Q2 2016 Sector SPDR Guide

Transcription

TABLE OF
CONTENTS
1
About Select Sector SPDRs
2Advantages
4
Investment Strategies
8
Consumer Discretionary
10
12Energy
14Financial
16
Financial Services
18
Health Care
20Industrial
22Materials
24
26Technology
28Utilities
30
Sector SPDRs Online
30
Important Considerations
31
Legal Disclosure
32Definitions
Consumer Staples
Real Estate
ABOUT SELECT SECTOR SPDRs
Select Sector SPDRs carve the S&P 500 into eleven sector Exchange-Traded
Funds (ETFs) that conveniently, efficiently and affordably provide sector exposure
while giving you the unique ability to customize the S&P 500 to meet a specific
investment objective. SPDRs offer the all-day tradability of stocks, the diversification
of mutual funds and the tracking of an index.
PRINCIPAL INVESTMENT STRATEGY
OF THE ETFs
MANAGEMENT
SSGA FM serves as the investment advisor to each Fund
and, subject to the supervision of the Board, is responsible
for the management of the Funds. State Street, part
of State Street Corporation, is the Administrator for
the Funds, the Custodian for each Fund’s assets and
serves as the Transfer Agent to the Funds. The value of
Select Sector Indexes is calculated by Standard & Poor’s
Financial Services, LLC.
Each ETF utilizes a low cost “passive” or “indexing”
investment approach to attempt to approximate the
investment performance of its benchmark Select
Sector Index.
Each ETF will normally invest at least 95% of its total
assets in common stocks that comprise the relevant
Select Sector Index. The ETFs have adopted a policy
that requires each ETF to provide shareholders with
at least 60 days notice prior to any significant material
change in an ETFs policy or its underlying index.
The distributor for The Select Sector SPDR Trust is
ALPS Portfolio Solutions Distributor, Inc., a registered
broker-dealer.
11
HOW TO PURCHASE
SECTOR ETFs
all-day tradability of stocks
Select Sector SPDRs can be bought or sold throughout the trading day on NYSE Arca and trade just like shares of stock.
Orders are entered in the share amount you wish to purchase/sell using the trading symbol.
Trading
Symbol
Number of
Stocks
S&P
Weighting
XLY
87
12.28%
Consumer Staples
XLP
36
10.56%
Energy
XLE
38
7.40%
Financials
XLF
92
15.75%
Financial Services
XLFS
64
12.51%
Health Care
XLV
56
14.69%
Industrial
XLI
68
10.19%
Materials
XLB
26
2.82%
Real Estate
XLRE
28
3.24%
Technology
XLK
73
22.69%
Utilities
XLU
29
3.63%
*597
115.76%
Select Sector SPDR
n
n
n
n
n
n
n
n
n
n
n
As of 6/30/16
Ordinary brokerage commissions apply.
* A few S&P 500 component companies have more than one share class included in the S&P 500. In
addition, XLFS and XLRE divide XLF, which results in the double counting of all Financial components.
SELECT SECTOR SPDR
ADVANTAGES
LOW COST
Select Sector SPDRs are designed to be cost
efficient. Select Sector SPDRs are managed
with the objective of matching the performance
of their underlying sector index. Consequently,
Select Sector SPDRs are able to operate at
low costs. These cost savings are then passed
along to you, the investor, in the form of lower
expense ratios. The expense ratio for Select
Sector SPDRs is 0.14%. Ordinary brokerage
commissions apply when buying or selling shares
of Select Sector SPDRs.
TRADABILITY
Select Sector SPDRs are traded throughout the
day on NYSE Arca. Limit, market and stop-loss
orders can be utilized with the same flexibility as
with individual stocks. Select Sector SPDRs can
be sold short on a down-tick, which allows you
to hedge long-term positions even in a falling
market. Shares can be purchased in odd-lots as
well as round lots, requiring a relatively low outlay
of cash to purchase ETFs. Select Sector SPDRs
are subject to risks similar to those of stocks,
including those regarding short-selling & margin
account maintenance.
TRANSPARENCY
The holdings of each Select Sector SPDR
portfolio are disclosed daily on our website –
www.sectorspdrs.com – so you will know
exactly the companies in which you are investing.
The transparency of ETFs can help reduce
duplication in your overall portfolio and can help
2
facilitate better tax-loss strategies at year-end.
By contrast, active mutual funds generally only
reveal their holdings once per quarter, which can
leave you guessing about how closely the fund
manager is sticking to the objectives and style
of the fund.
DIVERSIFICATION
Diversification may help to reduce risk. However,
maintaining a truly diversified stock portfolio is
cost prohibitive for many investors. Select Sector
SPDRs can provide instant, diversified exposure
to a particular sector by simply purchasing one
security. The wide range of stocks within each
Sector SPDR reduces the impact that any single
stock can have on your entire portfolio.
You can also eliminate redundancy in your
portfolio by excluding sectors that contain stocks
you already own. In addition, any sectors in
your portfolio that are under-weighted can be
addressed by buying a specific Select Sector
SPDR to fill in the gap.
TAX EFFICIENCY
Select Sector SPDRs are designed to be taxefficient investments. As an investor in these
ETFs, you are shielded in three ways from many
of the tax burdens commonly found in actively
managed mutual funds:
■■ Portfolio turnover in the Select Sector
SPDR ETFs is low. Portfolio transactions
only occur when changes are made to the
underlying index, or when needed to maintain
diversification requirements. Infrequent
changes to the portfolio result in lower
portfolio turnover, and a lower potential for
taxable gains.
■■ There is a secondary trading market for
Select Sector SPDR shares. Most Select
Sector SPDR investors transact with one
another via brokers on NYSE Arca. Unlike
conventional mutual funds, Sector SPDR
shareholders are insulated from taxable
events generated by other shareholders.
When mutual fund shareholders redeem
shares, they are paid directly by the fund
company. If the fund company must raise
cash to pay for shareholder redemptions, this
cash is generated by the sale of portfolio
securities. If the fund company realizes a
gain on these sales, the gains are passed on
directly to the shareholders. In other words,
the actions of other shareholders may result
in your tax liability. This does not occur within
the SPDR structure. When shareholders
wish to sell, most simply enter orders which
are executed away from the Trust on the
exchange, with no resulting liability for
other shareholders.
■■ Most principal activity with the Select Sector
SPDR Trust is facilitated via the creation/
redemption process with in-kind transfers of
shares. This procedure essentially prevents
the ETF from incurring capital gains as
the result of other shareholder trades.
However, should any Sector SPDR ETF incur
capital gains, these gains will be distributed
to shareholders and may have potential
tax consequences.
SELECT SECTOR SPDR
INVESTMENT STRATEGIES
Managing a portfolio can be a difficult and labor-intensive process. Each investor has a distinct tolerance for
risk and a unique set of goals. Due to their low-cost, transparency and flexibility, ETFs may be more effective
tools than individual stocks or mutual funds in building portfolios. Select Sector SPDRs can be used to create
customized portfolios that satisfy a wide variety of asset allocation, risk profile or tax management needs.
Whether you are a savvy individual investor, a financial advisor or institutional investor, the following strategies
illustrate how you can use Select Sector SPDRs to meet your investment objectives.
Strategy 1: Build a Customized and Diversified
Equity Portfolio that Matches Your
Specific Objective
ONE
Select Sector SPDRs allow you to purchase the S&P 500 in pieces, giving you greater flexibility to customize
your portfolio. You can purchase the eleven Select Sector SPDRs in weightings consistent with the S&P 500
or use your own weightings to meet specific investment goals.
n
n
n
n
n
n
n
n
n
n
n
YOUR PORTFOLIO
Trading
Symbol
S&P Weighting
As of 6/30/16
XLY
12.28%
%
Consumer Staples
XLP
10.56%
%
You can purchase the 11
Energy
XLE
7.40%
%
Select
Financial
XLF
15.75%
%
weightings consistent with
Financial Services
XLFS
12.51%
%
Health Care
XLV
14.69%
%
the S&P 500 or use your own
Industrial
XLI
10.19%
%
Materials
XLB
2.82%
%
Real Estate
XLRE
3.24%
%
the
Technology
XLK
22.69%
%
weightings appropriate for
Utilities
XLU
3.63%
%
your portfolio.
115.76%
%
Select Sector SPDR
Sector
SPDRs
in
weightings to meet specific
investment goals. Complete
table
with
sector
* XLFS and XLRE divide XLF, which results in the double
counting of all Financial components.
Example: Your investment objective is to maximize
yield within the large cap equity portion of your
portfolio. The Utilities, Materials and Energy sectors
have historically been higher yielding sectors of the
S&P 500 Index. However, as shown in the table,
their collective weight is only 14% of the Index.
By comparison, the lower yielding, higher volatility
4
Technology and Consumer Discretionary stocks
represent approximately 35% of the S&P 500. The
flexibility of Select Sector SPDRs allows you to create
a customized portfolio that reduces exposure to the
Technology and Discretionary sectors while overweighting allocations to the higher yielding Utilities,
Energy and Materials sectors.
Strategy 2:Manage Risk through Asset Allocation
by Sector
TWO
Asset allocation is the centerpiece of any long-term
investment program. However, an asset allocation
program that is too broad may not account properly
for the level of risk that is embedded within each
asset class. Incorporating sector diversification within
your asset allocation strategy can help you create a
portfolio that is more consistent with your risk and
return objectives.
