0001193125-18-292857.txt : 20181004 0001193125-18-292857.hdr.sgml : 20181004 20181004092906 ACCESSION NUMBER: 0001193125-18-292857 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 45 FILED AS OF DATE: 20181004 DATE AS OF CHANGE: 20181004 EFFECTIVENESS DATE: 20181004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SELECT SECTOR SPDR TRUST CENTRAL INDEX KEY: 0001064641 IRS NUMBER: 000000000 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-57791 FILM NUMBER: 181107029 BUSINESS ADDRESS: STREET 1: ONE LINCOLN STREET STREET 2: SUM0703 CITY: BOSTON STATE: MA ZIP: 02111 BUSINESS PHONE: 866-732-8673 MAIL ADDRESS: STREET 1: ONE LINCOLN STREET STREET 2: SUM0703 CITY: BOSTON STATE: MA ZIP: 02111 FORMER COMPANY: FORMER CONFORMED NAME: SECTOR SPDR TRUST DATE OF NAME CHANGE: 19980622 0001064641 S000006408 The Consumer Discretionary Select Sector SPDR Fund C000017594 The Consumer Discretionary Select Sector SPDR Fund XLY 0001064641 S000006409 The Consumer Staples Select Sector SPDR Fund C000017595 The Consumer Staples Select Sector SPDR Fund XLP 0001064641 S000006410 The Energy Select Sector SPDR Fund C000017596 The Energy Select Sector SPDR Fund XLE 0001064641 S000006411 The Financial Select Sector SPDR Fund C000017597 The Financial Select Sector SPDR Fund XLF 0001064641 S000006412 The Health Care Select Sector SPDR Fund C000017598 The Health Care Select Sector SPDR Fund XLV 0001064641 S000006413 The Industrial Select Sector SPDR Fund C000017599 The Industrial Select Sector SPDR Fund XLI 0001064641 S000006414 The Materials Select Sector SPDR Fund C000017600 The Materials Select Sector SPDR Fund XLB 0001064641 S000006415 The Technology Select Sector SPDR Fund C000017601 The Technology Select Sector SPDR Fund XLK 0001064641 S000006416 The Utilities Select Sector SPDR Fund C000017602 The Utilities Select Sector SPDR Fund XLU 0001064641 S000051152 The Real Estate Select Sector SPDR Fund C000161049 The Real Estate Select Sector SPDR Fund XLRE 0001064641 S000062095 The Communication Services Select Sector SPDR Fund C000201048 The Communication Services Select Sector SPDR Fund XLC 497 1 d541977d497.htm SELECT SECTOR SPDR TRUST Select Sector SPDR Trust

Exhibit Index

 

Exhibit No.

