Morningstar Global ETP Report Print Date: 12/10/2018 Page 1. Prospectus Benchmark FTSE AllSh TR GBP. Performance

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1 Morningstar Global ETP Report Print Date: 12/10/2018 Page 1 SPDR FTSE UK All Share ETF Acc FTAL Morningstar Category Category Index Prospectus Benchmark Overall Morningstar Rating 705 Funds in Category Morningstar Analyst Rating 22/01/ :42:39 UTC Style Map Performance Time Period: 01/10/2013 to Micro Small Mid Large Giant Deep-Val Core-Val Core Core-Grth High-Grth 15,000 14,000 13,000 12,000 11,000 10, Snapshot Inception Date Expense Ratio % Net Assets (millions) Avg Dly Vol (3 Mo) Distribution Status 12 Month Yield % Distribution Freq Portfolio Date ISIN UCITS Replication Method Base Currency Domicile Exchange Morningstar Analyst Pillar Ratings Process Pillar Performance Pillar People Pillar Parent Pillar Price Pillar, Fund Analyst Positive Positive Positive Neutral Positive The conduct of Morningstar's analysts is governed by Morningstar's Code of Ethics, Securities Trading and Disclosure Policy, and Morningstar Manager Research Integrity Policy. For information regarding conflicts of interest, please visit Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund s prospects for outperformance, within the context of the level of risk taken over the long term (defined as a full market cycle or at least five years). Neutral represents funds in which our analysts don t have a strong positive or negative conviction over the long term (defined as a full market cycle or at least five years) and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term (defined as a full market cycle or at least five years). Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit Analyst Rating Spectrum 28/02/ ,513 Acc 0.00 IE00B7452L46 Yes Physical-Sample Pound Sterling Ireland LONDON STOCK EXCHANGE Annual Total Returns % SPDR FTSE UK All Share ETF Acc Monthly ETP Flows (millions) 400M 200M 0M -200M Morningstar Take By Hortense Bioy, CFA 22/01/ YTD Risk/Return Analysis (3 years) Standard Deviation % Arithmetic Mean % Sharpe Ratio R-Squared Beta Alpha % Treynor Ratio Sortino Ratio The comprehensive and well-diversified nature of SPDR FTSE All Share ETF relative to its UK large-blend Morningstar Category peers makes it a worthwhile investment proposition. Nevertheless, there are cheaper alternatives available. By capturing 98% of the UK equity market, the FTSE All-Share Index provides broad and representative exposure to UK stocks. With its 20%-25% allocation to mid- and small caps, it offers broader and morediversified exposure than the better-known but mega-cap-heavy FTSE 100 Index. The FTSE All-Share Index is an adequate representation of the opportunity set available to investors. With an ongoing charge of 0.20%, the fund enjoys a considerable cost advantage compared with category peers. It is also currently the cheapest FTSE All-Share ETF on offer. However, there are lower-cost options in the traditional index fund space. Performance-wise, since inception in 2012, the SPDR FTSE UK All-Share ETF has beaten the average surviving peer in the category, which includes active and passive funds, on a risk-adjusted basis. Rivals with longer track records have also consistently outpaced the average peer during the past three, five, and 10 years on a risk-adjusted basis. Because of its large-cap bias relative to category peers, it is not reasonable to expect the fund to land at the top of the pack over short time horizons, particularly when the market environment is favourable to mid- and small caps. Skilled active managers in the category have demonstrated they can add value by tapping into that segment of the market. But this ETF s cost advantage should make a difference over the long term. The fund has also done a good job of tracking its index over the years, with tracking difference hovering around the ongoing charge. SPDR s investment teams take significant advantage of the firm s global reach, technology, and risk management solutions. All factors considered, this fund comes across as a solid option with the potential to deliver consistent above-average performance in the context of its investment category over the long term. But there are cheaper index fund alternatives, which limits its Morningstar Analyst Rating to Bronze Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S.

