Fund Description: The Financial Select Sector SPDR ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the the Select Sector SPDR Trust, an open-end investment management company. This ETF's goal is to track, as closely as possible before fees and expenses, the performance of the Financial Select Sector Index. INDEX DESCRIPTION: A wide array of diversified financial service firms are featured in this sector with business lines ranging from investment management to commercial and investment banking. Among the companies included in the Index are JPMorgan Chase, Wells Fargo, and BankAmerica Corp. FUND STRATEGY: The Fund, utilizing a "passive" or indexing investment approach, attempts to approximate the investment performance of its benchmark Select Sector Index by investing in a portfolio of stocks that seeks to replicate the relevant Select Sector Index or through the use of quantitative analytical procedures to approximate Select Sector Index performance. The Fund will hold all of the securities which comprise its the Index. There may, however, be instances where a stock in the applicable Select Sector Index is not held or is not held in the same weighting as in the Select Sector Index. In certain instances, the Adviser may choose to overweight another stock in the Select Sector Index, purchase securities not included within the Select Sector Index which the Adviser believes are appropriate to substitute for the Select Sector Index securities or utilize various combinations of other available investment techniques in seeking to track accurately the benchmark Select Sector Index or for the reasons described below. To the extent that a Select Sector SPDR Fund does not invest in every component security of its applicable Select Sector Index in the proportions dictated by the Select Sector Index, it may not track the Select Sector Index with the same degree of accuracy as an investment vehicle which does. The Adviser believes that, over time, the "tracking error" of a Select Sector SPDR Fund relative to the performance of its benchmark Select Sector Index, adjusted for the effect of Fund expenses, will be less than 5%. Over time, the securities holdings of each Select Sector SPDR Fund may be rebalanced to reflect changes in the composition of the relevant Select Sector Index. FUND MANAGEMENT: State Street Bank and Trust Company serves as administrator and custodian of the Trust and SSgA Funds Management Inc. serves as the Trust's advisor. The value of Select Sector Indexes is calculated by NYSE Arca. The distributor for The Select Sector SPDR Trust is ALPS Distributors, Inc., a registered broker-dealer.