    
EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
EX-101.INS 2 ssst-20180924.xml XBRL INSTANCE DOCUMENT 0001064641 2018-09-24 2018-09-24 0001064641 ssst:S000062095Member 2018-09-24 2018-09-24 0001064641 ssst:S000062095Member ssst:C000201048Member 2018-09-24 2018-09-24 0001064641 ssst:S000006408Member 2018-09-24 2018-09-24 0001064641 ssst:S000006408Member ssst:C000017594Member 2018-09-24 2018-09-24 0001064641 ssst:S000006408Member ssst:C000017594Member rr:AfterTaxesOnDistributionsMember 2018-09-24 2018-09-24 0001064641 ssst:S000006408Member ssst:C000017594Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006408Member ssst:TheConsumerDiscretionarySelectSectorIndexIndexreturnsreflectnodeductionforfeesexpensesortaxesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006408Member ssst:SandpFiveHundredIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006409Member 2018-09-24 2018-09-24 0001064641 ssst:S000006409Member ssst:C000017595Member 2018-09-24 2018-09-24 0001064641 ssst:S000006409Member ssst:C000017595Member rr:AfterTaxesOnDistributionsMember 2018-09-24 2018-09-24 0001064641 ssst:S000006409Member ssst:C000017595Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006409Member ssst:ConsumerStaplesSelectSectorIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006409Member ssst:SAndPFiveHundIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006410Member 2018-09-24 2018-09-24 0001064641 ssst:S000006410Member ssst:C000017596Member 2018-09-24 2018-09-24 0001064641 ssst:S000006410Member ssst:C000017596Member rr:AfterTaxesOnDistributionsMember 2018-09-24 2018-09-24 0001064641 ssst:S000006410Member ssst:C000017596Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006410Member ssst:TheEnergySelectSectorIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006410Member ssst:SpFiveHundredIndexReturnsReflMember 2018-09-24 2018-09-24 0001064641 ssst:S000006411Member 2018-09-24 2018-09-24 0001064641 ssst:S000006411Member ssst:C000017597Member 2018-09-24 2018-09-24 0001064641 ssst:S000006411Member ssst:C000017597Member rr:AfterTaxesOnDistributionsMember 2018-09-24 2018-09-24 0001064641 ssst:S000006411Member ssst:C000017597Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006412Member 2018-09-24 2018-09-24 0001064641 ssst:S000006412Member ssst:C000017598Member 2018-09-24 2018-09-24 0001064641 ssst:S000006412Member ssst:C000017598Member rr:AfterTaxesOnDistributionsMember 2018-09-24 2018-09-24 0001064641 ssst:S000006412Member ssst:C000017598Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006412Member ssst:TheHealthCareSelectSectorIndexIndexreturnsreflectnodeductionforfeesexpensesortaxesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006412Member ssst:SAndPFiveHundIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006413Member 2018-09-24 2018-09-24 0001064641 ssst:S000006413Member ssst:C000017599Member 2018-09-24 2018-09-24 0001064641 ssst:S000006413Member ssst:C000017599Member rr:AfterTaxesOnDistributionsMember 2018-09-24 2018-09-24 0001064641 ssst:S000006413Member ssst:C000017599Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006413Member ssst:TheIndustrialSelectSectorIndexIndexreturnsreflectnodeductionforfeesexpensesortaxesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006413Member ssst:SpFiveHundredIndexReturnsReflMember 2018-09-24 2018-09-24 0001064641 ssst:S000006414Member 2018-09-24 2018-09-24 0001064641 ssst:S000006414Member ssst:C000017600Member 2018-09-24 2018-09-24 0001064641 ssst:S000006414Member ssst:C000017600Member rr:AfterTaxesOnDistributionsMember 2018-09-24 2018-09-24 0001064641 ssst:S000006414Member ssst:C000017600Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-09-24 2018-09-24 0001064641 ssst:S000051152Member 2018-09-24 2018-09-24 0001064641 ssst:S000051152Member ssst:C000161049Member 2018-09-24 2018-09-24 0001064641 ssst:S000051152Member ssst:C000161049Member rr:AfterTaxesOnDistributionsMember 2018-09-24 2018-09-24 0001064641 ssst:S000051152Member ssst:C000161049Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-09-24 2018-09-24 0001064641 ssst:S000051152Member ssst:SectorIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000051152Member ssst:FiveIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006415Member 2018-09-24 2018-09-24 0001064641 ssst:S000006415Member ssst:C000017601Member 2018-09-24 2018-09-24 0001064641 ssst:S000006415Member ssst:C000017601Member rr:AfterTaxesOnDistributionsMember 2018-09-24 2018-09-24 0001064641 ssst:S000006415Member ssst:C000017601Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006415Member ssst:TechnologySelectSectorIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006415Member ssst:SandpFiveHundredIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006416Member 2018-09-24 2018-09-24 0001064641 ssst:S000006416Member ssst:C000017602Member 2018-09-24 2018-09-24 0001064641 ssst:S000006416Member ssst:C000017602Member rr:AfterTaxesOnDistributionsMember 2018-09-24 2018-09-24 0001064641 ssst:S000006416Member ssst:C000017602Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006416Member ssst:TheUtilitiesSelectSectorIndexIndexreturnsreflectnodeductionforfeesexpensesortaxesMember 2018-09-24 2018-09-24 0001064641 ssst:S000006416Member ssst:SandpFiveHundredIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006411Member ssst:FinancialSelectSectorIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006411Member ssst:IndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006414Member ssst:MaterialsSelectSectorIndexMember 2018-09-24 2018-09-24 0001064641 ssst:S000006414Member ssst:IndexMember 2018-09-24 2018-09-24 pure iso4217:USD 2018-09-24 497 2017-09-30 SELECT SECTOR SPDR TRUST 0001064641 false 2018-09-24 2018-09-24 <b>Fund Summaries<br/><br/>The Communication Services Select Sector SPDR Fund </b> <b>Investment Objective </b> The Communication Services Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Communication Services Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses<br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.&nbsp;The calculation of costs takes into account the effect of any current contractual fee waivers and/or reimbursements for the period in which the fee waiver and/or reimbursement is currently in place. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.&nbsp;The Fund's portfolio turnover rate has been omitted because the Fund had not commenced investment operations as of the date of this Prospectus. <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/> Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"), the investment adviser to the Fund).<br/><br/> The Index includes companies that have been identified as Communication Services companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: diversified telecommunication services; wireless telecommunication services; media; entertainment; and interactive media &amp; services. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp;P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC ("S&amp;P DJI") based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research ("BofA Merrill Lynch") (S&amp;P DJI and BofA Merrill Lynch, collectively, the "Index Provider") using a "modified market capitalization" methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code" or "IRC"). As of May 31, 2018, the Index was composed of 26 stocks.<br/><br/> The Index is sponsored by the Index Provider and compiled by S&amp;P DJI (the "Index Compilation Agent"). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<blockquote> <b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.<br/><br/> <b>Communication Services Sector Risk:</b> The Fund's assets will be concentrated in the communication services sector, which means the Fund will be more affected by the performance of the communication services sector than a fund that is more diversified. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.<br/><br/> <b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.<br/><br/> <b>Non-Diversification Risk:</b> As a "non-diversified" fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.<br/><br/> <b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.<br/><br/> <b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.</blockquote> <b>Fund Performance </b> The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns based on net assets and comparing the Fund's performance to the Index. When available, updated performance information&nbsp;may be obtained&nbsp;by calling&nbsp;1-866-732-8673 or visiting&nbsp;our website at www.sectorspdrs.com. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. &#8220;Other expenses&#8221; are based on estimated amounts for the current fiscal year. January 31, 2022 As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a "non-diversified" fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. 1-866-732-8673 www.sectorspdrs.com 0.0003 0.0004 0.0008 0.0015 -0.0002 0.0013 14 43 <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000013 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000014 column period compact * ~</div> <b>Fund Summaries <br/><br/>The Consumer Discretionary Select Sector SPDR Fund</b> <b>Investment Objective </b> The Consumer Discretionary Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Discretionary Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. &nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of the average value of its portfolio. <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index. <br/><br/> Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (&#8220;SSGA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund). <br/><br/> The Index includes companies that have been identified as Consumer Discretionary companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: retail (specialty, multiline, internet and direct marketing); hotels, restaurants and leisure; textiles, apparel and luxury goods; household durables; automobiles; auto components; distributors; leisure products; and diversified consumer services. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp;P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P DJI&#8221;) based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research (&#8220;BofA Merrill Lynch&#8221;) (S&amp;P DJI and BofA Merrill Lynch, collectively, the &#8220;Index Provider&#8221;) using a &#8220;modified market capitalization&#8221; methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221; or &#8220;IRC&#8221;). As of November 30, 2017, the Index was composed of 84 stocks. <br/><br/> The Index is sponsored by the Index Provider and compiled by S&amp;P DJI&nbsp;(the &#8220;Index Compilation Agent&#8221;). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote> <b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. <br/><br/> <b>Consumer Discretionary Sector Risk:</b> The Fund's assets will be concentrated in the consumer discretionary sector, which means the Fund will be more affected by the performance of the consumer discretionary sector than a fund that is more diversified. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace. <br/><br/><b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.<br/><br/> <b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.<br/><br/> <b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies. <br/><br/> <b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.</blockquote> <b>Fund Performance </b> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The S&amp;P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com. <b>Annual Total Returns (years ended 12/31) </b> Highest Quarterly Return: 19.24% (Q3, 2009)<br/> Lowest Quarterly Return: -22.81% (Q4, 2008) <b>Average Annual Total Returns (for periods ending 12/31/17) </b> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. The Fund's "Total annual Fund operating expenses" have been restated to reflect a reduction in the Fund's "Distribution and service (12b-1) fees" and "Other expenses". An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-732-8673 www.sectorspdrs.com The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. 0.0003 0.0004 0.0006 0.0013 13 42 73 166 0.2277 0.1743 0.1335 0.2239 0.1702 0.13 0.1316 0.1406 0.1113 0.2298 0.1764 0.1353 0.2183 0.1579 0.085 0.06 0.1924 2009-09-30 Lowest Quarterly Return: -0.2281 2008-12-31 Highest Quarterly Return: <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000023 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000024 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposed000027 column period compact * ~</div> <b>Fund Summaries <br/><br/>The Consumer Staples Select Sector SPDR Fund</b> <b>Investment Objective </b> The Consumer Staples Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Staples Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. &nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio. <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/> Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"), the investment adviser to the Fund).<br/><br/> The Index includes companies that have been identified as Consumer Staples companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: food and staples retailing; household products; food products; beverages; tobacco; and personal products. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp;P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC ("S&amp;P DJI") based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research ("BofA Merrill Lynch") (S&amp;P DJI and BofA Merrill Lynch, collectively, the "Index Provider") using a "modified market capitalization" methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code" or "IRC"). As of November 30, 2017, the Index was composed of 34 stocks.<br/><br/> The Index is sponsored by the Index Provider and compiled by S&amp;P DJI (the "Index Compilation Agent"). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<blockquote><b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.<br/><br/><b>Consumer Staples Sector Risk:</b> The Fund's assets will be concentrated in the consumer staples sector, which means the Fund will be more affected by the performance of the consumer staples sector than a fund that is more diversified. Consumer staples companies are subject to government regulation affecting their products which may negatively impact such companies' performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food, beverage, household and personal product companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending.<br/><br/><b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.<br/><br/><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.<br/><br/><b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.<br/><br/><b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.</blockquote> <b>Fund Performance </b> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The S&amp;P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com. <b>Annual Total Returns (years ended 12/31) </b> <b>Average Annual Total Returns (for periods ending 12/31/17)</b> Highest Quarterly Return: 14.59% (Q1, 2013)<br/>Lowest Quarterly Return: -12.29% (Q4, 2008) The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. The Fund's &#8220;Total annual Fund operating expenses&#8221; have been restated to reflect a reduction in the Fund's &#8220;Distribution and service (12b-1) fees&#8221; and &#8220;Other expenses&#8221;. As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-732-8673 www.sectorspdrs.com The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. 0.0003 0.0004 0.0006 0.0013 13 42 73 166 0.1292 0.1313 0.0997 0.1213 0.1239 0.0936 0.0779 0.1036 0.081 0.1309 0.1334 0.1018 0.2183 0.1579 0.085 0.12 0.1459 2013-03-31 Lowest Quarterly Return: -0.1229 2008-12-31 Highest Quarterly Return: <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000033 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000034 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposed000037 column period compact * ~</div> <b>Fund Summaries <br/><br/>The Energy Select Sector SPDR Fund</b> <b>Investment Objective </b> The Energy Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Energy Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. &nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 23% of the average value of its portfolio. <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index. <br/><br/> Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (&#8220;SSGA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund). <br/><br/> The Index includes companies that have been identified as Energy companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: oil, gas and consumable fuels; and energy equipment and services. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp; P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P DJI&#8221;) based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research (&#8220;BofA Merrill Lynch&#8221;) (S&amp;P DJI and BofA Merrill Lynch, collectively, the &#8220;Index Provider&#8221;) using a &#8220;modified market capitalization&#8221; methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221; or &#8220;IRC&#8221;). As of November 30, 2017, the Index was composed of 32 stocks. <br/><br/> The Index is sponsored by the Index Provider and compiled by S&amp;P DJI&nbsp;(the &#8220;Index Compilation Agent&#8221;). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote> <b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. <br/><br/> <b>Energy Sector Risk:</b> The Fund's assets will&nbsp;be concentrated in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that is more diversified. Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. <br/><br/> <b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <br/><br/> <b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. <br/><br/> <b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies. <br/><br/> <b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.</blockquote> <b>Fund Performance </b> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The S&amp;P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com. <b>Annual Total Returns (years ended 12/31) </b> Highest Quarterly Return: 22.12% (Q4, 2010)<br/> Lowest Quarterly Return: -27.52% (Q3, 2008) <b>Average Annual Total Returns (for periods ending 12/31/17) </b> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. The Fund's &#8220;Total annual Fund operating expenses&#8221; have been restated to reflect a reduction in the Fund's &#8220;Distribution and service (12b-1) fees&#8221; and &#8220;Other expenses&#8221;. As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-732-8673 www.sectorspdrs.com The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. 0.0003 0.0004 0.0006 0.0013 13 42 73 166 -0.0106 0.0278 0.0119 -0.0181 0.0215 0.0075 -0.0005 0.021 0.0093 -0.0086 0.0291 0.0134 0.2183 0.1579 0.085 0.23 0.2212 2010-12-31 Lowest Quarterly Return: -0.2752 2008-09-30 Highest Quarterly Return: <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000043 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000044 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposed000047 column period compact * ~</div> <b>Fund Summaries </b><br/><br/><b>The Financial Select Sector SPDR Fund </b> <b>Investment Objective </b> The Financial Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Financial Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment):</b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. &nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio. <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index. <br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (&#8220;SSGA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund). <br/><br/>The Index includes companies that have been identified as Financial companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: diversified financial services; insurance; banks; capital markets; mortgage real estate investment trusts (&#8220;REITs&#8221;); consumer finance; and thrifts and mortgage finance. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp;P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P DJI&#8221;) based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research (&#8220;BofA Merrill Lynch&#8221;) (S&amp;P DJI and BofA Merrill Lynch, collectively, the &#8220;Index Provider&#8221;) using a &#8220;modified market capitalization&#8221; methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221; or &#8220;IRC&#8221;). As of November 30, 2017, the Index was composed of 67 stocks. <br/><br/>The Index is sponsored by the Index Provider and compiled by S&amp;P DJI&nbsp;(the &#8220;Index Compilation Agent&#8221;). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. <br/><br/><b>Financial Sector Risk:</b> The Fund's assets will be concentrated in the financial sector, which means the Fund will be more affected by the performance of the financial sector than a fund that is more diversified. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.<br/><br/><b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.<br/><br/><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.<br/><br/><b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.<br/><br/><b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.</blockquote> <b>Fund Performance </b> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The S&amp;P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com. <b>Annual Total Returns (years ended 12/31) </b> <b>Average Annual Total Returns (for periods ending 12/31/17) </b> Highest Quarterly Return: 35.82% (Q2, 2009) <br/>Lowest Quarterly Return: -36.84% (Q4, 2008) The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. The Fund's &#8220;Total annual Fund operating expenses&#8221; have been restated to reflect a reduction in the Fund's &#8220;Distribution and service (12b-1) fees&#8221; and &#8220;Other expenses&#8221;. As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-732-8673 www.sectorspdrs.com The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. 0.0003 0.0004 0.0006 0.0013 13 42 73 166 0.2204 0.1807 0.0371 0.2152 0.1681 0.0293 0.1275 0.146 0.0279 0.03 0.3582 2009-06-30 Lowest Quarterly Return: -0.3684 2008-12-31 Highest Quarterly Return: <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000053 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000054 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposed000057 column period compact * ~</div> <b>Fund Summaries</b><br/><br/><b>The Health Care Select Sector SPDR Fund</b> <b>Investment Objective </b> The Health Care Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Health Care Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. &nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio. <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (&#8220;SSGA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund).<br/><br/>The Index includes companies that have been identified as Health Care companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp;P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P DJI&#8221;) based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research (&#8220;BofA Merrill Lynch&#8221;) (S&amp;P DJI and BofA Merrill Lynch, collectively, the &#8220;Index Provider&#8221;) using a &#8220;modified market capitalization&#8221; methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221; or &#8220;IRC&#8221;). As of November 30, 2017, the Index was composed of 62 stocks.<br/><br/>The Index is sponsored by the Index Provider and compiled by S&amp;P DJI (the &#8220;Index Compilation Agent&#8221;). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<blockquote><b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.<br/><br/><b>Health Care Sector Risk:</b> &nbsp;The Fund's assets will be concentrated in the health care sector, which means the Fund will be more affected by the performance of the health care sector than a fund that is more diversified. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.<br/><br/><b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.<br/><br/><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.<br/><br/><b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.<br/><br/><b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.</blockquote> <b>Fund Performance </b> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The S&amp;P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com. <b>Annual Total Returns (years ended 12/31) </b> Highest Quarterly Return: 15.70% (Q1, 2013)<br/>Lowest Quarterly Return: -12.21% (Q4, 2008) <b>Average Annual Total Returns (for periods ending 12/31/17)</b> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. The Fund's &#8220;Total annual Fund operating expenses&#8221; have been restated to reflect a reduction in the Fund's &#8220;Distribution and service (12b-1) fees&#8221; and &#8220;Other expenses&#8221;. As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-732-8673 www.sectorspdrs.com The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. 0.0003 0.0004 0.0006 0.0013 13 42 73 166 0.217 0.1744 0.1083 0.2126 0.1701 0.1046 0.1262 0.1409 0.0891 0.2193 0.1764 0.1102 0.2183 0.1579 0.085 0.04 0.157 2013-03-31 Lowest Quarterly Return: -0.1221 2008-12-31 Highest Quarterly Return: <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000063 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000064 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposed000067 column period compact * ~</div> <b>Fund Summaries</b><br/><br/><b>The Industrial Select Sector SPDR Fund</b> <b>Investment Objective </b> The Industrial Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Industrial Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. &nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average value of its portfolio. <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index. <br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (&#8220;SSGA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund). <br/><br/>The Index includes companies that have been identified as Industrial companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: aerospace and defense; industrial conglomerates; marine; transportation infrastructure; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp;P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P DJI&#8221;) based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research (&#8220;BofA Merrill Lynch&#8221;) (S&amp;P DJI and BofA Merrill Lynch, collectively, the &#8220;Index Provider&#8221;) using a &#8220;modified market capitalization&#8221; methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221; or &#8220;IRC&#8221;). As of November 30, 2017, the Index was composed of 68 stocks.<br/><br/>The Index is sponsored by the Index Provider and compiled by S&amp;P DJI (the &#8220;Index Compilation Agent&#8221;). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<blockquote><b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.<br/><br/><b>Industrial Sector Risk:</b> The Fund's assets will be concentrated in the industrial sector, which means the Fund will be more affected by the performance of the industrial sector than a fund that is more diversified. &nbsp;Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.<br/><br/><b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.<br/><br/><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.<br/><br/><b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.<br/><br/><b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.</blockquote> <b>Fund Performance </b> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The S&amp;P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com. <b>Annual Total Returns (years ended 12/31) </b> Highest Quarterly Return: 20.98% (Q3, 2009) <br/>Lowest Quarterly Return: -23.21% (Q4, 2008) <b>Average Annual Total Returns (for periods ending 12/31/17) </b> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. The Fund's &#8220;Total annual Fund operating expenses&#8221; have been restated to reflect a reduction in the Fund's &#8220;Distribution and service (12b-1) fees&#8221; and &#8220;Other expenses&#8221;. As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-732-8673 www.sectorspdrs.com The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. 0.0003 0.0004 0.0006 0.0013 13 42 73 166 0.2384 0.1715 0.0915 0.2328 0.1655 0.0867 0.1389 0.1375 0.0737 0.241 0.1735 0.0933 0.2183 0.1579 0.085 0.05 0.2098 2009-09-30 Lowest Quarterly Return: -0.2321 2008-12-31 Highest Quarterly Return: <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000073 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000074 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposed000077 column period compact * ~</div> <b>Fund Summaries </b><br/><br/><b>The Materials Select Sector SPDR Fund</b> <b>Investment Objective </b> The Materials Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Materials Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. &nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of the average value of its portfolio. <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (&#8220;SSGA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund).<br/><br/>The Index includes companies that have been identified as Materials companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: chemicals; metals and mining; paper and forest products; containers and packaging; and construction materials. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp;P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P DJI&#8221;) based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research (&#8220;BofA Merrill Lynch&#8221;) (S&amp;P DJI and BofA Merrill Lynch, collectively, the &#8220;Index Provider&#8221;) using a &#8220;modified market capitalization&#8221; methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221; or &#8220;IRC&#8221;). As of November 30, 2017, the Index was composed of 25 stocks.<br/><br/>The Index is sponsored by the Index Provider and compiled by S&amp;P DJI (the &#8220;Index Compilation Agent&#8221;). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<blockquote><b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.<br/><br/><b>Materials Sector Risk:</b> The Fund's assets will be concentrated in the materials sector, which means the Fund will be more affected by the performance of the materials sector than a fund that is more diversified. Many materials companies are significantly affected by the level and volatility of commodity prices, exchange rates, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.<br/><br/><b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.<br/><br/><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.<br/><br/><b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.<br/><br/><b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.</blockquote> <b>Fund Performance </b> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The S&amp;P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com. <b>Annual Total Returns (years ended 12/31) </b> Highest Quarterly Return: 20.62% (Q3, 2009)<br/>Lowest Quarterly Return: -30.50% (Q4, 2008) <b>Average Annual Total Returns (for periods ending 12/31/17)</b> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. The Fund's &#8220;Total annual Fund operating expenses&#8221; have been restated to reflect a reduction in the Fund's &#8220;Distribution and service (12b-1) fees&#8221; and &#8220;Other expenses&#8221;. As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-732-8673 www.sectorspdrs.com The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. 0.0003 0.0004 0.0006 0.0013 13 42 73 166 0.2394 0.1229 0.062 0.2339 0.1169 0.057 0.139 0.0966 0.0487 0.1 0.2062 2009-09-30 Lowest Quarterly Return: -0.305 2008-12-31 Highest Quarterly Return: <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000083 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000084 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposed000087 column period compact * ~</div> <b>Fund Summaries </b><br/><br/><b>The Real Estate Select Sector SPDR Fund</b> <b>Investment Objective </b> The&nbsp;Real Estate&nbsp;Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in&nbsp;the Real Estate&nbsp;Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment): </b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of each such period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (&#8220;SSGA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund).<br/><br/>The Index includes companies that have been identified as Real Estate companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: real estate management and development and real estate investment trusts (&#8220;REITs&#8221;), excluding mortgage REITs. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp;P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P DJI&#8221;) based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research (&#8220;BofA Merrill Lynch&#8221;) (S&amp;P DJI and BofA Merrill Lynch, collectively, the &#8220;Index Provider&#8221;) using a &#8220;modified market capitalization&#8221; methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221; or &#8220;IRC&#8221;). As of November 30, 2017, the Index was composed of 33 stocks.<br/><br/>The Index is sponsored by the Index Provider and compiled by S&amp;P DJI (the &#8220;Index Compilation Agent&#8221;). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<blockquote><b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.<br/><br/><b>Real Estate Sector Risk:</b> The Fund's assets will be concentrated in the real estate sector, which means the Fund will be more affected by the performance of the real estate sector than a fund that is more diversified. An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.<br/><br/><b>REIT Risk:</b> REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable tax or regulatory treatment.<br/><br/><b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.<br/><br/><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.<br/><br/><b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.<br/><br/><b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.</blockquote> <b>Fund Performance </b> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The S&amp;P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com. <b>Annual Total Return (year ended 12/31) </b> Highest Quarterly Return: 5.67% (Q2, 2016)<br/>Lowest Quarterly Return: -4.43% (Q4, 2016) <b>Average Annual Total Returns (for periods ending 12/31/17) </b> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. The Fund's &#8220;Total annual Fund operating expenses&#8221; have been restated to reflect a reduction in the Fund's &#8220;Distribution and service (12b-1) fees&#8221; and &#8220;Other expenses&#8221;. January 31, 2019 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. &nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio. As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-732-8673 www.sectorspdrs.com The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. 0.0003 0.0004 0.0006 0.0013 13 42 73 166 2015-10-07 0.107 0.0828 0.0913 0.0652 0.0603 0.0553 0.1085 0.0845 0.2183 0.1639 0.16 0.0567 2016-06-30 Lowest Quarterly Return: -0.0443 2016-12-31 Highest Quarterly Return: <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000093 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000094 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposed000097 column period compact * ~</div> <b>Fund Summaries <br/><br/>The Technology Select Sector SPDR Fund</b> <b>Investment Objective </b> The Technology Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Technology Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment):</b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. &nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio. <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (&#8220;SSGA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund).<br/><br/>The Index includes companies that have been identified as Information Technology companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: technology hardware, storage, and peripherals; software; communications equipment; semiconductors and semiconductor equipment; IT services; and electronic equipment, instruments and components. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp;P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P DJI&#8221;) based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research (&#8220;BofA Merrill Lynch&#8221;) (S&amp;P DJI and BofA Merrill Lynch, collectively, the &#8220;Index Provider&#8221;) using a &#8220;modified market capitalization&#8221; methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221; or &#8220;IRC&#8221;). As of November 30, 2017, the Index was composed of 72 stocks.<br/><br/>The Index is sponsored by the Index Provider and compiled by S&amp;P DJI (the &#8220;Index Compilation Agent&#8221;). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<blockquote><b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.<br/><br/><b>Technology Sector Risk:</b> The Fund's assets will be concentrated in the technology sector, which means the Fund will be more affected by the performance of the technology sector than a fund that is more diversified. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.<br/><br/><b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.<br/><br/><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.<br/><br/><b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.<br/><br/><b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. </blockquote> <b>Fund Performance </b> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The S&amp;P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com. <b>Annual Total Returns (years ended 12/31) </b> Highest Quarterly Return: 18.80% (Q1, 2012)<br/> Lowest Quarterly Return: -21.89% (Q4, 2008) <b>Average Annual Total Returns (for periods ending 12/31/17)</b> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. The Fund's &#8220;Total annual Fund operating expenses&#8221; have been restated to reflect a reduction in the Fund's &#8220;Distribution and service (12b-1) fees&#8221; and &#8220;Other expenses&#8221;. As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-732-8673 www.sectorspdrs.com The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. 0.0003 0.0004 0.0006 0.0013 13 42 73 166 0.3428 0.1929 0.1095 0.338 0.1879 0.1059 0.1973 0.156 0.0899 0.3457 0.1952 0.1116 0.2183 0.1579 0.085 0.04 0.188 2012-03-31 Lowest Quarterly Return: -0.2189 2008-12-31 Highest Quarterly Return: <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000103 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000104 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposed000107 column period compact * ~</div> <b>Fund Summaries </b><br/><br/><b>The Utilities Select Sector SPDR Fund</b> <b>Investment Objective </b> The Utilities Select Sector SPDR Fund (the &#8220;Fund&#8221;) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Utilities Select Sector Index (the &#8220;Index&#8221;). <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Fund Shares&#8221;). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. &nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 2% of the average value of its portfolio. <b>The Fund's Principal Investment Strategy </b> In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (&#8220;SSGA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund).<br/><br/>The Index includes companies that have been identified as Utilities companies by the Global Industry Classification Standard (GICS<sup>&#174;</sup>), including securities of companies from the following industries: electric utilities; water utilities; multi-utilities; independent power and renewable electricity producers; and gas utilities. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&amp;P 500 Index; and (2) the Index is calculated by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P DJI&#8221;) based on methodology proprietary to S&amp;P DJI and BofA Merrill Lynch Research (&#8220;BofA Merrill Lynch&#8221;) (S&amp;P DJI and BofA Merrill Lynch, collectively, the &#8220;Index Provider&#8221;) using a &#8220;modified market capitalization&#8221; methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221; or &#8220;IRC&#8221;). As of November 30, 2017, the Index was composed of 28 stocks.<br/><br/>The Index is sponsored by the Index Provider and compiled by S&amp;P DJI (the &#8220;Index Compilation Agent&#8221;). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index. <b>Principal Risks of Investing in the Fund </b> As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<blockquote><b>Indexing Strategy/Index Tracking Risk:</b> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.<br/><br/><b>Utilities Sector Risk:</b> The Fund's assets will be concentrated in the utilities sector, which means the Fund will be more affected by the performance of the utilities sector than a fund that is more diversified. Utility companies are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Although rate changes of a regulated utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company's earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or obsolete and negatively impact profitability.<br/><br/>Among the risks that may affect utility companies are the following: risks of increases in fuel and other operating costs; the high cost of borrowing to finance capital construction during inflationary periods; restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations; and the difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those related to the construction and operation of nuclear power plants, the effects of energy conservation and the effects of regulatory changes.<br/><br/><b>Equity Investing Risk:</b> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.<br/><br/><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.<br/><br/><b>Large-Capitalization Securities Risk:</b> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.<br/><br/><b>Market Risk:</b> The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. </blockquote> <b>Fund Performance </b> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&amp;P 500 Index. The S&amp;P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com. <b>Annual Total Returns (years ended 12/31) </b> Highest Quarterly Return: 15.47% (Q1, 2016)<br/>Lowest Quarterly Return: -18.01% (Q3, 2008) <b>Average Annual Total Returns (for periods ending 12/31/17) </b> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares. The Fund's &#8220;Total annual Fund operating expenses&#8221; have been restated to reflect a reduction in the Fund's &#8220;Distribution and service (12b-1) fees&#8221; and &#8220;Other expenses&#8221;. As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <blockquote><b>Non-Diversification Risk:</b> As a &#8220;non-diversified&#8221; fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-732-8673 www.sectorspdrs.com The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. 0.0003 0.0004 0.0006 0.0013 13 42 73 166 0.1202 0.1243 0.0608 0.1114 0.1147 0.0529 0.0751 0.0976 0.0475 0.121 0.1264 0.0629 0.2183 0.1579 0.085 0.02 0.1547 2016-03-31 Lowest Quarterly Return: -0.1801 2008-09-30 Highest Quarterly Return: <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualFundOperatingExpenses000113 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleExpenseExampleTransposed000114 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposed000117 column period compact * ~</div> -0.5521 0.175 0.1198 -0.1716 0.2851 0.3537 0.1503 -0.016 0.2269 0.2204 <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualTotalReturnsBarChart000056 column period compact * ~</div> -0.3343 0.4116 0.2739 0.0595 0.2358 0.4272 0.0949 0.0994 0.0588 0.2277 <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualTotalReturnsBarChart000026 column period compact * ~</div> -0.1498 0.1421 0.1386 0.14 0.1072 0.2627 0.1586 0.0683 0.05 -0.3879 0.1292 0.2158 0.2172 0.0298 0.0521 0.2616 -0.086 -0.2146 0.2801 -0.0106 <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualTotalReturnsBarChart000036 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualTotalReturnsBarChart000046 column period compact * ~</div> -0.3888 0.2263 0.2765 -0.0102 0.1486 0.4044 0.1045 -0.0425 0.1995 0.2384 <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualTotalReturnsBarChart000076 column period compact * ~</div> -0.4139 0.5094 0.1162 0.0267 0.1546 0.2597 0.1775 0.0563 0.1482 0.3428 <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualTotalReturnsBarChart000106 column period compact * ~</div> 2015-10-07 2015-10-07 2015-10-07 2015-10-07 0.0319 0.107 0.2218 0.2183 0.1821 0.1579 0.0379 0.085 <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualTotalReturnsBarChart000096 column period compact * ~</div> -0.2315 0.1981 0.0292 0.1242 0.1753 0.4124 0.2518 0.0686 -0.0283 0.217 0.2393 0.2183 0.1244 0.1579 0.0635 0.085 -0.4399 0.4847 0.204 -0.1097 0.1474 0.2583 <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualTotalReturnsBarChart000066 column period compact * ~</div> 0.0731 -0.0858 0.1666 -0.2909 0.1139 0.2394 0.0527 0.1951 0.011 0.13 0.2859 -0.0486 0.16 0.1202 <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualTotalReturnsBarChart000086 column period compact * ~</div> <div style="display:none">~ http://www.sectorspdrs.com/role/ScheduleAnnualTotalReturnsBarChart000116 column period compact * ~</div> “Other expenses” are based on estimated amounts for the current fiscal year. SSGA Funds Management, Inc. (the “Adviser”) has contractually agreed to waive a portion of its advisory fee and reimburse certain expenses, until January 31, 2022, so that the annual Fund operating expenses of the Fund are limited to no more than 0.1345% of the Fund's average daily net assets (exclusive of non-recurring account fees and expenses). This contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. The Adviser may continue such waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so after January 31, 2022. The waiver and/or reimbursement may not be terminated prior to January 31, 2022 except with the approval of The Select Sector SPDR Trust's Board of Trustees. The Fund's "Total annual Fund operating expenses" have been restated to reflect a reduction in the Fund's "Distribution and service (12b-1) fees" and "Other expenses". The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”. The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”. The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”. The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”. The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”. The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”. The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”. SSGA Funds Management, Inc. (the “Adviser”) has contractually agreed to waive a portion of its advisory fee and reimburse certain expenses, until January 31, 2019, so that the annual Fund operating expenses of the Fund are limited to no more than 0.1345% of the Fund's average daily net assets (exclusive of non-recurring account fees and expenses). The Adviser may continue such waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so after January 31, 2019. The waiver and/or reimbursement may not be terminated prior to January 31, 2019 except with the approval of The Select Sector SPDR Trust's Board of Trustees. The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”. The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”. EX-101.SCH 3 ssst-20180924.xsd XBRL TAXONOMY EXTENSION SCHEMA 000000 - Document - Document and Entity Information {Elements} link:presentationLink link:calculationLink link:definitionLink 000011 - Document - Risk/Return Summary {Unlabeled} - The Communication Services Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000012 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000013 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 000014 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000015 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000016 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000017 - Schedule - Average Annual Total Returns link:presentationLink link:calculationLink link:definitionLink 000018 - Document - Risk/Return Detail {Unlabeled} - The Communication Services Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000019 - Disclosure - Risk/Return Detail Data {Elements} - The Communication Services Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000021 - Document - Risk/Return Summary {Unlabeled} - The Consumer Discretionary Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000022 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000023 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 000024 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000025 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000026 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000027 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 000028 - Document - Risk/Return Detail {Unlabeled} - The Consumer Discretionary Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000029 - Disclosure - Risk/Return Detail Data {Elements} - The Consumer Discretionary Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000031 - Document - Risk/Return Summary {Unlabeled} - The Consumer Staples Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000032 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000033 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 000034 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000035 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000036 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000037 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 000038 - Document - Risk/Return Detail {Unlabeled} - The Consumer Staples Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000039 - Disclosure - Risk/Return Detail Data {Elements} - The Consumer Staples Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000041 - Document - Risk/Return Summary {Unlabeled} - The Energy Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000042 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000043 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 000044 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000045 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000046 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000047 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 000048 - Document - Risk/Return Detail {Unlabeled} - The Energy Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000049 - Disclosure - Risk/Return Detail Data {Elements} - The Energy Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000051 - Document - Risk/Return Summary {Unlabeled} - The Financial Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000052 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000053 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 000054 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000055 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000056 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000057 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 000058 - Document - Risk/Return Detail {Unlabeled} - The Financial Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000059 - Disclosure - Risk/Return Detail Data {Elements} - The Financial Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000061 - Document - Risk/Return Summary {Unlabeled} - The Health Care Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000062 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000063 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 000064 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000065 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000066 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000067 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 000068 - Document - Risk/Return Detail {Unlabeled} - The Health Care Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000069 - Disclosure - Risk/Return Detail Data {Elements} - The Health Care Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000071 - Document - Risk/Return Summary {Unlabeled} - The Industrial Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000072 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000073 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 000074 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000075 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000076 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000077 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 000078 - Document - Risk/Return Detail {Unlabeled} - The Industrial Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000079 - Disclosure - Risk/Return Detail Data {Elements} - The Industrial Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000081 - Document - Risk/Return Summary {Unlabeled} - The Materials Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000082 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000083 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 000084 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000085 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000086 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000087 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 000088 - Document - Risk/Return Detail {Unlabeled} - The Materials Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000089 - Disclosure - Risk/Return Detail Data {Elements} - The Materials Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000091 - Document - Risk/Return Summary {Unlabeled} - The Real Estate Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000092 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000093 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 000094 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000095 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000096 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000097 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 000098 - Document - Risk/Return Detail {Unlabeled} - The Real Estate Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000099 - Disclosure - Risk/Return Detail Data {Elements} - The Real Estate Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000101 - Document - Risk/Return Summary {Unlabeled} - The Technology Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000102 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000103 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 000104 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000105 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000106 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000107 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 000108 - Document - Risk/Return Detail {Unlabeled} - The Technology Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000109 - Disclosure - Risk/Return Detail Data {Elements} - The Technology Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000111 - Document - Risk/Return Summary {Unlabeled} - The Utilities Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000112 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 000113 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 000114 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 000115 - Schedule - Expense Example, No Redemption link:presentationLink link:calculationLink link:definitionLink 000116 - Schedule - Annual Total Returns [BarChart] link:presentationLink link:calculationLink link:definitionLink 000117 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 000118 - Document - Risk/Return Detail {Unlabeled} - The Utilities Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink 000119 - Disclosure - Risk/Return Detail Data {Elements} - The Utilities Select Sector SPDR Fund link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 ssst-20180924_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 ssst-20180924_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 ssst-20180924_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 7 ssst-20180924_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 9 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 497
Document Period End Date dei_DocumentPeriodEndDate Sep. 30, 2017
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Central Index Key dei_EntityCentralIndexKey 0001064641
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Sep. 24, 2018
Document Effective Date dei_DocumentEffectiveDate Sep. 24, 2018
Prospectus Date rr_ProspectusDate Sep. 24, 2018
XML 10 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
The Communication Services Select Sector SPDR Fund
<b>Fund Summaries<br/><br/>The Communication Services Select Sector SPDR Fund </b>
<b>Investment Objective </b>
The Communication Services Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Communication Services Select Sector Index (the “Index”).
<b>Fees and Expenses of the Fund </b>
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
<b>Annual Fund Operating Expenses<br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b>
Annual Fund Operating Expenses
The Communication Services Select Sector SPDR Fund
The Communication Services Select Sector SPDR Fund
Management fees 0.03%
Distribution and service (12b-1) fees 0.04%
Other expenses 0.08% [1]
Total annual Fund operating expenses 0.15%
Less contractual fee waiver (0.02%) [2]
Net annual Fund operating expenses 0.13%
[1] “Other expenses” are based on estimated amounts for the current fiscal year.
[2] SSGA Funds Management, Inc. (the “Adviser”) has contractually agreed to waive a portion of its advisory fee and reimburse certain expenses, until January 31, 2022, so that the annual Fund operating expenses of the Fund are limited to no more than 0.1345% of the Fund's average daily net assets (exclusive of non-recurring account fees and expenses). This contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. The Adviser may continue such waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so after January 31, 2022. The waiver and/or reimbursement may not be terminated prior to January 31, 2022 except with the approval of The Select Sector SPDR Trust's Board of Trustees.
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The calculation of costs takes into account the effect of any current contractual fee waivers and/or reimbursements for the period in which the fee waiver and/or reimbursement is currently in place. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
Year 1
Year 3
The Communication Services Select Sector SPDR Fund | The Communication Services Select Sector SPDR Fund | USD ($) 14 43
<b>Portfolio Turnover: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. The Fund's portfolio turnover rate has been omitted because the Fund had not commenced investment operations as of the date of this Prospectus.
<b>The Fund's Principal Investment Strategy </b>
In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"), the investment adviser to the Fund).