Select Sector SPDRs and Ibbotson have created a
Risk Profile Questionnaire to assist in the portfolio
construction process. This questionnaire can be
found on our website at www.sectorspdrs.com.
Based on the Questionnaire, investors are grouped
into one of five investor profiles that matches their
investment time horizon and ability to withstand
losses in a portfolio.
Each profile starts with broad asset allocation
guidelines. Within the Domestic Equity portion of the
broad guidelines, sector allocations have been created
that correspond to the risk profile of the investor.
Asset Allocation Models
Domestic Equity
Non-US Equity
Fixed Income
Cash Equivalents
Total
Moderate
Conservative Conservative
15%
29%
5%
11%
67%
53%
13%
7%
100%
100%
Moderate
42%
18%
36%
4%
100%
Moderate
Aggressive
54%
26%
20%
0%
100%
Aggressive
62%
33%
5%
0%
100%
Moderate
Conservative Conservative
8%
9%
15%
11%
12%
12%
12%
13%
11%
13%
14%
10%
8%
7%
0%
4%
10%
14%
10%
7%
100%
100%
Moderate
11%
9%
11%
13%
14%
9%
6%
4%
19%
4%
100%
Moderate
Aggressive
11%
7%
9%
15%
14%
8%
5%
5%
23%
3%
100%
Aggressive
13%
5%
8%
17%
16%
7%
4%
5%
25%
0%
100%
Domestic Equity Breakdown
Consumer Staples
Energy
Financial Services
Health Care
Industrial
Materials
Real Estate
Technology
Utilities
Total
n
n
n
n
n
n
n
n
n
n
S&P 500
12%
11%
7%
13%
15%
10%
3%
3%
23%
4%
100%
n Underweight
Example: You are a conservative investor whose
investment time horizon and ability to withstand
portfolio losses are limited. Due to your risk profile,
your investments are primarily allocated toward fixed
income and cash, with a smaller percentage devoted
to equity. To complete the equity portion of your
portfolio you have a number of choices. Broad based
mutual funds may or may not be constructed with
sectors that are consistent with your risk and return
profile. In addition, you may not feel comfortable with
the volatility of investing in individual stocks.
Select Sector SPDRs provide a low-cost way to
customize the equity portion of your portfolio. Certain
n Overweight
sectors whose criteria match your objective can
be over-weighted, while those with characteristics
you would like to reduce can be underweighted or
eliminated. The above chart shows five possible
scenarios in which Sector SPDRs can be used to
customize your portfolio based on risk tolerance.
By incorporating this strategy, your risk profile is not
only reflected in your allocation between stocks and
bonds, but also by your equity sector allocation. You
can periodically rebalance sector weightings so that
your portfolio consistently matches your preferred
level of risk.
SELECT SECTOR SPDR
continued
INVESTMENT STRATEGIES
Strategy 3: Rebalance Portfolio Based on
Current Sector Weightings
THREE
As a prudent investor, you must make periodic appraisals of your portfolio. Investment positions may need to
be adjusted in order for you to remain consistent with your investment objectives.
Example: A market rally in one sector can leave
you exposed to a downturn in the next business
cycle. The run-up in Technology stocks between
1998 and 2000 resulted in portfolios that no longer
matched their original asset allocation guidelines.
The following table shows the percentage of the
S&P 500 that was represented by the Technology
sector at several intervals;
Percentage of
S&P 500
Sector
Date
(by market cap)
12/31/98
17%
3/31/00
39%
Technology
6/30/01
24%
9/30/02
16%
6/30/16
23%
Investors who bought the S&P 500 Index in 1998
were expecting approximately 17% exposure to
Technology stocks. However, by March of 2000,
Technology stocks accounted for almost 39% of
the market capitalization of the Index. Within fifteen
months from its peak, the Technology index had
already lost nearly 40% of its value.
By owning the S&P 500 in pieces, you can use
the individual Select Sector SPDRs to periodically
rebalance your portfolio and ensure that you are not
overly exposed to one segment of the market.
XLK
Source: Standard & Poor’s
Strategy 4: Gain Diversified Access to Attractive
Investment Themes
FOUR
Business and economic cycles tend to move in stages, during which certain sectors are more likely to
outperform. In addition, changes in interest rates, inflation and tax laws can also create unique investment
opportunities. Sector SPDRs low-cost and flexibility make it easier to take advantage of these opportunities
as they occur.
Example: Utilities – Investors continue to seek equity
income alternatives after years of dealing with low
yields on fixed income securities. The utility sector
has historically been the highest yielding sector of the
S&P 500.
The Utilities Select Sector SPDR provides a low-cost
way to gain diversified access to utility stocks and
offers yield-oriented investors an alternative to fixedincome investments.
6
Materials and Energy – Geopolitical events and
changes in supply and demand can have profound effects on the prices of raw materials and
commodities. Whether you are bullish or bearish on
future price movements, you can use Select Sector
SPDRs to gain concentrated access to specific
market segments.
Each Select Sector SPDR is comprised of a basket
of securities within the same market sector, and
therefore allows you to take advantage of an attractive investment theme in a way that may offer less
volatility than individual stocks.
Strategy 5:Enhance After-Tax Returns with
Tax Swaps
FIVE
Select Sector SPDRs can help you manage a more tax-efficient investment portfolio. (Before entering into any
tax-related strategies, consult your tax advisor).
Example 1: Taking Individual Stock Losses While
Maintaining Sector Exposure – You are holding
a large position in Wal-Mart and your portfolio is
dangerously out of balance. Furthermore, the WalMart shares you purchased happen to be trading
below your purchase prices. Since Wal-Mart is one
of the largest components of the Consumer Staples
SPDR, you can: (1) sell your Wal-Mart stock; (2)
realize the loss; and (3) buy the Wal-Mart-heavy ETF
to maintain your exposure to Wal-Mart and to that
sector in general.
After 30 days, you can choose to buy back some or
all of your Wal-Mart position and sell the ETF, or maintain your position in the Consumer Staples SPDR for
more diversified exposure to the sector.
There are risks associated with the proposed
strategies. For example, the stock price may have
appreciated due to market activity. Therefore, an
investor wishing to re-purchase a Wal-Mart position
may purchase shares at a higher cost than which it
was sold for. This cost must be considered along
with commission or trade expenses for executing
additional transactions.
Example 2: Swapping One ETF for Another ETF
or Mutual Fund – Sell an ETF, closed-end fund, or
mutual fund currently trading below purchase price,
realize the loss and maintain similar market exposure
by purchasing the appropriate Select Sector SPDR.
For example, you currently own a Technology mutual
fund which is trading below its original purchase
price. You can sell the fund, realize the loss, and
buy the Technology Select Sector SPDR to maintain
similar exposure.
Strategy 6:Use ETF Flexibility to Hedge
Concentrated Positions
SIX
The use of incentive stock options as a form of
compensation has created a segment of investors
with a large percentage of their portfolios tied up in
an individual stock. Furthermore, restrictions may
be in place that prohibit or limit transactions on the
stock itself to reduce its exposure.
The transparency and concentration of Select Sector
SPDRs makes them excellent hedging vehicles.
Each Select Sector SPDR can be borrowed and
sold short to minimize the industry risk of a particular
stock. Options are also available on each Select
Sector SPDR and can be used to lock in gains or
minimize downside risk.
Example: As part of employee compensation a
large percentage of your portfolio is comprised of
Exxon Mobil (XOM) stock. To reduce the impact
that a downturn in energy stocks would have in your
portfolio, you sell short the Energy Select Sector
SPDR (XLE), of which Exxon is the largest component.
XLY
Fund Details
Trading Symbol
Price
Distributions
Expense Ratio
Number of Holdings
XLY
$78.06
Quarterly
All data as of 6/30/16
CONSUMER DISCRETIONARY
The Consumer Discretionary Select Sector SPDR invests in industries such as
automobiles and components, consumer durables, apparel, hotels, restaurants, leisure,
media, and retailing. There are 87 companies in the Consumer Discretionary Select
Sector SPDR.
CONSUMER DISCRETIONARY SELECT SECTOR SPDR
VS.THE S&P 500 INDEX
Comparison of change in value of a $10,000
Investment from 12/16/98* to 6/30/16
0.14%
87
Short Selling
Yes
Options
Yes
†
Yield as of 06/30/16
XLY
38,971
$
S&P 500
INDEX
26,068
$
$
PERFORMANCE
6/30/16
6/30/15
6/30/14
6/30/13
6/30/12
6/30/11
6/30/10
6/30/09
6/30/08
6/30/07
6/30/06
6/30/05
6/30/04
6/30/03
6/30/02
6/30/01
1.66%†
6/30/00
Index Dividend Yield
IXY
6/30/99
Index Symbol
12/16/98
Index Details
The chart above shows how a hypothetical investment of $10,000
in the Consumer Discretionary Select Sector SPDR at its inception
would have performed vs. an investment in the S&P 500 index.
40,606
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Select Sector Index
S&P 500 Index
AFTER-TAX
Pre-Liquidation Total
Returns (Net Asset Value)
AFTER-TAX
Post-Liquidation Total
Latest
Quarter
Year to
Date
Since
One Year Three Year Five Year Ten Year Inception*
-0.92%
0.61%
3.65%
13.05%
15.90%
10.50%
8.07%
-0.91%
0.66%
3.69%
13.09%
15.91%
10.50%
8.08%
-0.91%
2.46%
0.68%
3.84%
3.78%
3.99%
13.24%
11.66%
16.13%
12.10%
10.69%
7.42%
8.31%
4.32%
-1.08%
0.27%
3.10%
12.60%
15.49%
10.17%
7.80%
-0.53%
0.34%
2.21%
10.12%
12.78%
8.62%
6.76%
All total return figures assume reinvestment of dividends and capital gains at net asset value; actual returns may differ.
