SPDRs

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[edit] S&P 500 Spiders & Select Sector SPDRS

SPDR = Standard & Poor's Depositary Receipt - Traded on the American Stock Exchange


The nine Select Sector funds are:

  • The Consumer Discretionary Select Sector SPDR Fund - XLY
  • The Consumer Staples Select Sector SPDR Fund - XLP
  • The Energy Select Sector SPDR Fund - XLE
  • The Financial Select Sector SPDR Fund - XLF
  • The Health Care Select Sector SPDR Fund - XLV
  • The Industrial Select Sector SPDR Fund - XLI
  • The Materials Select Sector SPDR Fund - XLB
  • The Technology Select Sector SPDR Fund - XLK
  • The Utilities Select Sector SPDR Fund - XLU
  • The Entire S&P 500 Index - SPY


  • Trade the entire S&P 500 with one stock - "SPY". Select S&P 500 sector funds allow you to trade a particular sector of the S&P 500. You can buy and hold on to them like a mutual fund, but they are tradeable and liquid like a stock.


[edit] About SPDRs

Select Sector SPDRs are unique ETFs that divide the S&P 500 into nine sector index funds. So now you can customize your investments by picking and weighting these sectors to meet your specific investment goals. Select Sector SPDRs have the diversity of a mutual fund, the focus of a sector fund, and the tradability of a stock. You can buy or sell Select Sector SPDR shares on the American Stock Exchange throughout the trading day.


Together, the nine Select Sector SPDRs represent the S&P 500 as a whole. However, each Select Sector SPDR can also be bought individually, providing you with undiluted exposure to a particular sector or industry group.

Select Sector SPDRs let you achieve the security of investing in the well-known, large cap stocks of the S&P 500, with the ability to over-weight or under-weight particular sectors based on your own investment goals and strategies.


Calculating Select Sector Indexes Each Select Sector Index is calculated using a modified "market capitalization" methodology. This formula ensures that each of the component stocks within a Select Sector Index is represented in a proportion consistent with its percentage of the total market cap of that particular index. However, all nine Select Sector SPDRs are diversified mutual funds with respect to the Internal Revenue Code. As a result, each Sector Index will be modified so that an individual security does not comprise more than 25% of the index.


Select Sector SPDR Trust Administration and Management State Street Bank and Trust Company serves as administrator and custodian of the Trust and SSgA Funds Management Inc. serves as the Trust's advisor. The value of Select Sector Indexes is calculated by the American Stock Exchange. The distributor for The Select Sector SPDR Trust is ALPS Distributors, Inc., a registered broker-dealer.


The Select Sector SPDRs of The Select Sector SPDR Trust are not "actively managed" by traditional methods.


Each Select Sector SPDR is designed to, before expenses, closely track the price performance and dividend yield of a particular Select Sector Index. Each Fund’s portfolio is comprised principally of shares of constituent companies included in the S&P 500. Each stock in the S&P 500 is allocated to only one Select Sector Index. The combined companies of the nine Select Sector Indexes represent all of the companies in the S&P 500. Of course, each Select Sector SPDR can be expected to move up or down in value with its underlying Select Sector Index.


Shares of Select Sector SPDR Funds provide you with a way to invest in a portfolio of equity securities in a sector or group of industries in a single trade.


Select Sector SPDRs allow you to custom tailor asset allocations to fit your particular investment needs or goals. One Fund may complement another; individual Select Sector SPDRs can be used to increase your exposure to certain industries that may be outperforming the market or to hedge other holdings in your portfolio. Although an individual Select Sector SPDR may bear a higher level of risk than a broad-market fund because of less diversity, sector investments may also offer opportunities for returns greater than an investment in the entire S&P 500 Index.


You can buy or sell shares of Select Sector SPDRs much as you do shares of a single stock. They trade like stock. They can provide dividends like stock. And, like stock, they can be held for either the short or long term. Find out in the following pages how Select Sector SPDRs can help you custom tailor your personal equity portfolio.


[edit] SPDRs ETF Background

The advantages of ETFs.

