XLF Fund Description

The Financial Select Sector SPDR Fund tracks an index of S&P 500 financial stocks.

XLF ETF.com Insight

XLF offers fairly broad exposure to the US Financials segment, but its cap-weighted S&P 500-only portfolio tilts away from our segment benchmark, leaning heavily on the largest of thefor many, XLF is the defining, go-to fund for financials exposure large-caps. It is concentrated in higher-beta top holdings like Wells Fargo and JPMorgan Chase. The fund misses companies like Visa and MasterCard, which S&P classifies as tech firms. Still, XLF, the grand dame of sector ETFs, is the most popular fund in the segment, as well as one of the cheapest and most liquid, with many times the trading volume of most competitors. For many investors, XLF is the defining, go-to fund for financials exposure, although there are more comprehensive funds out there for long-term exposure. (Insight updated 10/02/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 12/18/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
XLF 2.69% 4.55% 14.74% 16.62% 27.49% 13.42% 0.20%
XLF (NAV) 2.82% 4.56% 14.92% 16.65% 27.49% 13.46% 0.22%
S&P Financial Select Sector Index 2.83% 4.61% 15.09% 16.84% 27.74% 13.65% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

XLF Top 10 Countries

XLF Top 10 Sectors

XLF Top 10 Holdings View All

XLF Summary Data

SSgA

A company that produces and manages ETFs.

12/16/98

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.16%

The net total annual fee a fund holder pays to the issuer.

$21.02 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$794.18 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.04%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

XLF Portfolio Data

$118.22 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

16.72

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.39

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.50%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/29/14

The date on which a security's price excludes an upcoming dividend.

85

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

XLF Index Data

S&P Financial Select
Sector Index

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Committee

A set of rules that the underlying index provider follows to select its constituent securities.

Thomson Reuters US Financials

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to XLF

IYF, VFH, RYF, RWW, KBWD

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

XLF ETF.com Efficiency Insight

XLF is one of the cheapest funds in its segment, charging just 16 bps, and with more than $18B in assets, it's the most popular by far. It has a long history of avoiding capital gains payouts, making it tax efficient. Tracking has stumbled recently as XLF's median tracking difference has expanded beyond its expense ratio—fortunately, it's not too far. XLF is still highly Efficient. (Insight updated 10/02/2014)

Total Return - 12/18/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 12/18/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
XLF 2.69% 4.55% 14.74% 16.62% 27.49% 13.42% 0.20%
XLF (NAV) 2.82% 4.56% 14.92% 16.65% 27.49% 13.46% 0.22%
S&P Financial Select Sector Index 2.83% 4.61% 15.09% 16.84% 27.74% 13.65% --
Thomson Reuters US Financials 2.50% 4.48% 14.21% 15.91% 26.59% 13.72% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

XLF Portfolio Management

0.16%

The net annual fee a fund holder pays to the issuer.

-0.20%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.15%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.27%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

XLF Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

XLF Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

XLF ETF.com Tradability Insight

XLF is one of the most liquid funds in its segment, with a median daily volume around $1B. Unsurprisingly, the fund trades at penny-wide spreads. Trading in size poses few issues as block trades are easy due to the fund's strong underlying liquidity and low creation costs. (Insight updated 10/02/2014)



Average Spread
Premium/Discount
Volume

XLF ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of XLF. XLF is rated a 5 out of 5.

XLF Tradability

33,432,573

It is the daily number of shares traded, averaged over the past 45 trading days.

$794.18 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

30,227,362

Median number of shares traded over the past 45 trading days.

$743.15 M

Median dollar value of shares traded over the past 45 trading days.

0.04%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

-0.00%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.42% / -0.16%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

604.55

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.04%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.01%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

2,997,734

The total number of net outstanding options contracts for an ETF.

$24.81

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

XLF ETF.com Fit Insight

XLF's S&P 500-only portfolio tilts away from our segment benchmark despite its market-cap weighting scheme. It excludes small-caps, leaving heavy exposure to large banks like Wells Fargo and JPMorgan (16% combined). Its concentration in high-beta banks raises volatility slightly. XLF is a great Fit for investors who want big, headline-driven large-cap financials, but investors looking for a deep, broad, comprehensive approach to the US Financials sector have better options. (Insight updated 10/02/2014)

XLF Geographic Exposure

XLF Segment Benchmark
99.39% 100.00%

0.02% --

0.22% --

0.03% --

0.24% --

0.11% --

XLF Segment Benchmark
99.50% 100.00%

0.23% --

0.26% --

99.74% / 0.26% 100.00% / --

XLF Performance Statistics

0.99

The degree to which the fund and its segment benchmark move up and down in unison.

1.04

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.05

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.06

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.08%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Thomson Reuters US Financials

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

XLF Benchmark Comparison

XLF
85 Holdings
Segment Benchmark
413 Constituents
Shared Holdings
81 (Count)
 
71.75% (Weight)
XLFSegment Benchmark
$94.76 B$118.22 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

75%94%
19%6%
6%0%
0%0%
17.2216.72

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.411.39

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.95%1.66%

The weighted average of the current yield on the portfolio’s holdings.

41385

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

MediumMedium

The level of return contribution attributable to the average portfolio constituent.