The Index includes companies that have been identified as Communication Services companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: diversified telecommunication services; wireless telecommunication services; media; entertainment; and interactive media & services. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC ("S&P DJI") based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research ("BofA Merrill Lynch") (S&P DJI and BofA Merrill Lynch, collectively, the "Index Provider") using a "modified market capitalization" methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code" or "IRC"). As of May 31, 2018, the Index was composed of 26 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the "Index Compilation Agent"). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
<b>Principal Risks of Investing in the Fund </b>
As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Communication Services Sector Risk: The Fund's assets will be concentrated in the communication services sector, which means the Fund will be more affected by the performance of the communication services sector than a fund that is more diversified. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a "non-diversified" fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
<b>Fund Performance </b>
The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns based on net assets and comparing the Fund's performance to the Index. When available, updated performance information may be obtained by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
XML 11 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Prospectus Date rr_ProspectusDate Sep. 24, 2018
The Communication Services Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Fund Summaries<br/><br/>The Communication Services Select Sector SPDR Fund </b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective </b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Communication Services Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Communication Services Select Sector Index (the “Index”).
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund </b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses<br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b>
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2022
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover: </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. The Fund's portfolio turnover rate has been omitted because the Fund had not commenced investment operations as of the date of this Prospectus.
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other expenses” are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example: </b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The calculation of costs takes into account the effect of any current contractual fee waivers and/or reimbursements for the period in which the fee waiver and/or reimbursement is currently in place. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading <b>The Fund's Principal Investment Strategy </b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"), the investment adviser to the Fund).