Exchange Traded Funds (ETFs) are innovative investment structures that combine the trading flexibility of individual stocks with the diversification benefits of mutual funds. Similar to equity mutual funds, ETFs are pooled investments that represent ownership in a basket of stocks. However, unlike mutual funds, ETFs trade on the American Stock Exchange and can be bought or sold throughout the day, just like individual stocks. And like traditional stocks, investors can use ETFs for stop orders, limit orders, margin purchases, and short selling. ETFs are subject to risks similar to those of stocks, including those regarding short-selling and margin account maintenance.

While ETFs operate like index funds—they invest in a pool of securities held within a particular index—they are not actively managed. The fees of ETFs may be lower than those of traditional mutual funds. In addition, because ETFs can be bought or sold throughout the day, it makes them more liquid than mutual funds, which can only be bought or sold at the end of each trading day. ETFs give investors instant exposure to a particular index or asset class through one simple, cost-effective transaction.


[edit] Advantages of SPDRS

While many investors have similar outlooks, no two are exactly alike. That’s where Select Sector SPDRs come into play. They let you select the sector or industry groups that best meet your investment goals. They can be used for asset allocation, for following industry trends or for balancing your portfolio—conveniently, efficiently and affordably. Take a look at some of the major advantages of Select Sector SPDRs.


Diversification

Diversification may help to improve returns while reducing risk. However, maintaining a truly diversified stock portfolio is cost prohibitive for many investors. The creation of index funds in the 1970s allowed individuals to gain diversified exposure to a broad market segment in a cost-effective manner. ETFs improved upon the index fund concept by offering intraday trading flexibility, while maintaining the diversification benefits of mutual funds.


Select Sector SPDRs also provide diversification within a particular sector. The wide range of stocks within each sector reduces the impact that any single stock can have on the entire portfolio. You can reduce 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.

Investors should be aware that Select Sector SPDRs 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 also may be adversely affected by the performance of the specific sector or group of industries upon which it is based.


Low Expenses

Select Sector SPDRs are designed to be cost efficient. Unlike active mutual funds, whose objective is to beat a respective index, Select Sector SPDRs are managed passively, with the objective of matching the performance of their underlying sector index. Consequently, Sector SPDRs are able to eliminate many of the operating, research and transaction expenses incurred by active money managers. These cost savings are then passed along to you, the investor, in the form of lower expense ratios.

The average expense ratio for Select Sector SPDRs is 0.23%.


Asset Allocation

Many investors do not realize the performance impact of asset allocation. Even within a broad-based index like the S&P 500, the performance difference between sectors can be dramatic. As focused investments, Select Sector SPDRs are ideal tools to achieve varying levels of equity exposure within an Asset Allocation Strategy. By handpicking your industry and sector exposure, you can customize the performance of your portfolio.


Tax Efficiency

Select Sector SPDRs are designed to be tax-efficient investments. As an investor in the funds, you are shielded in two ways from many of the tax burdens commonly found in actively managed mutual funds.

Portfolio turnover in the Select Sector SPDR Funds is low.

Portfolio turnover, a major factor in generating capital gains for actively managed mutual funds, occurs when managers buy and sell securities. These portfolio transactions, however, in the Select Sector SPDRs 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 capital gains.

The unique structure of ETFs minimize potential capital gains.

Unlike conventional mutual funds, ETF shareholders are insulated from taxable events generated by other shareholders in the fund. 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!


Select Sector SPDR investors transact with one another via brokers on the stock exchange, instead of directly with the fund company. All share activity with the Trust is facilitated via in-kind transfers with institutional investors, a process called the Creation/Redemption Process. This procedure essentially prevents the fund from incurring capital gains as the result of shareholder trades. The increased tax efficiency of ETFs, even in comparison to index mutual funds, makes them a viable option for those who seek to diminish the effects of taxes on their investments.


Flexibility and Convenience

Select Sector SPDRs are traded on the American Stock Exchange, and, as a result, can be bought and sold with the same flexibility as individual stocks. For example, you can trade Select Sector funds throughout the day, as well as place stop, limit or market orders. The Select Sector SPDRs Funds are subject to investment risks similar to those of stocks, including risk associated with short-selling and margin account maintenance.


Select Sector SPDRs are also not restricted to the Up Tick rule, which means that you can sell Select Sector SPDRs short on a down-tick. This flexibility allows you to hedge long-term positions in a specific sector even in a falling market. The relatively low outlay of cash required to purchase ETFs in comparison with other derivative instruments also makes them a prudent hedging vehicle for smaller portfolios.


