XLK Fund Description

The Technology Select Sector SPDR tracks an index of S&P 500 technology stocks.

XLK ETF.com Insight

XLK offers fairly broad exposure to the U.S. Technology segment, but its S&P 500-only portfolio tilts away from our segment benchmark. Although XLK includes all of the big namesXLK is the go-to choice in the segment. associated with technology, it also includes big telecommunications companies like AT&T and Verizon. Its limited selection universe excludes small-caps, tilting heavily toward large-caps. This tilt reduces its volatility against more inclusive technology indexes but the fund has outperformed our benchmark on a risk-adjusted basis. XLK is no longer the cheapest fund in its segment but it is by far the most liquid–active traders need look no further. For many investors, XLK is the go-to choice in the segment. (Insight updated 02/24/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 09/12/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

XLK
3.55% 6.58% 13.54% 27.17% 21.31% 16.11% 9.27%

XLK (NAV)
3.55% 6.52% 13.45% 27.05% 21.29% 16.14% 9.27%

S&P Technology Select Sector Index
3.57% 6.57% 13.62% 27.35% 21.56% 16.39% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

XLK Top 10 Countries

XLK Top 10 Sectors View All

XLK Top 10 Holdings View All

XLK 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.

$13.96 B

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

$267.29 M

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

0.03%

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.

XLK Portfolio Data

$231.55 B

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

18.67

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

4.47

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

1.65%

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

09/19/14

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

70

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.

XLK Index Data

S&P Technology 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 Technology

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

Related ETFs to XLK

VGT, IYW, RYT, QTEC, PTF

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

XLK ETF.com Efficiency Insight

XLK is among the cheapest funds in the segment and is, without a doubt, the most established one–it has been trading since 1998, and has amassed over $14B in assets. The fund tracks its index closely and without much variation. It's also avoided cap gains payouts over the past three years, rounding the picture of a highly efficient fund. (Insight updated 02/24/2014)


Total Return - 09/12/2014
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 09/12/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

XLK
3.55% 6.58% 13.54% 27.17% 21.31% 16.11% 9.27%

XLK (NAV)
3.55% 6.52% 13.45% 27.05% 21.29% 16.14% 9.27%

S&P Technology Select Sector Index
3.57% 6.57% 13.62% 27.35% 21.56% 16.39% --

Thomson Reuters US Technology
4.58% 8.11% 15.87% 31.74% 22.47% 16.84% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

XLK Portfolio Management

0.16%

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

-0.28%

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.

-0.16%

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

-0.33%

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

XLK 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.

XLK 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.

XLK ETF.com Tradability Insight

XLK is the most liquid fund in its segment by far, with almost $250M trading on most days–enough to fill well over 100 creation units. The bid/ask spreads are tiny at 3 bps, and any premiums or discounts that crop up are extinguished quickly. In short, it is very easy to get in and out of XLK, regardless of trade size or timing. For investors whose primary concern is liquidity, it's hard to beat XLK. (Insight updated 02/24/2014)

Average Spread

Premium/Discount

Volume

XLK ETF.com/ Block LiquidityAs of 09/15/2014

5
4
3
2
1

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

XLK Tradability

6,761,657

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

$267.29 M

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

6,333,724

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

$246.74 M

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

0.03%

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.

0.32% / -0.15%

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.

126.67

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.

0.02%

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.

564,012

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

$40.2

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.

XLK ETF.com Fit Insight

XLK offers good if not great tech exposure. Its coverage is less deep than it should be, since it limits its selection pool to the S&P 500 and thus excludes small companies. Still, it holds positions in familiar tech names like Apple, Microsoft and Google. However, XLK's top 10 also includes telecom companies like AT&T and Verizon. These biases reduce the purity of its tech exposure, but also tame market risk, with a beta of only 0.89. (Insight updated 02/24/2014)

XLK Geographic Exposure

XLK Segment Benchmark
98.48% 99.45%
0.43% 0.55%
0.29% --
0.42% --
0.05% --
0.13% --
0.03% --

XLK Segment Benchmark
98.48% 99.45%
0.56% 0.55%
0.62% --
0.05% --
99.65% / 0.35% 100.00% / --

XLK Performance Statistics

0.97

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

0.89

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.

0.89

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.

0.89

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.

0.15%

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 Technology

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

XLK Benchmark Comparison

XLK
70 Holdings
Segment Benchmark
227 Constituents
Shared Holdings
51 (Count)
 
76.61% (Weight)
XLKSegment Benchmark
$233.13 B$231.55 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.

83%93%
14%7%
3%0%
0%0%
21.6218.67

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

4.314.47

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

1.32%1.80%

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

22770

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.

HighHigh

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