817,797 817,848 508 3.40 1,621,362 Services ETF XITK SPDR FactSet Innovative Technology ETF 0.13 0.11 0.10 6,958 840,272 6,660 228 233 27,862 27,382 67 1.97 2,496 XOP SPDR S&P Oil & Gas Exploration & 0.01 0.05 0.01 38,996,955 689,922,798 32,540,955 88,788 76,616 1,638,096 1,588,879 497 3.60 63,431,978 Production ETF XPH SPDR S&P Pharmaceuticals ETF 0.04 0.09 0.04 106,225 4,849,001 98,274 3,054 2,858 140,310 128,761 275 1.68 1,432,046 XRT SPDR S&P Retail ETF 0.01 0.03 0.01 5,217,079 226,958,107 4,022,990 7,264 9,113 322,651 409,839 189 2.06 25,972,722 XSD SPDR S&P Semiconductor ETF 0.07 0.07 0.06 137,949 14,358,476 133,702 417 636 44,044 66,998 104 2.32 405,930 Source: NYSE, Nasdaq and BATS as of 02/29/2020. Past performance is not a guarantee of future results.

Ticker ETF Name Spread Spread Spread ($) Consolidated Consolidated Consolidated Avg. Quote Avg. Quote Avg. Quote Avg. Quote Avg. Daily Short ($) (%) 3 Month Avg. Daily Average Avg. Daily Size Size Size ($) Size ($) Trade Volatility Interest as of Avg. Volume Daily Volume ($) Volume (Shares) (Shares) 3 Month Avg. Size (%) 02/15/2020 (Shares) (Shares) 3 Month 3 Month Avg. Avg. US Industry (cont’d) XHE SPDR S&P Health Care Equipment ETF 0.15 0.18 0.12 36,953 3,182,276 32,453 615 758 52,950 65,291 103 1.52 657,338 XTL SPDR S&P Telecom ETF 0.10 0.15 0.09 5,286 369,195 3,940 2,234 2,073 158,005 145,678 120 1.09 445 XAR SPDR S&P Aerospace & Defense ETF 0.07 0.06 0.06 242,393 26,688,435 299,324 516 653 57,246 73,022 89 1.69 167,098 XHS SPDR S&P Health Care Services ETF 0.16 0.22 0.14 7,975 581,667 7,076 168 149 12,604 10,998 106 1.42 5,090 XSW SPDR S&P Software & Services ETF 0.14 0.13 0.11 40,094 4,271,612 29,560 424 426 45,777 44,610 102 1.82 15,990 XTH SPDR S&P Technology Hardware ETF 0.22 0.28 0.22 863 69,226 516 1,353 1,366 109,909 112,695 91 0.28 3 XTN SPDR S&P Transportation ETF 0.07 0.11 0.07 18,050 1,090,467 13,587 507 723 32,654 46,959 100 1.76 15,515 XWEB SPDR S&P Internet ETF 0.11 0.13 0.09 2,971 255,495 2,496 629 716 54,496 60,224 64 1.35 421 KOMP SPDR S&P Kensho New Economies 0.07 0.19 0.06 660,923 25,510,296 226,730 2,791 2,977 105,392 109,481 3,976 1.53 54,769 Composite ETF ROKT SPDR S&P Kensho Final Frontiers ETF 0.05 0.15 0.05 7,241 271,628 4,743 159 394 6,006 14,442 99 1.68 1,685 CNRG SPDR S&P Kensho Clean Power ETF 0.10 0.20 0.08 21,657 1,120,281 13,334 245 579 12,574 25,882 94 2.76 5,382 SIMS SPDR S&P Kensho Intelligent 0.11 0.35 0.11 2,428 77,990 1,263 310 798 10,003 25,794 176 1.41 2,049 Structures ETF HAIL SPDR S&P Kensho Smart Mobility ETF 0.09 0.30 0.09 2,952 91,735 2,154 1,330 1,141 41,553 34,730 149 1.49 1,493 FITE SPDR S&P Kensho Future Security ETF 0.10 0.24 0.11 7,847 316,940 8,326 703 623 28,509 24,980 141 1.59 14,107 Real Estate Equities RWR SPDR Dow Jones REIT ETF 0.04 0.04 0.04 130,577 13,538,155 191,181 1,422 1,485 149,316 153,111 128 1.53 58,784 RWO SPDR Dow Jones Global Real Estate ETF 0.04 0.08 0.05 125,353 6,469,636 163,892 708 723 36,897 37,429 134 1.07 136,960 RWX SPDR Dow Jones International Real 0.01 0.03 0.01 742,836 28,533,538 492,933 7,922 6,822 308,705 267,789 285 0.67 774,862 Estate ETF Global Equities DGT SPDR Global Dow ETF 0.11 0.13 0.11 2,946 256,017 2,102 331 336 29,153 29,829 85 0.91 38 GII SPDR S&P Global