2 Morningstar Global ETP Report Print Date: 12/10/2018 Page 2 SPDR FTSE UK All Share ETF Acc FTAL Morningstar Category Category Index Prospectus Benchmark Overall Morningstar Rating 705 Funds in Category Morningstar Analyst Rating 22/01/ :42:39 UTC Fundamental View By capturing 98% of the UK stock market, the FTSE All-Share Index is a good representation of the opportunity set. It covers the combined universes of the FTSE 100, FTSE 250, and FTSE Small Cap Index. The allocation to mid- and small-caps, which tend to be more closely aligned with the health of the domestic economy, has helped the FTSE All-Share overcome the global macroeconomic uncertainties that have plagued more globally oriented large-cap UK stocks in recent years. This is clearly seen in the 15-year annualised returns of 14.14% for the mid-cap-focused FTSE 250 Index and 8.46% for the mega-cap-focused FTSE 100 Index (through January 2018). The 5.6% difference in annual performance during 15 years between the two indices has been a remarkable tailwind for the FTSE All-Share Index, although perhaps not as much as for active managers. By underweighting large stocks in the oil & gas, mining, and banking sectors, which have been substantial laggards for much of the last 15 years, and overweighting mid- and small-cap stocks in their portfolios, UK managers have enjoyed an enormous structural boost to performance. Some have also outperformed by demonstrating superior stock-picking skill. But the question is, how long will these managers continue beating the market? According to academic studies, the persistence of superior returns has shown to decay fairly rapidly, owing in large part to the positive momentum of previously selected outperforming stocks rather than a manager's ability to consistently choose new winners. So last year's UK winning manager will likely have a difficult time staying on top for long. By contrast, passive funds like this FTSE All-Share ETF that are adequately representative of the market stand a higher chance of outperforming in the long haul. While it is not reasonable to expect these funds to land at the top of the pack over short-time horizons, their significant cost advantage and consistency of returns (relative to active peers) should make a difference over the long term. Fundamental Ratios Net Margin % Return on Equity % Return on Assets % Debt to Capital % Value and Growth Measures Price/Proj. Earnings Price/Book Price/Sales Price/Cash Flow LT Earnings Growth % Sales Growth % Cash Flow Growth % Book Value Growth % Market Performance Statistics Time Period: Since Common Inception (01/03/2012) to Up Capture Ratio % Down Capture Ratio % Max Drawdown % Max Gain % Best Month % Worst Month % Risk/Return Chart Time Period: Since Common Inception (01/03/2012) to Return Std Dev Morningstar Returns YTD 3 mo 6 mo 1 yr 3 yrs* 5 yrs* 10 yrs* SPDR FTSE UK All Share ETF Acc Distribution of Monthly Returns Time Period: Since Common Inception (01/03/2012) to Morningstar Risk YTD 3 mo 6 mo 1 yr 3 yrs* 5 yrs* 10 yrs* SPDR FTSE UK All Share ETF Acc Maximum Drawdown YTD 3 mo 6 mo 1 yr 3 yrs 5 yrs 10 yrs SPDR FTSE UK All Share ETF Acc *Annualised Number of Periods Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S.

3 Morningstar Global ETP Report Print Date: 12/10/2018 Page 3 SPDR FTSE UK All Share ETF Acc FTAL Morningstar Category Category Index Prospectus Benchmark Overall Morningstar Rating 705 Funds in Category Morningstar Analyst Rating 22/01/ :42:39 UTC Benchmark Construction The FTSE All-Share Index is a free-float-adjusted market-cap-weighted index that offers exposure to approximately the 640 largest UK stocks. The index covers the combined universes of the FTSE 100, FTSE 250, and FTSE Small Cap indexes and represents approximately 98% of the market cap of the UK market. The constituents of the index are determined quarterly. The index s top sector exposures include financials (17%-23%), consumer staples (14%-18%), energy (11%-14%), industrials (9%-11%), consumer discretionary (9%-11%), and materials (9%-11%). The index looks fairly well balanced from a stock perspective. Royal Dutch Shell, HSBC, and British American Tobacco are the three largest index holdings with a 4%-8% weighting each. Holdings Based Style Map Micro Small Mid Large Giant Deep-Val Core-Val Core Core-Grth High-Grth Equity Sector Breakdown History 100 Basic Materials Consumer Cyclical Financial Services Real Estate Consumer Defensive Healthcare Utilities Communication Services Energy Industrials Technology Top 10 Holdings Equity Region % Portfolio Date: HSBC Holdings PLC Royal Dutch Shell PLC Class A BP PLC Royal Dutch Shell PLC B British American Tobacco PLC AstraZeneca PLC GlaxoSmithKline PLC Diageo PLC Unilever PLC Prudential PLC Ticker Weight % TR YTD % HSBA RDSA BP RDSB BATS AZN GSK DGE ULVR PRU North America Latin America Japan Australasia Asia Developed Asia Emerging United Kingdom Europe Developed Europe Emerging Africa/Middle East ETP Cat Index Cat Avg Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S.

