State Street Technology Select Sector SPDR ETF (XLK): fair value

Fair-value band

Priced 18% above the fair value this model estimates, against the 73% of the fund this engine values independently. The verdict above comes from the multiples against their own medians, not from this premium.

Look-through coverage

73% of the equity sleeve, 18 of 74 holdings.

Is State Street Technology Select Sector SPDR ETF undervalued?

Expensive, by the multiples. State Street Technology Select Sector SPDR ETF's covered sleeve (73% of the equity book) is priced 18% above the fair value this model estimates. The verdict comes from the multiples against their own medians, not from this premium.

Diligence checklist

8 pass · 0 fail · 3 no data

• PASSHoldings as-of date, and the lag: 2026-06-30 (59d)EDGAR · The weights come from the fund's N-PORT for 2026-06-30, filed 2026-08-28 -- 59 days ago. Only the third month of each fiscal quarter is made public, so this lag is structural and runs two to five months depending where in the cycle you look. Applying a weight measured that long ago to a price struck today is the largest single approximation on this page. filing ↗
• PASSShare of the equity sleeve with an independent intrinsic value: 73.0%XBRL · 18 of the fund's 74 equity holdings resolve to names this engine values independently, covering 73.0% of the equity sleeve against a floor of 50%. The premium below describes that sleeve only -- the remaining 27.0% is not assumed to be fairly valued, it is simply not valued. SNDK at 1.88% is held and covered but publishes no premium, so it counts toward what is held and not toward what was valued.
• PASSExpense ratio, and the haircut over 10 years: 0.07%EDGAR · The fund charges 0.07% a year, tagged in its own shareholder report for the period ending 2026-03-31. Held for 10 years that compounds to 0.70% of the position, which is the number worth carrying: it assumes nothing about discount rates or growth and it maps to a holding period you can actually name. filing ↗
• PASSPortfolio turnover against the stated strategy: 5%EDGAR · The fund turned over 5% of its book over the reported period. A fund sold as passive that trades more than 50% of itself in a year is not being described accurately to its holders, which is a fact about the product rather than about the market. Turnover is a real cost on top of the fee, but converting it into basis points would need bid-ask and market-impact data that no free primary source carries, so it is reported and not priced. filing ↗
• PASSEffective breadth, top-10 weight, largest single holding: N-eff 16.3 of 74EDGAR · The fund holds 74 equities but its effective breadth is 16.3 positions, with 64.5% in the largest ten and 14.7% in NVIDIA Corp alone, each measured against the equity sleeve rather than against net assets. Effective breadth is the inverse Herfindahl of the weights; it says nothing about how correlated those names are with each other, so a fund of 16 mega-cap semiconductor names is more concentrated in substance than the figure alone suggests. filing ↗
• N/AHow much of the stock trades on an average day: $1,453MMARKET · State Street Technology Select Sector SPDR ETF trades about $1,453M a day. The rule this page uses is that a position has to be buildable and exitable inside 10 trading days; at this volume that is not the binding constraint on a position of any size this process would take.
• PASSNet assets, and closure risk: $123.9bnEDGAR · The fund reported $123.9bn of net assets on 2026-06-30. Funds below roughly $50M are closure candidates, and a closure is a forced taxable exit on somebody else's timetable rather than a market risk. filing ↗
• N/ADistribution composition, and return of capital: n/aTEXT · No Section 19(a) distribution notice has ever been filed on EDGAR for this fund. Such a notice is required only when a distribution is funded by something other than net investment income, so the absence is consistent with income-only distributions -- but it is not confirmation of it, and some sponsors post these notices only to their own websites. The composition of State Street Technology Select Sector SPDR ETF's distributions is therefore not established from a primary source, and is not assumed.
• PASSCash, derivatives and other, as a share of net assets: 0.19%EDGAR · 0.19% of net assets sits outside the equity sleeve (DE -0.00%, STIV +0.19%). The look-through never looked at it. Note also that the fund's own weights sum to 100.12%, not 100: the column is a percentage of net assets while the lines include the cash sleeve, and one line is negative. Anything that assumes these weights sum to one, or that they are all positive, is wrong on the first fund it meets. filing ↗
• N/ASecurities lending, and who is paid for it: 0.34% avgEDGAR · The fund lends its holdings through State Street Bank and Trust Company -- an affiliate of the fund's own adviser: $423M on loan on average -- 0.34% of net assets, returning $665,981 to the fund over the reported year. N-CEN discloses the fee mechanism as categories rather than numbers, so how that revenue splits between the fund and the agent is not stated in the filing and is not estimated here. filing ↗
• PASSLegal structure of the wrapper: 1940-Act open-end fundTEXT · State Street Technology Select Sector SPDR ETF is a 1940-Act open-end fund. The distinction matters because an ETN is a bank's unsecured note rather than a basket -- the holder carries the issuer's credit and there are no holdings to look through to. Everything on this page assumes a claim on real securities.