Product Description
Select Sector SPDR Fund shares are Exchange-traded securities that represent ownership in any of
nine Select Sector SPDR Funds, each designed to accumulate and hold a portfolio of common stocks
intended to provide investment results that generally correspond to the price performance and
dividend yield of a specific Select Sector Index. The Select Sector Indexes together comprise
all of the companies included in the Standard & Poor’s 500 Composite Stock Price Index®, and
individually represent nine sectors: Basic Industries, Consumer Services, Consumer Staples,
Cyclical/Transportation, Energy, Financial, Industrial, Technology and Utilities.
Each Select Sector SPDR is designed to accumulate and hold a portfolio of common stocks
intended to provide investment results that generally correspond to the price performance and
dividend yield of the related Select Sector Index. Holders of Select Sector SPDRs are entitled
to receive proportionate quarterly distributions, if any, corresponding to the dividends that
accrue on the stocks in the underlying portfolios, less expenses. |
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Administration
The adviser, administrator,
custodian and transfer agent for the Select Sector SPDR Funds is State Street Bank and
Trust Company. The value of Select Sector Indexes is calculated by The American Stock
Exchange. The distributor for Select Sector SPDRs is ALPS Mutual Fund Services, Inc., a
registered broker-dealer. |
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Trading Unit
A round lot is 100 Select Sector
SPDRs. Odd lots (i.e., fewer than 100 Select Sector SPDRs) trade as well. |
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Price Quotations
Quotations in dollars and
fractions per Select Sector SPDR; fractions of a dollar in minimum increments of 1/64.
Example: a quote of 50 1/64 represents a price of $50.0156 (or $5,001.56 for a round lot). |
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Settlement of Trades
Three business days. All Select
Sector SPDRs are held in book-entry form only at The Depository Trust Company (DTC). |
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Dividend Equivalent
Dividend equivalent amounts - a pro rata amount (less accumulated expenses) of regular cash
dividends for the stocks that have gone ex-dividend - may be paid quarterly. DTC’s Dividend
Reinvestment Service will be made available to DTC participant brokers for quarterly reinvestment
of cash distributions, in additional whole shares only, received by Select Sector SPDR holders. |
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Net Asset Value
The net asset value (NAV) per
Select Sector SPDR is computed each business day at the close of trading, normally 4 p.m.
New York time. NAV represents the aggregate closing market value of the underlying
portfolio of Select Sector Index securities plus any accrued dividends, minus accumulated
expenses on a per Select Sector SPDR share basis. |
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Initial Customer Margin and Short Sales
Select Sector SPDR Funds may be purchased on margin, generally subject to the same terms that
apply to common stocks. Select Sector SPDR Fund shares may be sold short on a downtick at any
time during trading hours. Note that investors are required to make arrangements to borrow
securities before selling short. |
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Symbols
| Basic Industries Sector |
XLB
|
Financial Sector |
XLF
|
| Index Symbol: |
IXB (Reuters: .IXB2) |
Index Symbol: |
IXM |
| Consumer Services Sector |
XLV
|
Industrial Sector |
XLI
|
| Index Symbol: |
IXV |
Index Symbol: |
IXI (Reuters: .IXI2) |
| Consumer Staples Sector |
XLP
|
Technology Sector |
XLK
|
| Index Symbol: |
IXR |
Index Symbol: |
IXT |
| Cyclical/Transportation Sector |
XLY
|
Utilities Sector |
XLU
|
| Index Symbol: |
IXY |
Index Symbol: |
IXU |
| Energy Sector |
XLE
|
|
|
| Index Symbol: |
IXE |
|
|
|
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Prospectus
Select Sector SPDR Funds are
offered by prospectus only. A purchaser of any Select Sector SPDR Fund shares in the
secondary market must be provided a current prospectus no later than the time confirmation
of the first transaction in Select Sector SPDRs is delivered to the purchaser. You can
obtain a prospectus by calling the Amex hotline, 800-THE-AMEX. Read it carefully before
you invest. The prospectus must also accompany all Select Sector SPDR Fund sales material
sent out by members. |
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Trading Hours
9:30 a.m. to 4 p.m. New York
time. |
| |
Creations and Redemptions
Select Sector SPDRs can be
created in "creation unit" block sizes of 50,000 Select Sector SPDRs by
depositing into The Select Sector SPDR Trust a portfolio of stock closely approximating
the composition of the underlying Select Sector Index and a specified amount of cash.