4 Morningstar Global ETP Report Print Date: 12/10/2018 Page 4 SPDR FTSE UK All Share ETF Acc FTAL Morningstar Category Category Index Prospectus Benchmark Overall Morningstar Rating 705 Funds in Category Morningstar Analyst Rating 22/01/ :42:39 UTC Product Construction The fund uses an optimised technique to replicate the performance of the FTSE All-Share Total Return Index. Instead of holding all the index s constituents in the same weightings, the fund holds a basket of securities that reflects the risk/reward characteristics of the index. No securities lending is implemented within this fund. After a few years with no clear ETF strategy in Europe, SPDR seems to have gotten its act together. The company boasts a large pool of experienced professionals across asset classes and is globally renowned as an asset manager. Its most recent ETF efforts in Europe have paid off in terms of asset growth, but there is still plenty of catching up to do to bring the business up to the same competitive level it enjoys in the United States. The strength of the brand and its very particular focus on benchmark research and selection could help in this process. Market Capitalization Breakdown Portfolio Date: % Giant 47.7 Large 23.4 Mid 21.1 Small 6.6 Micro 1.2 Total Avg. Market Capitalization (mil). 24, , , Portfolio Information Turnover Ratio % % Asset in Top 10 # of Holdings Base Currency Pound Sterlingound SterlinPound Sterling Operations Longest Tenured Manager Manager Tenure Yrs (Longest) Manager Tenure Yrs (Average) Web Address Not Disclosed Price/Earnings Ratio - Time Series Trailing Standard Deviation % Time Period: Since Common Inception (01/03/2012) to P/E Ratio (TTM) (Long) Yr 3 Yr 5 Yr Price/Book Ratio - Time Series Trailing Sharpe Ratio % Time Period: Since Common Inception (01/03/2012) to P/B Ratio (TTM) (Long) Yr 3 Yr 5 Yr Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S.

5 Morningstar Global ETP Report Print Date: 12/10/2018 Page 5 SPDR FTSE UK All Share ETF Acc FTAL Morningstar Category Category Index Prospectus Benchmark Overall Morningstar Rating 705 Funds in Category Morningstar Analyst Rating 22/01/ :42:39 UTC Fees At 0.20%, the fund s ongoing charge makes it the cheapest ETF tracking the FTSE All Share Index. Index funds should provide the returns of their benchmark, less fees. Tracking difference (fund return less index return) during the past three years has hovered around the ongoing charge, which is symptomatic of optimised replication. On top of holding costs, ETF investors will typically be charged trading costs, including bid-offer spreads and brokerage commissions when buy and sell orders are placed for ETF shares. Expenses - Annual Report 0.20 ER % Expenses - Prospectus ETP Cat Avg Expense Ratio % Prospectus Date 30/07/2018 Alternatives A few index fund providers offer cheaper FTSE All-Share Index trackers, including BlackRock, Fidelity, Vanguard, and L&G. Their ongoing charges range from 0.06% to 0.10%. Annual Est. Net Flows Time Period: 01/01/2014 to 31/12/ ,000, ,000, ,000,000.0 Estimated Share Class Net Flow (Yearly) ,000, ,000, ,000, ,000, Morningstar Rating & Risk As of Morningstar Rating Morningstar Risk Morningstar Return # of Funds 3 Yr Average Average Yr Below Avg Average Yr 420 Overall Below Avg Average 705 The Morningstar Rating is a quantitative assessment of past performanceboth return and riskas measured from one to five stars. Ratings are based on risk-adjusted returns for the three-, five-, and 10-year time periods, and then the overall rating is a weighted average of the available time period ratings. The Morningstar Rating for ETFs is not an ETF-specific rating. ETFs are rated against a peer group of the open-end funds in the same Morningstar Category. For ETFs, Morningstar uses total returns based on net asset values, instead of market prices Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S.