Infrastructure ETF 0.08 0.15 0.07 22,731 1,260,814 25,677 855 847 47,645 46,764 184 0.86 23,137 GNR SPDR S&P Global Natural Resources ETF 0.11 0.27 0.09 289,267 11,469,907 159,029 930 810 39,164 35,784 297 1.27 51,765 CWI SPDR MSCI ACWIex-US ETF 0.01 0.05 0.01 328,786 8,103,302 342,575 14,137 12,322 357,800 314,549 376 0.85 128,207 SPGM SPDR Portfolio MSCI Global Stock 0.09 0.20 0.07 20,242 849,745 24,165 416 505 17,882 21,673 144 1.13 14,786 Market ETF Source: NYSE, Nasdaq and BATS as of 02/29/2020. Past performance is not a guarantee of future results.

Ticker ETF Name Spread Spread Spread ($) Consolidated Consolidated Consolidated Avg. Quote Avg. Quote Avg. Quote Avg. Quote Avg. Daily Short ($) (%) 3 Month Avg. Daily Average Avg. Daily Size Size Size ($) Size ($) Trade Volatility Interest as of Avg. Volume Daily Volume ($) Volume (Shares) (Shares) 3 Month Avg. Size (%) 02/15/2020 (Shares) (Shares) 3 Month 3 Month Avg. Avg. Global Equities (cont’d) EFAX SPDR MSCI EAFE Fossil Fuel Reserves 0.31 0.44 0.30 4,961 354,882 5,467 651 663 46,754 47,851 246 0.54 7,352 Free ETF SPDW SPDR Portfolio Developed World 0.01 0.03 0.01 2,209,164 64,697,211 1,551,268 40,654 32,744 1,257,619 1,019,392 418 0.83 138,970ex-US ETF GWX SPDR S&P International Small Cap ETF 0.09 0.30 0.09 149,489 4,379,963 98,757 1,256 1,280 37,563 39,673 297 0.97 55,043 LOWC SPDR MSCI ACWI Low Carbon Target ETF 0.16 0.16 0.16 6,516 611,702 3,282 383 378 38,050 37,473 81 0.88 569 International Developed Equities — Region/Country FEZ SPDR EURO STOXX 50® ETF 0.01 0.03 0.01 2,621,304 101,423,255 1,899,460 60,775 54,962 2,433,574 2,212,219 340 0.97 2,035,826 SPEU SPDR Portfolio Europe ETF 0.07 0.20 0.05 40,132 1,407,952 36,619 1,147 1,027 40,960 36,826 238 0.86 159,598 SMEZ SPDR EURO STOXX® Small Cap ETF 0.15 0.25 0.13 2,327 139,462 2,281 374 436 22,825 26,641 283 0.86 9,382 Emerging Market Equities SPEM SPDR Portfolio Emerging Markets ETF 0.01 0.04 0.01 1,666,909 59,504,718 1,312,439 4,574 3,553 166,708 131,371 306 1.06 178,211 GMF SPDR S&P Emerging Asia Pacific ETF 0.25 0.25 0.23 24,200 2,430,493 30,858 548 492 55,637 50,261 134 0.96 69,707 EEMX SPDR MSCI Emerging Markets Fossil Fuel 0.15 0.23 0.16 4,752 301,942 8,629 234 269 14,950 17,383 190 0.72 9,721 Reserves Free ETF EWX SPDR S&P Emerging Markets 0.08 0.17 0.07 164,733 7,080,312 86,970 567 656 25,063 29,695 225 0.91 3,680 Small Cap ETF GXC SPDR S&P China ETF 0.16 0.16 0.12 198,201 19,972,837 138,192 386 337 39,071 34,093 200 1.25 115,444 Advanced Beta — Income EDIV SPDR S&P Emerging Markets 0.09 0.31 0.10 58,357 1,713,241 50,446 848 1,004 25,276 31,129 213 1.02 33,120 Dividend ETF DWX SPDR S&P International Dividend ETF 0.03 0.07 0.03 114,667 4,489,232 83,244 981 862 39,262 34,556 219 0.68 116,859 SDY SPDR S&P Dividend ETF 0.02 0.02 0.02 781,535 80,373,959 627,730 2,045 1,885 217,098 201,127 129 1.18 312,780 WDIV SPDR S&P Global Dividend ETF 0.10 0.14 0.09 27,585 1,922,297 19,903 665 698 46,734 49,415 157 0.75 13,180 SPYD SPDR Portfolio S&P 500 High 0.01 0.03 0.01 1,186,974 43,901,034 758,141 10,672 8,068 416,215 315,421 193 1.43 146,805 Dividend ETF Advanced Beta — Multi Factor ZCAN SPDR Solactive Canada ETF 0.06 0.10 0.06 637 40,319 595 594 594 37,201 37,064 59 0.14 4,058 ZDEU SPDR Solactive Germany ETF 0.06 0.10 0.05 1,819 108,003 1,180 957 922 55,898 54,703 215 0.27 1,038 ZHOK SPDR Solactive Hong Kong ETF 0.14 0.22 0.13 1,868 115,881 1,890 445 417 27,532 26,096 181 0.28 7,450 Source: NYSE, Nasdaq and BATS as of 02/29/2020. Past performance is not a guarantee of future results.

