UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-08837
THE SELECT SECTOR SPDR® TRUST
(Exact name of registrant as specified in charter)
One Iron Street, Boston, Massachusetts 02210
(Address of principal executive offices) (zip code)
Andrew J. DeLorme, Esq.
Chief Legal Officer
c/o SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
(Name and address of agent for service)
Copy to:
W. John McGuire, Esq.
Morgan, Lewis, & Bockius, LLP
1111 Pennsylvania Avenue, NW
Washington, D.C. 20004
Registrant’s telephone number, including area code: (617) 664-3920
Date of fiscal year end: September 30
Date of reporting period: March 31, 2025
Item 1. Report to Shareholders.
(a) The Reports to Shareholders are attached herewith.
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
Item 6. Investments.
| (a) | A Schedule of Investments for each applicable series of the registrant is included as a part of the Financial Statements filed under Item 7(a) of this Form N-CSR. |
| (b) | Not applicable to the registrant. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
| (a) | The registrant’s Financial Statements are attached herewith. |
| (b) | The registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form. |
The Select Sector SPDR Trust
Semi-Annual Financial Statements and Other Information
March 31, 2025
Select Sector SPDR Funds
The Select Sector SPDR Trust consists of eleven separate investment portfolios (each a “Select Sector SPDR Fund” or a “Fund” and collectively the “Select Sector SPDR Funds” or the “Funds”).
Select Sector SPDR Funds are “index funds” that unbundle the benchmark S&P 500®† and give you ownership in particular sectors or groups of industries that are represented by a specified Select Sector Index. Through a single share, investors can buy or sell any of eleven major industry sectors that make up the S&P 500®, in the same way as they would buy or sell a share of stock. Select Sector SPDR Fund shares are different from the shares of conventional mutual funds. Select Sector SPDR Funds trade on NYSE Arca, Inc.
Eleven Select Sector SPDR Funds
Shares are available for exchange trading in the following Funds of The Select Sector SPDR Trust:
| The Communication Services Select Sector SPDR Fund | XLC |
| 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 Real Estate Select Sector SPDR Fund | XLRE |
| The Technology Select Sector SPDR Fund | XLK |
| The Utilities Select Sector SPDR Fund | XLU |
Each of these Funds is designed to, before expenses, correspond generally to the price and yield performance of a Select Sector Index. Each Fund’s portfolio is comprised principally of shares of constituent companies in the S&P 500®. Each stock in the S&P 500® is allocated to one Select Sector Index. The combined companies of the eleven Select Sector Indexes represent all of the companies in the S& P 500®. Each Select Sector SPDR Fund can be expected to move up or down in value with its underlying Select Sector Index. Investors cannot invest directly in an index. Funds focused on a single sector generally experience greater price fluctuations than the overall stock market.
Objective
Select Sector SPDR Funds are designed to provide investors with an affordable way to invest in a portfolio of equity securities in a sector or group of industries in a single trade. Select Sector SPDR Funds allow you to tailor asset allocations to fit your particular investment needs or goals. One Fund may complement another; individual Select Sector SPDR Funds can be used to increase exposure to certain industries that may be outperforming the market or to hedge other holdings in your portfolio. Although an individual Select Sector SPDR Fund may bear a higher level of risk than a broad-market fund, because of less diversification, sector investments may also offer opportunities for returns greater than an investment in the entire constituents of the S&P 500®.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus from the Distributor, ALPS Portfolio Solutions Distributor, Inc., by calling 1-866-SECTOR-ETF (1-866-732-8673). Please read the prospectus carefully before you invest.
† S&P 500: the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged, index of common stock prices.
TABLE OF CONTENTS (Unaudited)
| Schedules of Investments (Unaudited) (N-CSR Item 6) | |
| 1 | |
| 3 | |
| 5 | |
| 7 | |
| 9 | |
| 11 | |
| 13 | |
| 16 | |
| 18 | |
| 20 | |
| 22 | |
| 25 | |
| 38 | |
| 49 |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above
Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11) - Not Applicable
THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
At March 31, 2025, open futures contracts were as follows:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Communication Services Select Sector Index (long) | 300 | 06/20/2025 | $38,230,740 | $38,156,250 | $(74,490) |
During the period ended March 31, 2025, the average notional value related to futures contracts was $17,895,179.
See accompanying notes to financial statements.
1
THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
| Description | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks |
$20,312,569,102 | $— | $— | $20,312,569,102 | ||||
Short-Term Investments |
102,861,278 | — | — | 102,861,278 | ||||
TOTAL INVESTMENTS |
$20,415,430,380 | $— | $— | $20,415,430,380 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Depreciation |
$(74,490) | $— | $— | $(74,490) | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: |
$(74,490) | $— | $— | $(74,490) |
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
33,446,835 | $33,446,835 | $179,175,429 | $173,030,979 | $— | $— | 39,591,285 | $39,591,285 | $595,983 | ||||||||
State Street Navigator Securities Lending Portfolio II |
66,957,166 | 66,957,166 | 1,306,623,178 | 1,310,310,351 | — | — | 63,269,993 | 63,269,993 | 140,556 | ||||||||
Total |
$100,404,001 | $1,485,798,607 | $1,483,341,330 | $— | $— | $102,861,278 | $736,539 |
See accompanying notes to financial statements.
2
THE CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
See accompanying notes to financial statements.
3
THE CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
At March 31, 2025, open futures contracts were as follows:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Consumer Discretionary Select Sector Index (long) | 55 | 06/20/2025 | $11,282,464 | $11,068,200 | $(214,264) |
During the period ended March 31, 2025, the average notional value related to futures contracts was $1,581,171.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
| Description | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks |
$19,880,878,190 | $— | $— | $19,880,878,190 | ||||
Short-Term Investments |
100,523,905 | — | — | 100,523,905 | ||||
TOTAL INVESTMENTS |
$19,981,402,095 | $— | $— | $19,981,402,095 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Depreciation |
$(214,264) | $— | $— | $(214,264) | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: |
$(214,264) | $— | $— | $(214,264) |
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
10,146,122 | $10,146,122 | $152,886,436 | $152,934,777 | $— | $— | 10,097,781 | $10,097,781 | $449,788 | ||||||||
State Street Navigator Securities Lending Portfolio II |
48,327,921 | 48,327,921 | 1,914,803,717 | 1,872,705,514 | — | — | 90,426,124 | 90,426,124 | 93,957 | ||||||||
Total |
$58,474,043 | $2,067,690,153 | $2,025,640,291 | $— | $— | $100,523,905 | $543,745 |
See accompanying notes to financial statements.
4
THE CONSUMER STAPLES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
At March 31, 2025, open futures contracts were as follows:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Consumer Staples Select Sector Index (long) | 807 | 06/20/2025 | $64,976,717 | $67,013,280 | $2,036,563 |
During the period ended March 31, 2025, the average notional value related to futures contracts was $41,877,156.
See accompanying notes to financial statements.
5
THE CONSUMER STAPLES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
| Description | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks |
$16,707,012,763 | $— | $— | $16,707,012,763 | ||||
Short-Term Investments |
119,288,170 | — | — | 119,288,170 | ||||
TOTAL INVESTMENTS |
$16,826,300,933 | $— | $— | $16,826,300,933 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation |
$2,036,563 | $— | $— | $2,036,563 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: |
$2,036,563 | $— | $— | $2,036,563 |
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
27,385,481 | $27,385,481 | $373,133,270 | $374,557,587 | $— | $— | 25,961,164 | $25,961,164 | $656,247 | ||||||||
State Street Navigator Securities Lending Portfolio II |
68,582,092 | 68,582,092 | 1,622,058,856 | 1,597,313,942 | — | — | 93,327,006 | 93,327,006 | 112,779 | ||||||||
Total |
$95,967,573 | $1,995,192,126 | $1,971,871,529 | $— | $— | $119,288,170 | $769,026 |
See accompanying notes to financial statements.
6
THE ENERGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
At March 31, 2025, open futures contracts were as follows:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Energy Select Sector Index (long) | 800 | 06/20/2025 | $75,488,000 | $79,013,360 | $3,525,360 |
During the period ended March 31, 2025, the average notional value related to futures contracts was $138,284,311.
See accompanying notes to financial statements.
7
THE ENERGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
| Description | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks |
$33,325,192,577 | $— | $— | $33,325,192,577 | ||||
Short-Term Investments |
252,647,988 | — | — | 252,647,988 | ||||
TOTAL INVESTMENTS |
$33,577,840,565 | $— | $— | $33,577,840,565 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation |
$3,525,360 | $— | $— | $3,525,360 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: |
$3,525,360 | $— | $— | $3,525,360 |
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
68,548,523 | $68,548,523 | $1,213,816,420 | $1,212,347,580 | $— | $— | 70,017,363 | $70,017,363 | $2,365,529 | ||||||||
State Street Navigator Securities Lending Portfolio II |
79,399,178 | 79,399,178 | 3,145,683,015 | 3,042,451,568 | — | — | 182,630,625 | 182,630,625 | 117,810 | ||||||||
Total |
$147,947,701 | $4,359,499,435 | $4,254,799,148 | $— | $— | $252,647,988 | $2,483,339 |
See accompanying notes to financial statements.
8
THE FINANCIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
See accompanying notes to financial statements.
9
THE FINANCIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
At March 31, 2025, open futures contracts were as follows:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Financial Select Sector Index (long) | 400 | 06/20/2025 | $58,942,320 | $61,946,000 | $3,003,680 |
During the period ended March 31, 2025, the average notional value related to futures contracts was $27,156,286.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
| Description | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks |
$51,995,632,051 | $— | $— | $51,995,632,051 | ||||
Short-Term Investments |
107,605,364 | — | — | 107,605,364 | ||||
TOTAL INVESTMENTS |
$52,103,237,415 | $— | $— | $52,103,237,415 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation |
$3,003,680 | $— | $— | $3,003,680 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: |
$3,003,680 | $— | $— | $3,003,680 |
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Corp. |
2,004,074 | $177,300,427 | $115,241,297 | $101,347,210 | $3,562,411 | $(2,437,174) | 2,148,104 | $192,319,751 | $3,098,736 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
71,238,577 | 71,238,577 | 722,686,047 | 725,806,837 | — | — | 68,117,787 | 68,117,787 | 1,108,400 | ||||||||
State Street Navigator Securities Lending Portfolio II |
50,484,153 | 50,484,153 | 863,782,868 | 874,779,444 | — | — | 39,487,577 | 39,487,577 | 26,314 | ||||||||
Total |
$299,023,157 | $1,701,710,212 | $1,701,933,491 | $3,562,411 | $(2,437,174) | $299,925,115 | $4,233,450 |
See accompanying notes to financial statements.