6 Morningstar Global ETP Report ETP Report Disclosure Statement The Morningstar Exchange-Traded Product Report ( Report ) is for informational purposes, intended for financial professionals and/or sophisticated investors ( Users ) and should not be the sole piece of information used by such Users or their clients in making an investment decision. References in this disclosure to exchange-traded products include exchange-traded funds (ETFs) and index mutual funds. All data presented is based on the most recent information available to Morningstar. ETPs trading on a secondary market may trade at, above, or below their net asset value (NAV). If an ETP's shares trade at a price above their NAV they are said to be trading at a "premium." Conversely, if they are trading at a price below their NAV, they are said to be trading at a "discount." The Risk Return Chart plots the total return (x-axis) against the standard deviation (y-axis) of an investment. 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Analysts use this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst s conviction in a fund s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar s Analyst Rating, including its methodology, please go to Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. 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7 Morningstar Global ETP Report The Morningstar Analyst Rating should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar s expectations not to occur or to differ significantly from what we expected. Morningstar Pillar Ratings Morningstar Pillar Ratings are subjective evaluations of funds performed by manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar s analysts assign each pillar a rating of Positive, Neutral, or Negative. Morningstar Pillar Scores are then used to help determine the fund s Morningstar Analyst Rating. The Morningstar Pillar Rating should not be used as the sole basis in evaluating a fund. Morningstar Pillar Ratings involve unknown risks and uncertainties which may cause Morningstar s expectations not to occur or to differ significantly from what we expected. Morningstar Star Rating TM The Morningstar Rating TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchangetraded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Performance This graph compares the growth of an investment of 10,000 (in the base currency of the ETP) with that of an index and with that of the average for all ETPs in its Morningstar category. The NAV total returns are not adjusted to reflect the effects of taxation, but they are adjusted to reflect actual ongoing ETP expenses and assume reinvestment of dividends and capital gains. If adjusted, the effect of taxation would reduce the performance quoted. Please note, while the investor obtaining an ETP through the secondary market does not obtain it at NAV, the purpose in presenting this graph based on NAV is to provide an illustration of the historical performance of the ETP strategy. Morningstar category Morningstar Category is assigned by placing funds into peer groups based on their underlying holdings. The underlying securities in each portfolio are the primary factor in our analysis as the investment objective and investment strategy stated in a fund s prospectus may not be sufficiently detailed for our proprietary classification methodology. Funds are placed in a category based on their portfolio statistics and compositions over the past three years. Analysis of performance and other indicative facts are also considered. If the fund is new and has no portfolio history, Morningstar estimates where it will fall before giving it a permanent category assignment. Categories may be changed based on recent changes to the portfolio. Snapshot Expense Ratio is the prospectus net expense ratio The average daily trading volume is expressed in number of shares. The 12-month yield is derived by summing the trailing 12-months' income distributions and dividing the sum by the last month's ending NAV, plus any capital gains distributed over the same period. Income refers only to interest payments from fixed-income securities and dividend payoffs from common stocks. Distribution Status describes distribution policy for the investment. Capitalising investments are denoted as Acc. (Accumulating shares), while income investments are denoted as Inc. Distribution Frequency is the number of times per year that a ETP intends to make payments from dividends. Generally monthly, quarterly, semiannually, or annually. The Distribution schedule can be denoted as one of the following: Annually, Monthly, Quarterly, Semi- Annually, Varies, Daily, None, Weekly, Bimonthly, Biweekly, Semimonthly, N/A. Annual Total Returns It depicts performance without adjusting for brokerage commissions and the effects of taxation, but is adjusted to reflect all actual ongoing ETP expenses and assumes reinvestment of dividends and capital gains. If adjusted, the effects of brokerage commissions and taxation would reduce the performance quoted. Monthly ETP Flows Estimated share-class level net flow computed using beginning and ending monthly Total Net Assets and monthly total return. Risk Analysis: The risk measures below are calculated for ETPs with at least a three-year history. Standard Deviation is a statistical measure of the volatility of the ETP's NAV returns. Page 7 Arithmetic Mean represents the average monthly return for the period shown. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk. Alpha measures the difference between an ETP's NAV returns and its expected performance, given its level of risk as measured by beta. Alpha is often seen as a measure of the value added or subtracted by a portfolio manager. Beta is a measure of an ETP's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. R-Squared reflects the percentage of an ETP's movements that is explained by movements in its benchmark index, showing the degree of correlation between the ETP and the benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant. Similar to Sharpe Ratio, Treynor Ratio is a measurement of efficiency utilizing the relationship between annualized risk-adjusted return and risk. Unlike Sharpe Ratio, Treynor Ratio utilizes "market" risk (beta) instead of total risk (standard deviation). Good performance efficiency is indicated by a high ratio. The Sortino Ratio is similar to Sharpe Ratio except it uses downside risk (Downside Deviation) in the denominator. It was developed in early 1980's by Frank Sortino. Since upside variability is not necessarily a bad thing, the Sortino ratio is sometimes preferable to the Sharpe ratio. Skewness reflects the degree of asymmetry of a distribution. If the distribution has a longer left tail, the function has negative skewness. Otherwise, it has positive skewness. A normal distribution is symmetric with skewness 0. In lognormal case, the curve has a long right tail so the skewness is positive. Kurtosis indicates the peakedness of a distribution. For normal distribution, Kurtosis is 3. Information ratio is a risk-adjusted performance measure. The information ratio is a special version of the Sharpe Ratio in that the benchmark doesn't have to be the riskfree rate. The Israelson method is an adjustment of the Information Ratio to take into account the inconsistency of the IR when excess returns are negative. Trailing Standard Deviation This bar chart shows the standard deviation of an investment over a one-, three-, and five-year period. The three- and five-year calculations are annualised.? 2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S.

8 Morningstar Global ETP Report Drawdown Chart % This graph displays the peak to trough decline since inception of an investment or ETP. It is quoted as the percentage between the peak to the trough. Market Performance Statistics Upside Capture Ratio measures a manager's performance in up markets relative to the category index. It is calculated by taking the security s upside capture return and dividing it by the category index s upside capture return. Downside Capture Ratio measures manager's performance in down markets. A down-market is defined as those periods (months or quarters) in which market return is less than 0. In essence, it tells you what percentage of the down-market was captured by the manager. For example, if the ratio is 110%, the manager has captured 110% of the down-market and therefore underperformed the market on the downside. Max Drawdown is the peak to trough decline during a specific record period of an investment or ETP. It is quoted as the percentage between the peak to the trough. Average Drawdown is the average of yearly Maximum Drawdown measures. This statistic serves as a downside risk measure for the Sterling Ratio, and the industry standard is to calculate this over a three-year period using monthly data. In this case, maximum drawdown measures are calculated for the first 12 months, the next 12 months, and the subsequent 12 months, and the average drawdown is the average of these 3 maximum drawdown numbers. Max Gain is the peak to trough incline during a specific record period of an investment or ETP. It is quoted as the percentage between the trough to the peak. Up Period % is the percentage of the time that the