Ticker ETF Name Spread Spread Spread ($) Consolidated Consolidated Consolidated Avg. Quote Avg. Quote Avg. Quote Avg. Quote Avg. Daily Short ($) (%) 3 Month Avg. Daily Average Avg. Daily Size Size Size ($) Size ($) Trade Volatility Interest as of Avg. Volume Daily Volume ($) Volume (Shares) (Shares) 3 Month Avg. Size (%) 02/15/2020 (Shares) (Shares) 3 Month 3 Month Avg. Avg. Advanced Beta — Multi Factor (cont’d) ZJPN SPDR Solactive Japan ETF 0.06 0.08 0.06 1,522 111,163 974 621 605 47,326 47,216 95 0.28 7 ZGBR SPDR Solactive United Kingdom ETF 0.08 0.16 0.08 3,997 196,161 2,261 548 565 27,067 28,783 198 0.58 3,106 QEFA SPDR MSCI EAFE StrategicFactors SM ETF 0.35 0.53 0.33 37,372 2,420,761 33,554 1,105 1,356 72,885 90,215 225 0.79 4,922 QWLD SPDR MSCI World StrategicFactors SM ETF 0.19 0.22 0.17 1,804 154,410 3,242 983 899 85,093 77,561 80 0.70 5,975 QEMM SPDR MSCI Emerging Markets 0.28 0.49 0.27 27,525 1,611,760 16,986 1,039 1,096 60,632 65,361 349 1.15 12,048 StrategicFactors SM ETF QUS SPDR MSCI USA StrategicFactorsSM ETF 0.07 0.08 0.08 63,836 6,068,724 48,004 336 343 32,294 32,670 206 1.16 43,564 Advanced Beta — Single Factor SPYB SPDR S&P 500 Buyback ETF 0.16 0.23 0.15 3,473 244,450 4,171 2,433 2,306 175,849 168,012 97 0.95 4,035 VLU SPDR S&P 1500 Value Tilt ETF 0.41 0.37 0.41 5,097 551,501 2,725 2,424 2,072 272,300 233,329 219 1.02 3,017 MMTM SPDR S&P 1500 Momentum Tilt ETF 0.25 0.18 0.23 2,703 375,707 2,217 1,664 1,672 237,770 233,975 86 0.97 7,780 LGLV SPDR SSGA US Large Cap Low Volatility 0.06 0.05 0.05 163,072 18,907,996 108,505 1,113 1,117 132,211 129,596 158 1.12 12,608 Index ETF SMLV SPDR SSGA US Small Cap Low Volatility 0.28 0.29 0.27 19,878 1,909,744 16,707 518 451 50,442 44,612 105 1.38 21,263 Index ETF ONEY SPDR Russell 1000 Yield Focus ETF 0.16 0.23 0.12 11,380 828,384 8,586 369 354 26,729 26,383 441 1.11 7,964 ONEO SPDR Russell 1000 Momentum 0.11 0.15 0.10 1,781 137,207 23,636 150 142 11,661 11,063 88 0.59 10,685 Focus ETF ONEV SPDR Russell 1000 Low Volatility 0.07 0.09 0.06 31,420 2,710,740 19,556 375 332 32,442 28,651 999 1.05 3,229 Focus ETF Advanced Beta — Fixed Income DWFI SPDR Dorsey Wright® Fixed Income 0.02 0.09 0.02 17,986 429,031 15,176 6 8 13,433 18,353 269 0.20 13,606 Allocation ETF SPBO SPDR Portfolio Corporate Bond ETF 0.02 0.05 0.02 29,182 1,011,262 31,212 846 1,065 29,231 36,307 276 0.41 3,293 Fixed Income — US Government BIL SPDR Bloomberg Barclays 1–3 Month 0.01 0.01 0.01 2,409,680 220,518,924 1,674,523 3,413,288 2,870,049 312,280,317 262,571,027 715 0.01 931,418T-Bill ETF SPTI SPDR Portfolio Intermediate Term 0.01 0.03 0.01 2,908,296 92,659,654 1,159,018 112,764 79,271 3,557,630 2,483,023 695 0.22 58,987 Treasury ETF Source: NYSE, Nasdaq and BATS as of 02/29/2020. Past performance is not a guarantee of future results.