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment
will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or
lower than actual data quoted. For the most current month-end performance data please visit www.sectorspdrs.com.
Select Sector SPDR Funds bear a higher level of risk than more broadly diversified funds.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend
on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such
as 401(k) plans or individual retirement accounts.
Market price returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.
* Fund Inception date is 12/16/1998.
Index Dividend Yield Calculation - The sum of gross dividend per share amounts that have gone ex-dividend over the prior 12 months, divided by 1/10th of the Index value. All Cash Dividend
types are included in this yield calculation.
Source: Bloomberg
8
All Holdings and Weightings
Amazon.com (AMZN)
12.28%
Percentage is the estimate weight of the index components in the
S&P 500 as of 6/30/16.
PORTFOLIO STATS
12.40%
0.48%
7.11%
DR Horton (DHI)
0.47%
Comcast A (CMCSA)
7.06%
Macy’s (M)
0.46%
Walt Disney (DIS)
6.54%
LKQ Corp (LKQ)
0.44%
McDonald’s (MCD)
4.73%
Carmax (KMX)
0.43%
Starbucks (SBUX)
3.75%
Hasbro (HAS)
0.42%
NIKE B (NKE)
3.29%
Hanesbrands (HBI)
0.42%
Lowe’s Cos (LOW)
3.14%
Interpublic Group (IPG)
0.42%
The Priceline Group (PCLN) 2.77%
Best Buy (BBY)
0.39%
Time Warner (TWX)
2.59%
Michael Kors Holdings (KORS)0.39%
TJX Cos (TJX)
2.29%
Lennar (LEN)
0.38%
Ford Motor (F)
2.20%
Harley-Davidson (HOG)
0.37%
Target (TGT)
1.84%
Wyndham Worldwide (WYN) 0.36%
General Motors (GM)
1.78%
PVH Corp (PVH)
0.34%
NetFlix (NFLX)
1.75%
Foot Locker (FL)
0.33%
Yum! Brands (YUM)
1.51%
TripAdvisor (TRIP)
0.33%
21st Century Fox (FOXA)
1.33%
Under Armour A (UA)
0.33%
Johnson Controls (JCI)
1.28%
Wynn Resorts (WYNN)
0.33%
Dollar General (DG)
1.19%
Darden Restaurants (DRI)
0.32%
O’Reilly Automotive (ORLY)
1.17%
Goodyear Tire & Rubber (GT) 0.31%
P/E Ratio
19.5
AutoZone (AZO)
1.06%
Kohl’s Corp (KSS)
0.31%
P/B Ratio
4.83
Ross Stores (ROST)
1.02%
Leggett & Platt (LEG)
0.31%
CBS Corp B (CBS)
1.01%
Bed Bath & Beyond (BBBY) 0.30%
Dollar Tree (DLTR)
0.99%
Tiffany (TIF)
0.30%
Newell Brands (NWL)
0.99%
Under Armour C (UA C)
0.30%
VF Corp (VFC)
0.92%
Borgwarner (BWA)
0.29%
Carnival Corp (CCL)
0.87%
Signet Jewelers (SIG)
0.29%
Omnicom Group (OMC)
0.87%
Pulte Group (PHM)
0.27%
Delphi Automotive (DLPH)
0.77%
L Brands (LB)
0.76%
Scripps Networks
Interactive A (SNI)
0.26%
Discovery Communications
C (DISCK)
0.25%
Staples (SPLS)
0.25%
Median Market Cap
Beta
11.27B
0.98
Average Daily Trading Volume
Correlation to S&P 500^
7,279,260
0.93
Source: Bloomberg, AltaVista Research
^
Mattel (MAT)
Home Depot (HD)
3yr correlation: 06/30/13 - 06/30/16
INDUSTRY BREAKDOWN
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Media
Specialty Retail
Internet & Catalog Retail
Hotels Restaurants & Leisure
Textiles, Apparel & Luxury Goods
Multiline Retail
Automobiles
Household Durables
Auto Components
Distributors
Leisure Equipment & Products
Diversified Consumer Services
Genuine Parts (GPC)
0.68%
Ulta Salon Cosmetics (ULTA) 0.68%
22.13%
21.07%
17.82%
14.03%
6.72%
5.02%
4.35%
3.98%
2.64%
1.11%
0.89%
0.24%
Viacom B (VIAB)
0.64%
Marriott Intl A (MAR)
0.57%
Whirlpool (WHR)
0.57%
Expedia (EXPE)
0.56%
Harman Intl Industries (HAR) 0.23%
H&R Block (HRB)
0.23%
Ralph Lauren A (RL)
0.23%
TEGNA (TGNA)
0.23%
0.56%
Gap (GPS)
0.22%
Mohawk Industries (MHK)
0.54%
Garmin (GRMN)
0.22%
Tractor Supply (TSCO)
0.54%
Nordstrom (JWN)
0.22%
0.53%
News Corp A (NWSA)
0.19%
Discovery Communications
A (DISCA)
0.17%
AutoNation (AN)
0.15%
Urban Outfitters (URBN)
0.11%
News Corp B (NWS)
0.06%
Starwood Hotel &
Resort (HOT)
Advance Auto Parts (AAP)
Chipotle Mexican Grill (CMG) 0.53%
21st Century Fox B (FOX)
0.53%
Coach (COH)
0.51%
Royal Caribbean
Cruises (RCL)
0.50%
Source: Bloomberg
There is no assurance that XLY currently holds these securities.
Holdings and weightings are updated daily at www.sectorspdrs.com.
XLP
Fund Details
Trading Symbol
Price
Distributions
Expense Ratio
Number of Holdings
XLP
$55.15
Quarterly
The Consumer Staples Select Sector SPDR invests in companies that are primarily
involved in the development and production of consumer products that cover food and
drug retailing, beverages, food products, tobacco, household products, and personal
products. There are 36 companies in the Consumer Staples Select Sector SPDR.
CONSUMER STAPLES SELECT SECTOR SPDR VS.
THE S&P 500 INDEX
0.14%
36
Short Selling
Yes
Options
Yes
†
XLP
30,817
$
S&P 500
INDEX
26,068
$
$
PERFORMANCE
6/30/16
6/30/15
6/30/14
6/30/13
6/30/12
6/30/11
6/30/10
6/30/09
6/30/08
6/30/07
6/30/06
6/30/05
6/30/04
6/30/03
6/30/02
6/30/01
2.43%†
6/30/00
IXR
6/30/99
Index Symbol
12/16/98
Index Details
in the Consumer Staples Select Sector SPDR at its inception
would have performed vs. an investment in the S&P 500 index.
32,085
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Consumer Staples Select
Sector Index
S&P 500 Index
AFTER-TAX
AFTER-TAX
Latest
Quarter
Year to
Date
Since
4.58%
10.44%
18.69%
14.49%
15.09%
11.47%
6.63%
4.59%
10.48%
18.74%
14.52%
15.09%
11.44%
6.63%
4.63%
2.46%
10.55%
3.84%
18.93%
3.99%
14.72%
11.66%
15.34%
12.10%
11.70%
7.42%
6.88%
4.32%
4.30%
9.90%
17.70%
13.66%
14.34%
10.89%
6.13%
2.59%
5.89%
10.79%
11.12%
11.98%
9.41%
5.36%
Source: Bloomberg
10
Procter & Gamble (PG)
10.56%
S&P 500 as of 6/30/16.
PORTFOLIO STATS
Coca-Cola (KO)
9.11%
Philip Morris Int’l (PM)
8.14%
Altria Group (MO)
6.29%
Wal-Mart Stores (WMT)
5.75%
CVS Health (CVS)
5.46%
PepsiCo (PEP)
4.53%
Walgreens Boots Alliance (WBA)
3.96%
Costco Wholesale (COST)
3.70%
Colgate-Palmolive (CL)
3.49%
Mondelez (MDLZ)
3.44%
Kraft Heinz (KHC)
2.72%
Kimberly-Clark (KMB)
2.69%
Reynolds American (RAI)
2.57%
General Mills (GIS)
2.34%
Constellation Brands A (STZ)
2.27%
Kroger (KR)
2.05%
P/E Ratio
23.2
Sysco (SYY)
1.51%
P/B Ratio
5.40
Archer-Daniels-Midland (ADM)
1.41%
Tyson Foods A (TSN)
1.36%
Monster Beverage (MNST)
1.35%
ConAgra Foods (CAG)
1.25%
Molson Coors Brewing B (TAP)
1.22%
Kellogg (K)
1.21%
Estee Lauder (EL)
1.19%
Smucker J.M. (SJM)
1.13%
Dr Pepper Snapple (DPS)
1.10%
Clorox (CLX)
1.09%
Mead Johnson Nutrition (MJN)
0.96%
Median Market Cap
28.32B
Beta
0.69
12,996,317
0.82
^
11.63%
3yr correlation: 06/30/13 - 06/30/16
INDUSTRY BREAKDOWN
1.
Food & Staples Retailing
23.01%
Hershey Foods (HSY)
0.95%
2.
Beverages
20.18%
Campbell Soup (CPB)
0.80%
3.
Household Products
19.59%
McCormick (MKC)
0.77%
4.
