黄金ETF

ETF SNAPSHOT: April 2011 State Street Global Advisors State Street Financial Center One Lincoln Street Boston, MA 02111 www.spdrs.com SALES & CLIENT SERVICE 866.787.2257 MEDIA Gary MacDonald 617.664.2296 gary_macdonald@ssga.com Troy Mayclim 914.686.5599 tmayclim@riverinc.com Unless otherwise noted, all data and statistical information was obtained from Bloomberg and the State Street Global Advisors ETF Strategy & Research Group, as of 4/30/11. Data in tables have been rounded to whole numbers, except for percentages, which have been rounded to the nearest tenth of a percent. Past performance does not guarantee future results. Snapshot Overview FIGURE 1: US ETF ASSET GROWTH YTD Considerable gains in the Size – Large Cap and Commodities categories drove a 5.7% increase in assets for the ETF Industry in April. As of April 30, 2011, 1038 Exchange Traded Funds (ETFs)—with assets totaling $1.12TN— were managed by 35 ETF managers. ETF industry assets rose $60.5BN for the month—up 5.7%. STATE STREET HIGHLIGHTS, APRIL 2011 • State Street recently launched two additional fixed-income ETFs: the SPDR® Barclays Capital Issuer Scored Corporate Bond ETF [CBND] and the SPDR Nuveen S&P® High Yield Municipal Bond ETF [HYMB]. o Designed to provide an alternative to market value-weighted index strategies, the SPDR Barclays Capital Issuer Scored Corporate Bond ETF [CBND] seeks to track the performance of the Barclays Capital Issuer Scored Corporate Index. The Index includes publicly issued US dollar-denominated corporate issues that are rated investment grade and have $250MM or more of par amount outstanding. Individual issuers in the Index are weighted using the following quantitative measures: return on assets, interest coverage, and current ratio. Rebalancing based on these ratios occurs every six months on the last business day of March and September. o Developed by State Street Global Advisors and Nuveen Asset Management, a recognized leader in the municipal bond market, the SPDR Nuveen S&P High Yield Municipal Bond ETF [HYMB] is designed to provide investors with cost effective access to high yield municipal bonds, an asset class offering attractive after-tax yields. The Index is a market value-weighted index with 70% of its market value allocated to high yield bonds that are non-rated or rated below investment grade, 20% to Baa or BBB rated bonds, and 10% to A rated bonds. ETFs trade like stocks, are subject to investment risk and will fluctuate in market value. The investment return and principal value of an investment will fluctuate in value, so that when shares are sold or redeemed, they may be worth more or less than when they were purchased. Although shares may be bought or sold on an exchange through any brokerage account, shares are not individually redeemable from the fund. Investors may acquire shares and tender them for redemption through the fund in large aggregations known as “creation units.” Please see the fund prospectus for more details. Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies. Non-diversified funds that focus on a relatively small number of stocks or countries tend to be more volatile than diversified funds and the market as a whole. Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus which contains this and other information, call 866.787.2257 or visit www.spdrs.com. Read it carefully. ETF SNAPSHOT APRIL 2011 | P. 1 ETF Industry Detail ASSET CLASSES ― OVERALL • The S&P 500® Index gained 3.0% while the MSCI EAFE® Index returned 6.1%. US Bonds were positive with the Barclays U.S. Treasury Index up 1.2% and the Barclays U.S. Aggregate Index rising 1.3%. Gold rose 6.7% to $1,535 per ounce. • Commodity asset gains, up $12.1BN, were driven mostly by performance. FIGURE 2: US ETF ASSETS BY CATEGORY APRIL 2011 MARCH 2011 Δ YTD Δ CATEGORY # OF ETFs CURRENT ASSETS (MM) # OF ETFs ASSETS (MM) ASSET CHANGE (%) # OF ETFs ASSETS (MM) ASSET CHANGE (%) BROAD 16 $27,677 - $808 3.0 1 $2,884 11.6 COMMODITY 35 $115,748 - $12,102 11.7 3 $17,289 17.6 CURRENCY 20 $6,016 - $502 9.1 - $878 17.1 DIVIDEND/FUNDAMENTAL 85 $37,060 1 $1,883 5.4 2 $5,974 19.2 FIXED INCOME 122 $140,254 3 $4,189 3.1 10 $10,599 8.2 GLOBAL 31 $11,938 1 $2,638 28.4 1 $4,163 53.5 INTERNATIONAL - DEVELOPED 102 $116,137 5 $6,815 6.2 9 $18,781 19.3 INTERNATIONAL - EMERGING 94 $148,555 6 $7,535 5.3 12 $2,342 1.6 INVERSE/LEVERAGED 166 $33,227 4 $46 0.1 15 $2,936 9.7 SECTOR - CONSUMER DISCRETIONARY 9 $4,389 - $116 2.7 1 -$135 -3.0 SECTOR - CONSUMER STAPLES 12 $5,995 - $270 4.7 1 $636 11.9 SECTOR - ENERGY 15 $20,442 - -$846 -4.0 2 $5,046 32.8 SECTOR - FINANCIALS 23 $12,737 - -$404 -3.1 1 $407 3.3 SECTOR - HEALTH CARE 17 $9,019 - $1,016 12.7 2 $1,751 24.1 SECTOR - INDUSTRIALS 14 $6,812 - $458 7.2 2 $1,109 19.5 SECTOR - MATERIAL 17 $17,337 - $1,234 7.7 3 $1,072 6.6 SECTOR - REIT 15 $17,605 - $1,297 8.0 2 $3,092 21.3 SECTOR - TECHNOLOGY 24 $16,266 - $974 6.4 3 $3,247 24.9 SECTOR - UTILITIES 7 $5,679 - $435 8.3 1 $677 13.5 SIZE - LARGE CAP 22 $182,947 - $11,956 7.0 1 $18,834 11.5 SIZE - MICROCAP 4 $879 - -$11 -1.2 - $41 4.9 SIZE - MID CAP 11 $35,123 - $1,738 5.2 2 $3,964 12.7 SIZE - SMALL CAP 11 $32,882 - $1,938 6.3 1 $3,115 10.5 SPECIALTY - DOMESTIC 74 $17,636 - $875 5.2 5 $3,414 24.0 SPECIALTY - INTERNATIONAL 26 $8,785 1 $359 4.3 2 $2,142 32.2 STYLE - ALLCAP GROWTH 2 $374 - $9 2.5 - $37 10.8 STYLE - ALLCAP VALUE 1 $342 - -$1 -0.3 - $18 5.6 STYLE - LARGE GROWTH 13 $28,544 - $947 3.4 - $3,105 12.2 STYLE - LARGE VALUE 13 $23,823 - $526 2.3 - $3,207 15.6 STYLE - MID GROWTH 9 $9,610 1 $543 6.0 1 $1,567 19.5 STYLE - MID VALUE 9 $7,267 1 $139 2.0 1 $1,115 18.1 STYLE - SMALL GROWTH 10 $9,861 1 $488 5.2 1 $1,687 20.6 STYLE - SMALL VALUE 9 $9,136 1 -$61 -0.7 1 $270 3.0 TOTALS 1,038 $1,120,102 25 $60,509 5.7 86 $125,262 12.6 Past performance does not guarantee future results. ETF SNAPSHOT APRIL 2011 | P. 2 ETF INDUSTRY DETAIL FLOWS • ETF flows topped $20BN—the eighth consecutive month of positive flows. Large Cap had the most inflows, drawing $6.7BN, after two consecutive months of outflows. International - Developed and International - Emerging followed up last month’s inflows with another strong month, attracting $3.0BN and $3.6BN, respectively. FIGURE 3: US ETF FLOWS BY CATEGORY CATEGORY # OF ETFs CURRENT ASSETS (MM) MTD FLOWS* (MM) MTD EST FLOWS AS % OF ASSETS YTD EST FLOWS* (MM) BROAD 16 $27,677 $24 0.1 $629 COMMODITY 35 $115,748 $1,114 1.0 $1,840 CURRENCY 20 $6,016 $344 5.7 $666 DIVIDEND/FUNDAMENTAL 85 $37,060 $679 1.8 $3,414 FIXED INCOME 122 $140,254 $2,295 1.6 $8,279 GLOBAL 31 $11,938 $251 2.1 $1,312 INTERNATIONAL - DEVELOPED 102 $116,137 $2,978 2.6 $12,186 INTERNATIONAL - EMERGING 94 $148,555 $3,603 2.4 -$3,587 INVERSE/LEVERAGED 166 $33,227 -$119 -0.4 $2,840 SECTOR - CONSUMER DISCRETIONARY 9 $4,389 -$46 -1.0 -$467 SECTOR - CONSUMER STAPLES 12 $5,995 -$24 -0.4 $201 SECTOR - ENERGY 15 $20,442 -$962 -4.7 $2,130 SECTOR - FINANCIALS 23 $12,737 -$401 -3.2 $131 SECTOR - HEALTH CARE 17 $9,019 $442 4.9 $745 SECTOR - INDUSTRIALS 14 $6,812 $281 4.1 $481 SECTOR - MATERIAL 17 $17,337 $711 4.1 $537 SECTOR - REIT 15 $17,605 $378 2.1 $1,302 SECTOR - TECHNOLOGY 24 $16,266 $531 3.3 $2,286 SECTOR - UTILITIES 7 $5,679 $218 3.8 $357 SIZE - LARGE CAP 22 $182,947 $6,704 3.7 $4,466 SIZE - MICROCAP 4 $879 -$23 -2.6 -$22 SIZE - MID CAP 11 $35,123 $803 2.3 $406 SIZE - SMALL CAP 11 $32,882 $1,078 3.3 $26 SPECIALTY - DOMESTIC 74 $17,636 $676 3.8 $2,704 SPECIALTY - INTERNATIONAL 26 $8,785 $210 2.4 $1,647 STYLE - ALLCAP GROWTH 2 $374 -$3 -0.7 $5 STYLE - ALLCAP VALUE 1 $342 -$9 -2.6 -$9 STYLE - LARGE GROWTH 13 $28,544 $54 0.2 $899 STYLE - LARGE VALUE 13 $23,823 -$97 -0.4 $1,303 STYLE - MID GROWTH 9 $9,610 $237 2.5 $550 STYLE - MID VALUE 9 $7,267 -$19 -0.3 $473 STYLE - SMALL GROWTH 10 $9,861 $141 1.4 $556 STYLE - SMALL VALUE 9 $9,136 -$210 -2.3 -$426 TOTALS 1,038 $1,120,102 $21,841 1.9 $47,860 * Flows are calculated by taking the average price over the month times the change in shares. Past performance does not guarantee future results. SPDR ETF SNAPSHOT APRIL 2011 | P. 3 ETF INDUSTRY DETAIL MANAGER AND FUND DETAIL • The top three managers in the US ETF marketplace were: BlackRock, State Street, and Vanguard. Collectively, they account for approximately 83% of the US listed ETF market. FIGURE 4: US ETF FLOWS BY MANAGER APRIL 2011 YTD MANAGER # OF ETFs ASSETS (MM) MARKET SHARE (%) Δ # OF ETFs MTD FLOWS (MM) YTD FLOWS (MM) MARKET SHARE YTD CHANGE (%) STATE STREET 100 $257,380 23.0 7 $4,825 $2,002 -0.7 ADVISORSHARES 6 $287 0.0 1 $27 $131 0.0 ALPS 7 $1,403 0.1 - $124 $503 0.0 BLACKROCK 222 $498,075 44.5 2 $8,888 $13,594 -0.7 BNY 6 $40,117 3.6 - $2,313 $1,657 0.1 DIREXION SHARES 42 $6,501 0.6 3 -$529 $64 -0.1 EMERGING GLOBAL SHARES/USA 9 $557 0.0 - $13 $112 0.0 ETF SECURITIES USA 7 $4,530 0.4 1 $171 $401 0.0 FACTOR ADVISORS 5 $24 0.0 5 -$3 $22 0.0 FAITHSHARES 5 $11 0.0 - $0 -$1 0.0 FIDELITY 1 $192 0.0 - $0 $11 0.0 FIRST TRUST ADVISORS 57 $8,023 0.7 14 $482 $1,894 0.2 FOCUSSHARES 15 $79 0.0 15 $0 $83 0.0 GLOBAL X MANAGEMENT CO LLC/ETF 27 $1,797 0.2 10 $97 $524 0.0 GRAIL ADVISORS 5 $30 0.0 - $7 $8 0.0 GREENHAVEN 1 $868 0.1 - $21 $263 0.0 GUGGENHEIM 42 $4,015 