investment has a positive return. Down Period % is the percentage of the time that the investment has a negative return. Best Month is the highest monthly return of the investment since its inception or for as long as Morningstar has data available. Worst Month is the lowest monthly return of the investment since its inception or for as long as Morningstar has data available. Longest Down Streak Return is the return for the longest series of negative monthly returns. Longest Up Streak Return is the return for the longest series of positive monthly returns. Loss Std Dev measures the deviation of negative returns. Gain Std Dev measures the deviation of positive returns. Trailing Total Returns Expressed in percentage terms, Morningstar's calculation of total return is determined each month by taking the change in monthly net asset value, reinvesting all income and capital-gains distributions during that month, and dividing by the starting NAV. Reinvestments are made using the actual reinvestment NAV, and daily payoffs are reinvested monthly. Unless otherwise noted, Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads and redemption fees), preferring to give a clearer picture of a ETP's performance. The total returns do account for management, administrative, 12b-1 fees and other costs taken out of ETP assets. Total returns for periods longer than one year are expressed in terms of compounded average annual returns (also known as geometric total returns), affording a more meaningful picture of ETP performance than non-annualized figures. Morningstar Return The Morningstar Return rates a fund s performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (- Ave), and the bottom 10% Low (Low). Morningstar Return is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated. Morningstar Risk Morningstar Risk evaluates a managed product's downside volatility relative to that of other products in its Morningstar category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated. Distribution of Monthly Returns The histogram chart displays the monthly total returns of the investment. The x-axis represents the monthly total return in percentage terms, and the y-axis shows the frequency, or number of periods that a given monthly return percentage was observed. For those Fixed Income ETPs Page 8 Annual Income Return % Income return is the portion of the holding period return that is attributed to dividend distributions. This calculation assumes that the investor incurs no transaction fees, pays no taxes at the time of distribution, and reinvests all distributions paid during the period. ETP Credit Quality The credit-quality rating as assigned by Standard & Poor's or Moody's. The ratings are broken down into: AAA, AA, A, BBB, BB, B, Below B and Not Rated. AAA bonds carry the highest credit rating. Coupon Range The coupon rates for the holdings of a portfolio are broken down into 15 groups. The percentage value displayed represents the portfolio's allocation to holdings with coupons in that range. Historical 12-Month Trailing Yield The chart shows the investment's historical trailing 12 month yield over time. The 12 Month Yield is the sum of a ETP s total trailing 12-month interest and dividend payments divided by the last month s ending share price (NAV) plus any capital gains distributed over the same period. Fixed Income Portfolio Statistics The referenced data elements below are a weighted average of the long fixed income holdings in the portfolio. Duration is a time measure of a bond's interest rate sensitivity. Average effective duration is a weighted average of the duration of the underlying fixed income securities within the portfolio. Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each maturity date by the market value of the security. Average coupon is generated from the investment's portfolio by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid out on a fixed-income security on an annual basis. Average price is generated from the investment's portfolio by weighting the price of each bond by its relative size in the portfolio. This number reveals if the investment favours bonds selling at prices above or below face value (premium or discount securities, respectively). A higher number indicates a bias toward premiums. This statistic is expressed as a percentage of par (face) value. Average Credit Quality gives a snapshot of the portfolio's overall credit quality. It is an average of each bond's credit rating, adjusted for its relative weighting in the portfolio. The average is calculated using an exponential? 2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S.

