Legal

PLEASE READ THE FOLLOWING TERMS AND CONDITIONS CAREFULLY. BY ACCESSING SPDRS.COM AND ANY PAGES THEREOF (the "Site"), YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS LISTED BELOW. IF YOU DO NOT AGREE TO THE TERMS AND CONDITIONS BELOW, DO NOT ACCESS THIS SITE, OR ANY PAGES THEREOF.

The following entities are broker-dealers which offer investment and brokerage products and services on this web site:

SPDR® ETFs are distributed State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR® S&P® 500, SPDR® S&P® MidCap 400 and SPDR Dow Jones Industrial Average, and all unit investment trusts. ALPS Portfolio Solutions Distributor, Inc. is distributor for Select Sector SPDRs. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Markets, LLC.

The following SSgA companies also present product and services information on this site, but are not broker-dealers:

State Street Global Advisors (SSgA) is the investment management arm of State Street Corporation. SSgA focuses on delivering investment strategies and integrated solutions to institutional and individual investors worldwide.

As one of the world's largest investment managers, SSgA has established a global presence with several locations and investment centers. SSgA clients depend on SSgA to provide sophisticated, customized investment solutions backed by the experience and technology to help them succeed in today's challenging investment environment.

SSgA Funds Management, Inc. ("SSgA FM") is a wholly owned subsidiary of State Street Corporation and serves as the investment adviser to the SPDR ETFs.

No Offer/Local Restrictions

Nothing contained in or on the Site should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. SSgA Intermediary Business offers a number of products and services designed specifically for various categories of investors. Not all products will be available to all investors. The information provided on the Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. All persons and entities accessing the Site do so on their own initiative and are responsible for compliance with applicable local laws and regulations. The Site is not directed to any person in any jurisdiction where the publication or availability of the Site is prohibited, by reason of that person's nationality, residence or otherwise. Persons under these restrictions must not access the Site.

Information for Non-U.S. Investors

The products and services described on this web site are intended to be made available only to persons in the United States, and the information on this web site is only for such persons. Nothing on this web site shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

No Reliance

Information contained in the Site is checked and updated by SSgA - Intermediary Business with due diligence on a regular basis. However, data on the Site may become outdated. Therefore, neither SSgA - Intermediary Business nor U.S. affiliates of SSgA, including but not limited to State Street Corporation, State Street Global Markets, LLC, and State Street Global Advisors (collectively hereinafter referred to as "Affiliates") assumes any liability or guarantee for the timeliness, accuracy and completeness of the information provided. SSgA - Intermediary Business uses reasonable efforts to obtain information from sources that it believes to be reliable; however, SSgA - Intermediary Business and its Affiliates makes no representation that the information or opinions contained on the Site is accurate, reliable or complete. The information on the Site is provided for informational purposes only and is subject to change without notice. The investments and strategies discussed in the contents may not be suitable for all investors and are not obligations of SSgA or guaranteed by SSgA or its Affiliates. The investments are not bank deposits and are not insured by the FDIC, CIPF, CDIC or any other entity and are subject to investment risks, including the loss of the principal amount invested. Nothing contained on the Site constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

No Warranty

THE INFORMATION ON THE SITE IS PROVIDED "AS IS". NEITHER SSgA - INTERMEDIARY BUSINESS NOR U.S. AFFILIATES OF SSGA, INCLUDING BUT NOT LIMITED TO STATE STREET CORPORATION, STATE STREET GLOBAL MARKETS, LLC, AND STATE STREET GLOBAL ADVISORS WARRANTS THE ACCURACY OF THE MATERIALS PROVIDED HEREIN, EITHER EXPRESSLY OR IMPLIEDLY, FOR ANY PARTICULAR PURPOSE AND EACH EXPRESSLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

Limitations of Liability

In no event, including negligence, will SSgA - Intermediary Business nor U.S. affiliates of SSgA, including but not limited to State Street Corporation, State Street Global Markets, LLC, and State Street Global Advisors be liable for any loss or damage of any kind, including any direct, special indirect or consequential damages arising out of or in connection with the access of, use of, performance of, browsing in or linking to other sites from the Site.

Indemnification

As a condition of your use of this sites, you agree to indemnify and hold SSgA - Intermediary Business nor U.S. affiliates of SSgA, including but not limited to State Street Corporation, State Street Global Markets, LLC, and State Street Global Advisors harmless from and against any and all claims, losses, liability, costs and expenses (including but not limited to attorneys' fees) arising from your use of the sites, or from your violation of these Terms.

Linked Websites

Should the viewer leave the Site via a link contained in the Site which leads to an entity not affiliated with SSgA- Intermediary Business, the viewer does so at its own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by SSgA - Intermediary Business nor U.S. affiliates of SSgA, including but not limited to State Street Corporation, State Street Global Markets, LLC, and State Street Global Advisors, and neither SSgA - Intermediary Business nor U.S. affiliates of SSgA, including but not limited to State Street Corporation, State Street Global Markets, LLC, and State Street Global Advisors will accept any responsibility whatsoever for the content of such sites or any losses related thereto.

Investment Performance

Historical performance is not necessarily indicative of future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested.

Trademark

"State Street Global Advisors," "SSgA - Intermediary Business," "State Street Global Markets, LLC", and "SSgA" are trademarks of State Street Corporation. Copyright, trademark and other forms of proprietary rights protect the contents at the site. From time to time, the trademarks of other unaffiliated entities may be referred to on the Site and their respective owners own these trademarks. Trademark owners are not responsible for and have not reviewed this site and no representation or warranty, express or implied, as to its accuracy, or completeness of the materials presented on it.

Exchange Traded Funds ("ETFs")

SPDR® ETFs are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of FINRA, SIPC.

ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR® S&P® 500, SPDR® S&P® MidCap 400 and SPDR® Dow Jones Industrial Average, all unit investment trusts, and Select Sector SPDRs. ALPS Distributors, Inc. is not affiliated with State Street Global Markets, LLC.

Passwords

Certain areas of this web site cannot be viewed without a password or access code. You are solely responsible for the use and proper protection of the passwords and you shall take precautions to prevent their unauthorized use. If you become aware that a password has been lost or stolen or of any unauthorized use or access, please contact your SSgA representative immediately. SSgA Intermediary Business nor affiliates shall not be liable for the unauthorized use of a password prior to receipt of notice regarding the unauthorized use of a password.