10
THE HEALTH CARE SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
See accompanying notes to financial statements.
11
THE HEALTH CARE SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
| Description | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks |
$38,427,844,064 | $— | $— | $38,427,844,064 | ||||
Short-Term Investments |
47,126,728 | — | — | 47,126,728 | ||||
TOTAL INVESTMENTS |
$38,474,970,792 | $— | $— | $38,474,970,792 |
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
19,187,855 | $19,187,855 | $482,256,500 | $467,493,547 | $— | $— | 33,950,808 | $33,950,808 | $1,114,374 | ||||||||
State Street Navigator Securities Lending Portfolio II |
22,924,533 | 22,924,533 | 1,270,487,675 | 1,280,236,288 | — | — | 13,175,920 | 13,175,920 | 56,095 | ||||||||
Total |
$42,112,388 | $1,752,744,175 | $1,747,729,835 | $— | $— | $47,126,728 | $1,170,469 |
See accompanying notes to financial statements.
12
THE INDUSTRIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
See accompanying notes to financial statements.
13
THE INDUSTRIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
At March 31, 2025, open futures contracts were as follows:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Industrial Select Sector Index (long) | 150 | 06/20/2025 | $19,989,750 | $19,985,505 | $(4,245) |
During the period ended March 31, 2025, the average notional value related to futures contracts was $20,817,736.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
See accompanying notes to financial statements.
14
THE INDUSTRIAL SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
13,132,581 | $13,132,581 | $273,298,931 | $276,523,855 | $— | $— | 9,907,657 | $9,907,657 | $253,669 | ||||||||
State Street Navigator Securities Lending Portfolio II |
29,582,949 | 29,582,949 | 2,225,949,407 | 2,205,725,100 | — | — | 49,807,256 | 49,807,256 | 97,446 | ||||||||
Total |
$42,715,530 | $2,499,248,338 | $2,482,248,955 | $— | $— | $59,714,913 | $351,115 |
See accompanying notes to financial statements.
15
THE MATERIALS SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
At March 31, 2025, open futures contracts were as follows:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Material Select Sector Index (long) | 140 | 06/20/2025 | $12,846,162 | $12,871,600 | $25,438 |
During the period ended March 31, 2025, the average notional value related to futures contracts was $11,850,374.
See accompanying notes to financial statements.
16
THE MATERIALS SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
| Description | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks |
$5,192,958,048 | $— | $— | $5,192,958,048 | ||||
Short-Term Investments |
28,522,480 | — | — | 28,522,480 | ||||
TOTAL INVESTMENTS |
$5,221,480,528 | $— | $— | $5,221,480,528 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation |
$25,438 | $— | $— | $25,438 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: |
$25,438 | $— | $— | $25,438 |
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
6,830,419 | $6,830,419 | $174,029,676 | $171,016,056 | $— | $— | 9,844,039 | $9,844,039 | $197,860 | ||||||||
State Street Navigator Securities Lending Portfolio II |
8,230,922 | 8,230,922 | 638,370,742 | 627,923,223 | — | — | 18,678,441 | 18,678,441 | 56,985 | ||||||||
Total |
$15,061,341 | $812,400,418 | $798,939,279 | $— | $— | $28,522,480 | $254,845 |
See accompanying notes to financial statements.
17
THE REAL ESTATE SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
At March 31, 2025, open futures contracts were as follows:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Real Estate Select Sector Index (long) | 600 | 06/20/2025 | $30,545,125 | $30,943,151 | $398,026 |
During the period ended March 31, 2025, the average notional value related to futures contracts was $20,955,027.
See accompanying notes to financial statements.
18
THE REAL ESTATE SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
| Description | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks |
$7,318,685,731 | $— | $— | $7,318,685,731 | ||||
Short-Term Investment |
15,273,489 | — | — | 15,273,489 | ||||
TOTAL INVESTMENTS |
$7,333,959,220 | $— | $— | $7,333,959,220 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation |
$398,026 | $— | $— | $398,026 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: |
$398,026 | $— | $— | $398,026 |
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
19,989,198 | $19,989,198 | $212,146,538 | $216,862,247 | $— | $— | 15,273,489 | $15,273,489 | $249,567 |
See accompanying notes to financial statements.
19
THE TECHNOLOGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
See accompanying notes to financial statements.
20
THE TECHNOLOGY SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
At March 31, 2025, open futures contracts were as follows:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Technology Select Sector Index (long) | 330 | 06/20/2025 | $72,786,450 | $69,256,011 | $(3,530,439) |
During the period ended March 31, 2025, the average notional value related to futures contracts was $75,396,986.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
| Description | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks |
$64,098,667,182 | $— | $— | $64,098,667,182 | ||||
Short-Term Investments |
87,838,377 | — | — | 87,838,377 | ||||
TOTAL INVESTMENTS |
$64,186,505,559 | $— | $— | $64,186,505,559 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Depreciation |
$(3,530,439) | $— | $— | $(3,530,439) | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: |
$(3,530,439) | $— | $— | $(3,530,439) |
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
60,641,795 | $60,641,795 | $539,704,977 | $545,643,077 | $— | $— | 54,703,695 | $54,703,695 | $1,453,476 | ||||||||
State Street Navigator Securities Lending Portfolio II |
100,144,368 | 100,144,368 | 2,909,767,368 | 2,976,777,054 | — | — | 33,134,682 | 33,134,682 | 164,183 | ||||||||
Total |
$160,786,163 | $3,449,472,345 | $3,522,420,131 | $— | $— | $87,838,377 | $1,617,659 |
See accompanying notes to financial statements.
21
THE UTILITIES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
At March 31, 2025, open futures contracts were as follows:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) | |||||
| E-mini S&P 500 Utilities Select Sector Index (long) | 571 | 06/20/2025 | $45,660,186 | $45,811,330 | $151,144 |
During the period ended March 31, 2025, the average notional value related to futures contracts was $42,939,554.
See accompanying notes to financial statements.
22
THE UTILITIES SELECT SECTOR SPDR FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2025 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025.
| Description | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
Common Stocks |
$17,914,477,745 | $— | $— | $17,914,477,745 | ||||
Short-Term Investments |
101,396,876 | — | — | 101,396,876 | ||||
TOTAL INVESTMENTS |
$18,015,874,621 | $— | $— | $18,015,874,621 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation |
$151,144 | $— | $— | $151,144 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS: |
$151,144 | $— | $— | $151,144 |
Affiliate Table
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares |
43,608,727 | $43,608,727 | $409,883,512 | $428,019,588 | $— | $— | 25,472,651 | $25,472,651 | $850,744 | ||||||||
State Street Navigator Securities Lending Portfolio II |
81,267,566 | 81,267,566 | 1,013,324,491 | 1,018,667,832 | — | — | 75,924,225 | 75,924,225 | 40,244 | ||||||||
Total |
$124,876,293 | $1,423,208,003 | $1,446,687,420 | $— | $— | $101,396,876 | $890,988 |
See accompanying notes to financial statements.
23
THE SELECT SECTOR SPDR TRUST
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2025 (Unaudited)
| The Communication Services Select Sector SPDR Fund | The Consumer Discretionary Select Sector SPDR Fund | The Consumer Staples Select Sector SPDR Fund | |||
| ASSETS | |||||
Investments in unaffiliated issuers, at value* |
$20,312,569,102 | $19,880,878,190 | $16,707,012,763 | ||
Investments in affiliated issuers, at value |
102,861,278 | 100,523,905 | 119,288,170 | ||
Total Investments |
20,415,430,380 | 19,981,402,095 | 16,826,300,933 | ||
Net cash at broker |
2,725,292 | 473,304 | 1,528,607 | ||
Receivable from broker — accumulated variation margin on futures contracts |
— | — | 2,039,226 | ||
Receivable for investments sold |
1,621,764,004 | — | — | ||
Receivable for income related to Select Sector SPDR shares in-kind transactions |
1,502 | 20,699 | 13,455 | ||
Dividends receivable — unaffiliated issuers |
7,446,178 | 6,740,978 | 45,643,908 | ||
Dividends receivable — affiliated issuers |
179,330 | 101,729 | 113,515 | ||
Securities lending income receivable — unaffiliated issuers |
396 | 15,650 | 18,492 | ||
Securities lending income receivable — affiliated issuers |
26,518 | 26,152 | 15,133 | ||
Receivable for foreign taxes recoverable |
— | — | — | ||
Prepaid expenses and other assets |
11,431 | 11,685 | 9,398 | ||
TOTAL ASSETS |
22,047,585,031 | 19,988,792,292 | 16,875,682,667 | ||
| LIABILITIES | |||||
Payable upon return of securities loaned |
63,269,993 | 90,426,124 | 93,327,006 | ||
Payable for investments purchased |
1,674,047,914 | 1,354,911 | — | ||
Payable for income related to Select Sector SPDR shares in-kind transactions |
— | — | — | ||
Payable to broker – accumulated variation margin on open futures contracts |
73,500 | 214,130 | — | ||
Advisory and Administration fees payable |
577,631 | 613,261 | 471,559 | ||
Distribution fees payable |
471,731 | 472,751 | 368,970 | ||
Unitary fees payable |
378,026 | 385,501 | 293,195 | ||
License fee payable |
838,439 | 891,094 | 650,100 | ||
Registration and filing fees payable |
37,320 | 44,630 | 40,713 | ||
Professional fees payable |
63,512 | 71,186 | 65,684 | ||
Printing and postage fees payable |
474,742 | 584,082 | 751,945 | ||
Accrued expenses and other liabilities |
— | 2,351 | — | ||
TOTAL LIABILITIES |
1,740,232,808 | 95,060,021 | 95,969,172 | ||
NET ASSETS |
$20,307,352,223 | $19,893,732,271 | $16,779,713,495 | ||
| NET ASSETS CONSIST OF: | |||||
Paid-in capital |
$20,535,652,363 | $25,108,621,449 | $19,913,730,900 | ||
Total distributable earnings (loss) |
(228,300,140) | (5,214,889,178) | (3,134,017,405) | ||
NET ASSETS |
$20,307,352,223 | $19,893,732,271 | $16,779,713,495 | ||
| NET ASSET VALUE PER SHARE | |||||
Net asset value per share |
$96.45 | $197.45 | $81.64 | ||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
210,550,000 | 100,753,252 | 205,521,809 | ||
| COST OF INVESTMENTS: | |||||
Investments in unaffiliated issuers |
$18,071,445,576 | $20,609,284,752 | $18,019,725,842 | ||
Investments in affiliated issuers |
102,861,278 | 100,523,905 | 119,288,170 | ||
Total cost of investments |
$18,174,306,854 | $20,709,808,657 | $18,139,014,012 | ||
* Includes investments in securities on loan, at value |
$65,636,434 | $339,813,842 | $207,480,897 |
See accompanying notes to financial statements.