Food Products
19.02%
Hormel Foods (HRL)
0.72%
5.
Tobacco
17.01%
6.
Personal Products
Church & Dwight (CHD)
0.68%
Brown-Forman B (BF.b)
0.61%
Whole Foods Market (WFM)
0.59%
Source: Bloomberg
1.19%
There is no assurance that XLP currently holds these securities.
XLE
Fund Details
Trading Symbol
Price
Distributions
Expense Ratio
Number of Holdings
XLE
$68.24
Quarterly
The Energy Select Sector SPDR invests in companies that primarily develop and
produce crude oil and natural gas, and provide drilling and other energy-related
services. There are 38 companies in the Energy Select Sector SPDR.
ENERGY SELECT SECTOR SPDR VS.
THE S&P 500 INDEX
0.14%
38
Short Selling
Yes
Options
Yes
†
XLE
39,620
$
S&P 500
$
INDEX
26,068
39,798
3/31/16
6/30/15
6/30/14
6/30/13
6/30/12
6/30/11
6/30/10
6/30/09
in the Energy Select Sector SPDR at its inception would have
performed vs. an investment in the S&P 500 index.
$
PERFORMANCE
6/30/08
6/30/07
6/30/06
6/30/05
6/30/04
6/30/03
6/30/02
6/30/01
2.90%†
6/30/00
IXE
6/30/99
Index Symbol
12/16/98
Index Details
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Energy Select Sector Index
S&P 500 Index
AFTER-TAX
AFTER-TAX
Latest
Quarter
Year to
Date
Since
11.00%
14.74%
-6.33%
-2.11%
0.23%
3.79%
8.13%
10.99%
11.04%
2.46%
14.74%
14.82%
3.84%
-6.31%
-6.39%
3.99%
-2.07%
-2.05%
11.66%
0.24%
0.33%
12.10%
3.78%
3.95%
7.42%
8.13%
8.38%
4.32%
10.67%
14.05%
-7.29%
-2.80%
-0.32%
3.39%
7.68%
6.21%
8.31%
-3.39%
-1.69%
0.16%
3.02%
6.81%
Source: Bloomberg
12
7.40%
S&P 500 as of 6/30/16.
PORTFOLIO STATS
P/E Ratio
43.19
P/B Ratio
1.89
Median Market Cap
20.90B
Beta
1.31
21,569,833
Correlation to S&P 500
^
0.77
^
3yr correlation: 06/30/13 - 06/30/16
INDUSTRY BREAKDOWN
Exxon Mobil (XOM)
19.28%
Chevron (CVX)
14.83%
Schlumberger (SLB)
8.43%
EOG Resources (EOG)
4.12%
Pioneer Natural Resources (PXD)
4.12%
Occidental Petroleum (OXY)
3.70%
Halliburton (HAL)
3.43%
ConocoPhillips (COP)
2.93%
Phillips 66 (PSX)
2.73%
Kinder Morgan (KMI)
2.52%
Spectra Energy (SE)
2.47%
Valero Energy (VLO)
2.46%
Anadarko Petroleum (APC)
2.33%
Tesoro (TSO)
2.08%
Baker Hughes (BHI)
1.93%
Cabot Oil & Gas A (COG)
1.91%
Apache (APA)
1.79%
Devon Energy (DVN)
1.61%
Noble Energy (NBL)
1.54%
The Williams Companies (WMB)
1.53%
Marathon Petroleum (MPC)
1.48%
Hess (HES)
1.45%
National Oilwell Varco (NOV)
1.18%
Concho Resources (CXO)
1.14%
Marathon Oil (MRO)
1.10%
EQT Corporation (EQT)
0.98%
Range Resources (RRC)
0.85%
Cimarex Energy (XEC)
0.83%
FMC Technologies (FTI)
0.80%
Columbia Pipeline (CPGX)
0.75%
ONEOK (OKE)
0.73%
1.
Oil, Gas & Consumable Fuels
83.22%
Newfield Exploration (NFX)
0.64%
2.
Energy Equipment & Services
16.78%
Southwestern Energy (SWN)
0.56%
Helmerich & Payne (HP)
0.53%
Murphy Oil (MUR)
0.51%
Transocean (RIG)
0.30%
Chesapeake Energy (CHK)
0.24%
Diamond Offshore Drilling (DO)
0.19%
Source: Bloomberg
There is no assurance that XLE currently holds these securities.
XLF
Fund Details
Trading Symbol
Price
Distributions
Expense Ratio
Number of Holdings
XLF
$22.86
Quarterly
The Financial Select Sector SPDR invests in a wide array of financial service firms
with diversified business lines ranging from investment management to commercial
banking and REITs. There are 92 companies in the Financial Select Sector SPDR.
FINANCIAL SELECT SECTOR SPDR VS.
THE S&P 500 INDEX
0.14%
92
Short Selling
Yes
Options
Yes
†
XLF
14,722
$
S&P 500
$
INDEX
26,068
15,123
6/30/16
6/30/15
6/30/14
6/30/13
6/30/12
6/30/11
6/30/10
6/30/09
in the Financial Select Sector SPDR at its inception would have
$
PERFORMANCE
6/30/08
6/30/07
6/30/06
6/30/05
6/30/04
6/30/03
6/30/02
6/30/01
2.42%†
6/30/00
IXM
6/30/99
Index Symbol
12/16/98
Index Details
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Financial Select
Sector Index
S&P 500 Index
AFTER-TAX
AFTER-TAX
Latest
Quarter
Year to
Date
Since
2.10%
-3.09%
-4.23%
7.55%
10.29%
-1.34%
2.21%
2.13%
-3.04%
-4.23%
7.56%
10.31%
-1.35%
2.21%
2.12%
2.46%
-3.05%
3.84%
-4.17%
3.99%
7.67%
11.66%
10.45%
12.10%
-1.25%
7.42%
2.38%
4.32%
1.85%
-3.55%
-5.00%
6.91%
9.73%
-1.83%
1.71%
1.18%
-1.76%
-2.25%
5.68%
8.03%
-1.07%
1.68%
Source: Bloomberg
14
15.75%
S&P 500 as of 6/30/16.
PORTFOLIO STATS
P/E Ratio
14.67
P/B Ratio
1.24
Median Market Cap
17.99B
Beta
1.15
55,354,075
0.93
^
9.47%
General Growth
Properties (GGP)
0.61%
JP Morgan Chase (JPM)
7.93%
Hartford Finl Services (HIG)
0.61%
Wells Fargo (WFC)
7.63%
Willis Towers Watson (WLTW)0.60%
Bank of America (BAC)
4.76%
HCP (HCP)
0.58%
Citigroup (C)
4.34%
Digital Realty Trust (DLR)
0.56%
Simon Property A (SPG)
2.34%
Moody’s (MCO)
0.55%
US Bancorp (USB)
2.28%
Ameriprise Financial (AMP)
0.52%
Chubb Limited (CB)
2.12%
Essex Property Trust (ESS)
0.52%
American Intl Group (AIG)
2.07%
Northern Trust (NTRS)
0.50%
Goldman Sachs (GS)
2.00%
Fifth Third Bancorp (FITB)
0.47%
American Express (AXP)
1.71%
Kimco Realty (KIM)
0.46%
American Tower A (AMT)
1.68%
Franklin Resources (BEN)
0.43%
Metlife (MET)
1.53%
Host Hotels & Resorts (HST) 0.42%
BlackRock (BLK)
1.50%
Federal Realty Invt Trust (FRT)0.41%
Bank of New York Mellon (BK) 1.46%
Extra Space Storage (EXR)
0.40%
PNC Finl Services (PNC)
1.42%
Cincinnati Financial (CINF)
0.39%
Morgan Stanley (MS)
1.37%
Principal Financial (PFG)
0.39%
Public Storage (PSA)
1.31%
Loews (L)
0.38%
Marsh & McLennan (MMC)
1.25%
Macerich (MAC)
0.38%
Travelers (TRV)
1.21%
Regions Financial (RF)
0.38%
Crown Castle Intl (CCI)
1.19%
CME Group (CME)
1.15%
Citizens Financial
Group (CFG)
0.37%
Capital One Financial (COF) 1.14%
Invesco (IVZ)
0.37%
Prudential Financial (PRU)
SL Green Realty (SLG)
0.37%
Intercontinental Exchange (ICE)1.06%
UDR (UDR)
0.34%
Schwab Charles (SCHW)
1.06%
Iron Mountain (IRM)
0.33%
AFLAC (AFL)
1.04%
XL Group (XL)
0.33%
1.02%
KeyCorp (KEY)
0.32%
1.01%
Lincoln National (LNC)
0.32%
0.99%
Gallagher Arthur J. (AJG)
0.29%
0.95%
CBRE Group (CBG)
0.27%
Equinix (EQIX)
0.94%
Affiliated Managers (AMG)
0.26%
Allstate (ALL)
0.91%
Nasdaq (NDAQ)
0.26%
ProLogis (PLD)
0.90%
Unum Group (UNM)
0.26%
Equity Residential (EQR)
0.88%
Comerica (CMA)
0.25%
BB&T (BBT)
Aon (AON)
S&P Global (SPGI)
Welltower (HCN)
3yr correlation: 06/30/13 - 06/30/16
INDUSTRY BREAKDOWN
1.10%
AvalonBay Communities (AVB)0.86%
1.
Banks
33.14%
2.
Real Estate Investment Trusts (REITs)
20.28%
3.