0.4 4 $89 $257 0.0 INDEXIQ 10 $515 0.0 1 $40 $197 0.0 JETS 1 $15 0.0 - $0 $2 0.0 PAX 2 $6 0.0 1 $0 $2 0.0 PIMCO 13 $2,704 0.2 - -$291 $495 0.0 POWERSHARES 107 $21,163 1.9 1 $427 $1,377 0.0 POWERSHARES/DB COMMODITY SVCS. 11 $14,972 1.3 - $217 $2,028 0.2 PROSHARES 121 $26,733 2.4 9 $463 $2,890 0.0 REVENUESHARES 6 $635 0.1 - $21 $37 0.0 RYDEX 34 $8,796 0.8 1 $527 $629 0.0 SCHWAB 13 $4,249 0.4 2 $296 $1,227 0.1 SPROTT 2 $2,965 0.3 - $351 $351 0.1 TEUCRIUM 3 $119 0.0 2 $32 $64 0.0 UNITED STATES COMMODITY FUNDS 9 $4,884 0.4 - -$815 -$490 -0.1 US ONE TRUST 1 $14 0.0 - $0 $3 0.0 VAN ECK 33 $23,217 2.1 4 $753 $2,514 0.1 VANGUARD 64 $172,879 15.4 1 $2,815 $13,263 0.5 WISDOMTREE 46 $12,207 1.1 2 $478 $1,753 0.1 XSHARES 5 $138 0.0 - $0 -$5 0.0 Past performance does not guarantee future results. SPDR ETF SNAPSHOT APRIL 2011 | P. 4 ETF INDUSTRY DETAIL Past performance does not guarantee future results. SPDR ETF SNAPSHOT APRIL 2011 | P. 5 • The top three ETFs in terms of dollar volume traded for the month were the SPDR S&P 500 [SPY], iShares Russell 2000 [IWM], and iShares Silver Trust [SLV]. FIGURE 5: TOP US ETFs BY TRADING VOLUME (AS OF APRIL 30, 2011) ETF TICKER AVG. DAILY VOLUME (MILLIONS OF SHARES) AVG. DAILY DOLLAR VOLUME (MM) SPDR S&P 500 SPY 141 $19,205 ISHARES RUSSELL 2000 IWM 50 $4,300 ISHARES SILVER TRUST SLV 77 $3,592 POWERSHARES QQQ QQQ 52 $3,052 ISHARES MSCI EMERGING MARKETS EEM 55 $2,761 SPDR GOLD SHARES GLD 15 $2,313 ENERGY SELECT SECTOR SPDR XLE 17 $1,364 ISHARES MSCI BRAZIL EWZ 13 $971 PROSHARES ULTRA SILVER AGQ 3 $952 ISHARES MSCI EAFE EFA 15 $950 • The top three ETFs in terms of assets for the month were the SPDR S&P 500 [SPY], SPDR Gold Shares [GLD], and Vanguard Emerging Markets [VWO]. FIGURE 6: TOP US ETFs BY ASSETS (AS OF APRIL 30, 2011) ETF TICKER ASSETS (MM) MARKET SHARE (%) SPDR S&P 500 SPY $95,287 8.5 SPDR GOLD SHARES GLD $61,771 5.5 VANGUARD EMERGING MARKETS VWO $49,450 4.4 ISHARES MSCI EMERGING MARKETS EEM $41,760 3.7 ISHARES MSCI EAFE EFA $41,351 3.7 ISHARES S&P 500 IVV $29,024 2.6 POWERSHARES QQQ QQQ $27,245 2.4 ISHARES BARCLAYS TIPS BOND TIP $20,476 1.8 VANGUARD TOTAL STOCK MARKET VTI $20,238 1.8 ISHARES RUSSELL 2000 IWM $19,144 1.7 APPENDIX Market Performance PERFORMANCE BY ASSET CLASS • Commodities and Gold prices continued their string of positive performance in April, gaining 4.4% and 6.7%, respectively. Both International - Developed and Emerging Markets had a strong month with positive performance of 6.1% and 3.1%, respectively. Domestic Large Cap, Mid Cap and Small Cap markets were all positive performers, rising in the 2.5 to 3.0% range. FIGURE 7: PERFORMANCE BY ASSET CLASS INDEX/ASSET CLASS 1 MONTH (%) 1 QUARTER (%) YTD (%) 1 YEAR (%) 3 YEAR (%) 5 YEAR (%) 10 YEAR (%) S&P 500 3.0 6.5 9.1 17.2 1.7 3.0 2.8 S&P MIDCAP 2.7 10.1 12.3 25.1 8.3 6.3 8.5 S&P SMALLCAP 2.6 10.3 10.5 21.4 7.9 4.2 8.7 MSCI EAFE 6.1 7.2 9.7 19.7 -2.4 2.0 5.7 MSCI EMF (EMERGING MARKETS ) 3.1 8.2 5.3 21.0 3.0 10.2 16.9 BARCLAYS CAPITAL US AGGREGATE 1.3 1.6 1.7 5.4 5.8 6.3 5.7 BARCLAYS CAPITAL US TREASURY 