Options are available on all nine Select Sector SPDRs and are traded on the American Stock Exchange and Chicago Board Options Exchange. Please see more about using Select Sector SPDRs as a hedging vehicle in our Hedging Strategies section.


Margin eligibility.

Select Sector SPDRs can be bought on margin, generally subject to the same terms that apply to common stocks.


Convenience.

Select Sector SPDRs offer you the convenience of investing in portfolios of stocks included in any of the nine Select Sector Indexes with just one transaction. The composition of the Select Sector Indexes is available in the Index Components section — so you’ll know how your money is invested.


Transparency

With Select Sector SPDRs, you know exactly the companies in which you are investing. The Holdings of Each Select Sector SPDR Index are available on a daily basis. Meanwhile, active mutual funds generally reveal their entire holdings just twice a year, which can leave you guessing about how closely the fund manager is sticking to the objectives and style of the fund.


The transparency of the portfolio also facilitates the use of Select Sector SPDRs as hedging vehicles for both institutional and individual investors. By knowing exactly what stocks make up each Select Sector SPDR, individuals, traders and hedge fund managers alike can easily obtain or hedge exposure to a specific group of securities.


Dividend Reinvestment

Dividends from the underlying securities are reinvested back into Select Sector SPDRs. The Select Sector SPDRs pay dividends to shareholders quarterly. The Select Sector SPDR Trust allows shareholders to reinvest these dividends, rather than receive them in cash, provided their brokerage firm makes the reinvestment option available. By reinvesting dividends back into the funds, Select Sector SPDRs are more able to fully replicate the underlying index.


Tradability

You won't have to wait until the end of the trading day to purchase or sell Select Sector SPDRs. They’re listed and traded on the American Stock Exchange — so it’s easy for you to buy or sell shares throughout the trading day, at the time you want to buy or sell. This intraday trading gives you the power to react swiftly to market changes. And because the pricing of Select Sector SPDRs is continuous during AMEX trading hours, you’ll always be able to obtain up-to-the-minute share prices from your broker or financial advisor.


[edit] SPDRs Fund Descriptions

Select Sector SPDRs, before expenses, are designed to closely track the price performance and dividend yield of Select Sector Indexes comprised of constituent stocks of the S&P 500. The Select Sector Index portfolios are weighted on a modified market-value (or capitalization) basis. The companies included in each Select Sector Index are chosen on the basis of general industry classification.

Here's a look at the nine Select Sector Indexes on which the Select Sector SPDRs are based. All company-specific information is subject to change.


The Consumer Discretionary Select Sector Index

Industries such as automobiles and components, consumer durables, apparel, hotels, restaurants, leisure, media, and retailing are primarily represented in this group. Index includes Wal-Mart Stores, Walt Disney Co., and General Motors Corp.


The Consumer Staples Select Sector Index

The companies in this sector 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. Component stocks include The Coca-Cola Company, Philip Morris Companies, Inc., and Proctor & Gamble Co.


The Energy Select Sector Index

Energy companies in this Index primarily develop and produce crude oil and natural gas, and provide drilling and other energy-related services. Leaders in the group include ExxonMobil Corp., ChevronTexaco Corp, and ConocoPhillips.


The Financial Select Sector Index

A wide array of diversified financial service firms are featured in this sector with business lines ranging from investment management to commercial and investment banking. Among the companies included in the Index are American International Group Inc., Citigroup Inc., and BankAmerica Corp.


The Health Care Select Sector Index

Companies in this sector primarily include health care equipment and supplies, health care providers and services, biotechnology, and pharmaceuticals industries. Pfizer Inc., Johnson & Johnson, and Merck & Co., Inc. are included in this sector's mix.


The Industrial Select Sector Index

General Electric Co., Minnesota Mining & Manufacturing Co. and Boeing Co. are among the largest components by market capitalization in this sector. Industries in the Index include aerospace and defense, building products, construction and engineering, electrical equipment, conglomerates, machinery, commercial services and supplies, air freight and logistics, airlines, marine, road and rail, and transportation infrastructure companies.