Insurance
16.93%
4.
Diversified Financial Services
13.69%
5.
Capital Markets
11.20%
6.
Consumer Finance
4.49%
7.
Real Estate Management & Development
0.27%
Source: Bloomberg
Berkshire Hathaway
B (BRK.b)
Ventas (VTR)
0.86%
Weyerhaeuser (WY)
0.78%
Discover Financial
Services (DFS)
0.77%
State Street (STT)
0.75%
Synchrony Financial (SYF)
0.74%
SunTrust Banks (STI)
0.72%
Boston Properties (BXP)
0.71%
Progressive (PGR)
0.68%
M&T Bank (MTB)
0.66%
T Rowe Price (TROW)
0.63%
Realty Income (O)
0.62%
Vornado Realty Trust (VNO)
0.62%
Huntington Bancshares
(HBAN)0.25%
Apartment Investment &
Mgmt (AIV)
0.24%
Torchmark (TMK)
0.24%
E*TRADE Financial (ETFC)
0.23%
Leucadia National (LUK)
0.20%
Assurant (AIZ)
0.19%
Zions Bancorp (ZION)
0.18%
People’s United
Financial (PBCT)
0.16%
Navient (NAVI)
0.14%
Legg Mason (LM)
0.11%
There is no assurance that XLF currently holds these securities.
XLFS
Fund Details
Trading Symbol
Price
Distributions
Gross Expense Ratio
Net Expense Ratio
Number of Holdings
XLFS
$28.73
Quarterly
0.15%
0.14%*
64
Short Selling
Yes
Options
Yes
XLFS began trading on October 8, 2015.
Index Stats
Index Symbol
†
IXFNS
2.01%†
The Financial Services Select Sector SPDR invests in a wide array of financial
service firms with diversified business lines ranging from investment management to
commercial and investment banking. There are 64 companies in the Financial Services
Select Sector SPDR.
PERFORMANCE
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Financial Services
Select Sector Index
S&P 500 Index
AFTER-TAX
AFTER-TAX
Post-Liquidation Tota
Returns (Net Asset Value) l
Latest
Quarter
Year to
Date
Since
1.20%
-5.91%
–
–
–
–
-4.34%
1.24%
-5.89%
–
–
–
–
-4.31%
1.20%
2.46%
-5.91%
3.84%
–
3.99%
–
11.66%
–
12.10%
–
7.42%
-3.18%
4.32%
0.99%
-6.29%
–
–
–
–
-5.03%
0.67%
-3.35%
–
–
–
–
-2.41%
* SSGA Funds Management, Inc. (the Adviser) has contractually agreed to waive its advisory fee and reimburse certain expenses, until January 31, 2017, so that the annual Fund operating
expenses are limited to no more than 0.14%.
Fund Inception date is 10/7/2015.
Source: Bloomberg
16
Berkshire Hathaway
B (BRK.b)
12.51%
S&P 500 as of 6/30/16.
11.92%
JP Morgan Chase (JPM)
9.98%
Wells Fargo (WFC)
9.61%
Bank of America (BAC)
5.99%
Citigroup (C)
5.47%
US Bancorp (USB)
2.88%
Chubb Limited (CB)
2.67%
American Intl Group (AIG)
2.60%
Goldman Sachs (GS)
2.52%
American Express (AXP)
2.16%
Metlife (MET)
1.92%
BlackRock (BLK)
1.89%
Bank of New York Mellon (BK)1.84%
PORTFOLIO STATS
P/E Ratio
P/B Ratio
Median Market Cap
Beta
T Rowe Price (TROW)
0.80%
Hartford Finl Services (HIG)
0.77%
Willis Towers Watson (WLTW)0.76%
Moody’s (MCO)
0.70%
Ameriprise Financial (AMP)
0.65%
Northern Trust (NTRS)
0.62%
Fifth Third Bancorp (FITB)
0.59%
Franklin Resources (BEN)
0.54%
Cincinnati Financial (CINF)
0.49%
Principal Financial (PFG)
0.49%
Loews (L)
0.48%
Invesco (IVZ)
0.47%
Regions Financial (RF)
0.47%
1.79%
Morgan Stanley (MS)
1.72%
Citizens Financial
Group (CFG)
0.46%
12.8
Marsh & McLennan (MMC)
1.57%
XL Group (XL)
0.42%
1.08
Travelers (TRV)
1.53%
KeyCorp (KEY)
0.41%
CME Group (CME)
1.45%
Lincoln National (LNC)
0.41%
Capital One Financial (COF) 1.43%
Gallagher Arthur J. (AJG)
0.37%
Prudential Financial (PRU)
Affiliated Managers (AMG)
0.33%
Intercontinental Exchange (ICE)1.34%
Nasdaq (NDAQ)
0.33%
Charles Schwab (SCHW)
1.34%
Unum (UNM)
0.33%
AFLAC (AFL)
1.31%
Comerica (CMA)
0.32%
BB&T (BBT)
1.28%
Aon (AON)
1.27%
Huntington Bancshares
(HBAN)0.31%
S&P Global (SPGI)
1.25%
Allstate (ALL)
1.15%
19.16B
6,170
0.87
Source: AltaVista Research
INDUSTRY BREAKDOWN
1.
Banks
41.71%
2.
Insurance
21.31%
3.
Diversified Financial Services
17.23%
4.
Capital Markets
14.09%
5.
Consumer Finance
Source: Bloomberg
0.83%
PNC Finl Services (PNC)
1.28
M&T Bank (MTB)
5.66%
1.39%
Torchmark (TMK)
0.30%
E*TRADE Financial (ETFC)
0.29%
Leucadia National (LUK)
0.25%
Discover Financial
Services (DFS)
0.97%
Assurant (AIZ)
0.23%
State Street (STT)
0.94%
Zions Bancorp (ZION)
0.23%
Synchrony Financial (SYF)
0.93%
SunTrust Banks (STI)
0.90%
People’s United
Financial (PBCT)
0.20%
Progressive (PGR)
0.86%
Navient (NAVI)
0.17%
Legg Mason (LM)
0.14%
There is no assurance that XLFS currently holds these securities.
XLV
Fund Details
Trading Symbol
Price
Distributions
Expense Ratio
Number of Holdings
XLV
$71.71
Quarterly
The Health Care Select Sector SPDR consists of companies whose primary business
may include health care equipment and supplies, health care services, biotechnology,
and pharmaceuticals. There are 56 companies in the Health Care Select Sector SPDR.
HEALTH CARE SELECT SECTOR SPDR VS.
THE S&P 500 INDEX
0.14%
56
Short Selling
Yes
Options
Yes
†
XLV
38,046
$
S&P 500
INDEX
26,068
$
$
PERFORMANCE
39,571
6/30/16
6/30/15
6/30/14
6/30/13
6/30/12
6/30/11
6/30/10
6/30/09
6/30/08
6/30/07
6/30/06
6/30/05
6/30/04
6/30/03
6/30/02
6/30/01
1.64%†
6/30/00
IXV
6/30/99
Index Symbol
12/16/98
Index Details
in the Health Care Select Sector SPDR at its inception would have
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Health Care Select
Sector Index
S&P 500 Index
AFTER-TAX
AFTER-TAX
Latest
Quarter
Year to
Date
Since
6.23%
0.33%
-2.14%
16.41%
17.08%
10.97%
7.90%
6.25%
0.35%
-2.09%
16.42%
17.08%
10.96%
7.90%
6.27%
2.46%
0.40%
3.84%
-2.05%
3.99%
16.59%
11.66%
17.29%
12.10%
11.17%
7.42%
8.15%
4.32%
6.04%
0.00%
-2.66%
15.93%
16.63%
10.61%
7.62%
3.52%
0.18%
-1.09%
12.81%
13.76%
9.04%
6.62%
Source: Bloomberg
18
14.69%
S&P 500 as of 6/30/16.
PORTFOLIO STATS
P/E Ratio
20.90
P/B Ratio
3.76
Median Market Cap
25.26B
Beta
0.97
12,504,372
0.85
^
3yr correlation: 06/30/13 - 06/30/16
INDUSTRY BREAKDOWN
1.
Pharmaceuticals
39.67%
2.
Biotechnology
19.75%
3.
Health Care Providers & Services
19.19%
4.
Health Care Equipment & Supplies
16.61%
5.
Life Sciences Tools & Services
4.11%
6.