25
| The Energy Select Sector SPDR Fund | The Financial Select Sector SPDR Fund | The Health Care Select Sector SPDR Fund | The Industrial Select Sector SPDR Fund | The Materials Select Sector SPDR Fund | The Real Estate Select Sector SPDR Fund | The Technology Select Sector SPDR Fund | ||||||
| $33,325,192,577 | $51,803,312,300 | $38,427,844,064 | $19,930,815,685 | $5,192,958,048 | $7,318,685,731 | $64,098,667,182 | ||||||
| 252,647,988 | 299,925,115 | 47,126,728 | 59,714,913 | 28,522,480 | 15,273,489 | 87,838,377 | ||||||
| 33,577,840,565 | 52,103,237,415 | 38,474,970,792 | 19,990,530,598 | 5,221,480,528 | 7,333,959,220 | 64,186,505,559 | ||||||
| 2,168,804 | 579,205 | — | 995,164 | 979,470 | 1,787,873 | 8,665,681 | ||||||
| 3,528,000 | 3,005,000 | — | — | 25,900 | 399,875 | — | ||||||
| — | — | — | — | — | — | — | ||||||
| 19,539 | 34,782 | 4,133 | — | 2,167 | — | 1,900 | ||||||
| 13,092,215 | 20,182,169 | 28,688,295 | 13,742,836 | 4,253,521 | 16,659,229 | 14,020,406 | ||||||
| 540,368 | 213,733 | 247,249 | 52,260 | 34,119 | 24,186 | 189,420 | ||||||
| 25,332 | 23,775 | 14,093 | 15,268 | 4,233 | — | 40,371 | ||||||
| 34,054 | 2,214 | 9,484 | 14,255 | 3,106 | — | 26,158 | ||||||
| — | — | — | — | — | 305,942 | — | ||||||
| 22,764 | 23,418 | 23,437 | 10,809 | 3,256 | 3,654 | 42,467 | ||||||
| 33,597,271,641 | 52,127,301,711 | 38,503,957,483 | 20,005,361,190 | 5,226,786,300 | 7,353,139,979 | 64,209,491,962 | ||||||
| 182,630,625 | 39,487,577 | 13,175,920 | 49,807,256 | 18,678,441 | — | 33,134,682 | ||||||
| — | — | — | — | — | — | — | ||||||
| — | — | — | 29,352 | — | 97,009 | — | ||||||
| — | — | — | 3,750 | — | — | 3,529,350 | ||||||
| 923,978 | 1,488,386 | 1,113,614 | 590,239 | 144,385 | 197,758 | 1,869,261 | ||||||
| 740,973 | 1,143,501 | 879,012 | 458,499 | 120,884 | 164,346 | 1,538,518 | ||||||
| 630,129 | 943,115 | 719,849 | 371,270 | 56,603 | 100,401 | 1,357,351 | ||||||
| 1,309,769 | 2,045,237 | 1,511,082 | 831,290 | 212,557 | 284,355 | 2,812,376 | ||||||
| 97,600 | 87,554 | 100,795 | 40,119 | 14,089 | 13,520 | 141,505 | ||||||
| 82,482 | 72,217 | 82,275 | 62,816 | 57,577 | 56,393 | 90,374 | ||||||
| 1,417,475 | 1,420,023 | 1,729,436 | 533,457 | 195,740 | 209,278 | 1,829,003 | ||||||
| — | 25,424 | — | — | — | — | — | ||||||
| 187,833,031 | 46,713,034 | 19,311,983 | 52,728,048 | 19,480,276 | 1,123,060 | 46,302,420 | ||||||
| $33,409,438,610 | $52,080,588,677 | $38,484,645,500 | $19,952,633,142 | $5,207,306,024 | $7,352,016,919 | $64,163,189,542 | ||||||
| $41,637,075,596 | $53,713,693,110 | $44,245,135,754 | $22,969,015,186 | $7,457,148,845 | $8,364,846,276 | $64,200,718,899 | ||||||
| (8,227,636,986) | (1,633,104,433) | (5,760,490,254) | (3,016,382,044) | (2,249,842,821) | (1,012,829,357) | (37,529,357) | ||||||
| $33,409,438,610 | $52,080,588,677 | $38,484,645,500 | $19,952,633,142 | $5,207,306,024 | $7,352,016,919 | $64,163,189,542 | ||||||
| $93.43 | $49.82 | $145.93 | $131.07 | $85.97 | $41.86 | $206.47 | ||||||
| 357,574,200 | 1,045,395,427 | 263,715,324 | 152,226,000 | 60,573,725 | 175,650,000 | 310,755,897 | ||||||
| $32,331,471,424 | $48,899,294,641 | $42,258,837,523 | $21,459,362,348 | $5,942,305,628 | $7,938,830,563 | $61,230,640,378 | ||||||
| 252,647,988 | 315,009,454 | 47,126,728 | 59,714,913 | 28,522,480 | 15,273,489 | 87,838,377 | ||||||
| $32,584,119,412 | $49,214,304,095 | $42,305,964,251 | $21,519,077,261 | $5,970,828,108 | $7,954,104,052 | $61,318,478,755 | ||||||
| $495,504,206 | $259,417,221 | $240,917,975 | $284,210,006 | $84,633,868 | $— | $324,856,650 |
26
THE SELECT SECTOR SPDR TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)
March 31, 2025 (Unaudited)
| The Utilities Select Sector SPDR Fund | |
| ASSETS | |
Investments in unaffiliated issuers, at value* |
$17,914,477,745 |
Investments in affiliated issuers, at value |
101,396,876 |
Total Investments |
18,015,874,621 |
Net cash at broker |
3,204,058 |
Receivable from broker — accumulated variation margin on futures contracts |
153,028 |
Receivable for income related to Select Sector SPDR shares in-kind transactions |
2,763 |
Dividends receivable — unaffiliated issuers |
17,957,300 |
Dividends receivable — affiliated issuers |
127,541 |
Securities lending income receivable — unaffiliated issuers |
15,936 |
Securities lending income receivable — affiliated issuers |
14,056 |
Prepaid expenses and other assets |
8,347 |
TOTAL ASSETS |
18,037,357,650 |
| LIABILITIES | |
Payable upon return of securities loaned |
75,924,225 |
Advisory and Administration fees payable |
507,034 |
Distribution fees payable |
384,186 |
Unitary fees payable |
311,787 |
License fee payable |
686,851 |
Registration and filing fees payable |
36,066 |
Professional fees payable |
63,669 |
Printing and postage fees payable |
669,778 |
TOTAL LIABILITIES |
78,583,596 |
NET ASSETS |
$17,958,774,054 |
| NET ASSETS CONSIST OF: | |
Paid-in capital |
$19,424,286,653 |
Total distributable earnings (loss) |
(1,465,512,599) |
NET ASSETS |
$17,958,774,054 |
| NET ASSET VALUE PER SHARE | |
Net asset value per share |
$78.84 |
Shares outstanding (unlimited amount authorized, $0.01 par value) |
227,774,160 |
| COST OF INVESTMENTS: | |
Investments in unaffiliated issuers |
$18,247,899,564 |
Investments in affiliated issuers |
101,396,876 |
Total cost of investments |
$18,349,296,440 |
* Includes investments in securities on loan, at value |
$406,001,954 |
See accompanying notes to financial statements.
27
THE SELECT SECTOR SPDR TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2025 (Unaudited)
See accompanying notes to financial statements.
