SPDR S&P Dividend ETF (the Fund) seeks to replicate the price and yield of the S&P High Yield Dividend Aristocrats Index (the Index). The Index is designed to measure the performance of 50 highest dividend yielding S&P Composite 1500 constituents that have followed a managed-dividends policy of consistently increasing dividends every year for at least 25 years. These stocks have both capital growth and dividend income characteristics, as opposed to stocks that exhibit pure yield or pure capital orientation. The Index methodology incorporates minimum market capitalization and liquidity screens, as well as buffers to reduce turnover at rebalancings. There are also concentration limits to prevent any stock from becoming more than a 4% index weight at rebalancing. The Fund utilizes an indexing approach and attempts to approximate the investment performance of Index, by investing in a portfolio of stocks intended to replicate the Index. Its investment advisor is SSgA Funds Management, Inc.