Health Care Technology
0.67%
Source: Bloomberg
Johnson & Johnson (JNJ)
Pfizer (PFE)
Merck (MRK)
Unitedhealth Group (UNH)
Bristol-Myers Squibb (BMY)
Medtronic (MDT)
Amgen (AMGN)
Gilead Sciences (GILD)
AbbVie (ABBV)
Allergan (AGN)
Lilly Eli (LLY)
Celgene (CELG)
Thermo Fisher Scientific (TMO)
Biogen (BIIB)
Express Scripts (ESRX)
Abbott Laboratories (ABT)
Aetna (AET)
McKesson (MCK)
Stryker (SYK)
Becton Dickinson (BDX)
Anthem (ANTM)
Cigna (CI)
Boston Scientific (BSX)
Humana (HUM)
Regeneron Pharmaceuticals (REGN)
Alexion Pharmaceuticals (ALXN)
Cardinal Health (CAH)
Baxter Intl (BAX)
Intuitive Surgical (ISRG)
Zimmer Biomet (ZBH)
HCA Holdings (HCA)
St Jude Medical (STJ)
Zoetis (ZTS)
Edwards Lifesciences (EW)
Vertex Pharmaceuticals (VRTX)
Illumina (ILMN)
Mylan (MYL)
Bard C.R. (BCR)
Cerner (CERN)
AmerisourceBergen (ABC)
Agilent Technologies (A)
Schein Henry (HSIC)
Dentsply Sirona (XRAY)
Lab Corp of America (LH)
Perrigo (PRGO)
DaVita HealthCare Partners (DVA)
Centene (CNC)
Universal Health Services B (UHS)
Quest Diagnostics (DGX)
Waters (WAT)
Hologic (HOLX)
Varian Medical Systems (VAR)
Mallinckrodt (MNK)
PerkinElmer (PKI)
Patterson (PDCO)
Endo (ENDP)
12.42%
7.95%
5.93%
5.04%
4.59%
4.56%
4.25%
4.13%
3.73%
3.59%
2.85%
2.84%
2.16%
2.02%
1.88%
1.82%
1.64%
1.61%
1.42%
1.37%
1.32%
1.26%
1.19%
1.07%
1.01%
0.97%
0.96%
0.94%
0.94%
0.91%
0.86%
0.85%
0.81%
0.79%
0.79%
0.77%
0.69%
0.68%
0.66%
0.56%
0.54%
0.54%
0.54%
0.50%
0.48%
0.47%
0.45%
0.45%
0.44%
0.42%
0.31%
0.29%
0.25%
0.21%
0.15%
0.12%
There is no assurance that XLV currently holds these securities.
XLI
Fund Details
Trading Symbol
Price
Distributions
Expense Ratio
Number of Holdings
XLI
$56.01
Quarterly
The Industrial Select Sector SPDR invests in a wide array of industrial companies.
Industries in this SPDR include aerospace and defense, building products, construction
and engineering, electrical equipment, conglomerates, machinery, commercial services
and supplies. There are 68 companies in the Industrial Select Sector SPDR.
INDUSTRIAL SELECT SECTOR SPDR VS.
THE S&P 500 INDEX
0.14%
68
Short Selling
Yes
Options
Yes
†
XLI
34,144
$
S&P 500
INDEX
26,068
$
$
PERFORMANCE
6/30/16
6/30/15
6/30/14
6/30/13
6/30/12
6/30/11
6/30/10
6/30/09
6/30/08
6/30/07
6/30/06
6/30/05
6/30/04
6/30/03
6/30/02
6/30/01
2.23%†
6/30/00
IXI
6/30/99
Index Symbol
12/16/98
Index Details
in the Industrial Select Sector SPDR at its inception would have
35,373
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Industrial Select
Sector Index
S&P 500 Index
AFTER-TAX
AFTER-TAX
Latest
Quarter
Year to
Date
Since
1.52%
6.79%
5.89%
11.77%
10.83%
7.43%
7.21%
1.54%
6.83%
5.94%
11.79%
10.83%
7.44%
7.21%
1.54%
2.46%
6.88%
3.84%
5.99%
3.99%
11.94%
11.66%
11.00%
12.10%
7.62%
7.42%
7.46%
4.32%
1.27%
6.29%
5.09%
11.13%
10.26%
6.98%
6.78%
0.85%
3.83%
3.52%
9.05%
8.51%
5.96%
5.93%
Source: Bloomberg
20
General Electric (GE)
11.22%
TransDigm Group (TDG)
0.73%
3M (MMM)
5.70%
United Continental (UAL)
0.72%
Honeywell Intl (HON)
4.90%
Dover (DOV)
0.68%
United Technologies (UTX)
4.34%
Fastenal (FAST)
0.67%
Boeing (BA)
4.25%
Verisk Analytics (VRSK)
0.66%
Union Pacific (UNP)
4.18%
Republic Services (RSG)
0.64%
United Parcel Service B (UPS)3.96%
Textron (TXT)
0.64%
Lockheed Martin (LMT)
3.60%
Masco (MAS)
0.60%
Danaher (DHR)
3.56%
L-3 Communications (LLL)
0.59%
Caterpillar (CAT)
2.47%
Acuity Brands (AYI)
0.57%
Raytheon (RTN)
2.31%
AMETEK (AME)
0.56%
General Dynamics (GD)
2.28%
CH Robinson
Northrop Grumman (NOC)
2.27%
FedEx (FDX)
2.13%
Pentair (PNR)
0.55%
Illinois Tool Works (ITW)
1.87%
Cintas (CTAS)
0.54%
Emerson Electric (EMR)
1.86%
Fluor (FLR)
0.52%
Eaton (ETN)
1.75%
Kansas City Southern (KSU) 0.51%
Cummins (CMI)
1.72%
Snap On (SNA)
CSX (CSX)
1.57%
Expeditors Intl of WA (EXPD) 0.47%
Waste Management (WM)
1.56%
Fortune Brands Home &
Norfolk Southern (NSC)
1.55%
Delta Air Lines (DAL)
1.47%
Southwest Airlines (LUV)
1.44%
Deere (DE)
1.41%
PACCAR (PCAR)
1.11%
Equifax (EFX)
1.09%
Rockwell Automation (ROK)
1.01%
26.67%
17.83%
13.72%
8.50%
7.12%
Nielsen Holdings (NLSN)
0.98%
Parker-Hannifin (PH)
0.96%
Tyco Intl (TYC)
0.95%
Roper Technologies (ROP)
0.90%
5.76%
4.86%
4.35%
3.56%
3.33%
1.86%
1.42%
1.02%
W.W. Grainger (GWW)
10.19%
S&P 500 as of 6/30/16.
PORTFOLIO STATS
P/E Ratio
17.14
P/B Ratio
3.98
Median Market Cap
16.38B
Beta
0.98
13,189,120
0.94
^
3yr correlation: 06/30/13 - 06/30/16
INDUSTRY BREAKDOWN
1.
2.
3.
4.
5.
Aerospace & Defense
Industrial Conglomerates
Machinery
Road & Rail
Air Freight & Logistics
6.
7.
8.
9.
10.
11.
12.
13.
Electrical Equipment
Airlines
Commercial Services & Supplies
Health Care Equipment & Supplies
Professional Services
Trading Companies & Distributors
Building Products
Construction & Engineering
Source: Bloomberg
0.88%
Stanley Black & Decker (SWK)0.87%
American Airlines (AAL)
0.86%
Ingersoll-Rand (IR)
0.86%
Rockwell Collins (COL)
0.75%
Worldwide (CHRW)
0.56%
0.48%
Security (FBHS)
0.47%
Stericycle (SRCL)
0.46%
Xylem (XYL)
0.42%
Alaska Air Group (ALK)
0.38%
Hunt J.B. Transport (JBHT)
0.38%
Robert Half (RHI)
0.37%
Allegion (ALLE)
0.35%
Jacobs Engineering (JEC)
0.32%
Flowserve (FLS)
0.31%
Ryder System (R)
0.31%
United Rentals (URI)
0.31%
Dun & Bradstreet (DNB)
0.23%
Pitney Bowes (PBI)
0.20%
Quanta Services (PWR)
0.18%
There is no assurance that XLI currently holds these securities.
XLB
Fund Details
Trading Symbol
Price
Distributions
Expense Ratio
Number of Holdings
XLB
$46.34
Quarterly
The Materials Select Sector SPDR is composed of companies primarily involved in
such industries as chemicals, construction materials, containers and packaging, metals
and mining, and paper and forest products. There are 26 companies in the Materials
Select Sector SPDR.
MATERIALS SELECT SECTOR SPDR VS.
THE S&P 500 INDEX
0.14%
26
Short Selling
Yes
Options
Yes
†
XLB
35,415
$
S&P 500
$
INDEX
26,068
$
PERFORMANCE
6/30/16
6/30/15
6/30/14
6/30/13
6/30/12
6/30/11
6/30/10
6/30/09
6/30/08
6/30/07
6/30/06
6/30/05
6/30/04
6/30/03
6/30/02
6/30/01
2.23%†
6/30/00
IXB
6/30/99
Index Symbol
12/16/98
Index Details
in the Materials Select Sector SPDR at its inception would have
36,597
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Materials Select
Sector Index
S&P 500 Index
AFTER-TAX
AFTER-TAX
Latest
Quarter
Year to
Date
Since
3.99%
7.57%
-2.09%
8.75%
5.60%
6.23%
7.18%
3.96%
7.62%
-2.08%
8.72%
5.60%
6.22%
7.18%
4.00%
2.46%
7.65%
3.84%
-2.00%
3.99%
8.93%
11.66%
5.77%
12.10%
6.39%
7.42%
7.43%
4.32%
3.75%
7.16%
-2.79%
8.14%
5.04%
5.74%
6.58%
2.25%
4.28%
-1.01%
6.68%
4.29%
4.98%
5.83%
Source: Bloomberg
22
2.82%
S&P 500 as of 6/30/16.