29
| The Energy Select Sector SPDR Fund | The Financial Select Sector SPDR Fund | The Health Care Select Sector SPDR Fund | The Industrial Select Sector SPDR Fund | The Materials Select Sector SPDR Fund | The Real Estate Select Sector SPDR Fund | The Technology Select Sector SPDR Fund | ||||||
| $196,128 | $13,013 | $— | $16,316 | $13,721 | $20,692 | $94,807 | ||||||
| 552,625,210 | 402,825,239 | 331,380,995 | 172,697,539 | 55,374,442 | 126,803,051 | 264,964,120 | ||||||
| 2,365,529 | 4,207,136 | 1,114,374 | 253,669 | 197,860 | 249,567 | 1,453,476 | ||||||
| — | — | — | — | — | — | — | ||||||
| 66,151 | 143,362 | 62,253 | 78,819 | 54,037 | — | 106,953 | ||||||
| 117,810 | 26,314 | 56,095 | 97,446 | 56,985 | — | 164,183 | ||||||
| — | — | — | — | — | — | (599,496) | ||||||
| 555,370,828 | 407,215,064 | 332,613,717 | 173,143,789 | 55,697,045 | 127,073,310 | 266,184,043 | ||||||
| 5,201,617 | 7,443,445 | 5,820,104 | 3,153,873 | 841,533 | 1,118,240 | 10,768,768 | ||||||
| 3,462,600 | 4,955,481 | 3,874,098 | 2,099,646 | 560,215 | 744,352 | 7,168,982 | ||||||
| 2,952,619 | 4,204,278 | 3,297,803 | 1,785,770 | 477,624 | 634,372 | 6,100,537 | ||||||
| 1,208,643 | 1,729,146 | 1,352,508 | 732,709 | 195,528 | 259,866 | 2,501,928 | ||||||
| 161,899 | 202,461 | 177,806 | 89,839 | 24,650 | 32,645 | 317,863 | ||||||
| 58,650 | 66,582 | 62,342 | 36,947 | 18,806 | 20,624 | 104,463 | ||||||
| 879,034 | 999,897 | 1,176,988 | 343,802 | 124,706 | 147,522 | 1,258,359 | ||||||
| 45,520 | 46,836 | 46,876 | 21,619 | 6,515 | 7,305 | 84,917 | ||||||
| 61,527 | 88,821 | 65,443 | 34,744 | 17,362 | 18,989 | 104,053 | ||||||
| 14,032,109 | 19,736,947 | 15,873,968 | 8,298,949 | 2,266,939 | 2,983,915 | 28,409,870 | ||||||
| $541,338,719 | $387,478,117 | $316,739,749 | $164,844,840 | $53,430,106 | $124,089,395 | $237,774,173 | ||||||
| (329,393,894) | (94,401,131) | (185,654,694) | (55,472,793) | (382,714,002) | (48,165,603) | (159,201,945) | ||||||
| — | (458,382) | — | — | — | — | — | ||||||
| 1,207,492,996 | 4,887,568,678 | 1,809,580,267 | 1,245,524,373 | 124,879,370 | 232,500,129 | 2,784,641,659 | ||||||
| — | 4,020,793 | — | — | — | — | — | ||||||
| (12,563,422) | (1,823,288) | — | (1,466,713) | (2,001,827) | (2,061,087) | (3,195,126) | ||||||
| 865,535,680 | 4,794,906,670 | 1,623,925,573 | 1,188,584,867 | (259,836,459) | 182,273,439 | 2,622,244,588 | ||||||
| 1,227,969,107 | (563,758,994) | (3,842,675,303) | (1,957,607,489) | (462,610,477) | (703,652,804) | (8,715,920,363) | ||||||
| — | (2,437,174) | — | — | — | — | — | ||||||
| 872,483 | 3,003,680 | — | (693,226) | (347,623) | 488,517 | (5,255,250) | ||||||
| 1,228,841,590 | (563,192,488) | (3,842,675,303) | (1,958,300,715) | (462,958,100) | (703,164,287) | (8,721,175,613) | ||||||
| 2,094,377,270 | 4,231,714,182 | (2,218,749,730) | (769,715,848) | (722,794,559) | (520,890,848) | (6,098,931,025) | ||||||
| $2,635,715,989 | $4,619,192,299 | $(1,902,009,981) | $(604,871,008) | $(669,364,453) | $(396,801,453) | $(5,861,156,852) |
30
THE SELECT SECTOR SPDR TRUST
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2025 (Unaudited)
| The Utilities Select Sector SPDR Fund | |
| INVESTMENT INCOME | |
Interest income — unaffiliated issuers |
$47,065 |
Dividend income — unaffiliated issuers |
259,955,121 |
Dividend income — affiliated issuers |
850,744 |
Unaffiliated securities lending income |
30,812 |
Affiliated securities lending income |
40,244 |
TOTAL INVESTMENT INCOME (LOSS) |
260,923,986 |
| EXPENSES | |
Advisory and Administration fees |
2,635,071 |
Distribution fees |
1,754,038 |
License fees |
1,492,777 |
Unitary fees |
612,344 |
Trustees’ fees and expenses |
75,677 |
Professional fees |
30,512 |
Printing and postage fees |
457,151 |
Insurance expense |
16,695 |
Miscellaneous expenses |
28,536 |
TOTAL EXPENSES |
7,102,801 |
NET INVESTMENT INCOME (LOSS) |
$253,821,185 |
| REALIZED AND UNREALIZED GAIN (LOSS) | |
| Net realized gain (loss) on: | |
Investments — unaffiliated issuers |
(34,795,847) |
In-kind redemptions — unaffiliated issuers |
816,907,331 |
Futures contracts |
(490,968) |
Net realized gain (loss) |
781,620,516 |
| Net change in unrealized appreciation/depreciation on: | |
Investments — unaffiliated issuers |
(1,254,090,551) |
Futures contracts |
(1,407,737) |
Net change in unrealized appreciation/depreciation |
(1,255,498,288) |
NET REALIZED AND UNREALIZED GAIN (LOSS) |
(473,877,772) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |
$(220,056,587) |
See accompanying notes to financial statements.
31
THE SELECT SECTOR SPDR TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| The Communication Services Select Sector SPDR Fund | The Consumer Discretionary Select Sector SPDR Fund | ||||||
| Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 |
Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 | ||||
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) |
$112,900,548 | $191,393,984 | $102,525,768 | $158,727,834 | |||
Net realized gain (loss) |
731,011,218 | 2,719,772,188 | 1,433,321,775 | 1,094,843,560 | |||
Net change in unrealized appreciation/depreciation |
431,062,438 | 2,529,222,262 | (1,749,708,206) | 2,845,214,676 | |||
Net increase (decrease) in net assets resulting from operations |
1,274,974,204 | 5,440,388,434 | (213,860,663) | 4,098,786,070 | |||
Net equalization credits and charges |
(1,149,833) | (3,546,184) | (2,376,893) | (2,763,597) | |||
Distributions to shareholders |
(114,085,041) | (189,772,693) | (99,104,463) | (156,770,004) | |||
| FROM BENEFICIAL INTEREST TRANSACTIONS: | |||||||
Proceeds from shares sold |
5,789,569,016 | 13,092,018,247 | 11,087,142,965 | 18,466,448,520 | |||
Cost of shares redeemed |
(5,280,931,786) | (12,815,124,985) | (10,324,359,641) | (20,396,660,729) | |||
Net income equalization |
1,149,833 | 3,546,184 | 2,376,893 | 2,763,597 | |||
Net increase (decrease) in net assets from beneficial interest transactions |
509,787,063 | 280,439,446 | 765,160,217 | (1,927,448,612) | |||
Net increase (decrease) in net assets during the period |
1,669,526,393 | 5,527,509,003 | 449,818,198 | 2,011,803,857 | |||
Net assets at beginning of period |
18,637,825,830 | 13,110,316,827 | 19,443,914,073 | 17,432,110,216 | |||
NET ASSETS AT END OF PERIOD |
$20,307,352,223 | $18,637,825,830 | $19,893,732,271 | $19,443,914,073 | |||
| SHARES OF BENEFICIAL INTEREST: | |||||||
Shares sold |
59,200,000 | 170,250,000 | 51,600,000 | 105,950,000 | |||
Shares redeemed |
(54,800,000) | (164,000,000) | (47,850,000) | (117,250,000) | |||
Net increase (decrease) from share transactions |
4,400,000 | 6,250,000 | 3,750,000 | (11,300,000) | |||
See accompanying notes to financial statements.
33
| The Consumer Staples Select Sector SPDR Fund | The Energy Select Sector SPDR Fund | The Financial Select Sector SPDR Fund | ||||||||
| Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 |
Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 |
Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 | |||||
| $216,488,412 | $447,522,363 | $541,338,719 | $1,209,589,990 | $387,478,117 | $613,201,457 | |||||
| 667,321,712 | 836,248,356 | 865,535,680 | 1,804,783,564 | 4,794,906,670 | 3,554,395,436 | |||||
| (995,493,782) | 2,027,187,277 | 1,228,841,590 | (3,195,122,649) | (563,192,488) | 7,525,260,506 | |||||
| (111,683,658) | 3,310,957,996 | 2,635,715,989 | (180,749,095) | 4,619,192,299 | 11,692,857,399 | |||||
| (3,061,554) | (6,803,164) | (10,720,060) | (27,520,778) | 7,453,451 | (12,599,298) | |||||
| (208,939,968) | (440,576,935) | (530,616,266) | (1,239,881,431) | (393,801,914) | (604,853,490) | |||||
| 9,703,572,722 | 23,799,803,691 | 9,903,409,893 | 23,508,638,341 | 34,596,509,299 | 40,112,633,513 | |||||
| (10,501,943,429) | (24,977,710,236) | (14,059,439,146) | (25,667,289,786) | (29,035,169,424) | (39,505,088,306) | |||||
| 3,061,554 | 6,803,164 | 10,720,060 | 27,520,778 | (7,453,451) | 12,599,298 | |||||
| (795,309,153) | (1,171,103,381) | (4,145,309,193) | (2,131,130,667) | 5,553,886,424 | 620,144,505 | |||||
| (1,118,994,333) | 1,692,474,516 | (2,050,929,530) | (3,579,281,971) | 9,786,730,260 | 11,695,549,116 | |||||
| 17,898,707,828 | 16,206,233,312 | 35,460,368,140 | 39,039,650,111 | 42,293,858,417 | 30,598,309,301 | |||||
| $16,779,713,495 | $17,898,707,828 | $33,409,438,610 | $35,460,368,140 | $52,080,588,677 | $42,293,858,417 | |||||
| 120,050,000 | 315,900,000 | 109,200,000 | 264,450,000 | 699,600,000 | 1,013,350,000 | |||||
| (130,100,000) | (335,850,000) | (155,450,000) | (292,500,000) | (587,650,000) | (1,002,300,000) | |||||
| (10,050,000) | (19,950,000) | (46,250,000) | (28,050,000) | 111,950,000 | 11,050,000 | |||||
34
THE SELECT SECTOR SPDR TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| The Health Care Select Sector SPDR Fund | The Industrial Select Sector SPDR Fund | ||||||
| Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 |
Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 | ||||
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||||||
Net investment income (loss) |
$316,739,749 | $631,454,319 | $164,844,840 | $265,766,747 | |||
Net realized gain (loss) |
1,623,925,573 | 2,826,381,027 | 1,188,584,867 | 2,086,160,838 | |||
Net change in unrealized appreciation/depreciation |
(3,842,675,303) | 4,084,667,233 | (1,958,300,715) | 2,723,227,320 | |||
Net increase (decrease) in net assets resulting from operations |
(1,902,009,981) | 7,542,502,579 | (604,871,008) | 5,075,154,905 | |||
Net equalization credits and charges |
(3,463,849) | (9,752,049) | (1,087,950) | (942,830) | |||
Distributions to shareholders |
(313,721,791) | (623,780,295) | (164,806,901) | (264,119,111) | |||
| FROM BENEFICIAL INTEREST TRANSACTIONS: | |||||||
Proceeds from shares sold |
15,272,658,118 | 29,254,652,522 | 15,802,780,011 | 31,965,874,837 | |||
Cost of shares redeemed |
(16,402,503,479) | (32,048,634,739) | (14,617,576,097) | (31,652,665,828) | |||
Net income equalization |
3,463,849 | 9,752,049 | 1,087,950 | 942,830 | |||
Net increase (decrease) in net assets from beneficial interest transactions |
(1,126,381,512) | (2,784,230,168) | 1,186,291,864 | 314,151,839 | |||
Net increase (decrease) in net assets during the period |
(3,345,577,133) | 4,124,740,067 | 415,526,005 | 5,124,244,803 | |||
Net assets at beginning of period |
41,830,222,633 | 37,705,482,566 | 19,537,107,137 | 14,412,862,334 | |||
NET ASSETS AT END OF PERIOD |
$38,484,645,500 | $41,830,222,633 | $19,952,633,142 | $19,537,107,137 | |||
| SHARES OF BENEFICIAL INTEREST: | |||||||
Shares sold |
104,800,000 | 206,100,000 | 115,600,000 | 269,000,000 | |||
Shares redeemed |
(112,700,000) | (227,400,000) | (107,550,000) | (267,050,000) | |||
Net increase (decrease) from share transactions |
(7,900,000) | (21,300,000) | 8,050,000 | 1,950,000 | |||
See accompanying notes to financial statements.