9 Morningstar Global ETP Report approach instead of a linear approach to better account for the default rates of bonds with different ratings. Investment Risks This report is not intended to be investment advice and does not constitute any form of invitation or inducement by Morningstar to engage in investment activity. This material is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors and this material is not intended for any specific investor and does not take into account an investor's particular investment objectives, financial situation, or needs. Prices, values or income from any securities or investments mentioned in this report may fluctuate and an investor may lose his/her amount invested. The information contained in this report does not constitute tax advice on the tax consequences of making any particular investment decision. Before acting on any information from this material, you should consider whether it is suitable for your particular circumstance and, if necessary, seek professional advice. Additional information may be available upon request. Morningstar Research Group The analysis within this report is prepared by the person(s) noted in their capacity as an analyst for Morningstar s manager research group. The manager research group consists of various Morningstar, Inc. subsidiaries ( Manager Research Group). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. The opinions expressed within the report are given in good faith, are as of the date of the report and are subject to change without notice. Neither the analyst nor Manager Research Group commits themselves in advance to whether and in which intervals updates to the report are expected to be made. The written analysis is statements of opinions; they are not statements of fact. The Manager Research Group believes its analysts make a reasonable effort to carefully research information contained in the analysis. The information on which the analysis is based has been obtained from sources believed to be reliable. While the Manager Research Group has obtained data, statistics and information from sources it believes to be reliable, neither the Manager Research Group nor Morningstar, Inc. performs an audit or seeks independent verification of any of the data, statistics, and information it receives. Unless otherwise provided in a separate agreement, recipients accessing this report may only use it in the country in which the Morningstar distributor is based. Unless stated otherwise, the original distributor of the report is Morningstar Research Services LLC, a U.S.A. domiciled financial institution. This report is for informational purposes only and has no regard to the specific investment objectives, financial situation or needs of any specific recipient. This publication is intended to provide information to assist institutional investors in making their own investment decisions, not to provide investment advice to any specific investor. Therefore, investments discussed and recommendations made herein may not be suitable for all investors: recipients must exercise their own independent judgment as to the suitability of such investments and recommendations in the light of their own investment objectives, experience, taxation status and financial position. The information, data, analyses and opinions presented herein are not warranted to be accurate, correct, complete or timely. Unless otherwise provided in a separate agreement, neither Morningstar, Inc. or the Manager Research Group represents that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Except as otherwise required by law or provided for in a separate agreement, the analyst, Morningstar, Inc. and the Manager Research Group and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions within the report. The Manager Research Group encourages recipients of this report to read all relevant issue documents pertaining to the security concerned, including without limitation, information relevant to its investment objectives, risks, and costs before making an investment decision and when deemed necessary, to seek the advice of a legal, tax, and/or accounting professional. The Report and its contents are not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Morningstar, Inc. or its affiliates to any registration or licensing requirements in such jurisdiction. Where this report is made available in a language other than English and in the case of inconsistencies between the English and translated versions of the report, the English version will control and supersede any ambiguities associated with any part or section of a report that has been issued in a foreign language. Neither the analyst, Morningstar, Inc., or the Manager Research Group guarantees the accuracy of the translations. 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For information on the historical Morningstar Analyst Rating for this exchange traded product or any exchange traded product Morningstar covers, please contact your local Morningstar office. Where a security is denominated in a different currency than the currency of the User or User s clients, changes in rates of exchange may have an adverse effect on the value, price or income of or form that investment. Please note that investments in securities (including mutual funds) are subject to market and other risks and there is no assurance or guarantee that the intended investment objectives will be achieved. Past performance of a security may or may not be sustained in future and is no indication of future performance. A security investment return and an investor s principal value will fluctuate so that, when redeemed, an investor s shares may be worth more or less than their original cost. A security s current investment performance may be lower or higher than the investment performance noted within the report. Morningstar s Risk, Return and Star Rating serves as useful data points with respect to evaluating a fund s risk profile. A current yield percentage is not a reflection of the actual return an investor will receive in all cases as market prices for securities are constantly changing due to such things as market factors. Where a security is denominated in a different currency than the currency of the User or User s clients, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment. Indexes noted within the report are unmanaged, their returns do not include payment of any sales charges or fees an investor would pay to purchase securities, and cannot be invested in directly. In certain jurisdictions, the Report contents, except for the Morningstar Analyst Rating and key analysis/opinions, may be shared with the fund company prior to publication. In the unlikely event that Morningstar would change their analysis/opinions and/or the Morningstar Analyst Rating based on feedback as result of such review, the Report would disclose such a fact. Conflicts of Interest: Analysts may own (actual or beneficial) interests in the exchange-traded product(s) that is/are the subject of the Report; however, no material interests are held by the analyst or their immediate family of the exchange-traded product(s) that is/are the subject of this Report.? 2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S.