Ticker ETF Name Spread Spread Spread ($) Consolidated Consolidated Consolidated Avg. Quote Avg. Quote Avg. Quote Avg. Quote Avg. Daily Short ($) (%) 3 Month Avg. Daily Average Avg. Daily Size Size Size ($) Size ($) Trade Volatility Interest as of Avg. Volume Daily Volume ($) Volume (Shares) (Shares) 3 Month Avg. Size (%) 02/15/2020 (Shares) (Shares) 3 Month 3 Month Avg. Avg. Fixed Income — US Government (cont’d) SPTL SPDR Portfolio Long Term Treasury ETF 0.02 0.04 0.02 823,551 35,048,066 705,132 24,262 20,020 1,016,041 813,998 396 0.72 65,250 SPIP SPDR Portfolio TIPS ETF 0.02 0.05 0.01 237,916 6,928,394 352,647 47,634 37,267 1,388,000 1,075,058 386 0.26 211,870 SPTS SPDR Portfolio Short Term Treasury ETF 0.01 0.03 0.01 785,661 23,719,282 645,152 641,813 680,721 19,318,233 20,433,667 778 0.09 375,062 TIPX SPDR Bloomberg Barclays 1–10 Year 0.02 0.08 0.01 39,630 788,381 74,524 53,291 40,512 1,058,339 800,072 458 0.16 127,590 TIPS ETF Fixed Income — US Investment Grade Corporates SPSB SPDR Portfolio Short Term Corporate 0.01 0.03 0.01 1,611,539 49,952,743 1,479,126 67,033 54,523 2,074,857 1,684,391 648 0.10 178,019 Bond ETF SPIB SPDR Portfolio Intermediate Term 0.01 0.03 0.01 1,582,875 56,648,788 1,355,628 19,542 18,150 698,702 644,537 529 0.19 291,645 Corporate Bond ETF SPLB SPDR Portfolio Long Term Corporate 0.02 0.05 0.02 682,217 21,385,803 485,014 2,758 3,252 86,343 99,502 358 0.52 26,820 Bond ETF FLRN SPDR Bloomberg Barclays Investment 0.01 0.03 0.01 1,092,900 33,643,833 1,048,117 76,801 71,565 2,365,572 2,202,101 585 0.07 427,666 Grade Floating Rate ETF Fixed Income — High Yield JNK SPDR Bloomberg Barclays High Yield 0.01 0.01 0.01 11,295,468 1,227,491,827 7,137,341 27,862 36,883 3,052,944 4,036,442 434 0.49 10,041,848 Bond ETF SJNK SPDR Bloomberg Barclays Short Term 0.01 0.04 0.01 5,672,187 152,009,320 3,495,258 161,708 140,122 4,353,871 3,772,749 856 0.37 3,730,795 High Yield Bond ETF SPHY SPDR Portfolio High Yield Bond ETF 0.04 0.14 0.03 53,639 1,411,079 49,022 1,388 1,952 36,606 51,391 224 0.55 34,429 Fixed Income — US Mortgage SPMB SPDR Portfolio Mortgage Backed 0.01 0.04 0.01 2,778,735 73,142,326 999,854 2,585 2,459 68,053 64,529 4,776 0.22 79,732 Bond ETF Fixed Income — US Aggregate SPAB SPDR Portfolio Aggregate Bond ETF 0.01 0.03 0.01 2,098,768 62,909,251 1,690,490 40,355 44,067 1,206,767 1,306,734 821 0.23 471,172 Fixed Income — Hybrids CWB SPDR Bloomberg Barclays Convertible 0.01 0.02 0.01 1,910,695 110,518,308 1,231,735 4,138 4,924 243,762 280,139 207 1.24 1,040,420 Securities ETF PSK SPDR Wells Fargo® Preferred Stock ETF 0.04 0.10 0.03 199,803 8,757,644 217,610 949 1,191 42,017 52,513 270 0.62 64,923 Source: NYSE, Nasdaq and BATS as of 02/29/2020. Past performance is not a guarantee of future results.

Ticker ETF Name Spread Spread Spread ($) Consolidated Consolidated Consolidated Avg. Quote Avg. Quote Avg. Quote Avg. Quote Avg. Daily Short ($) (%) 3 Month Avg. Daily Average Avg. Daily Size Size Size ($) Size ($) Trade Volatility Interest as of Avg. Volume Daily Volume ($) Volume (Shares) (Shares) 3 Month Avg. Size (%) 02/15/2020 (Shares) (Shares) 3 Month 3 Month Avg. Avg. Fixed Income — Municipal SHM SPDR Nuveen Bloomberg Barclays Short 0.02 0.03 0.02 291,094 14,373,586 365,622 9,149 8,442 451,649 415,745 362 0.13 389,984 Term Municipal Bond ETF TFI SPDR Nuveen Bloomberg Barclays 0.01 0.03 0.01 239,688 12,402,623 208,704 1,612 1,751 83,314 89,722 107 0.20 325,895 Municipal