35
| The Materials Select Sector SPDR Fund | The Real Estate Select Sector SPDR Fund | The Technology Select Sector SPDR Fund | ||||||||
| Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 |
Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 |
Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 | |||||
| $53,430,106 | $97,123,290 | $124,089,395 | $180,050,211 | $237,774,173 | $466,966,136 | |||||
| (259,836,459) | 221,128,391 | 182,273,439 | 73,083,989 | 2,622,244,588 | 10,931,512,203 | |||||
| (462,958,100) | 835,466,321 | (703,164,287) | 1,545,387,222 | (8,721,175,613) | 7,734,612,947 | |||||
| (669,364,453) | 1,153,718,002 | (396,801,453) | 1,798,521,422 | (5,861,156,852) | 19,133,091,286 | |||||
| 345,202 | (2,754,287) | (2,032,234) | 7,452,132 | (1,256,108) | 3,912,857 | |||||
| (54,399,744) | (105,340,086) | (121,092,099) | (215,940,605) | (236,487,974) | (482,451,081) | |||||
| 6,394,122,902 | 10,424,809,229 | 1,872,203,247 | 5,669,190,128 | 9,855,939,604 | 42,539,434,873 | |||||
| (6,018,954,799) | (10,859,892,589) | (2,305,844,809) | (3,041,558,278) | (9,685,846,450) | (38,686,762,670) | |||||
| (345,202) | 2,754,287 | 2,032,234 | (7,452,132) | 1,256,108 | (3,912,857) | |||||
| 374,822,901 | (432,329,073) | (431,609,328) | 2,620,179,718 | 171,349,262 | 3,848,759,346 | |||||
| (348,596,094) | 613,294,556 | (951,535,114) | 4,210,212,667 | (5,927,551,672) | 22,503,312,408 | |||||
| 5,555,902,118 | 4,942,607,562 | 8,303,552,033 | 4,093,339,366 | 70,090,741,214 | 47,587,428,806 | |||||
| $5,207,306,024 | $5,555,902,118 | $7,352,016,919 | $8,303,552,033 | $64,163,189,542 | $70,090,741,214 | |||||
| 70,500,000 | 121,200,000 | 44,050,000 | 145,200,000 | 42,900,000 | 207,700,000 | |||||
| (67,550,000) | (126,500,000) | (54,300,000) | (79,450,000) | (42,550,000) | (187,650,000) | |||||
| 2,950,000 | (5,300,000) | (10,250,000) | 65,750,000 | 350,000 | 20,050,000 | |||||
36
THE SELECT SECTOR SPDR TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| The Utilities Select Sector SPDR Fund | |||
| Six Months Ended 03/31/25 (Unaudited) |
Year Ended 09/30/24 | ||
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
Net investment income (loss) |
$253,821,185 | $437,836,123 | |
Net realized gain (loss) |
781,620,516 | 162,329,649 | |
Net change in unrealized appreciation/depreciation |
(1,255,498,288) | 4,427,352,106 | |
Net increase (decrease) in net assets resulting from operations |
(220,056,587) | 5,027,517,878 | |
Net equalization credits and charges |
(891,627) | 4,536,442 | |
Distributions to shareholders |
(262,157,103) | (467,924,016) | |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
Proceeds from shares sold |
8,429,545,827 | 20,766,669,480 | |
Cost of shares redeemed |
(8,489,708,504) | (20,011,549,398) | |
Net income equalization |
891,627 | (4,536,442) | |
Net increase (decrease) in net assets from beneficial interest transactions |
(59,271,050) | 750,583,640 | |
Net increase (decrease) in net assets during the period |
(542,376,367) | 5,314,713,944 | |
Net assets at beginning of period |
18,501,150,421 | 13,186,436,477 | |
NET ASSETS AT END OF PERIOD |
$17,958,774,054 | $18,501,150,421 | |
| SHARES OF BENEFICIAL INTEREST: | |||
Shares sold |
106,800,000 | 311,050,000 | |
Shares redeemed |
(108,100,000) | (305,700,000) | |
Net increase (decrease) from share transactions |
(1,300,000) | 5,350,000 | |
See accompanying notes to financial statements.
37
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
| The Communication Services Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$90.41 | $65.58 | $47.89 | $80.15 | $59.40 | $49.50 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
0.54 | 0.88 | 0.54 | 0.58 | 0.54 | 0.47 | |||||
Net realized and unrealized gain (loss) (c) |
6.05 | 24.85 | 17.68 | (32.25) | 20.73 | 9.88 | |||||
Total from investment operations |
6.59 | 25.73 | 18.22 | (31.67) | 21.27 | 10.35 | |||||
Net equalization credits and charges (b) |
(0.01) | (0.02) | 0.01 | (0.02) | (0.00)(d) | 0.02 | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(0.54) | (0.88) | (0.54) | (0.57) | (0.52) | (0.47) | |||||
Net asset value, end of period |
$96.45 | $90.41 | $65.58 | $47.89 | $80.15 | $59.40 | |||||
Total return (e) |
7.27% | 39.32% | 38.24% | (39.71)% | 35.88% | 21.05% | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$20,307,352 | $18,637,826 | $13,110,317 | $7,578,050 | $15,176,057 | $10,106,071 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(f) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
1.11%(f) | 1.12% | 0.92% | 0.88% | 0.73% | 0.86% | |||||
Portfolio turnover rate (g) |
16%(h) | 25% | 28% | 21% | 15% | 15% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (f) | The ratios for periods less than one year are annualized. |
| (g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
38
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| The Consumer Discretionary Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$200.45 | $160.96 | $142.48 | $179.54 | $146.99 | $120.69 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
1.00 | 1.50 | 1.43 | 1.23 | 1.09 | 1.46 | |||||
Net realized and unrealized gain (loss) (c) |
(3.00) | 39.52 | 18.46 | (37.06) | 32.54 | 26.34 | |||||
Total from investment operations |
(2.00) | 41.02 | 19.89 | (35.83) | 33.63 | 27.80 | |||||
Net equalization credits and charges (b) |
(0.02) | (0.03) | 0.03 | (0.01) | 0.01 | (0.06) | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(0.98) | (1.50) | (1.44) | (1.22) | (1.09) | (1.44) | |||||
Net asset value, end of period |
$197.45 | $200.45 | $160.96 | $142.48 | $179.54 | $146.99 | |||||
Total return (d) |
(1.05)% | 25.54% | 14.08% | (20.06)% | 22.93% | 23.25% | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$19,893,732 | $19,443,914 | $17,432,110 | $14,098,639 | $19,633,737 | $15,809,198 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(e) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
0.93%(e) | 0.85% | 0.95% | 0.70% | 0.65% | 1.17% | |||||
Portfolio turnover rate (f) |
9%(g) | 26% | 24% | 22% | 23% | 11% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (e) | The ratios for periods less than one year are annualized. |
| (f) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
| (g) | Not annualized. |
See accompanying notes to financial statements.