The Materials Select Sector Index

This Index is composed of companies primarily involved in such industries as chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products. Among its largest components are E.I. DuPont de Nemours & Co., Dow Chemical Co., and Alcoa Inc.


The Technology Select Sector Index

Stocks primarily covering products developed by internet software and service companies, IT consulting services, semiconductor equipment and products, computers and peripherals, diversified telecommunication services, and wireless telecommunication services are included in this Index. Components include Microsoft Corp., Intel Corp., International Business Machines Corp.


The Utilities Select Sector Index

The Utilities Index primarily provides companies involved in water and electrical power and natural gas distribution industries. Component companies include Duke Energy Corp., Excelon Corp., and Dominion Resources Inc.


[edit] SPDRs FAQ

What are Select Sector SPDR Funds?

Select Sector SPDRs are unique Exchange Traded Funds that unbundle the benchmark S&P 500 and give holders ownership in particular sectors or groups of industries that are components of the S&P 500 Index. The nine Funds together comprise all of the companies included in the S&P 500.


When can I buy or sell Select Sector SPDRs?

Unlike conventional open-end mutual fund which price once per day, Select Sector SPDRs are listed and trade on the American Stock Exchange (AMEX) so investors are able to buy or sell shares throughout the day. This intraday trading gives investors the power to react swiftly to market changes. Prices will fluctuate throughout the trading day.


Is there a sales load on Select Sector SPDRs?

No. There is no sales load on Select Sector SPDRs but ordinary brokerage commissions do apply.


What are the annual operating expenses?

The expected annual operating expenses for Select Sector SPDRs are approximately 0.29%.


Who should invest in Select Sector SPDRs Funds?

Select Sector SPDRs may be appropriate for investors who seek a relatively low-cost "passive" approach for investing in a portfolio of equity securities of companies in a particular sector or group of industries.


Will Select Sector SPDRs pay a dividend?

Just like stock, Select Sector SPDRs may pay quarterly cash dividends representing dividends accumulated on the stocks held by the respective Fund, less fees and expenses of the Fund. In addition, there may be opportunities for dividend reinvestment.


Can I short Select Sector SPDRs?

Yes. You can short Select Sector SPDRs and unlike ordinary common stock, Select Sector SPDRs can be sold short on a downtick at any time during trading hours.


Can Select Sector SPDRs be purchased on margin?

Yes. Select Sector SPDRs can be bought on margin and are generally subject to the same terms that apply to common stock.


Should I expect high portfolio turnover in any of the Select Sector SPDRs?

No. Unlike many investment companies, Select Sector SPDRs are not actively "managed." Although the Select Sector Index underlying each Select Sector SPDR will generally not be subject to frequent or large changes, periodic changes may occur as a result of a change in the S&P 500 Index. In addition, capital changes, e.g., mergers and spinoffs, or a change in the business or character of a component company within the Select Sector Index, may result in its removal from the S&P 500.


If I buy all nine Select Sector SPDRs, am I exactly replicating the S&P 500?

No. If you purchase the nine Select Sector SPDRs with weightings that correspond to the S&P 500 weightings you will be close. The nine Select Sector SPDRs together will include all of the companies represented in the S&P 500 and all the stocks in the S&P 500 will be allocated to one and only one of the Select Sector SPDRs. However, due to diversification requirements, certain Select Sector SPDRs will not have the exact individual component weightings of the broad S&P 500 Index.


Who is responsible for the management of the Trust?

State Street Bank and Trust Company serves as administrator and custodian of the Trust and SSgA Funds Management Inc. serves as the Trust's advisor. The value of Select Sector Indexes is calculated by the American Stock Exchange. The distributor is ALPS Distributors, Inc., a registered broker-dealer.


The Select Sector SPDRs Funds are subject to investment risks similar to those of stocks, including risk associated with short-selling and margin account maintenance.


[edit] SPDRs Investing Techniques

Whether you are a savvy individual investor, a financial planner, broker, institutional investor or pension plan sponsor, the following strategies illustrate how you can use Select Sector SPDRs to help with:


Customizing the S&P 500


Strategy 1: Maintain a Customized Portfolio of Select Sector SPDRs

Select Sector SPDRs allow you to purchase the S&P 500 Index in pieces, giving you greater flexibility to customize the S&P 500. You can purchase the nine Select Sector SPDRs in weightings consistent with the S&P 500 or use your own weightings to meet specific investment goals.