The Index includes companies that have been identified as Communication Services companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: diversified telecommunication services; wireless telecommunication services; media; entertainment; and interactive media & services. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC ("S&P DJI") based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research ("BofA Merrill Lynch") (S&P DJI and BofA Merrill Lynch, collectively, the "Index Provider") using a "modified market capitalization" methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code" or "IRC"). As of May 31, 2018, the Index was composed of 26 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the "Index Compilation Agent"). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
Risk [Heading] rr_RiskHeading <b>Principal Risks of Investing in the Fund </b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Communication Services Sector Risk: The Fund's assets will be concentrated in the communication services sector, which means the Fund will be more affected by the performance of the communication services sector than a fund that is more diversified. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a "non-diversified" fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus <blockquote><b>Non-Diversification Risk:</b> As a "non-diversified" fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Fund Performance </b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns based on net assets and comparing the Fund's performance to the Index. When available, updated performance information may be obtained by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-732-8673
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.sectorspdrs.com
The Communication Services Select Sector SPDR Fund | The Communication Services Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.03%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.04%
Other expenses rr_OtherExpensesOverAssets 0.08% [1]
Total annual Fund operating expenses rr_ExpensesOverAssets 0.15%
Less contractual fee waiver rr_FeeWaiverOrReimbursementOverAssets (0.02%) [2]
Net annual Fund operating expenses rr_NetExpensesOverAssets 0.13%
Year 1 rr_ExpenseExampleYear01 $ 14
Year 3 rr_ExpenseExampleYear03 $ 43
[1] “Other expenses” are based on estimated amounts for the current fiscal year.
[2] SSGA Funds Management, Inc. (the “Adviser”) has contractually agreed to waive a portion of its advisory fee and reimburse certain expenses, until January 31, 2022, so that the annual Fund operating expenses of the Fund are limited to no more than 0.1345% of the Fund's average daily net assets (exclusive of non-recurring account fees and expenses). This contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. The Adviser may continue such waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so after January 31, 2022. The waiver and/or reimbursement may not be terminated prior to January 31, 2022 except with the approval of The Select Sector SPDR Trust's Board of Trustees.
RENDERED XBRL 12 BarChart1.png IDEA: XBRL DOCUMENT begin 644 BarChart1.png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htm IDEA: XBRL DOCUMENT v3.10.0.1
The Consumer Discretionary Select Sector SPDR Fund
<b>Fund Summaries <br/><br/>The Consumer Discretionary Select Sector SPDR Fund</b>
<b>Investment Objective </b>
The Consumer Discretionary Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Discretionary Select Sector Index (the “Index”).
<b>Fees and Expenses of the Fund </b>
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
<b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b>
Annual Fund Operating Expenses
The Consumer Discretionary Select Sector SPDR Fund
The Consumer Discretionary Select Sector SPDR Fund
Management fees 0.03%
Distribution and service (12b-1) fees 0.04%
Other expenses 0.06%
Total annual Fund operating expenses 0.13% [1]
[1] The Fund's "Total annual Fund operating expenses" have been restated to reflect a reduction in the Fund's "Distribution and service (12b-1) fees" and "Other expenses".
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
Year 1
Year 3
Year 5
Year 10
The Consumer Discretionary Select Sector SPDR Fund | The Consumer Discretionary Select Sector SPDR Fund | USD ($) 13 42 73 166
<b>Portfolio Turnover: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.
<b>The Fund's Principal Investment Strategy </b>
In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Consumer Discretionary companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: retail (specialty, multiline, internet and direct marketing); hotels, restaurants and leisure; textiles, apparel and luxury goods; household durables; automobiles; auto components; distributors; leisure products; and diversified consumer services. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 84 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
<b>Principal Risks of Investing in the Fund </b>
As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Consumer Discretionary Sector Risk: The Fund's assets will be concentrated in the consumer discretionary sector, which means the Fund will be more affected by the performance of the consumer discretionary sector than a fund that is more diversified. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
<b>Fund Performance </b>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
<b>Annual Total Returns (years ended 12/31) </b>
Bar Chart
Highest Quarterly Return: 19.24% (Q3, 2009)
Lowest Quarterly Return: -22.81% (Q4, 2008)
<b>Average Annual Total Returns (for periods ending 12/31/17) </b>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Average Annual Total Returns - The Consumer Discretionary Select Sector SPDR Fund
One Year
Five Years
Ten Years
The Consumer Discretionary Select Sector SPDR Fund 22.77% 17.43% 13.35%
The Consumer Discretionary Select Sector SPDR Fund | Return After Taxes on Distributions 22.39% 17.02% 13.00%
The Consumer Discretionary Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares 13.16% 14.06% 11.13%
The Consumer Discretionary Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes) 22.98% 17.64% 13.53%
S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes) 21.83% 15.79% 8.50%
XML 14 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Prospectus Date rr_ProspectusDate Sep. 24, 2018
The Consumer Discretionary Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Fund Summaries <br/><br/>The Consumer Discretionary Select Sector SPDR Fund</b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective </b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Consumer Discretionary Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Discretionary Select Sector Index (the “Index”).
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund </b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b>
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover: </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 6.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Fund's "Total annual Fund operating expenses" have been restated to reflect a reduction in the Fund's "Distribution and service (12b-1) fees" and "Other expenses".
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example: </b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading <b>The Fund's Principal Investment Strategy </b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Consumer Discretionary companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: retail (specialty, multiline, internet and direct marketing); hotels, restaurants and leisure; textiles, apparel and luxury goods; household durables; automobiles; auto components; distributors; leisure products; and diversified consumer services. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 84 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
Risk [Heading] rr_RiskHeading <b>Principal Risks of Investing in the Fund </b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Consumer Discretionary Sector Risk: The Fund's assets will be concentrated in the consumer discretionary sector, which means the Fund will be more affected by the performance of the consumer discretionary sector than a fund that is more diversified. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus <blockquote><b>Non-Diversification Risk:</b> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Fund Performance </b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-732-8673
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.sectorspdrs.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <b>Annual Total Returns (years ended 12/31) </b>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Highest Quarterly Return: 19.24% (Q3, 2009)
Lowest Quarterly Return: -22.81% (Q4, 2008)
Performance Table Heading rr_PerformanceTableHeading <b>Average Annual Total Returns (for periods ending 12/31/17) </b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
The Consumer Discretionary Select Sector SPDR Fund | The Consumer Discretionary Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.03%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.04%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.13% [1]
Year 1 rr_ExpenseExampleYear01 $ 13
Year 3 rr_ExpenseExampleYear03 42
Year 5 rr_ExpenseExampleYear05 73
Year 10 rr_ExpenseExampleYear10 $ 166
2008 rr_AnnualReturn2008 (33.43%)
2009 rr_AnnualReturn2009 41.16%
2010 rr_AnnualReturn2010 27.39%
2011 rr_AnnualReturn2011 5.95%
2012 rr_AnnualReturn2012 23.58%
2013 rr_AnnualReturn2013 42.72%
2014 rr_AnnualReturn2014 9.49%
2015 rr_AnnualReturn2015 9.94%
2016 rr_AnnualReturn2016 5.88%
2017 rr_AnnualReturn2017 22.77%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Quarterly Return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 19.24%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Quarterly Return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.81%)
One Year rr_AverageAnnualReturnYear01 22.77%
Five Years rr_AverageAnnualReturnYear05 17.43%
Ten Years rr_AverageAnnualReturnYear10 13.35%
The Consumer Discretionary Select Sector SPDR Fund | Return After Taxes on Distributions | The Consumer Discretionary Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 22.39%
Five Years rr_AverageAnnualReturnYear05 17.02%
Ten Years rr_AverageAnnualReturnYear10 13.00%
The Consumer Discretionary Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares | The Consumer Discretionary Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 13.16%
Five Years rr_AverageAnnualReturnYear05 14.06%
Ten Years rr_AverageAnnualReturnYear10 11.13%
The Consumer Discretionary Select Sector SPDR Fund | The Consumer Discretionary Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 22.98%
Five Years rr_AverageAnnualReturnYear05 17.64%
Ten Years rr_AverageAnnualReturnYear10 13.53%
The Consumer Discretionary Select Sector SPDR Fund | S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.83%
Five Years rr_AverageAnnualReturnYear05 15.79%
Ten Years rr_AverageAnnualReturnYear10 8.50%
[1] The Fund's "Total annual Fund operating expenses" have been restated to reflect a reduction in the Fund's "Distribution and service (12b-1) fees" and "Other expenses".
RENDERED XBRL 15 BarChart2.png IDEA: XBRL DOCUMENT begin 644 BarChart2.png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htm IDEA: XBRL DOCUMENT v3.10.0.1
The Consumer Staples Select Sector SPDR Fund
<b>Fund Summaries <br/><br/>The Consumer Staples Select Sector SPDR Fund</b>
<b>Investment Objective </b>
The Consumer Staples Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Staples Select Sector Index (the “Index”).
<b>Fees and Expenses of the Fund </b>
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
<b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b>
Annual Fund Operating Expenses
The Consumer Staples Select Sector SPDR Fund
The Consumer Staples Select Sector SPDR Fund
Management fees 0.03%
Distribution and service (12b-1) fees 0.04%
Other expenses 0.06%
Total annual Fund operating expenses 0.13% [1]
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
Year 1
Year 3
Year 5
Year 10
The Consumer Staples Select Sector SPDR Fund | The Consumer Staples Select Sector SPDR Fund | USD ($) 13 42 73 166
<b>Portfolio Turnover: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.
<b>The Fund's Principal Investment Strategy </b>
In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"), the investment adviser to the Fund).