39
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| The Consumer Staples Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$83.03 | $68.81 | $66.72 | $68.83 | $64.13 | $61.41 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
1.04 | 2.13 | 1.90 | 1.84 | 1.85 | 1.66 | |||||
Net realized and unrealized gain (loss) (c) |
(1.40) | 14.23 | 2.08 | (2.16) | 4.67 | 2.70 | |||||
Total from investment operations |
(0.36) | 16.36 | 3.98 | (0.32) | 6.52 | 4.36 | |||||
Net equalization credits and charges (b) |
(0.01) | (0.03) | 0.00(d) | 0.03 | (0.01) | 0.00(d) | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(1.02) | (2.11) | (1.89) | (1.82) | (1.81) | (1.64) | |||||
Net asset value, end of period |
$81.64 | $83.03 | $68.81 | $66.72 | $68.83 | $64.13 | |||||
Total return (e) |
(0.41)% | 24.04% | 5.84% | (0.63)% | 10.19% | 7.32% | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$16,779,713 | $17,898,708 | $16,206,233 | $14,465,958 | $11,757,576 | $13,687,240 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(f) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
2.60%(f) | 2.85% | 2.58% | 2.49% | 2.71% | 2.73% | |||||
Portfolio turnover rate (g) |
4%(h) | 28% | 17% | 11% | 4% | 5% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (f) | The ratios for periods less than one year are annualized. |
| (g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
40
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| The Energy Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$87.81 | $90.40 | $71.98 | $52.12 | $29.97 | $59.18 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
1.41 | 2.85 | 2.81 | 2.91 | 2.11 | 2.19 | |||||
Net realized and unrealized gain (loss) (c) |
5.66 | (2.40) | 18.72 | 20.07 | 22.11 | (27.49) | |||||
Total from investment operations |
7.07 | 0.45 | 21.53 | 22.98 | 24.22 | (25.30) | |||||
Net equalization credits and charges (b) |
(0.03) | (0.06) | (0.08) | (0.06) | 0.09 | 0.08 | |||||
Contribution from affiliate |
— | — | — | — | — | 0.00(d)(e) | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(1.42) | (2.98) | (3.03) | (3.06) | (2.16) | (3.99) | |||||
Net asset value, end of period |
$93.43 | $87.81 | $90.40 | $71.98 | $52.12 | $29.97 | |||||
Total return (f) |
8.10% | 0.45% | 30.31% | 44.34% | 81.93% | (44.68)%(g) | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$33,409,439 | $35,460,368 | $39,039,650 | $33,531,192 | $25,084,339 | $8,430,789 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(h) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
3.13%(h) | 3.23% | 3.30% | 4.14% | 4.54% | 5.08% | |||||
Portfolio turnover rate (i) |
7%(j) | 19% | 8% | 9% | 14% | 13% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Contribution paid by an affiliate in the amount of $290,417. |
| (f) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (g) | The contribution from an affiliate had no impact on total return. |
| (h) | The ratios for periods less than one year are annualized. |
| (i) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
| (j) | Not annualized. |
See accompanying notes to financial statements.
41
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| The Financial Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$45.31 | $33.17 | $30.31 | $37.53 | $24.06 | $28.02 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
0.38 | 0.66 | 0.67 | 0.68 | 0.61 | 0.60 | |||||
Net realized and unrealized gain (loss) (c) |
4.51 | 12.15 | 2.86 | (7.21) | 13.44 | (3.94) | |||||
Total from investment operations |
4.89 | 12.81 | 3.53 | (6.53) | 14.05 | (3.34) | |||||
Net equalization credits and charges (b) |
0.01 | (0.01) | 0.00(d) | (0.02) | 0.02 | (0.02) | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(0.39) | (0.66) | (0.67) | (0.67) | (0.60) | (0.60) | |||||
Net asset value, end of period |
$49.82 | $45.31 | $33.17 | $30.31 | $37.53 | $24.06 | |||||
Total return (e) |
10.81% | 38.82% | 11.67% | (17.67)% | 58.79% | (11.98)% | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$52,080,589 | $42,293,858 | $30,598,309 | $26,953,933 | $40,412,690 | $16,646,404 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(f) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
1.56%(f) | 1.66% | 1.97% | 1.83% | 1.80% | 2.30% | |||||
Portfolio turnover rate (g) |
2%(h) | 3% | 23% | 4% | 3% | 4% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (f) | The ratios for periods less than one year are annualized. |
| (g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of units. on Select Sector SPDR shares. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
42
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| The Health Care Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$154.01 | $128.72 | $121.02 | $127.26 | $105.56 | $90.13 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
1.19 | 2.28 | 2.13 | 1.95 | 1.85 | 1.66 | |||||
Net realized and unrealized gain (loss) (c) |
(8.07) | 25.32 | 7.69 | (6.27) | 21.65 | 16.08 | |||||
Total from investment operations |
(6.88) | 27.60 | 9.82 | (4.32) | 23.50 | 17.74 | |||||
Net equalization credits and charges (b) |
(0.01) | (0.04) | 0.01 | 0.04 | 0.01 | (0.00)(d) | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(1.19) | (2.27) | (2.13) | (1.96) | (1.81) | (2.31) | |||||
Net asset value, end of period |
$145.93 | $154.01 | $128.72 | $121.02 | $127.26 | $105.56 | |||||
Total return (e) |
(4.45)% | 21.53% | 8.10% | (3.47)% | 22.37% | 19.90% | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$38,484,646 | $41,830,223 | $37,705,483 | $35,805,067 | $30,358,856 | $23,873,455 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(f) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
1.64%(f) | 1.60% | 1.62% | 1.48% | 1.54% | 1.67% | |||||
Portfolio turnover rate (g) |
1%(h) | 2% | 3% | 2% | 4% | 3% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (f) | The ratios for periods less than one year are annualized. |
| (g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
43
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| The Industrial Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$135.51 | $101.34 | $82.79 | $97.77 | $76.98 | $77.66 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
1.07 | 1.84 | 1.71 | 1.52 | 1.27 | 1.39 | |||||
Net realized and unrealized gain (loss) (c) |
(4.43) | 34.18 | 18.56 | (14.94) | 20.81 | (0.68) | |||||
Total from investment operations |
(3.36) | 36.02 | 20.27 | (13.42) | 22.08 | 0.71 | |||||
Net equalization credits and charges (b) |
(0.01) | (0.01) | (0.01) | (0.04) | 0.01 | 0.02 | |||||
Contribution from affiliate |
— | — | 0.00(d) | — | — | — | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(1.07) | (1.84) | (1.71) | (1.52) | (1.30) | (1.41) | |||||
Net asset value, end of period |
$131.07 | $135.51 | $101.34 | $82.79 | $97.77 | $76.98 | |||||
Total return (e) |
(2.50)% | 35.75% | 24.50%(f) | (13.95)% | 28.74% | 1.12% | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$19,952,633 | $19,537,107 | $14,412,862 | $11,104,720 | $17,367,182 | $12,179,734 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(g) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
1.57%(g) | 1.55% | 1.69% | 1.54% | 1.33% | 1.87% | |||||
Portfolio turnover rate (h) |
2%(i) | 7% | 9% | 7% | 2% | 3% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (f) | The contribution from an affiliate had no impact on total return. |
| (g) | The ratios for periods less than one year are annualized. |
| (h) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
| (i) | Not annualized. |
See accompanying notes to financial statements.
44
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| The Materials Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$96.42 | $78.55 | $67.98 | $79.11 | $63.62 | $58.17 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
0.86 | 1.55 | 1.59 | 1.64 | 1.45 | 1.23 | |||||
Net realized and unrealized gain (loss) (c) |
(10.47) | 18.12 | 10.62 | (11.02) | 15.43 | 5.47 | |||||
Total from investment operations |
(9.61) | 19.67 | 12.21 | (9.38) | 16.88 | 6.70 | |||||
Net equalization credits and charges (b) |
0.01 | (0.04) | (0.01) | (0.06) | (0.00)(d) | (0.03) | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(0.85) | (1.76) | (1.63) | (1.69) | (1.39) | (1.22) | |||||
Net asset value, end of period |
$85.97 | $96.42 | $78.55 | $67.98 | $79.11 | $63.62 | |||||
Total return (e) |
(9.95)% | 25.18% | 17.97% | (12.23)% | 26.60% | 11.76% | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$5,207,306 | $5,555,902 | $4,942,608 | $4,702,427 | $7,501,906 | $3,917,044 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(f) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
1.91%(f) | 1.79% | 1.99% | 1.97% | 1.83% | 2.15% | |||||
Portfolio turnover rate (g) |
20%(h) | 13% | 3% | 2% | 5% | 4% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (f) | The ratios for periods less than one year are annualized. |
| (g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
45
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| The Real Estate Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$44.67 | $34.07 | $36.00 | $44.47 | $35.30 | $39.35 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
0.71 | 1.20 | 1.20 | 0.86 | 0.85 | 0.88 | |||||
Net realized and unrealized gain (loss) (c) |
(2.81) | 10.73 | (1.79) | (7.99) | 9.66 | (3.78) | |||||
Total from investment operations |
(2.10) | 11.93 | (0.59) | (7.13) | 10.51 | (2.90) | |||||
Net equalization credits and charges (b) |
(0.01) | 0.05 | (0.01) | 0.03 | 0.05 | (0.05) | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(0.70) | (1.38) | (1.33) | (1.37) | (1.39) | (1.10) | |||||
Net asset value, end of period |
$41.86 | $44.67 | $34.07 | $36.00 | $44.47 | $35.30 | |||||
Total return (d) |
(4.70)% | 35.70% | (1.81)% | (16.46)% | 30.42% | (7.46)% | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$7,352,017 | $8,303,552 | $4,093,339 | $4,612,173 | $4,282,141 | $2,264,406 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(e) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
3.33%(e) | 3.07% | 3.20% | 1.90% | 2.05% | 2.42% | |||||
Portfolio turnover rate (f) |
2%(g) | 5% | 9% | 11% | 4% | 5% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (e) | The ratios for periods less than one year are annualized. |
| (f) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
| (g) | Not annualized. |
See accompanying notes to financial statements.
