The State Street SPDR S&P Biotech ETF (XBI) is designed to closely track the total return performance of the S&P Biotechnology Select Industry Index, prior to accounting for fees and expenses. Its primary objective is to offer investors targeted exposure exclusively to the biotechnology segment of the market. A distinguishing characteristic is its underlying modified equal-weighted index, which fosters a diversified portfolio by ensuring balanced representation across large, mid, and small-capitalization biotech companies, thereby minimizing concentration risk.