The Index includes companies that have been identified as Consumer Staples companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: food and staples retailing; household products; food products; beverages; tobacco; and personal products. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC ("S&P DJI") based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research ("BofA Merrill Lynch") (S&P DJI and BofA Merrill Lynch, collectively, the "Index Provider") using a "modified market capitalization" methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code" or "IRC"). As of November 30, 2017, the Index was composed of 34 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the "Index Compilation Agent"). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
<b>Principal Risks of Investing in the Fund </b>
As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Consumer Staples Sector Risk: The Fund's assets will be concentrated in the consumer staples sector, which means the Fund will be more affected by the performance of the consumer staples sector than a fund that is more diversified. Consumer staples companies are subject to government regulation affecting their products which may negatively impact such companies' performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food, beverage, household and personal product companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
<b>Fund Performance </b>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
<b>Annual Total Returns (years ended 12/31) </b>
Bar Chart
Highest Quarterly Return: 14.59% (Q1, 2013)
Lowest Quarterly Return: -12.29% (Q4, 2008)
<b>Average Annual Total Returns (for periods ending 12/31/17)</b>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Average Annual Total Returns - The Consumer Staples Select Sector SPDR Fund
One Year
Five Years
Ten Years
The Consumer Staples Select Sector SPDR Fund 12.92% 13.13% 9.97%
The Consumer Staples Select Sector SPDR Fund | Return After Taxes on Distributions 12.13% 12.39% 9.36%
The Consumer Staples Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares 7.79% 10.36% 8.10%
The Consumer Staples Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes) 13.09% 13.34% 10.18%
S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes) 21.83% 15.79% 8.50%

XML 17 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Prospectus Date rr_ProspectusDate Sep. 24, 2018
The Consumer Staples Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Fund Summaries <br/><br/>The Consumer Staples Select Sector SPDR Fund</b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective </b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Consumer Staples Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Staples Select Sector Index (the “Index”).
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund </b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b>
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover: </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 12.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example: </b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading <b>The Fund's Principal Investment Strategy </b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"), the investment adviser to the Fund).

The Index includes companies that have been identified as Consumer Staples companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: food and staples retailing; household products; food products; beverages; tobacco; and personal products. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC ("S&P DJI") based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research ("BofA Merrill Lynch") (S&P DJI and BofA Merrill Lynch, collectively, the "Index Provider") using a "modified market capitalization" methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code" or "IRC"). As of November 30, 2017, the Index was composed of 34 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the "Index Compilation Agent"). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
Risk [Heading] rr_RiskHeading <b>Principal Risks of Investing in the Fund </b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Consumer Staples Sector Risk: The Fund's assets will be concentrated in the consumer staples sector, which means the Fund will be more affected by the performance of the consumer staples sector than a fund that is more diversified. Consumer staples companies are subject to government regulation affecting their products which may negatively impact such companies' performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food, beverage, household and personal product companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus <blockquote><b>Non-Diversification Risk:</b> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Fund Performance </b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-732-8673
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.sectorspdrs.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <b>Annual Total Returns (years ended 12/31) </b>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Highest Quarterly Return: 14.59% (Q1, 2013)
Lowest Quarterly Return: -12.29% (Q4, 2008)
Performance Table Heading rr_PerformanceTableHeading <b>Average Annual Total Returns (for periods ending 12/31/17)</b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
The Consumer Staples Select Sector SPDR Fund | The Consumer Staples Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.03%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.04%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.13% [1]
Year 1 rr_ExpenseExampleYear01 $ 13
Year 3 rr_ExpenseExampleYear03 42
Year 5 rr_ExpenseExampleYear05 73
Year 10 rr_ExpenseExampleYear10 $ 166
2008 rr_AnnualReturn2008 (14.98%)
2009 rr_AnnualReturn2009 14.21%
2010 rr_AnnualReturn2010 13.86%
2011 rr_AnnualReturn2011 14.00%
2012 rr_AnnualReturn2012 10.72%
2013 rr_AnnualReturn2013 26.27%
2014 rr_AnnualReturn2014 15.86%
2015 rr_AnnualReturn2015 6.83%
2016 rr_AnnualReturn2016 5.00%
2017 rr_AnnualReturn2017 12.92%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Quarterly Return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.59%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Quarterly Return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (12.29%)
One Year rr_AverageAnnualReturnYear01 12.92%
Five Years rr_AverageAnnualReturnYear05 13.13%
Ten Years rr_AverageAnnualReturnYear10 9.97%
The Consumer Staples Select Sector SPDR Fund | Return After Taxes on Distributions | The Consumer Staples Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 12.13%
Five Years rr_AverageAnnualReturnYear05 12.39%
Ten Years rr_AverageAnnualReturnYear10 9.36%
The Consumer Staples Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares | The Consumer Staples Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 7.79%
Five Years rr_AverageAnnualReturnYear05 10.36%
Ten Years rr_AverageAnnualReturnYear10 8.10%
The Consumer Staples Select Sector SPDR Fund | The Consumer Staples Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 13.09%
Five Years rr_AverageAnnualReturnYear05 13.34%
Ten Years rr_AverageAnnualReturnYear10 10.18%
The Consumer Staples Select Sector SPDR Fund | S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.83%
Five Years rr_AverageAnnualReturnYear05 15.79%
Ten Years rr_AverageAnnualReturnYear10 8.50%
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
RENDERED XBRL 18 BarChart3.png IDEA: XBRL DOCUMENT begin 644 BarChart3.png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