PORTFOLIO STATS
P/E Ratio
18.23
P/B Ratio
3.45
Median Market Cap
15.43B
Beta
1.0
7,065,129
0.84
^
3yr correlation: 06/30/13 - 06/30/16
INDUSTRY BREAKDOWN
Du Pont de Nemours (DD)
11.02%
Dow Chemical (DOW)
10.86%
Monsanto (MON)
8.79%
Praxair (PX)
6.24%
Ecolab (ECL)
6.09%
PPG Industries (PPG)
5.39%
Sherwin-Williams (SHW)
4.61%
Air Products & Chemicals (APD)
4.48%
Newmont Mining (NEM)
4.20%
LyondellBasell Industries (LYB)
3.94%
Intl Paper (IP)
3.50%
Vulcan Materials (VMC)
3.24%
Nucor (NUE)
3.17%
Freeport-McMoRan (FCX)
2.84%
Martin Marietta Materials (MLM)
2.51%
Alcoa (AA)
2.48%
Ball Corp (BLL)
2.11%
Intl Flavors & Fragrances (IFF)
2.08%
Eastman Chemical (EMN)
2.07%
WestRock (WRK)
2.02%
Mosaic (MOS)
1.88%
Sealed Air (SEE)
1.87%
Avery Dennison (AVY)
1.41%
FMC (FMC)
1.33%
1.
Chemicals
69.96%
CF Industries Holdings (CF)
1.18%
2.
Metals & Mining
12.69%
Owens-Illinois (OI)
0.69%
3.
Containers & Packaging
11.60%
4.
Construction Materials
5.75%
Source: Bloomberg
There is no assurance that XLB currently holds these securities.
XLRE
Fund Details
Trading Symbol
Price
Distributions
Gross Expense Ratio
Net Expense Ratio
Number of Holdings
XLRE
$33.59
Quarterly
0.15%
0.14%*
28
Short Selling
Yes
Options
Yes
Index Stats
Index Symbol
†
IXRE
3.77%†
XLRE began trading on October 8, 2015.
The Real Estate Select Sector SPDR is composed of companies primarily involved in
the following industries: Real Estate Management & Development and REITs, excluding
Mortgage REITs. There are 28 companies in the Real Estate Select Sector SPDR.
PERFORMANCE
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Real Estate Select
Sector Index
S&P 500 Index
AFTER-TAX
AFTER-TAX
Latest
Quarter
Year to
Date
Since
5.67%
10.26%
–
–
–
–
20.91%
5.63%
10.03%
–
–
–
–
20.89%
5.70%
2.46%
10.38%
3.84%
–
3.99%
–
11.66%
–
12.10%
–
7.42%
15.54%
4.32%
5.29%
9.42%
–
–
–
–
18.98%
3.20%
5.78%
–
–
–
–
11.76%
* SSGA Funds Management, Inc. (the Adviser) has contractually agreed to waive its advisory fee and reimburse certain expenses, until January 31, 2017, so that the annual Fund operating
expenses are limited to no more than 0.14%. In addition, operating fees and expenses for XLRE will be waived from 6/8/16 through 9/16/16, such that XLRE will have an expense ratio of
zero during this period.
Fund Inception date is 10/7/2015.
Source: Bloomberg
24
3.24%
S&P 500 as of 6/30/16.
PORTFOLIO STATS
P/E Ratio
41.67
P/B Ratio
3.55
Median Market Cap
Beta
17.57B
0.72
4,607
0.59
Source: AltaVista Research
INDUSTRY BREAKDOWN
1.
REITS
2.
Management & Development
Source: Bloomberg
98.69%
1.31%
Simon Property A (SPG)
11.40%
American Tower A (AMT)
8.19%
Public Storage (PSA)
6.40%
Crown Castle Intl (CCI)
5.81%
Welltower (HCN)
4.62%
Equinix (EQIX)
4.57%
ProLogis (PLD)
4.38%
Equity Residential (EQR)
4.28%
AvalonBay Communities (AVB)
4.20%
Ventas (VTR)
4.18%
Weyerhaeuser (WY)
3.78%
Boston Properties (BXP)
3.44%
Realty Income (O)
3.04%
Vornado Realty Trust (VNO)
3.02%
General Growth Properties (GGP)
2.95%
HCP (HCP)
2.81%
Digital Realty Trust (DLR)
2.72%
Essex Property Trust (ESS)
2.54%
Kimco Realty (KIM)
2.24%
Host Hotels & Resorts (HST)
2.06%
Federal Realty Invt Trust (FRT)
1.99%
Extra Space Storage (EXR)
1.97%
Macerich (MAC)
1.83%
SL Green Realty (SLG)
1.81%
UDR (UDR)
1.68%
Iron Mountain (IRM)
1.62%
CBRE Group (CBG)
1.31%
Apartment Investment & Mgmt (AIV)
1.17%
There is no assurance that XLRE currently holds these securities.
XLK
Fund Details
Trading Symbol
Price
Distributions
Expense Ratio
Number of Holdings
XLK
$43.37
Quarterly
The Technology Select Sector SPDR is composed of companies primarily involved
in such industries as IT consulting services, semiconductor equipment and products,
computers and peripherals, diversified telecommunication services, and wireless
telecommunication services. There are 73 Technology and Telecommunication
companies in the Technology Select Sector SPDR.
TECHNOLOGY SELECT SECTOR SPDR VS.
THE S&P 500 INDEX
0.14%
73
Short Selling
Yes
Options
Yes
†
XLK
17,540
$
S&P 500
INDEX
26,068
$
$
PERFORMANCE
6/30/16
6/30/15
6/30/14
6/30/13
6/30/12
6/30/11
6/30/10
6/30/09
6/30/08
6/30/07
6/30/06
6/30/05
6/30/04
6/30/03
6/30/02
6/30/01
2.00%†
6/30/00
IXT
6/30/99
Index Symbol
12/16/98
Index Details
in the Technology Select Sector SPDR at its inception would have
18,128
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Technology Select
Sector Index
S&P 500 Index
AFTER-TAX
AFTER-TAX
Latest
Quarter
Year to
Date
Since
-1.71%
2.24%
6.84%
14.51%
13.07%
9.59%
3.23%
-1.69%
2.26%
6.86%
14.52%
13.09%
9.57%
3.24%
-1.70%
2.46%
2.30%
3.84%
6.98%
3.99%
14.71%
11.66%
13.28%
12.10%
9.79%
7.42%
3.45%
4.32%
-1.93%
1.80%
6.12%
13.92%
12.59%
9.25%
3.01%
-0.98%
1.26%
4.04%
11.26%
10.40%
7.85%
2.56%
Source: Bloomberg
26
Apple (AAPL)
22.69%
S&P 500 as of 6/30/16.
PORTFOLIO STATS
P/E Ratio
19.03
P/B Ratio
3.85
Median Market Cap
19.70B
Beta
1.0
11,952,177
0.94
^
3yr correlation: 06/30/13 - 06/30/16
Paychex (PAYX)
0.48%
AT&T (T)
6.44%
Analog Devices (ADI)
0.44%
Facebook A (FB)
6.40%
Amphenol A (APH)
0.44%
Alphabet A (GOOGL)
5.00%
CenturyLink (CTL)
0.40%
Alphabet C (GOOG)
4.95%
Level 3 Communications (LVLT) 0.38%
Verizon Communications (VZ) 4.56%
Micron Technology (MU)
0.36%
Intel (INTC)
3.77%
Lam Research (LRCX)
0.34%
Cisco Systems (CSCO)
3.51%
Western Digital (WDC)
0.34%
Visa (V)
3.44%
Red Hat (RHT)
0.33%
Intl Business Machines (IBM) 3.26%
Citrix Systems (CTXS)
0.32%
Oracle (ORCL)
3.10%
Symantec (SYMC)
0.32%
Mastercard A (MA)
2.08%
Autodesk (ADSK)
0.31%
QUALCOMM (QCOM)
1.92%
Skyworks Solutions (SWKS) 0.31%
Accenture (ACN)
1.73%
Xilinx (XLNX)
Texas Instruments (TXN)
1.54%
Alliance Data Systems (ADS) 0.29%
Broadcom Limited (AVGO)
1.41%
KLA-Tencor (KLAC)
0.29%
EMC (EMC)
1.30%
Global Payments (GPN)
0.28%
Salesforce.com (CRM)
1.24%
Linear Technology (LLTC)
0.28%
Adobe Systems (ADBE)
1.18%
Microchip Technology (MCHP) 0.28%
Automatic Data
Processing (ADP)
PayPal Holdings (PYPL)
Harris (HRS)
0.27%
Motorola Solutions (MSI)
0.27%
0.99%
Akamai Technologies (AKAM) 0.25%
Cognizant Tech
Enterprise (HPE)
Software
18.56%
2.
Internet Software & Services
18.25%
3.
IT Services
16.44%
4.
Technology Hardware Storage & Peripherals
15.98%
5.
Semiconductor & Semiconductor Equipment
12.76%
6.
Diversified Telecommunication Services
11.94%
7.
Communications Equipment
4.45%
8.
Electronic Equipment & Instruments
1.62%
CA (CA)
0.25%
0.85%
Western Union (WU)
0.24%
0.81%
Total System Services (TSS) 0.23%
Source: Bloomberg
0.75%
Intuit (INTU)
0.71%
Applied Materials (AMAT)
0.65%
eBay (EBAY)
0.61%
Fiserv (FISV)
0.60%
Nvidia (NVDA)
0.59%
Electronic Arts (EA)
0.57%
Corning (GLW)
0.55%
HP (HPQ)
0.54%
Fidelity National
Information (FIS)
TE Connectivity (TEL)
0.30%
1.03%
Hewlett Packard
1.