Bond ETF HYMB SPDR Nuveen S&P High Yield Municipal 0.03 0.05 0.04 184,179 11,164,318 172,747 1,185 1,043 71,692 62,387 301 0.23 198,196 Bond ETF Fixed Income — International WIP SPDR FTSE International Government 0.15 0.27 0.14 36,464 1,994,422 38,211 2,281 987 124,712 54,041 183 0.57 15,522 Inflation-Protected Bond ETF BWZ SPDR Bloomberg Barclays Short Term 0.10 0.35 0.11 67,989 2,049,354 62,363 2,553 2,042 76,860 62,205 473 0.45 3,239 International Treasury Bond ETF BWX SPDR Bloomberg Barclays International 0.01 0.04 0.01 256,090 7,336,888 369,675 3,922 3,568 112,077 102,155 227 0.31 253,531 Treasury Bond ETF IBND SPDR Bloomberg Barclays International 0.14 0.42 0.18 81,847 2,727,677 59,600 1,393 846 46,403 28,379 421 0.64 1,638 Corporate Bond ETF EBND SPDR Bloomberg Barclays Emerging 0.01 0.05 0.01 239,602 6,568,574 210,151 4,671 5,118 128,440 141,431 365 0.31 130,823 Markets Local Bond ETF Commodity GLD® SPDR Gold Shares 0.01 0.01 0.01 13,414,775 2,037,725,260 9,371,056 9,507 10,203 1,425,023 1,480,113 221 1.02 13,644,728 GLDM SPDR Gold MiniShares SM Trust 0.01 0.06 0.01 2,289,801 36,837,147 1,632,581 668,471 650,835 10,641,202 10,038,190 1,215 0.99 1,172,603 NANR SPDR S&P North American Natural 0.07 0.22 0.06 318,305 10,088,375 121,961 3,257 3,160 102,103 101,861 3,929 1.33 1,764 Resources ETF Active — Asset Allocation XLSR SPDR SSGA US Sector Rotation ETF 0.05 0.14 0.06 35,982 1,243,167 19,999 10,060 7,990 354,031 276,389 400 1.21 2,061 FISR SPDR SSGA Fixed Income Sector 0.05 0.16 0.05 26,493 834,402 14,808 7,395 4,527 232,701 141,981 396 0.84 35,433 Rotation ETF RLY SPDR SSGA Multi-Asset Real Return ETF 0.09 0.39 0.09 20,877 502,924 17,805 4,927 5,050 120,253 126,210 227 0.74 14,203 INKM SPDR SSGA Income Allocation ETF 0.04 0.10 0.03 66,567 2,262,770 37,621 1,629 2,285 56,370 78,710 1,030 0.45 2,464 GAL SPDR SSGA Global Allocation ETF 0.16 0.39 0.15 20,303 806,071 17,788 7,622 6,129 304,874 245,521 380 0.78 23,578 Source: NYSE, Nasdaq and BATS as of 02/29/2020. Past performance is not a guarantee of future results.

Ticker ETF Name Spread Spread Spread ($) Consolidated Consolidated Consolidated Avg. Quote Avg. Quote Avg. Quote Avg. Quote Avg. Daily Short ($) (%) 3 Month Avg. Daily Average Avg. Daily Size Size Size ($) Size ($) Trade Volatility Interest as of Avg. Volume Daily Volume ($) Volume (Shares) (Shares) 3 Month Avg. Size (%) 02/15/2020 (Shares) (Shares) 3 Month 3 Month Avg. Avg. Active — Equity SYE SPDR MFS Systematic Core Equity ETF 0.09 0.10 0.08 7,838 667,368 5,621 166 144 14,980 12,920 199 1.04 827 SYG SPDR MFS Systematic Growth Equity ETF 0.11 0.12 0.09 2,863 251,596 4,113 152 134 14,290 12,293 67 1.02 472 SYV SPDR MFS Systematic Value Equity ETF 0.15 0.21 0.12 3,050 210,298 2,583 471 458 32,789 32,549 132 0.93 1,558 Active — Fixed Income TOTL SPDR DoubleLine® Total Return 0.02 0.03 0.02 411,136 20,355,753 371,777 2,123 2,054 105,029 101,047 311 0.23 170,026 Tactical ETF EMTL SPDR DoubleLine Emerging Markets 0.10 0.20 0.10 22,091 1,149,698 16,356 2,296 2,205 119,581 113,722 255 0.18 20,930 Fixed Income ETF STOT SPDR DoubleLine Short Duration Total 0.07 0.14 0.07 27,129 1,350,614 23,647 2,484 2,055 123,642 102,029 289 0.09 3,884 Return Tactical ETF SRLN SPDR Blackstone / GSO Senior Loan ETF 0.01 