N1>?.G6.LL1HOO?02 M]N[=B_+R>@N'#AW"RR^_C.G3IV/2I$DQUE8-,]L X,2)$R@H*, [ M[[R#E)04#!HT*.XWS^DQL^WPX?XH]__".F3)F"K*RL&&NKAE6;?/OMMQ$(!'###3?$4$-O MT(*)M/J6$$(((82X J>#"2&$$$*2$#J!A!!"""%)")U 0@@AA) DA$X@(800 M0D@20B>0$$(((20)H1-(""&$$)*$T DDA!!""$E"Z 020@@AA"0A= ()(800 M0I(0.H&$$$(((4D(G4!"""&$D"2$3B AA!!"2!)")Y 00@@A) FA$T@((800 JDH30"22$$$((24+H!!)"""&$)"'_#X(82*D7KQ?^ $E%3D2N0F"" end XML 19 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
The Energy Select Sector SPDR Fund
<b>Fund Summaries <br/><br/>The Energy Select Sector SPDR Fund</b>
<b>Investment Objective </b>
The Energy Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Energy Select Sector Index (the “Index”).
<b>Fees and Expenses of the Fund </b>
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
<b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b>
Annual Fund Operating Expenses
The Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund
Management fees 0.03%
Distribution and service (12b-1) fees 0.04%
Other expenses 0.06%
Total annual Fund operating expenses 0.13% [1]
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
Year 1
Year 3
Year 5
Year 10
The Energy Select Sector SPDR Fund | The Energy Select Sector SPDR Fund | USD ($) 13 42 73 166
<b>Portfolio Turnover: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.
<b>The Fund's Principal Investment Strategy </b>
In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Energy companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: oil, gas and consumable fuels; and energy equipment and services. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S& P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 32 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
<b>Principal Risks of Investing in the Fund </b>
As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Energy Sector Risk: The Fund's assets will be concentrated in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that is more diversified. Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
<b>Fund Performance </b>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
<b>Annual Total Returns (years ended 12/31) </b>
Bar Chart
Highest Quarterly Return: 22.12% (Q4, 2010)
Lowest Quarterly Return: -27.52% (Q3, 2008)
<b>Average Annual Total Returns (for periods ending 12/31/17) </b>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Average Annual Total Returns - The Energy Select Sector SPDR Fund
One Year
Five Years
Ten Years
The Energy Select Sector SPDR Fund (1.06%) 2.78% 1.19%
The Energy Select Sector SPDR Fund | Return After Taxes on Distributions (1.81%) 2.15% 0.75%
The Energy Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares (0.05%) 2.10% 0.93%
The Energy Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes) (0.86%) 2.91% 1.34%
S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes) 21.83% 15.79% 8.50%
XML 20 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Prospectus Date rr_ProspectusDate Sep. 24, 2018
The Energy Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Fund Summaries <br/><br/>The Energy Select Sector SPDR Fund</b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective </b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Energy Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Energy Select Sector Index (the “Index”).
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund </b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment): </b>
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover: </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 23.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example: </b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading <b>The Fund's Principal Investment Strategy </b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Energy companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: oil, gas and consumable fuels; and energy equipment and services. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S& P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 32 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
Risk [Heading] rr_RiskHeading <b>Principal Risks of Investing in the Fund </b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Energy Sector Risk: The Fund's assets will be concentrated in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that is more diversified. Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus <blockquote><b>Non-Diversification Risk:</b> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Fund Performance </b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-732-8673
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.sectorspdrs.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <b>Annual Total Returns (years ended 12/31) </b>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Highest Quarterly Return: 22.12% (Q4, 2010)
Lowest Quarterly Return: -27.52% (Q3, 2008)
Performance Table Heading rr_PerformanceTableHeading <b>Average Annual Total Returns (for periods ending 12/31/17) </b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
The Energy Select Sector SPDR Fund | The Energy Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.03%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.04%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.13% [1]
Year 1 rr_ExpenseExampleYear01 $ 13
Year 3 rr_ExpenseExampleYear03 42
Year 5 rr_ExpenseExampleYear05 73
Year 10 rr_ExpenseExampleYear10 $ 166
2008 rr_AnnualReturn2008 (38.79%)
2009 rr_AnnualReturn2009 21.58%
2010 rr_AnnualReturn2010 21.72%
2011 rr_AnnualReturn2011 2.98%
2012 rr_AnnualReturn2012 5.21%
2013 rr_AnnualReturn2013 26.16%
2014 rr_AnnualReturn2014 (8.60%)
2015 rr_AnnualReturn2015 (21.46%)
2016 rr_AnnualReturn2016 28.01%
2017 rr_AnnualReturn2017 (1.06%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Quarterly Return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 22.12%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Quarterly Return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.52%)
One Year rr_AverageAnnualReturnYear01 (1.06%)
Five Years rr_AverageAnnualReturnYear05 2.78%
Ten Years rr_AverageAnnualReturnYear10 1.19%
The Energy Select Sector SPDR Fund | Return After Taxes on Distributions | The Energy Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (1.81%)
Five Years rr_AverageAnnualReturnYear05 2.15%
Ten Years rr_AverageAnnualReturnYear10 0.75%
The Energy Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares | The Energy Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (0.05%)
Five Years rr_AverageAnnualReturnYear05 2.10%
Ten Years rr_AverageAnnualReturnYear10 0.93%
The Energy Select Sector SPDR Fund | The Energy Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (0.86%)
Five Years rr_AverageAnnualReturnYear05 2.91%
Ten Years rr_AverageAnnualReturnYear10 1.34%
The Energy Select Sector SPDR Fund | S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.83%
Five Years rr_AverageAnnualReturnYear05 15.79%
Ten Years rr_AverageAnnualReturnYear10 8.50%
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
RENDERED XBRL 21 BarChart4.png IDEA: XBRL DOCUMENT begin 644 BarChart4.png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end XML 22 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
The Financial Select Sector SPDR Fund
<b>Fund Summaries </b><br/><br/><b>The Financial Select Sector SPDR Fund </b>
<b>Investment Objective </b>
The Financial Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Financial Select Sector Index (the “Index”).
<b>Fees and Expenses of the Fund </b>
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
<b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment):</b>
Annual Fund Operating Expenses
The Financial Select Sector SPDR Fund
The Financial Select Sector SPDR Fund
Management fees 0.03%
Distribution and service (12b-1) fees 0.04%
Other expenses 0.06%
Total annual Fund operating expenses 0.13% [1]
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
Year 1
Year 3
Year 5
Year 10
The Financial Select Sector SPDR Fund | The Financial Select Sector SPDR Fund | USD ($) 13 42 73 166
<b>Portfolio Turnover: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio.
<b>The Fund's Principal Investment Strategy </b>
In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Financial companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: diversified financial services; insurance; banks; capital markets; mortgage real estate investment trusts (“REITs”); consumer finance; and thrifts and mortgage finance. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 67 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
<b>Principal Risks of Investing in the Fund </b>
As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Financial Sector Risk: The Fund's assets will be concentrated in the financial sector, which means the Fund will be more affected by the performance of the financial sector than a fund that is more diversified. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
<b>Fund Performance </b>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
<b>Annual Total Returns (years ended 12/31) </b>
Bar Chart
Highest Quarterly Return: 35.82% (Q2, 2009)
Lowest Quarterly Return: -36.84% (Q4, 2008)
<b>Average Annual Total Returns (for periods ending 12/31/17) </b>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Average Annual Total Returns - The Financial Select Sector SPDR Fund
One Year
Five Years
Ten Years
The Financial Select Sector SPDR Fund 22.04% 18.07% 3.71%
The Financial Select Sector SPDR Fund | Return After Taxes on Distributions 21.52% 16.81% 2.93%
The Financial Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares 12.75% 14.60% 2.79%
The Financial Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes) 22.18% 18.21% 3.79%
S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes) 21.83% 15.79% 8.50%
XML 23 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Prospectus Date rr_ProspectusDate Sep. 24, 2018
The Financial Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Fund Summaries </b><br/><br/><b>The Financial Select Sector SPDR Fund </b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective </b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Financial Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Financial Select Sector Index (the “Index”).
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund </b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment):</b>
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover: </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 3.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example: </b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading <b>The Fund's Principal Investment Strategy </b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Financial companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: diversified financial services; insurance; banks; capital markets; mortgage real estate investment trusts (“REITs”); consumer finance; and thrifts and mortgage finance. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 67 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
Risk [Heading] rr_RiskHeading <b>Principal Risks of Investing in the Fund </b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Financial Sector Risk: The Fund's assets will be concentrated in the financial sector, which means the Fund will be more affected by the performance of the financial sector than a fund that is more diversified. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus <blockquote><b>Non-Diversification Risk:</b> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Fund Performance </b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-732-8673
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.sectorspdrs.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <b>Annual Total Returns (years ended 12/31) </b>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Highest Quarterly Return: 35.82% (Q2, 2009)
Lowest Quarterly Return: -36.84% (Q4, 2008)
Performance Table Heading rr_PerformanceTableHeading <b>Average Annual Total Returns (for periods ending 12/31/17) </b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
The Financial Select Sector SPDR Fund | The Financial Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.03%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.04%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.13% [1]
Year 1 rr_ExpenseExampleYear01 $ 13
Year 3 rr_ExpenseExampleYear03 42
Year 5 rr_ExpenseExampleYear05 73
Year 10 rr_ExpenseExampleYear10 $ 166
2008 rr_AnnualReturn2008 (55.21%)
2009 rr_AnnualReturn2009 17.50%
2010 rr_AnnualReturn2010 11.98%
2011 rr_AnnualReturn2011 (17.16%)
2012 rr_AnnualReturn2012 28.51%
2013 rr_AnnualReturn2013 35.37%
2014 rr_AnnualReturn2014 15.03%
2015 rr_AnnualReturn2015 (1.60%)
2016 rr_AnnualReturn2016 22.69%
2017 rr_AnnualReturn2017 22.04%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Quarterly Return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 35.82%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Quarterly Return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (36.84%)
One Year rr_AverageAnnualReturnYear01 22.04%
Five Years rr_AverageAnnualReturnYear05 18.07%
Ten Years rr_AverageAnnualReturnYear10 3.71%
The Financial Select Sector SPDR Fund | Return After Taxes on Distributions | The Financial Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.52%
Five Years rr_AverageAnnualReturnYear05 16.81%
Ten Years rr_AverageAnnualReturnYear10 2.93%
The Financial Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares | The Financial Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 12.75%
Five Years rr_AverageAnnualReturnYear05 14.60%
Ten Years rr_AverageAnnualReturnYear10 2.79%
The Financial Select Sector SPDR Fund | The Financial Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 22.18%
Five Years rr_AverageAnnualReturnYear05 18.21%
Ten Years rr_AverageAnnualReturnYear10 3.79%
The Financial Select Sector SPDR Fund | S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.83%
Five Years rr_AverageAnnualReturnYear05 15.79%
Ten Years rr_AverageAnnualReturnYear10 8.50%
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
RENDERED XBRL 24 BarChart5.png IDEA: XBRL DOCUMENT begin 644 BarChart5.png MB5!.1PT*&@H -24A$4@ H$ %;" 8 "J'E1L !'-"250(" @( M? ADB EP2%ES 7$0 %Q$!RB;S/P ( !)1$%4>)SLG7F\3.4?QS_/ M+-=RKVNK[(D*K:)?*21*A:*B?8\6HJ*2+8E$Z$=(BBAIH;1J\6O?*,H2A3;[ M=G-=[G47[LR<\_MC[LP]<^;LVYPS\WV_C#MSSK,_W^?[?,^S'<;S/ ^"( B" M( @BH_"E.@$$01 $01"$\Y 12! $01 $D8&0$4@0!$$0!)&!D!%($ 1!$ 21 M@9 12! $01 $D8&0$4@0!$$0!)&!D!%($ 1!$ 21@9 12! $01 $D8&0$4@0 M!$$0!)&!D!%($ 1!$ 21@9 12! $01 $D8&0$4@0!$$0!)&!!%*= #UP'(?\ M_'P 0/7JU<$82W&*"((@"((@4@//\R@M+04 ''/,,?#Y](WM>1EY>'XXX[3IO7X]T4__8FJ M@M]N)1P*X9JSFV')ZJT(!(.I3HZE4-Z\">7->Z1KO@#*FU>AO+F#(Z6EN.&\ M%@ 2;22M>,H(%*X!K%J].JI6STYA:K01#H4 %6K9[M>F/1">?,FE#?OD:[Y M BAO7H7RYCZ,[).@Z6""( B"((@,A(Q @B (@B"(#(2,0((@"((@B R$C$"" M( B"((@,A(Q @B (@B"(#(2,0)MA/A]NOG\8F,Y3O+T Y17*6WK >)[G4YT(K924E" G)P< \/[Z79XX(H8@"((@",(.CI26X*HS&P, MBHN+D9VMSRY*?S.7( B"( B"2(*,0((@"((@B R$C$""( B"((@,A(Q @B ( MF^$X#B-NOQI3AP^*7_OEVR\PL&Y@@B (+_+ZS,EH??E;\6JVZQ^*\B[M# M[7"&VP:/C'_GN BJY]2(__[CU]4XF+\?[2[JEN GIU9M'#Y4@"-EIQ[OS9V/@ MV"D @$,'\O'1&_-QT\!'D@S)JVZ_%VM7?(O%+TS#76DF M%DY_&K_]\J.IM! $D3Z0$4@0!&$3/WSZ ;)S:^*M%Y_%JJ\_P]8_-N+M.=-1 M?O2HYC XCL/L<<-P^4UWXM2V[0 *[]:AMK''(JH6JTZRH\>P?-CAZ'' MC7>@Q1EM\./GG^#L3A?CLFMOB;M?OW(Y]FS;DA3NH0/[\=4';V',"Z_CIR\^ M16[M.@"0$6]!( A"&Z0-"((@;.:7;[_ RB^78>OFW_')HE< .^\]!RV_;$1 MO_[T/;YX;U'<[?PI8_'Y.V\ "8_="\VK%J.>9/&X-&;>V+V^.$(E5>.(FY< MLPI?OK\8_^[>F;3+^,6G1J'?L+%@C.'L3A=AZQ^_X^TYTY/6$!($D;G0:^,( M@B (@B \"+TVCB (@B (@M -&8$$01 $01 9B&G0P MCIBXV!FO$W$0-E*A5[3(9T)=DS[R+*G01:F,E_ 0$OK(;'UZ?B0P7@!"#2S\ M)#@R&K@!?U)QJX5G5^L4AZOE-T-RVJ6N&XE?BQ,S92'C5RZ;6OT;B5MS<>F) M4ZDNM%S37! FT2/O5K17HWZ%\8K+E=<>;$(Q2NDC*])H!+ER384^D@I3K6S4 M=)'>MF/$B<4RJ58,EL0M43:VZR*Y>I(+7^V^E>C51V;38M;ND"H_'?I(*YX= M"=3<^%-E",K%;53QFGV$TVL(&KT>0SP$IC7M5CWBF&TE9N,V4E]F_.F]IJL7 M4D MO7KE/=6&H-EPM,;A94/0[/"V$=E4BT^+/C(B6YFJCXSJHIA?M6M&^R,U MK-1';C $M81C4K:\:P1F&G8]'=E%*HQN-Y$I^?=:>@GS>+'.,Z4]RN'T0T>J M\&*:4PP9@01!$ [SR^^_X>#APX"/