0.50%
9.74%
Yahoo (YHOO)
INDUSTRY BREAKDOWN
Activision Blizzard (ATVI)
Microsoft (MSFT)
Solutions (CTSH)
12.68%
0.51%
0.51%
Xerox (XRX)
0.23%
Juniper Networks (JNPR)
0.21%
VeriSign (VRSN)
0.21%
F5 Networks (FFIV)
0.20%
NetApp (NTAP)
0.19%
Qorvo (QRVO)
0.19%
Seagate Technology (STX)
0.19%
Frontier Communications (FTR) 0.16%
FLIR Systems (FLIR)
0.12%
First Solar (FSLR)
0.10%
CSRA (CSRA)
0.09%
Teradata (TDC)
0.09%
There is no assurance that XLK currently holds these securities.
XLU
Fund Details
Trading Symbol
Price
Distributions
Expense Ratio
Number of Holdings
XLU
$52.47
Quarterly
The Utilities Select Sector SPDR invests primarily in companies that produce,
generate, transmit or distribute electricity or natural gas. There are 29 companies in the
Utilities Select Sector SPDR.
UTILITIES SELECT SECTOR SPDR VS.
THE S&P 500 INDEX
0.14%
29
Short Selling
Yes
Options
Yes
†
XLU
37,049
$
S&P 500
$
INDEX
26,068
38,293
$
PERFORMANCE
6/30/16
6/30/15
6/30/14
6/30/13
6/30/12
6/30/11
6/30/10
6/30/09
6/30/08
6/30/07
6/30/06
6/30/05
6/30/04
6/30/03
6/30/02
6/30/01
3.10%†
6/30/00
IXU
6/30/99
Index Symbol
12/16/98
Index Details
in the Utilities Select Sector SPDR at its inception would have
As of 6/30/16
Annualized
Total Returns
(Net Asset Value)
Total Returns
(Market Close)
Utilities Select
Sector Index
S&P 500 Index
AFTER-TAX
AFTER-TAX
Latest
Quarter
Year to
Date
Since
6.71%
23.21%
31.16%
15.76%
13.57%
8.95%
7.24%
6.70%
23.27%
31.15%
15.76%
13.58%
8.94%
7.24%
6.79%
2.46%
23.42%
3.84%
31.52%
3.99%
16.01%
11.66%
13.83%
12.10%
9.18%
7.42%
7.46%
4.32%
6.34%
22.39%
29.66%
14.63%
12.59%
8.17%
6.35%
3.79%
13.12%
17.93%
12.05%
10.65%
7.18%
5.71%
Source: Bloomberg
28
3.63%
S&P 500 as of 6/30/16.
PORTFOLIO STATS
P/E Ratio
19.86
P/B Ratio
2.06
Median Market Cap
19.00B
Beta
0.47
16,438,148
0.47
^
3yr correlation: 06/30/13 - 06/30/16
INDUSTRY BREAKDOWN
1.
Electric Utilities
60.34%
2.
Multi-Utilities
34.19%
3.
Water Utilities
2.29%
4.
Independent Power Producers & Energy Traders
1.98%
5.
Gas Utilities
1.20%
Source: Bloomberg
NextEra Energy (NEE)
9.15%
Duke Energy (DUK)
8.29%
Southern (SO)
7.66%
Dominion Resources (D)
7.31%
American Electric Power (AEP)
5.26%
Exelon (EXC)
5.10%
PG&E Corp (PCG)
4.85%
Sempra Energy (SRE)
4.13%
PPL Corp (PPL)
3.90%
Edison (EIX)
3.87%
Consolidated Edison (ED)
3.75%
Public Service Enterprise (PEG)
3.59%
Xcel Energy (XEL)
3.49%
WEC Energy (WEC)
3.14%
Eversource Energy (ES)
2.89%
DTE Energy (DTE)
2.73%
American Water Works (AWK)
2.28%
FirstEnergy (FE)
2.26%
Entergy (ETR)
2.21%
Ameren (AEE)
1.99%
CMS Energy (CMS)
1.99%
SCANA (SCG)
1.64%
Centerpoint Energy (CNP)
1.59%
Pinnacle West Capital (PNW)
1.40%
Nisource (NI)
1.32%
AES Corp (AES)
1.26%
AGL Resources (GAS)
1.21%
TECO Energy (TE)
1.01%
NRG Energy (NRG)
0.72%
There is no assurance that XLU currently holds these securities.
SECTOR SPDRs ONLINE
For up-to-date listings of weightings and holdings, as well as fact sheets and
performance information, visit Select Sector SPDRs @ www.sectorspdrs.com.
Important Considerations
Select Sector SPDR ETF shareholders are subject
to risks similar to those of holders of other sector
stock portfolios. One primary consideration is that
the general level of stock prices may decline, and
thus the value of Select Sector SPDRs may decline.
A Select Sector SPDR ETF may also be adversely
affected by the performance of the specific sector or
group of industries upon which it is based. You can
expect that shares in a Select Sector SPDR ETF will
move up or down in value with the value of its related
Select Sector Index. In addition, the overall depth
and liquidity of the secondary market in these shares
may fluctuate. Select Sector SPDRs bear a higher
level of risk than more broadly diversified funds.
Although Select Sector SPDR ETFs are designed
to provide investment results that, before expenses, generally correspond to the price and yield
performance of their related Select Sector Indexes,
the ETFs of the Select Sector SPDR Trust may not
be able to exactly replicate the performance of the
30
Select Sector Indexes because of expenses and
other factors.
Over time, the stock holdings of each Select
Sector SPDR ETF may be rebalanced to reflect
changes in the composition of its related index. A
Select Sector SPDR ETF would incur transaction
costs and other expenses as a result of rebalancing. Furthermore, a Select Sector SPDR ETF
would realize capital gains or losses from the sale
of securities in a rebalancing. Net long-term capital
gains, if any, will be distributed to shareholders as
capital gains distributions at least annually. The
sale of an investment for the purpose of rebalancing may be subject to taxes.
From a tax standpoint, you should be aware that
the Trust is structured as a Regulated Investment
Company, and that dividend distributions may not
be characterized entirely as ordinary income. You
may wish to consult your tax adviser in this regard.
Legal Disclosure
There are no sales loads on Select Sector SPDR
shares but ordinary brokerage commissions
apply and this expense is not reflected in
performance calculations.
The S&P 500 is a product of S&P Dow Jones
Indices LLC (“SPDJI”) and has been licensed
for use by State Street Global Advisors (State
Street). Standard & Poor’s®, S&P®, S&P 500®, and
SPDR® are registered trademarks of Standard &
Poor’s Financial Services LLC (“S&P”); and these
trademarks have been licensed for use by SPDJI
and sublicensed for certain purposes by State
Street. State Street’s Select Sector SPDRs are
not sponsored, endorsed, sold or promoted by
SPDJI, Dow Jones, S&P, their respective affiliates,
and none of such parties make any representation
regarding the advisability of investing in the Select
Sector SPDRs nor do they have any liability for
any errors, omissions, or interruptions of the S&P
500 Index.
You cannot invest directly in an index.
The S&P 500 is an index of 500 common stocks
that is generally considered representative of
the U.S. stock market. The index is weighted
toward stocks with large market capitalizations
and represents approximately two-thirds of the
total market value of all domestic common stocks.
The S&P 500 index figures do not reflect any fees,
expenses or taxes.
The Select Sector SPDR Trust consists of eleven
separate investment portfolios (each a “Select
Sector SPDR ETF” or an “ETF” and collectively the
“Select Sector SPDR ETFs” or the “ETFs”). Each
Select Sector SPDR ETF is an “index fund” that
invests in a particular sector or group of industries
represented by a specified Select Sector Index.
The companies included in each Select Sector
Index are selected on the basis of general industry
classification from a universe of companies defined
by the S&P 500®. The investment objective of
each ETF is to provide investment results that,
before expenses, correspond generally to the
price and yield performance of publicly traded
equity securities of companies in a particular
sector or group of industries, as represented by a
specified market sector index.
Asset allocation cannot assure a profit nor protect
against a loss.
Select Sector SPDRs are subject to risk similar to
those of stocks including those regarding shortselling and margin account maintenance.
All ETFs are subject to risk, including possible loss
of principal. Sector ETF products are also subject
to sector risk and non-diversification risk, which
will result in greater price fluctuations than the
overall market.
An investor should consider investment
objectives, risks, charges and expenses
carefully before investing. To obtain a
prospectus, which contains this and
other information, call 1-866-SECTOR-ETF
(866-732-8673) or visit www.sectorspdrs.com.
Read the prospectus carefully before investing.
ALPS Portfolio Solutions Distributor, Inc., a
registered broker-dealer, is distributor for the
Select Sector SPDR Trust.
Definitions
DEFINITIONS
P/E Ratio
A valuation ratio of a company’s current share price compared to its per-share earnings. It is calculated
by dividing the market value per share by earnings per share.
P/B Ratio
A ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current
closing price of the stock by the latest quarter’s book value (book value is simply total assets minus
intangible assets and liabilities).
Median Market Cap
The midpoint of the range of the individual market capitalizations for each sector. The market capitalization
is defined as the value of a company, that is, the market value of its outstanding shares. This figure is
found by taking the stock price and multiplying it by the total number of shares outstanding.
Beta
A measure of a security’s or portfolio’s volatility, or systematic risk, in comparison to the market as a
whole. Also known as “beta coefficient”.
Volume
The number of shares or contracts traded in a security or an entire market during a given period of time.
It is simply the amount of shares that trade hands from sellers to buyers as a measure of activity.
Correlation
A measure that determines the degree to which two variable’s movements are associated.
Source: Investopedia
32
SEL002370 Exp. 10/31/16

Q2 2016 Sector SPDR Guide

Transcription

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