1.2 1.0 1.0 4.6 4.5 6.0 5.4 BARCLAYS CAPITAL US CORPORATE/CREDIT 1.7 2.4 2.6 7.0 7.4 6.9 6.4 S&P GSCI 4.4 13.0 16.5 24.7 -13.4 -3.7 3.9 GOLD 6.7 15.7 9.2 30.2 20.8 19.0 19.1 Past performance does not guarantee future results. SPDR ETF SNAPSHOT APRIL 2011 | P. 6 APPENDIX Appendix Definitions CORRELATION The strength and direction of a linear relationship between two random variables. STANDARD DEVIATION A measure of the dispersion of a set of data from its mean. The more spread apart the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment’s volatility (risk). A more volatile security would have a higher standard deviation, and a less volatile security would have a lower standard deviation. Index Definitions† BARCLAYS U.S. GOVERNMENT INFLATION-LINKED BOND INDEX The Barclays U.S. Government Inflation-linked Bond Index measures the performance of the inflation-protected public obligations of the US Treasury. Inflation-protected public obligations of the US Treasury, commonly known as “TIPS,” are securities issued by the US Treasury that are designed to provide inflation protection to investors. The Index includes publicly-issued, US Treasury inflation-protected securities that have at least 1 year remaining to maturity on index rebalancing date, with an issue size equal to or in excess of $500 million. BARCLAYS CAPITAL 1-3 MONTH U.S. TREASURY BILL INDEX Barclays Capital 1-3 Month U.S. Treasury Bill Index measures the performance of public obligations of the US Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. The Index includes all publicly- issued, zero-coupon US Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. BARCLAYS CAPITAL GLOBAL TREASURY EX-US CAPPED INDEX The Barclays Capital Global Treasury Ex-US Capped Index tracks fixed-rate, local currency sovereign debt of investment- grade countries outside the United States. BARCLAYS CAPITAL HIGH YIELD VERY LIQUID INDEX The Barclays Capital High Yield Very Liquid Index includes publicly-issued, US dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds that have a remaining maturity of at least one year, regardless of optionality, are high- yield using the middle rating of Moody’s, S&P®, and Fitch, respectively, and have $600 million or more outstanding face value. BARCLAYS CAPITAL INTERMEDIATE U.S. TREASURY INDEX The Barclays Capital Intermediate U.S. Treasury Index measures the performance of public obligations of the US Treasury that have a remaining maturity of greater than or equal to 1 year and less than 10 years. The Index includes all publicly- issued, US Treasury securities that have a remaining maturity of greater than or equal to 1 year and less than 10 years, are rated investment grade, and have $250 million or more of outstanding face value. † One cannot invest directly in an index. Past performance does not guarantee future results. SPDR ETF SNAPSHOT APRIL 2011 | P. 7 APPENDIX BARCLAYS CAPITAL LONG TREASURY U.S. INDEX The Barclays Capital Long Treasury U.S. Index measures the performance of public obligations of the US