0.03 0.01 567,899 26,155,044 505,147 3,371 3,041 156,375 141,414 374 0.27 360,855 ULST SPDR SSGA Ultra Short Term Bond ETF 0.02 0.04 0.02 177,584 7,189,552 91,431 73,474 69,589 2,974,599 2,813,314 968 0.08 11,834 Source: NYSE, Nasdaq and BATS as of 02/29/2020. Past performance is not a guarantee of future results. Prior to 10/16/2017, the SPDR Portfolio Total Stock Market ETF (SPTM) was known as the SPDR Russell 3000® ETF (THRK), the SPDR Portfolio Large Cap ETF (SPLG) was known as the SPDR Russell 1000® ETF (ONEK), the SPDR Portfolio Mid Cap ETF (SPMD) was known as the SPDR S&P 1000® ETF (SMD), the SPDR Portfolio Small Cap ETF (SPSM) was known as the SPDR Russell 2000® ETF (TWOK), the SPDR Portfolio S&P 500 Growth ETF (SPYG) was known as the SPDR S&P 500 Growth ETF (SPYG), the SPDR Portfolio S&P 500 Value ETF (SPYV) was known as the SPDR S&P 500 Value ETF (SPYV), the SPDR Portfolio S&P 500 High Dividend ETF (SPYD) was known as the SPDR S&P 500 High Dividend ETF (SPYD), the SPDR Portfolio Developed Worldex-US ETF (SPDW) was known as the SPDR S&P Worldex-US ETF (GWL), the SPDR Portfolio Emerging Markets ETF (SPEM) was known as the SPDR S&P Emerging Markets ETF (GMM), the SPDR Portfolio Aggregate Bond ETF (SPAB) was known as the SPDR Bloomberg Barclays Aggregate Bond ETF (BNDS), the SPDR Portfolio Short Term Corporate Bond ETF (SPSB) was known as the SPDR Bloomberg Barclays Short Term Corporate Bond ETF (SCPB), the SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) was known as the SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF (ITR), the SPDR Portfolio Long Term Corporate Bond ETF (SPLB) was known as the SPDR Bloomberg Barclays Long Term Corporate Bond ETF (LWC), the SPDR Portfolio Short Term Treasury ETF (SPTS) was known as the SPDR Bloomberg Barclays Short Term Treasury ETF (SST), and the SPDR Portfolio Long Term Treasury ETF (SPTL) was known as the SPDR Bloomberg Barclays Long Term Treasury ETF (TLO). Prior to 09/23/2019, the SPDR Portfolio MSCI Global Stock Market ETF (SPGM) was known as the SPDR MSCI ACWI IMI ETF (ACIM), the SPDR Portfolio Europe ETF (SPEU) was known as the SPDR STOXX® Europe 50 ETF (FEU), the SPDR Portfolio Corporate Bond ETF (SPBO) was known at the SPDR Bloomberg Barclays Corporate Bond ETF (CBND), the SPDR Portfolio High Yield Bond ETF (SPHY) was known as the SPDR ICE BofAML Broad High Yield Bond ETF (CJNK), the SPDR Portfolio Intermediate Term Treasury ETF (SPTI) was known as the SPDR Bloomberg Barclays Intermediate Term Treasury ETF (ITE), the SPDR Portfolio TIPS ETF (SPIP) was known as the SPDR Bloomberg Barclays TIPS ETF (IPE), and the SPDR Portfolio Mortgage Backed Bond ETF (SPMB) was known as the SPDR Bloomberg Barclays Mortgage Backed Bond ETF (MBG).

ssga.com spdrs.com Investment Professional Use Only State Street Global Advisors One Iron Street, Boston MA 02210 T: +1 866 787 2257 Important Risk Information Investing involves risk, and you could lose money on an investment in each of SPDR® Gold Shares Trust (“GLD®”) and SPDR® Gold MiniSharesSM Trust (“GLDMSM”), a series of the World Gold Trust (together, the “Funds”). 