46
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| The Technology Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$225.80 | $163.89 | $118.73 | $149.35 | $116.76 | $80.51 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
0.76 | 1.52 | 1.42 | 1.24 | 1.11 | 1.20 | |||||
Net realized and unrealized gain (loss) (c) |
(19.33) | 61.94 | 45.14 | (30.62) | 32.60 | 36.24 | |||||
Total from investment operations |
(18.57) | 63.46 | 46.56 | (29.38) | 33.71 | 37.44 | |||||
Net equalization credits and charges (b) |
0.00(d) | 0.01 | — | (0.00)(d) | (0.02) | (0.00)(d) | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(0.76) | (1.56) | (1.40) | (1.24) | (1.10) | (1.19) | |||||
Net asset value, end of period |
$206.47 | $225.80 | $163.89 | $118.73 | $149.35 | $116.76 | |||||
Total return (e) |
(8.25)% | 38.79% | 39.34% | (19.82)% | 28.93% | 46.88% | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$64,163,190 | $70,090,741 | $47,587,429 | $35,656,531 | $43,022,516 | $34,095,026 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(f) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
0.66%(f) | 0.75% | 0.96% | 0.83% | 0.81% | 1.24% | |||||
Portfolio turnover rate (g) |
1%(h) | 39% | 19% | 9% | 4% | 3% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (f) | The ratios for periods less than one year are annualized. |
| (g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
47
THE SELECT SECTOR SPDR TRUST
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| The Utilities Select Sector SPDR Fund | |||||||||||
| Six Months Ended 3/31/25 (Unaudited) |
Year Ended 9/30/24 |
Year Ended 9/30/23 |
Year Ended 9/30/22(a) |
Year Ended 9/30/21(a) |
Year Ended 9/30/20(a) | ||||||
Net asset value, beginning of period |
$80.76 | $58.94 | $65.46 | $63.88 | $59.40 | $64.73 | |||||
| Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b) |
1.14 | 2.08 | 1.98 | 1.96 | 1.86 | 2.00 | |||||
Net realized and unrealized gain (loss) (c) |
(1.88) | 21.93 | (6.40) | 1.61 | 4.61 | (5.36) | |||||
Total from investment operations |
(0.74) | 24.01 | (4.42) | 3.57 | 6.47 | (3.36) | |||||
Net equalization credits and charges (b) |
0.00(d) | 0.02 | 0.02 | 0.04 | (0.01) | (0.02) | |||||
| Distributions to shareholders from: | |||||||||||
Net investment income |
(1.18) | (2.21) | (2.12) | (2.03) | (1.98) | (1.95) | |||||
Net asset value, end of period |
$78.84 | $80.76 | $58.94 | $65.46 | $63.88 | $59.40 | |||||
Total return (e) |
(0.87)% | 41.54% | (7.02)% | 5.46% | 10.95% | (5.12)% | |||||
| Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s) |
$17,958,774 | $18,501,150 | $13,186,436 | $16,119,053 | $11,956,669 | $11,405,751 | |||||
| Ratios to average net assets: | |||||||||||
Total expenses |
0.08%(f) | 0.08% | 0.09% | 0.10% | 0.11% | 0.13% | |||||
Net investment income (loss) |
2.89%(f) | 3.13% | 2.96% | 2.76% | 2.89% | 3.29% | |||||
Portfolio turnover rate (g) |
1%(h) | 5% | 3% | 4% | 3% | 3% | |||||
| (a) | Beginning with the year ended September 30, 2023, the Fund was audited by Cohen & Company. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (f) | The ratios for periods less than one year are annualized. |
| (g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions on Select Sector SPDR shares. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
48
1. Organization
The Select Sector SPDR Trust (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of March 31, 2025, the Trust consists of eleven (11) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
Each Fund is classified as a non-diversified investment company under the 1940 Act.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Trust has entered into an Indemnification Agreement with each trustee who is not an “interested person” (as defined in the 1940 Act) (each, an “Independent Trustee”) providing for indemnification of the Independent Trustee by the Trust consistent with the foregoing and providing procedures for seeking and obtaining indemnification advancement of expenses. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2. Segment Reporting
Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through each Fund’s investments in accordance with its investment objective. Each Fund’s chief operating decision maker (“CODM”) is the President of the Trust. The CODM assesses performance based on a Fund’s Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund’s Total Return is utilized by the CODM to compare results, including the impact of a Fund’s costs, to a Fund’s competitors and to a Fund’s benchmark index.
3. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
49
THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2025 (Unaudited)
Valuation techniques used to value each Fund’s investments by major category are as follows:
• Equity investments (including registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' respective Select Sector Index, which in turn could result in a difference between the Fund's performance and the performance of the Fund's respective Select Sector Index. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
• Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments according to the fair value hierarchy as of March 31, 2025 is disclosed in each Fund’s respective Schedule of Investments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
50
THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2025 (Unaudited)
Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or recoverable as of March 31, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
Distributions
Distributions from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
4. Derivative Financial Instruments
Futures Contracts
The Funds may enter into futures contracts to meet Funds' objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by a Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
51
THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2025 (Unaudited)
The Funds in the following tables each entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity. The following tables summarize the value of the Fund's derivative instruments as of March 31, 2025, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:
| Asset Derivatives | ||||||||||||||||
| Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | |||||||||||
| The Consumer Staples Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
$— | $— | $— | $2,039,226 | $— | $2,039,226 | ||||||||||
| The Energy Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 3,528,000 | — | 3,528,000 | ||||||||||
| The Financial Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 3,005,000 | — | 3,005,000 | ||||||||||
| The Materials Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 25,900 | — | 25,900 | ||||||||||
| The Real Estate Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 399,875 | — | 399,875 | ||||||||||
| The Utilities Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 153,028 | — | 153,028 | ||||||||||
| Liability Derivatives | ||||||||||||||||
| Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | |||||||||||
| The Communication Services Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
$— | $— | $— | $73,500 | $— | $73,500 | ||||||||||
| The Consumer Discretionary Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 214,130 | — | 214,130 | ||||||||||
| The Industrial Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 3,750 | — | 3,750 | ||||||||||
| The Technology Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 3,529,350 | — | 3,529,350 | ||||||||||
52
THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2025 (Unaudited)
| Net Realized Gain (Loss) | ||||||||||||||||
| Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | |||||||||||
| The Communication Services Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
$— | $— | $— | $(1,464,822) | $— | $(1,464,822) | ||||||||||
| The Consumer Staples Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (4,806,248) | — | (4,806,248) | ||||||||||
| The Energy Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (12,563,422) | — | (12,563,422) | ||||||||||
| The Financial Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (1,823,288) | — | (1,823,288) | ||||||||||
| The Industrial Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (1,466,713) | — | (1,466,713) | ||||||||||
| The Materials Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (2,001,827) | — | (2,001,827) | ||||||||||
| The Real Estate Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (2,061,087) | — | (2,061,087) | ||||||||||
| The Technology Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (3,195,126) | — | (3,195,126) | ||||||||||
| The Utilities Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (490,968) | — | (490,968) | ||||||||||
| Net Change in Unrealized Appreciation/Depreciation | ||||||||||||||||
| Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | |||||||||||
| The Communication Services Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
$— | $— | $— | $(74,490) | $— | $(74,490) | ||||||||||
| The Consumer Discretionary Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (214,264) | — | (214,264) | ||||||||||
| The Consumer Staples Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 2,036,563 | — | 2,036,563 | ||||||||||
| The Energy Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 872,483 | — | 872,483 | ||||||||||
| The Financial Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 3,003,680 | — | 3,003,680 | ||||||||||
| The Industrial Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (693,226) | — | (693,226) | ||||||||||
| The Materials Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (347,623) | — | (347,623) | ||||||||||
| The Real Estate Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | 488,517 | — | 488,517 | ||||||||||
| The Technology Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (5,255,250) | — | (5,255,250) | ||||||||||
| The Utilities Select Sector SPDR Fund | ||||||||||||||||
Futures Contracts |
— | — | — | (1,407,737) | — | (1,407,737) | ||||||||||
53
THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2025 (Unaudited)
5. Fees and Transactions with Affiliates
Advisory and Administration Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, each Fund pays the Adviser a fee accrued daily and paid monthly. The advisory fee is calculated based upon the average daily net assets of the Trust and allocated pro rata to each Select Sector SPDR Fund based on the relative net assets of each Fund. The advisory fee is a sliding scale fee calculated as follows: (i) 0.05% of average daily net assets of the Trust up to the first $12.5 billion of net assets; (ii) 0.04% of average daily net assets of the Trust up to the next $17.5 billion of net assets; (iii) 0.035% of average daily net assets of the Trust up to the next $20.0 billion of net assets; (iv) 0.03% of average daily net assets of the Trust up to the next $50.0 billion of net assets; (v) 0.0285% of average daily net assets of the Trust up to the next $50.0 billion of net assets; (vi) 0.0271% of average daily net assets of the Trust up to the next $50.0 billion of net assets; and (vii) 0.0256% of average daily net assets of the Trust up to the next $100.0 billion of net assets; (viii) 0.0243% of average daily net assets of the Trust up to the next $100.0 billion of net assets; and 0.023% of average daily net assets on the remainder of net assets of the Trust.
The Trust has also entered into an Administration Agreement with SSGA FM to serve as each Fund's Administrator. For its administration services to the Funds, each Fund pays SSGA FM a fee accrued daily and paid monthly at a rate 0.0006% of its average daily net assets.
Unitary Fee
State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent to each Fund of the Trust. A “unitary” fee is paid by each Fund to State Street for custody, sub-administration and transfer agency services provided to the Funds. The unitary fee is calculated based upon the average daily net assets of the Trust and allocated pro rata to each Select Sector SPDR Fund based upon the relative net assets of each Fund. Effective January 1, 2018, the unitary fee structure was amended and is calculated as follows: (i) $0 - $50 billion of net assets of the Trust, 0.015% of average daily net assets; (ii) over $50 billion - $75 billion of net assets of the Trust, 0.0125% of average daily net assets; (iii) over $75 billion - $100 billion of net assets of the Trust, 0.01% of average daily net assets; (iv) over $100 billion - $400 billion of net assets of the Trust, 0.004% of average daily net assets; and (v) over $400 billion of net assets of the Trust, 0.0025% of average daily net assets.
State Street is a wholly-owned subsidiary of State Street Corporation.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated July 10, 2017, as amended.
Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers are paid as follows: If the calendar year to date net proceeds are below a specified threshold across participating affiliated funds, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 11 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2025, are disclosed in the Funds' respective Schedules of Investments.
54
THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2025 (Unaudited)
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
6. Additional Expenses
Distributor
ALPS Portfolio Solutions Distributor, Inc. (the “Distributor”) serves as the distributor of the shares of each Fund. Pursuant to a Distribution and Service Plan adopted by each Fund in accordance with Rule 12b-1 under the 1940 Act, each Fund is authorized to pay fees, including fees to the Distributor, at an annualized rate of 0.25% of the average daily net assets of the Fund. Effective February 1, 2022, the Board limited each Fund's 12b-1 fee to an annual rate of 0.02% of its average daily net assets. This limitation is in effect through at least January 31, 2026.