Example: Your investment objective is to have exposure to the broad market, such as the S&P 500 Index. However, you are speculating that the financial sector will provide strong performance during the next year, while the technology sector will suffer declines. You can purchase all nine Select Sector SPDRs, buying a heavier concentration of the Financial Select Sector SPDR (XLF) and fewer shares of the Technology Select Sector SPDR (XLK).


Tax Strategies


Select Sector SPDRs can help investors manage more tax-efficient investment portfolios. Before entering into any tax-related strategies, consult your tax advisor.


Strategy 1: Take Individual Stock Losses While Maintaining Exposure to the Sector Sell individual stock positions currently trading below purchase price, realize the loss and maintain similar sector exposure by purchasing the appropriate Select Sector SPDR.


Example: You are currently long several stocks that are held by a Select Sector SPDR, all of which are trading below their original purchase prices. You can sell your loss positions, realize the losses, and buy the Select Sector SPDR which holds those stock positions to maintain exposure to those stocks and others in that sector.


Strategy 2: Take Losses in Funds Currently Held While Maintaining Exposure to the Sector Sell an ETF, closed-end fund or mutual fund currently trading below purchase price, realize the loss and maintain similar sector exposure by purchasing the appropriate Select Sector SPDR.


Example: You are currently long a Technology Fund, which is trading below your original purchase price. You can sell your loss position, realize the loss, and buy the Technology Select Sector SPDR (XLK) to maintain similar exposure.


Strategy 3: Maintain a Customized Portfolio of Select Sector SPDRs and Rebalance at Year-End to Harvest Tax Losses Select Sector SPDRs allow you to purchase the S&P 500 Index in pieces, giving you greater flexibility to customize a portfolio and better manage after-tax returns. Purchase all nine Select Sector SPDRs in weightings consistent with the S&P 500 or use your own weightings to meet a specific investment goal.


Example: Whether your objective is income or growth, you can sell the sectors with unrealized losses at year-end and maintain exposure to those sectors by buying similar ETFs. After waiting at least 31 days, you may rebalance the portfolio by swapping back into the appropriate Select Sector SPDRs with weightings appropriate to your investment objectives.


Hedging Strategies


Strategy 1: Use the Flexibility of Select Sector SPDRs to Offset Long Positions Sell short one of the Select Sector SPDRs that corresponds to your individual stock positions and reduce the downside risk without realizing a taxable event on your long positions in those stocks.


Example: You hold sizable positions of stock A and stock B with unrealized gains. To hedge the downside risk without recognizing a taxable event, you sell short the Select Sector SPDR that includes these companies.


Strategy 2: Use options as a hedge to offset downside risk in your portfolio Options are available on all nine Select Sector SPDRs. This feature provides investors with an additional tool to manage the risk in their portfolio. Options can be utilized to minimize the downside and upside risk of both short and long stock positions.


Example: You have an extensive stock portfolio that is diversified among companies in the manufacturing, financial services, technology, and consumer staples industries. Although you’re bullish in the long term, you are concerned about short-term losses, especially in the technology sector. In addition, there is a high correlation between the performance of the technology stocks and the performance of the Technology Select Sector SPDR (XLK).


To minimize the downside risk of your technology stocks, you buy a put on the XLK. In the event that the XLK drops in price, you can exercise a put option to offset some of the losses in your stock portfolio.


Asset Allocation Strategies


Strategy 1: Diversify an Existing Portfolio with Select Sector SPDRs In reviewing your portfolio, you realize that you are overexposed to certain sectors and underexposed to others. Use Select Sector SPDRs to over-weight underrepresented sectors and reduce exposure to sectors that overlap.


Example: Although you have investments in individual stocks, index funds and actively managed mutual funds, many individual stocks are also owned in large percentages by both the index funds and active mutual funds. As a result, this particular stock portfolio is heavily weighted with large cap names in the financial, technology, and health care sectors. However, as of the end of 2002, these three sectors also comprised 54% of the S&P 500 Index.