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. Brokerage commissions and ETF expenses will reduce returns. Commodities and commodity-index linked securities may be ected 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. Frequent trading of ETFs could significantly increase commissions and other costs such that they may set any savings from low fees or costs. Diversification does not ensure a profit or guarantee against loss. Investing in commodities entails significant risk and is not appropriate for all investors. Important Information Relating to SPDR® Gold Trust (“GLD®”) and SPDR® Gold MiniSharesSM Trust (“GLDMSM”): The SPDR Gold Trust (“GLD”) and the World Gold Trust have each filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for GLD and GLDM, respectively. Before you invest, you should read the prospectus in the registration statement and other documents each Fund has filed with the SEC for more complete information about each Fund and these offerings. Please see each Fund’s prospectus for a detailed discussion of the risks of investing in each Fund’s shares. The GLD prospectus is available by clicking here, and the GLDM prospectus is available by clicking here. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov or by visiting spdrgoldshares.com. Alternatively, the Funds or any authorized participant will arrange to send you the prospectus if you request it by calling 866.320.4053. None of the Funds is an investment company registered under the Investment Company Act of 1940 (the “1940 Act”). As a result, shareholders of each Fund do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act. GLD and GLDM are not subject to regulation under the Commodity Exchange Act of 1936 (the “CEA”). As a result, shareholders of each of GLD and GLDM do not have the protections afforded by the CEA. Shares of each Fund trade like stocks, are subject to investment risk and will fluctuate in market value. The values of GLD shares and GLDM shares relate directly to the value of the gold held by each Fund (less its expenses), respectively. Fluctuations in the price of gold could materially and adversely ect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them. None of the Funds generate any income, and as each Fund regularly sells gold to pay for its ongoing expenses, the amount of gold represented by each Fund share will decline over time to that extent. The World Gold Council name and logo are a registered trademark and used with the permission of the World Gold Council pursuant to a license agreement. The World Gold Council is not responsible for the content of, and is not liable for the use of or reliance on, this material. World Gold Council is an ƒliate of the Sponsor of each of GLD and GLDM. GLD® is a registered trademark of World Gold Trust Services, LLC used with the permission of World Gold Trust Services, LLC. MiniSharesSM and GLDMSM are service marks of WGC USA Asset Management Company, LLC used with the permission of WGC USA Asset Management Company, LLC. Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties makes any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto. For more information, please contact the Marketing Agent for GLD and GLDM: State Street Global Advisors Funds Distributors, LLC, One Iron Street, Boston, MA, 02210; T: +1 866 320 4053 spdrgoldshares.com. The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data. State Street Global Advisors and SSGA are registered trademarks of State Street Corporation. Investments insmall-sized andmid-sized companies may involve greater risks than in those of larger, better known companies butmid-sized companies may be less volatile than investments in smaller companies. Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the value of the security may not rise as much as companies with smaller market capitalizations. Concentrated investments in a particular sector tend to be more volatile than the overall market and increases risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund’s shares to decrease. Investing in foreign domiciled securities may involve risk of capital loss from unfavorable fluctuation in currency values, withholding taxes, from derences in generally accepted accounting principles or from economic or political instability in other nations. Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse and mature and to political systems which have less stability than those of more developed countries. There is no relationship between Dorsey Wright & Associates, LLC (collectively with its parent companies and affiliates, “Dorsey Wright”) and State Street Global Advisors (“SSGA”) other than a license by Dorsey Wright to SSGA of certain Dorsey Wright trademarks and trade names, and the Dorsey Wright Fixed Income Rotation Index (“Index”), for use by SSGA. BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its ƒliates, and BARCLAYS®, a trademark and service mark of Barclays Bank Plc, have each been licenzed for use in connection with the listing and trading of the SPDR Bloomberg Barclays ETFs. DoubleLine® is a registered trademark of DoubleLine Capital LP. Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its ƒliates. Certain State Street ƒliates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., member FINRA, is distributor for SPDR S&P 500, SPDR S&P MidCap 400 and SPDR Dow Jones Industrial Average, all unit investment trusts. ALPS Portfolio So lutions Distributor, Inc., member FINRA, is distributor for Select Sector SPDRs. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not ƒliated with State State Street Global Advisors Funds Distributors, LLC. State Street Global Advisors Funds Distributors, LLC is the distributor for certain registered products on behalf of the advisor. SSGA Funds Management has retained GSO Capital Partners, Nuveen Asset Management, MFS, and DoubleLine Capital LP as thesub-advisor. GSO Capital Partners, Nuveen Asset Management, MFS, and DoubleLine Capital LP are not a ƒliated with State Street Global Advisors Funds Distributors, LLC. Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 866.787.2257 or visit spdrs.com. Read it carefully. © 2020 State Street Corporation. All Rights Reserved. ID166560-2081238.28.1.AM.INST 0320 Exp. Date: 03/31/2021 SPD002172 Not FDIC Insured No Bank Guarantee May Lose Value

SPDR^® GOLD TRUST has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any Authorized Participant will arrange to send you the prospectus if you request it by calling toll free at1-866-320-4053 or contacting State Street Global Advisors Funds Distributors, LLC, One Lincoln Street, Attn: SPDR^® Gold Shares, 30th Floor, Boston, MA 02111.