SPDR KBW Insurance ETF (the Fund) seeks to replicate the total return of the KBW Insurance Index (the Index). The Index is a float-adjusted, modified-market capitalization weighted index, which measures the performance of companies in the insurance industry that are publicly traded in the United States. The securities in the Index were selected to provide appropriate representation of the industry’s diverse sub-sectors, including personal and commercial lines, property/casualty, life insurance, reinsurance, brokerage and financial guarantee. The Index is created and maintained by Keefe, Bruyette & Woods, Inc. The Fund utilizes a passive or indexing approach and attempts to approximate the investment performance of the Index, by investing in a portfolio of stocks intended to replicate the Index. The Fund’s investment advisor is SSgA Funds Management, Inc.