To correct the imbalance in the portfolio, you replace a portion of the technology, health care and financial stocks with investments in the Materials (XLB), Industrial (XLI) and Consumer Discretionary (XLY) Select Sector SPDRs. These sectors are under-weighted in both the mutual fund and index portfolios, and will help offset the technology, health care and financial sectors, which are still well represented in your other investments.


Strategy 2: Don't Put All of Your Eggs in One Basket: Use Select Sector SPDRs to Rebalance As a prudent investor, you must make periodic appraisals of your portfolio. As market conditions change, investment positions may need to be adjusted in order for you to remain consistent with the investment objectives.


Example: A market rally in one sector can leave you exposed to a crash in the next business cycle. We all remember the tech bubble that burst in 2000. The following table shows the percentage of the S&P 500 in the technology sector at various stages in the last three years.



Sector - Date - Percentage of S&P 500 - (by market cap)

Technology - 08/14/98 - 11%

Technology - 03/31/00 - 39%

Technology - 12/31/02 - 18%


Investors who bought the S&P 500 Index in 1998 were only counting on roughly a 10% exposure to technology. However, by March of 2000, technology stocks accounted for almost 40% of the market capitalization of the Index. By the end of 2002, the technology portion of the S&P 500 had lost more than half of its value from a high in March 2000. Select Sector SPDRs can be used as a rebalancing tool to ensure that you’re not overly exposed to any individual sector.


Strategy 3: Invest in a Sector, Not in an individual Security Select Sector SPDRs allow you to place diversified investments in certain sectors or industry groups. This minimizes the impact of company-specific risk within an investment portfolio.


Example: You feel bullish about energy and want to allocate a small portion of your portfolio in top energy stocks. To avoid the volatility associated with investing in one or two stocks, while maintaining concentrated exposure to an industry group, you buy the Energy Select Sector SPDR (XLE), which currently provides exposure to a wide range of energy stocks.


Transition Management Strategies


Strategy 1: Use Select Sector SPDRs to Equitize Cash in a Portfolio Whether it is an index, individual portfolio, hedge fund, or actively managed fund, extra cash can drag the performance of a portfolio that is designed to be fully invested. Select Sector SPDRs combine equity exposure needed to remain fully invested with the flexibility required for cash management needs.


Example: Your high-tech portfolio is designed to be fully invested. You allocate a certain percentage of the portfolio for short-term cash needs and purchase the Technology Select Sector SPDR (XLK). As cash needs dictate, you buy and sell the XLK, satisfying your obligations while remaining fully invested.


Strategy 2: Use Select Sector SPDRs to Handle Portfolio Manager Transition Select Sector SPDRs can be utilized as a transition vehicle while replacing a portfolio manager or an asset class.


Example: You manage an account and are in the process of replacing a money manager. Faced with the options of keeping the old manager's portfolio or liquidating it for cash, Select Sector SPDRs provide an attractive alternative. By replacing the securities in the portfolio with Select Sector SPDRs, equity exposure is maintained until the manager is changed.


Consult your tax advisor for additional information.



[edit] How to Purchase SPDRs

Select Sector SPDRs can be bought or sold throughout the trading day on the American Stock Exchange (AMEX) and trade just like shares of stock. Orders are entered in the share amount you wish to purchase (or sell) using the trading symbols below:


Select Sector SPDR Fund - Ticker Symbol

Consumer Discretionary SPDR Fund - XLY

Consumer Staples SPDR Fund - XLP

Energy SPDR Fund - XLE

Financial SPDR Fund - XLF

Health Care SPDR Fund - XLV

Industrial SPDR Fund - XLI

Materials SPDR Fund - XLB

Technology SPDR Fund - XLK

Utilities SPDR Fund - XLU

The entire S&P 500 Index - SPY


A single Select Sector SPDR share represents ownership in one of nine portfolios of The Select Sector SPDR Trust. Just as a typical round lot for stock is 100 shares, a round lot for a Select Sector SPDR is 100 shares. Select Sector SPDRs trade in round lots as well as odd lots (i.e., less than 100).


Select Sector SPDRs pricing is continuous during AMEX trading hours. You will always be able to obtain up-to-the-minute share prices from your Financial Advisor.


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[edit] Where to Buy


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