The investment return and principal value of an investment in the SPDR Funds will fluctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased. In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility. International investments may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Although SPDR Funds may be bought and sold on an exchange through any brokerage account, SPDR Funds are not individually redeemable from the Fund. Investors may acquire SPDR Funds and tender them for redemption through the Fund in Creation Unit Aggregations only.

SPDR Funds are not sponsored, endorsed, sold, or promoted by Standards & Poor's and Citigroup, Inc. Neither do these companies make any representation regarding the advisability of investing in SPDR Funds.