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htm IDEA: XBRL DOCUMENT v3.10.0.1
The Health Care Select Sector SPDR Fund
<b>Fund Summaries</b><br/><br/><b>The Health Care Select Sector SPDR Fund</b>
<b>Investment Objective </b>
The Health Care Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Health Care Select Sector Index (the “Index”).
<b>Fees and Expenses of the Fund </b>
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
<b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b>
Annual Fund Operating Expenses
The Health Care Select Sector SPDR Fund
The Health Care Select Sector SPDR Fund
Management fees 0.03%
Distribution and service (12b-1) fees 0.04%
Other expenses 0.06%
Total annual Fund operating expenses 0.13% [1]
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
Year 1
Year 3
Year 5
Year 10
The Health Care Select Sector SPDR Fund | The Health Care Select Sector SPDR Fund | USD ($) 13 42 73 166
<b>Portfolio Turnover: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.
<b>The Fund's Principal Investment Strategy </b>
In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Health Care companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 62 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
<b>Principal Risks of Investing in the Fund </b>
As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Health Care Sector Risk:  The Fund's assets will be concentrated in the health care sector, which means the Fund will be more affected by the performance of the health care sector than a fund that is more diversified. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
<b>Fund Performance </b>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
<b>Annual Total Returns (years ended 12/31) </b>
Bar Chart
Highest Quarterly Return: 15.70% (Q1, 2013)
Lowest Quarterly Return: -12.21% (Q4, 2008)
<b>Average Annual Total Returns (for periods ending 12/31/17)</b>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Average Annual Total Returns - The Health Care Select Sector SPDR Fund
One Year
Five Years
Ten Years
The Health Care Select Sector SPDR Fund 21.70% 17.44% 10.83%
The Health Care Select Sector SPDR Fund | Return After Taxes on Distributions 21.26% 17.01% 10.46%
The Health Care Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares 12.62% 14.09% 8.91%
The Health Care Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes) 21.93% 17.64% 11.02%
S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes) 21.83% 15.79% 8.50%

XML 26 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Prospectus Date rr_ProspectusDate Sep. 24, 2018
The Health Care Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Fund Summaries</b><br/><br/><b>The Health Care Select Sector SPDR Fund</b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective </b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Health Care Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Health Care Select Sector Index (the “Index”).
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund </b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b>
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover: </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 4.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example: </b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading <b>The Fund's Principal Investment Strategy </b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Health Care companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 62 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
Risk [Heading] rr_RiskHeading <b>Principal Risks of Investing in the Fund </b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Health Care Sector Risk:  The Fund's assets will be concentrated in the health care sector, which means the Fund will be more affected by the performance of the health care sector than a fund that is more diversified. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus <blockquote><b>Non-Diversification Risk:</b> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Fund Performance </b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-732-8673
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.sectorspdrs.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <b>Annual Total Returns (years ended 12/31) </b>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Highest Quarterly Return: 15.70% (Q1, 2013)
Lowest Quarterly Return: -12.21% (Q4, 2008)
Performance Table Heading rr_PerformanceTableHeading <b>Average Annual Total Returns (for periods ending 12/31/17)</b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
The Health Care Select Sector SPDR Fund | The Health Care Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.03%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.04%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.13% [1]
Year 1 rr_ExpenseExampleYear01 $ 13
Year 3 rr_ExpenseExampleYear03 42
Year 5 rr_ExpenseExampleYear05 73
Year 10 rr_ExpenseExampleYear10 $ 166
2008 rr_AnnualReturn2008 (23.15%)
2009 rr_AnnualReturn2009 19.81%
2010 rr_AnnualReturn2010 2.92%
2011 rr_AnnualReturn2011 12.42%
2012 rr_AnnualReturn2012 17.53%
2013 rr_AnnualReturn2013 41.24%
2014 rr_AnnualReturn2014 25.18%
2015 rr_AnnualReturn2015 6.86%
2016 rr_AnnualReturn2016 (2.83%)
2017 rr_AnnualReturn2017 21.70%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Quarterly Return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.70%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Quarterly Return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (12.21%)
One Year rr_AverageAnnualReturnYear01 21.70%
Five Years rr_AverageAnnualReturnYear05 17.44%
Ten Years rr_AverageAnnualReturnYear10 10.83%
The Health Care Select Sector SPDR Fund | Return After Taxes on Distributions | The Health Care Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.26%
Five Years rr_AverageAnnualReturnYear05 17.01%
Ten Years rr_AverageAnnualReturnYear10 10.46%
The Health Care Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares | The Health Care Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 12.62%
Five Years rr_AverageAnnualReturnYear05 14.09%
Ten Years rr_AverageAnnualReturnYear10 8.91%
The Health Care Select Sector SPDR Fund | The Health Care Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.93%
Five Years rr_AverageAnnualReturnYear05 17.64%
Ten Years rr_AverageAnnualReturnYear10 11.02%
The Health Care Select Sector SPDR Fund | S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.83%
Five Years rr_AverageAnnualReturnYear05 15.79%
Ten Years rr_AverageAnnualReturnYear10 8.50%
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
RENDERED XBRL 27 BarChart6.png IDEA: XBRL DOCUMENT begin 644 BarChart6.png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end XML 28 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
The Industrial Select Sector SPDR Fund
<b>Fund Summaries</b><br/><br/><b>The Industrial Select Sector SPDR Fund</b>
<b>Investment Objective </b>
The Industrial Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Industrial Select Sector Index (the “Index”).
<b>Fees and Expenses of the Fund </b>
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
<b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b>
Annual Fund Operating Expenses
The Industrial Select Sector SPDR Fund
The Industrial Select Sector SPDR Fund
Management fees 0.03%
Distribution and service (12b-1) fees 0.04%
Other expenses 0.06%
Total annual Fund operating expenses 0.13% [1]
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
Year 1
Year 3
Year 5
Year 10
The Industrial Select Sector SPDR Fund | The Industrial Select Sector SPDR Fund | USD ($) 13 42 73 166
<b>Portfolio Turnover: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.
<b>The Fund's Principal Investment Strategy </b>
In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Industrial companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: aerospace and defense; industrial conglomerates; marine; transportation infrastructure; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 68 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
<b>Principal Risks of Investing in the Fund </b>
As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Industrial Sector Risk: The Fund's assets will be concentrated in the industrial sector, which means the Fund will be more affected by the performance of the industrial sector than a fund that is more diversified.  Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
<b>Fund Performance </b>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
<b>Annual Total Returns (years ended 12/31) </b>
Bar Chart
Highest Quarterly Return: 20.98% (Q3, 2009)
Lowest Quarterly Return: -23.21% (Q4, 2008)
<b>Average Annual Total Returns (for periods ending 12/31/17) </b>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Average Annual Total Returns - The Industrial Select Sector SPDR Fund
One Year
Five Years
Ten Years
The Industrial Select Sector SPDR Fund 23.84% 17.15% 9.15%
The Industrial Select Sector SPDR Fund | Return After Taxes on Distributions 23.28% 16.55% 8.67%
The Industrial Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares 13.89% 13.75% 7.37%
The Industrial Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes) 24.10% 17.35% 9.33%
S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes) 21.83% 15.79% 8.50%