Treasury that have a remaining maturity of 10 or more years. The Index includes all publicly-issued, US Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in US dollars and must be fixed rate and non-convertible. The Index is market capitalization-weighted and the securities in the index are updated on the last business day of each month. BARCLAYS CAPITAL MANAGED MONEY MUNICIPAL CALIFORNIA INDEX The Barclays Capital Managed Money Municipal California Index tracks publicly-traded, California municipal bonds that cover the US dollar denominated California tax-exempt bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. BARCLAYS CAPITAL MANAGED MONEY MUNICIPAL NEW YORK INDEX The Barclays Capital Managed Money Municipal New York Index tracks publicly-traded, New York municipal bonds that cover the US dollar-denominated, New York tax-exempt bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. BARCLAYS CAPITAL MUNICIPAL MANAGED MONEY INDEX The Barclays Capital Municipal Managed Money Index tracks the US long-term, tax-exempt bond market and includes general obligation, revenue, pre-refunded and insured issues. The Index is a rules-based, market value-weighted index engineered for the tax-exempt bond market. BARCLAYS CAPITAL SHORT MANAGED MONEY MUNICIPAL INDEX The Barclays Capital Short Managed Money Municipal Index tracks publicly traded municipal bonds that cover the US dollar denominated short-term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. BARCLAYS CAPITAL U.S. AGGREGATE INDEX The Barclays Capital U.S. Aggregate Index represents the securities of the US dollar-denominated, investment grade bond market. The Index provides a measure of the performance of the US dollar-denominated, investment grade, bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody’s Investor Service, Inc., Standard & Poor’s, and Fitch Rating) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly offered for sale in the United States. CONSUMER STAPLES SELECT SECTOR INDEX The Consumer Staples Select Sector Index seeks to provide an effective representation of the consumer discretionary sector of the S&P 500® Index. The Index includes companies from the following industries: food and staples retailing, beverages, food products, tobacco, household products and personal products. DB GLOBAL GOVERNMENT EX-US INFLATION-LINKED BOND CAPPED INDEX The DB Global Government ex-US Inflation-Linked Bond Capped Index measures the total return performance of inflation- linked government bonds from developed and emerging market countries outside of the United States. The Index includes government debt (direct obligations of the issuer country) but does not include quasi-government debt or corporate debt. Past performance does not guarantee future results. SPDR ETF SNAPSHOT APRIL 2011 | P. 8 APPENDIX DOW JONES U.S. TOTAL STOCK MARKET INDEX The Dow Jones U.S. Total Stock Market Index is a float-adjusted market cap-weighted index that holds all US- headquartered companies with readily available price data. All companies held by the In