License Fees
S&P Opco, LLC, a subsidiary of S&P Dow Jones Indices LLC and S&P Global (“S&P”), and NYSE Arca, Inc. (either directly or through affiliates) have entered into a license agreement with respect to each Fund's Select Sector Index. Each Fund pays an annual sub-license fee to S&P based on a percentage of its total expense ratio shown on the financial highlight for the most recent fiscal year. This rate is applied to the Fund’s average daily net assets. Future years’ sub-license fee rate will be based on a schedule of percentages applied to the most recent total expense ratio of a Fund shown in the, then, current annual report and applied to the average daily net assets of that Fund. Fees to S&P are generally paid quarterly.
7. Trustees’ Fees
The fees and expenses of the Independent Trustees and one interested, non-management trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
8. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended March 31, 2025, were as follows:
| Purchases | Sales | ||
The Communication Services Select Sector SPDR Fund |
$3,297,383,227 | $3,283,446,417 | |
The Consumer Discretionary Select Sector SPDR Fund |
1,946,332,178 | 1,959,942,286 | |
The Consumer Staples Select Sector SPDR Fund |
623,274,555 | 621,286,641 | |
The Energy Select Sector SPDR Fund |
2,413,744,601 | 2,410,390,561 | |
The Financial Select Sector SPDR Fund |
1,098,095,080 | 1,150,433,927 | |
The Health Care Select Sector SPDR Fund |
250,447,534 | 259,742,986 | |
The Industrial Select Sector SPDR Fund |
359,428,003 | 358,691,398 | |
The Materials Select Sector SPDR Fund |
1,129,360,847 | 1,138,332,888 | |
The Real Estate Select Sector SPDR Fund |
140,876,139 | 143,283,911 | |
The Technology Select Sector SPDR Fund |
951,393,593 | 951,614,630 | |
The Utilities Select Sector SPDR Fund |
181,374,759 | 175,193,694 |
55
THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2025 (Unaudited)
For the period ended March 31, 2025, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
| In-kind Contributions |
In-kind Redemptions |
In-kind Net Realized Gains/(Losses) | |||
The Communication Services Select Sector SPDR Fund |
$4,697,459,557 | $4,187,578,172 | $1,185,700,938 | ||
The Consumer Discretionary Select Sector SPDR Fund |
8,208,559,630 | 7,431,220,305 | 1,740,474,824 | ||
The Consumer Staples Select Sector SPDR Fund |
6,646,796,808 | 7,444,721,240 | 724,166,056 | ||
The Energy Select Sector SPDR Fund |
6,710,602,787 | 10,865,730,332 | 1,207,492,996 | ||
The Financial Select Sector SPDR Fund |
27,981,189,308 | 22,420,356,601 | 4,891,589,471 | ||
The Health Care Select Sector SPDR Fund |
11,397,616,113 | 12,526,085,957 | 1,809,580,267 | ||
The Industrial Select Sector SPDR Fund |
11,287,025,789 | 10,102,126,496 | 1,245,524,373 | ||
The Materials Select Sector SPDR Fund |
4,144,522,470 | 3,769,249,988 | 124,879,370 | ||
The Real Estate Select Sector SPDR Fund |
1,599,414,408 | 2,032,899,050 | 232,500,129 | ||
The Technology Select Sector SPDR Fund |
6,983,251,143 | 6,811,597,379 | 2,784,641,659 | ||
The Utilities Select Sector SPDR Fund |
6,448,109,223 | 6,507,661,936 | 816,907,331 |
9. Shareholder Transactions
Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
10. Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2024, SSGA FM has analyzed the Funds’ tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
56
THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2025 (Unaudited)
As of March 31, 2025, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
| Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) | ||||
The Communication Services Select Sector SPDR Fund |
$18,180,303,064 | $3,161,994,097 | $926,941,271 | $2,235,052,826 | |||
The Consumer Discretionary Select Sector SPDR Fund |
20,753,072,502 | 894,666,596 | 1,666,551,267 | (771,884,671) | |||
The Consumer Staples Select Sector SPDR Fund |
18,141,054,713 | 1,043,714,641 | 2,356,431,858 | (1,312,717,217) | |||
The Energy Select Sector SPDR Fund |
32,614,187,071 | 2,591,163,009 | 1,623,984,155 | 967,178,854 | |||
The Financial Select Sector SPDR Fund |
49,216,627,302 | 4,412,426,520 | 1,522,812,727 | 2,889,613,793 | |||
The Health Care Select Sector SPDR Fund |
42,315,472,174 | 2,215,349,432 | 6,055,850,814 | (3,840,501,382) | |||
The Industrial Select Sector SPDR Fund |
21,522,983,686 | 689,391,883 | 2,221,849,216 | (1,532,457,333) | |||
The Materials Select Sector SPDR Fund |
5,972,332,304 | 42,395,917 | 793,222,255 | (750,826,338) | |||
The Real Estate Select Sector SPDR Fund |
7,965,034,192 | 266,777,080 | 897,454,026 | (630,676,946) | |||
The Technology Select Sector SPDR Fund |
61,447,654,962 | 6,042,545,910 | 3,307,225,752 | 2,735,320,158 | |||
The Utilities Select Sector SPDR Fund |
18,353,174,734 | 947,305,646 | 1,284,454,615 | (337,148,969) |
11. Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of March 31, 2025, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of March 31, 2025:
| Fund | Market Value of Securities on Loan |
Cash Collateral Received |
Non-Cash Collateral Received* |
Total Collateral Received | ||||
The Communication Services Select Sector SPDR Fund |
$ 65,636,434 | $ 63,269,993 | $ 2,647,400 | $ 65,917,393 | ||||
The Consumer Discretionary Select Sector SPDR Fund |
339,813,842 | 90,426,124 | 259,969,607 | 350,395,731 | ||||
The Consumer Staples Select Sector SPDR Fund |
207,480,897 | 93,327,006 | 118,875,738 | 212,202,744 | ||||
The Energy Select Sector SPDR Fund |
495,504,206 | 182,630,625 | 319,453,250 | 502,083,875 |
57
THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2025 (Unaudited)
| Fund | Market Value of Securities on Loan |
Cash Collateral Received |
Non-Cash Collateral Received* |
Total Collateral Received | ||||
The Financial Select Sector SPDR Fund |
$259,417,221 | $39,487,577 | $220,575,080 | $260,062,657 | ||||
The Health Care Select Sector SPDR Fund |
240,917,975 | 13,175,920 | 233,524,149 | 246,700,069 | ||||
The Industrial Select Sector SPDR Fund |
284,210,006 | 49,807,256 | 238,761,986 | 288,569,242 | ||||
The Materials Select Sector SPDR Fund |
84,633,868 | 18,678,441 | 67,567,805 | 86,246,246 | ||||
The Technology Select Sector SPDR Fund |
324,856,650 | 33,134,682 | 300,580,708 | 333,715,390 | ||||
The Utilities Select Sector SPDR Fund |
406,001,954 | 75,924,225 | 334,623,218 | 410,547,443 |
| * | The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities. |
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of March 31, 2025:
| Remaining Contractual Maturity of the Agreements as of March 31, 2025 | ||||||||||||||
| Fund | Securities Lending Transactions |
Overnight and Continuous |
<30 Days | Between 30 & 90 Days |
>90 Days | Total Borrowings |
Gross Amount of Recognized Liabilities for Securities Lending Transactions | |||||||
The Communication Services Select Sector SPDR Fund |
Common Stocks | $63,269,993 | $— | $— | $— | $63,269,993 | $63,269,993 | |||||||
The Consumer Discretionary Select Sector SPDR Fund |
Common Stocks | 90,426,124 | — | — | — | 90,426,124 | 90,426,124 | |||||||
The Consumer Staples Select Sector SPDR Fund |
Common Stocks | 93,327,006 | — | — | — | 93,327,006 | 93,327,006 | |||||||
The Energy Select Sector SPDR Fund |
Common Stocks | 182,630,625 | — | — | — | 182,630,625 | 182,630,625 | |||||||
The Financial Select Sector SPDR Fund |
Common Stocks | 39,487,577 | — | — | — | 39,487,577 | 39,487,577 | |||||||
The Health Care Select Sector SPDR Fund |
Common Stocks | 13,175,920 | — | — | — | 13,175,920 | 13,175,920 | |||||||
The Industrial Select Sector SPDR Fund |
Common Stocks | 49,807,256 | — | — | — | 49,807,256 | 49,807,256 | |||||||
The Materials Select Sector SPDR Fund |
Common Stocks | 18,678,441 | — | — | — | 18,678,441 | 18,678,441 | |||||||
The Technology Select Sector SPDR Fund |
Common Stocks | 33,134,682 | — | — | — | 33,134,682 | 33,134,682 | |||||||
The Utilities Select Sector SPDR Fund |
Common Stocks | 75,924,225 | — | — | — | 75,924,225 | 75,924,225 | |||||||
12. Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds were more broadly diversified.
Market Risk
A Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on a Fund and its investments.
58
THE SELECT SECTOR SPDR TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2025 (Unaudited)
13. Subsequent Events
Effective December 1, 2025, State Street Global Advisors Funds Distributors, LLC, an affiliate of the Adviser, will replace ALPS Portfolio Solutions Distributor, Inc. as the distributor of each series of the Trust.
59
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable to this filing.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the registrant.
Item 15. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board.
Item 16. Controls and Procedures.
(a) Within 90 days of the filing date of this Form N-CSR, Ann M. Carpenter the registrant’s President and Principal Executive Officer, and Chad C. Hallett, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) and evaluated their effectiveness. Based on their review, Ms. Carpenter and Mr. Hallett determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the registrant.
(b) Not applicable to the registrant.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the registrant.
Item 19. Exhibits.
(a)(1) Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.
(a)(2) Not applicable to the registrant.
(a)(4) Not applicable.
(a)(5) Not applicable.
(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| The Select Sector SPDR® Trust | ||
| By: | /s/ Ann M. Carpenter | |
| Ann M. Carpenter | ||
| President and Principal Executive Officer | ||
| Date: | June 2, 2025 | |
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Ann M. Carpenter | |
| Ann M. Carpenter | ||
| President and Principal Executive Officer | ||
| By: | /s/ Chad C. Hallett | |
| Chad C. Hallett | ||
| Treasurer and Principal Financial Officer | ||
| Date: | June 2, 2025 | |