Conversely, a creation unit of 50,000 Select Sector SPDRs can be redeemed for a specific
portfolio of stocks and specified cash amount. The shares of component stocks in a
creation unit are determined by the adviser prior to the opening of trading each business
day. The required cash amount is determined on the same day following the close of
trading. |
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| Basic
Industriess Sector SPDR Fund Symbols |
| XLB |
Trading Symbol |
BZP |
Final Quarterly Dividend
Payment |
| BXV |
Underlying Trading Value |
BZS |
Shares Outstanding |
| BXN |
Net Asset Value |
BXE |
Dividend Equivalent
Payment per Creation Unit |
| BXD |
Net Accrued Dividend |
BXU |
Cash Component per
Creation Unit |
| CUSIP Number: |
81369Y100 |
|
|
Consumer Services Sector SPDR Fund Symbols |
| XLV |
Trading Symbol |
NZP |
Final Quarterly Dividend
Payment |
| NXV |
Underlying Trading Value |
CZS |
Shares Outstanding |
| NZN |
Net Asset Value |
NXE |
Dividend Equivalent
Payment per Creation Unit |
| NVD |
Net Accrued Dividend |
NXU |
Cash Component per
Creation Unit |
| CUSIP Number: |
81369Y209 |
|
|
Consumer Staples Sector SPDR Fund Symbols |
| XLP |
Trading Symbol |
PZP |
Final Quarterly Dividend
Payment |
| PXV |
Underlying Trading Value |
PXS |
Shares Outstanding |
| PXN |
Net Asset Value |
PIV |
Dividend Equivalent
Payment per Creation Unit |
| PZD |
Net Accrued Dividend |
PXU |
Cash Component per
Creation Unit |
| CUSIP Number: |
81369Y308 |
|
|
Cyclical/Transportation Sector SPDR Fund Symbols |
| XLY |
Trading Symbol |
YXP |
Final Quarterly Dividend
Payment |
| YXV |
Underlying Trading Value |
YXS |
Shares Outstanding |
| YXN |
Net Asset Value |
YPE |
Dividend Equivalent
Payment per Creation Unit |
| YXD |
Net Accrued Dividend |
YXU |
Cash Component per
Creation Unit |
| CUSIP Number: |
81369Y407 |
|
|
Energy Sector SPDR Fund Symbols |
| XLE |
Trading Symbol |
DVB |
Final Quarterly Dividend
Payment |
| EXV |
Underlying Trading Value |
EXS |
Shares Outstanding |
| EXN |
Net Asset Value |
EPE |
Dividend Equivalent
Payment per Creation Unit |
| EXD |
Net Accrued Dividend |
EXU |
Cash Component per
Creation Unit |
| CUSIP Number: |
81369Y506 |
|
|
Financial Sector SPDR Fund Symbols |
| XLF |
Trading Symbol |
FXP |
Final Quarterly Dividend
Payment |
| FXV |
Underlying Trading Value |
FXS |
Shares Outstanding |
| FZN |
Net Asset Value |
FPE |
Dividend Equivalent
Payment per Creation Unit |
| FXD |
Net Accrued Dividend |
FXU |
Cash Component per
Creation Unit |
| CUSIP Number: |
81369Y605 |
|
|
Industrial Sector SPDR Fund Symbols |
| XLI |
Trading Symbol |
IYP |
Final Quarterly Dividend
Payment |
| TXV |
Underlying Trading Value |
IZS |
Shares Outstanding |
| IZN |
Net Asset Value |
IPE |
Dividend Equivalent
Payment per Creation Unit |
| IXD |
Net Accrued Dividend |
IZU |
Cash Component per
Creation Unit |
| CUSIP Number: |
81369Y704 |
|
|
Technology Sector SPDR Fund Symbols |
| XLK |
Trading Symbol |
KXP |
Final Quarterly Dividend
Payment |
| KXV |
Underlying Trading Value |
KXS |
Shares Outstanding |
| KXN |
Net Asset Value |
KPE |
Dividend Equivalent
Payment per Creation Unit |
| KXD |
Net Accrued Dividend |
KXU |
Cash Component per
Creation Unit |
| CUSIP Number: |
81369Y803 |
|
|
Utilities Sector SPDR Fund Symbols |
| XLU |
Trading Symbol |
UZP |
Final Quarterly Dividend
Payment |
| UXV |
Underlying Trading Value |
UXS |
Shares Outstanding |
| UXN |
Net Asset Value |
UPE |
Dividend Equivalent
Payment per Creation Unit |
| UXD |
Net Accrued Dividend |
UXU |
Cash Component per
Creation Unit |
| CUSIP Number: |
81369Y886 |
|
|
|
|
NOTE: Underlying Trading Value is the market value of a
Creation Unit’s Deposit Securities, including the Dividend Equivalent Payment through
the previous day, and is updated every 15 seconds. The Dividend Equivalent Payment per
Creation Unit is an amount intended to represent a Select Sector SPDR Fund’s
distribution of dividends on the next divident payment date as if all the portfolio
securities of the Fund had been held for the entire dividend period. The Cash Component
Per Creation Unit represents the difference between the net asset value of a Creation Unit
and the Deposit Securities, and includes the Dividend Equivalent Payment. Net Asset Value,
Net Accrued Dividend, Dividend Equivalent Payment Per Creation Unit and Cash Component Per
Creation Unit are all as of previous day’s close. Underlying Trading Value, Net Asset
Value, Net Accrued Dividends and Final Quarterly Dividend Payment are all on a per-share
basis.
"Standard & Poor’s®,"
"S&P®," "S&P 500®," "Standard & Poor’s
500®","Standard & Poor’s Depositary Receipts®,"
"SPDRs®," "Select Sector SPDR," "Select Sector SPDRs" and
"Select Sector Standard & Poor’s Depositary Receipts" are trademarks of
The McGraw-Hill Companies, Inc., and have been licensed for use in connection with the
listing and trading of Select Sector SPDRs on the Amex. The stocks included in each Select
Sector Index (upon which the Products are based) were selected by the index compilation
agent in consultation with S&P from the universe of companies represented by the
S&P 500 Index. The composition and weighting of the stocks included in each Select
Sector Index can be expected to differ from the composition and weighting of stocks
included in any similar S&P 500 sector index published and disseminated by S&P.
ALPS Mutual Funds Services, Inc., a registered broker-dealer, is distributor for The
Select Sector SPD Trust.
Investment returns and principal value will fluctuate so
that an investor’s shares, when redeemed, may be worth more or less than their
original cost. Select Sector SPDR Fund shares may bear greater risk than investments in a
broad-market index. Past performance is no guarantee of future results. |