XML 29 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Prospectus Date rr_ProspectusDate Sep. 24, 2018
The Industrial Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Fund Summaries</b><br/><br/><b>The Industrial Select Sector SPDR Fund</b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective </b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Industrial Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Industrial Select Sector Index (the “Index”).
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund </b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b>
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover: </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 5.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example: </b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading <b>The Fund's Principal Investment Strategy </b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Industrial companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: aerospace and defense; industrial conglomerates; marine; transportation infrastructure; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 68 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
Risk [Heading] rr_RiskHeading <b>Principal Risks of Investing in the Fund </b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Industrial Sector Risk: The Fund's assets will be concentrated in the industrial sector, which means the Fund will be more affected by the performance of the industrial sector than a fund that is more diversified.  Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus <blockquote><b>Non-Diversification Risk:</b> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Fund Performance </b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-732-8673
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.sectorspdrs.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <b>Annual Total Returns (years ended 12/31) </b>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Highest Quarterly Return: 20.98% (Q3, 2009)
Lowest Quarterly Return: -23.21% (Q4, 2008)
Performance Table Heading rr_PerformanceTableHeading <b>Average Annual Total Returns (for periods ending 12/31/17) </b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
The Industrial Select Sector SPDR Fund | The Industrial Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.03%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.04%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.13% [1]
Year 1 rr_ExpenseExampleYear01 $ 13
Year 3 rr_ExpenseExampleYear03 42
Year 5 rr_ExpenseExampleYear05 73
Year 10 rr_ExpenseExampleYear10 $ 166
2008 rr_AnnualReturn2008 (38.88%)
2009 rr_AnnualReturn2009 22.63%
2010 rr_AnnualReturn2010 27.65%
2011 rr_AnnualReturn2011 (1.02%)
2012 rr_AnnualReturn2012 14.86%
2013 rr_AnnualReturn2013 40.44%
2014 rr_AnnualReturn2014 10.45%
2015 rr_AnnualReturn2015 (4.25%)
2016 rr_AnnualReturn2016 19.95%
2017 rr_AnnualReturn2017 23.84%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Quarterly Return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.98%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Quarterly Return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (23.21%)
One Year rr_AverageAnnualReturnYear01 23.84%
Five Years rr_AverageAnnualReturnYear05 17.15%
Ten Years rr_AverageAnnualReturnYear10 9.15%
The Industrial Select Sector SPDR Fund | Return After Taxes on Distributions | The Industrial Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 23.28%
Five Years rr_AverageAnnualReturnYear05 16.55%
Ten Years rr_AverageAnnualReturnYear10 8.67%
The Industrial Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares | The Industrial Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 13.89%
Five Years rr_AverageAnnualReturnYear05 13.75%
Ten Years rr_AverageAnnualReturnYear10 7.37%
The Industrial Select Sector SPDR Fund | The Industrial Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 24.10%
Five Years rr_AverageAnnualReturnYear05 17.35%
Ten Years rr_AverageAnnualReturnYear10 9.33%
The Industrial Select Sector SPDR Fund | S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.83%
Five Years rr_AverageAnnualReturnYear05 15.79%
Ten Years rr_AverageAnnualReturnYear10 8.50%
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
XML 30 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
The Materials Select Sector SPDR Fund
<b>Fund Summaries </b><br/><br/><b>The Materials Select Sector SPDR Fund</b>
<b>Investment Objective </b>
The Materials Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Materials Select Sector Index (the “Index”).
<b>Fees and Expenses of the Fund </b>
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
<b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b>
Annual Fund Operating Expenses
The Materials Select Sector SPDR Fund
The Materials Select Sector SPDR Fund
Management fees 0.03%
Distribution and service (12b-1) fees 0.04%
Other expenses 0.06%
Total annual Fund operating expenses 0.13% [1]
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
Year 1
Year 3
Year 5
Year 10
The Materials Select Sector SPDR Fund | The Materials Select Sector SPDR Fund | USD ($) 13 42 73 166
<b>Portfolio Turnover: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of the average value of its portfolio.
<b>The Fund's Principal Investment Strategy </b>
In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Materials companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: chemicals; metals and mining; paper and forest products; containers and packaging; and construction materials. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 25 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
<b>Principal Risks of Investing in the Fund </b>
As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Materials Sector Risk: The Fund's assets will be concentrated in the materials sector, which means the Fund will be more affected by the performance of the materials sector than a fund that is more diversified. Many materials companies are significantly affected by the level and volatility of commodity prices, exchange rates, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
<b>Fund Performance </b>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
<b>Annual Total Returns (years ended 12/31) </b>
Bar Chart
Highest Quarterly Return: 20.62% (Q3, 2009)
Lowest Quarterly Return: -30.50% (Q4, 2008)
<b>Average Annual Total Returns (for periods ending 12/31/17)</b>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Average Annual Total Returns - The Materials Select Sector SPDR Fund
One Year
Five Years
Ten Years
The Materials Select Sector SPDR Fund 23.94% 12.29% 6.20%
The Materials Select Sector SPDR Fund | Return After Taxes on Distributions 23.39% 11.69% 5.70%
The Materials Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares 13.90% 9.66% 4.87%
The Materials Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes) 23.93% 12.44% 6.35%
S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes) 21.83% 15.79% 8.50%
RENDERED XBRL 31 BarChart7.png IDEA: XBRL DOCUMENT begin 644 BarChart7.png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end XML 32 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Prospectus Date rr_ProspectusDate Sep. 24, 2018
The Materials Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Fund Summaries </b><br/><br/><b>The Materials Select Sector SPDR Fund</b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective </b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Materials Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Materials Select Sector Index (the “Index”).
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund </b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b>
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover: </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 10.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example: </b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading <b>The Fund's Principal Investment Strategy </b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Materials companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: chemicals; metals and mining; paper and forest products; containers and packaging; and construction materials. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 25 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
Risk [Heading] rr_RiskHeading <b>Principal Risks of Investing in the Fund </b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Materials Sector Risk: The Fund's assets will be concentrated in the materials sector, which means the Fund will be more affected by the performance of the materials sector than a fund that is more diversified. Many materials companies are significantly affected by the level and volatility of commodity prices, exchange rates, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus <blockquote><b>Non-Diversification Risk:</b> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Fund Performance </b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-732-8673
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.sectorspdrs.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <b>Annual Total Returns (years ended 12/31) </b>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Highest Quarterly Return: 20.62% (Q3, 2009)
Lowest Quarterly Return: -30.50% (Q4, 2008)
Performance Table Heading rr_PerformanceTableHeading <b>Average Annual Total Returns (for periods ending 12/31/17)</b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
The Materials Select Sector SPDR Fund | The Materials Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.03%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.04%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.13% [1]
Year 1 rr_ExpenseExampleYear01 $ 13
Year 3 rr_ExpenseExampleYear03 42
Year 5 rr_ExpenseExampleYear05 73
Year 10 rr_ExpenseExampleYear10 $ 166
2008 rr_AnnualReturn2008 (43.99%)
2009 rr_AnnualReturn2009 48.47%
2010 rr_AnnualReturn2010 20.40%
2011 rr_AnnualReturn2011 (10.97%)
2012 rr_AnnualReturn2012 14.74%
2013 rr_AnnualReturn2013 25.83%
2014 rr_AnnualReturn2014 7.31%
2015 rr_AnnualReturn2015 (8.58%)
2016 rr_AnnualReturn2016 16.66%
2017 rr_AnnualReturn2017 23.94%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Quarterly Return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.62%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Quarterly Return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (30.50%)
One Year rr_AverageAnnualReturnYear01 23.94%
Five Years rr_AverageAnnualReturnYear05 12.29%
Ten Years rr_AverageAnnualReturnYear10 6.20%
The Materials Select Sector SPDR Fund | Return After Taxes on Distributions | The Materials Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 23.39%
Five Years rr_AverageAnnualReturnYear05 11.69%
Ten Years rr_AverageAnnualReturnYear10 5.70%
The Materials Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares | The Materials Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 13.90%
Five Years rr_AverageAnnualReturnYear05 9.66%
Ten Years rr_AverageAnnualReturnYear10 4.87%
The Materials Select Sector SPDR Fund | The Materials Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 23.93%
Five Years rr_AverageAnnualReturnYear05 12.44%
Ten Years rr_AverageAnnualReturnYear10 6.35%
The Materials Select Sector SPDR Fund | S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.83%
Five Years rr_AverageAnnualReturnYear05 15.79%
Ten Years rr_AverageAnnualReturnYear10 8.50%
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
RENDERED XBRL 33 BarChart8.png IDEA: XBRL DOCUMENT begin 644 BarChart8.png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htm IDEA: XBRL DOCUMENT v3.10.0.1
The Real Estate Select Sector SPDR Fund
<b>Fund Summaries </b><br/><br/><b>The Real Estate Select Sector SPDR Fund</b>
<b>Investment Objective </b>
The Real Estate Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Real Estate Select Sector Index (the “Index”).
<b>Fees and Expenses of the Fund </b>
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
<b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment): </b>
Annual Fund Operating Expenses
The Real Estate Select Sector SPDR Fund
The Real Estate Select Sector SPDR Fund
Management fees 0.03%
Distribution and service (12b-1) fees 0.04%
Other expenses 0.06%
Total annual Fund operating expenses 0.13% [1],[2]
[1] SSGA Funds Management, Inc. (the “Adviser”) has contractually agreed to waive a portion of its advisory fee and reimburse certain expenses, until January 31, 2019, so that the annual Fund operating expenses of the Fund are limited to no more than 0.1345% of the Fund's average daily net assets (exclusive of non-recurring account fees and expenses). The Adviser may continue such waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so after January 31, 2019. The waiver and/or reimbursement may not be terminated prior to January 31, 2019 except with the approval of The Select Sector SPDR Trust's Board of Trustees.
[2] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of each such period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
Year 1
Year 3
Year 5
Year 10
The Real Estate Select Sector SPDR Fund | The Real Estate Select Sector SPDR Fund | USD ($) 13 42 73 166
<b>Portfolio Turnover: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio.
<b>The Fund's Principal Investment Strategy </b>
In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Real Estate companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: real estate management and development and real estate investment trusts (“REITs”), excluding mortgage REITs. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 33 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
<b>Principal Risks of Investing in the Fund </b>
As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Real Estate Sector Risk: The Fund's assets will be concentrated in the real estate sector, which means the Fund will be more affected by the performance of the real estate sector than a fund that is more diversified. An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.

REIT Risk: REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable tax or regulatory treatment.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
<b>Fund Performance </b>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
<b>Annual Total Return (year ended 12/31) </b>
Bar Chart
Highest Quarterly Return: 5.67% (Q2, 2016)
Lowest Quarterly Return: -4.43% (Q4, 2016)
<b>Average Annual Total Returns (for periods ending 12/31/17) </b>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Average Annual Total Returns - The Real Estate Select Sector SPDR Fund
One Year
Since Inception
Inception Date
The Real Estate Select Sector SPDR Fund 10.70% 8.28% Oct. 07, 2015
The Real Estate Select Sector SPDR Fund | Return After Taxes on Distributions 9.13% 6.52% Oct. 07, 2015
The Real Estate Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares 6.03% 5.53% Oct. 07, 2015
The Real Estate Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes) 10.85% 8.45% Oct. 07, 2015
S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes) 21.83% 16.39% Oct. 07, 2015
XML 35 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Prospectus Date rr_ProspectusDate Sep. 24, 2018
The Real Estate Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Fund Summaries </b><br/><br/><b>The Real Estate Select Sector SPDR Fund</b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective </b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Real Estate Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Real Estate Select Sector Index (the “Index”).
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund </b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses </b><br/><br/><b>(expenses that you pay each year as a percentage of the value of your investment): </b>
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover: </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example: </b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of each such period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading <b>The Fund's Principal Investment Strategy </b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Real Estate companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: real estate management and development and real estate investment trusts (“REITs”), excluding mortgage REITs. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 33 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
Risk [Heading] rr_RiskHeading <b>Principal Risks of Investing in the Fund </b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Real Estate Sector Risk: The Fund's assets will be concentrated in the real estate sector, which means the Fund will be more affected by the performance of the real estate sector than a fund that is more diversified. An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.

REIT Risk: REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable tax or regulatory treatment.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus <blockquote><b>Non-Diversification Risk:</b> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Fund Performance </b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-732-8673
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.sectorspdrs.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <b>Annual Total Return (year ended 12/31) </b>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Highest Quarterly Return: 5.67% (Q2, 2016)
Lowest Quarterly Return: -4.43% (Q4, 2016)
Performance Table Heading rr_PerformanceTableHeading <b>Average Annual Total Returns (for periods ending 12/31/17) </b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
The Real Estate Select Sector SPDR Fund | The Real Estate Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.03%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.04%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.13% [1],[2]
Year 1 rr_ExpenseExampleYear01 $ 13
Year 3 rr_ExpenseExampleYear03 42
Year 5 rr_ExpenseExampleYear05 73
Year 10 rr_ExpenseExampleYear10 $ 166
2016 rr_AnnualReturn2016 3.19%
2017 rr_AnnualReturn2017 10.70%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Quarterly Return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.67%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Quarterly Return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.43%)
One Year rr_AverageAnnualReturnYear01 10.70%
Since Inception rr_AverageAnnualReturnSinceInception 8.28%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 07, 2015
The Real Estate Select Sector SPDR Fund | Return After Taxes on Distributions | The Real Estate Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 9.13%
Since Inception rr_AverageAnnualReturnSinceInception 6.52%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 07, 2015
The Real Estate Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares | The Real Estate Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 6.03%
Since Inception rr_AverageAnnualReturnSinceInception 5.53%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 07, 2015
The Real Estate Select Sector SPDR Fund | The Real Estate Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 10.85%
Since Inception rr_AverageAnnualReturnSinceInception 8.45%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 07, 2015
The Real Estate Select Sector SPDR Fund | S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.83%
Since Inception rr_AverageAnnualReturnSinceInception 16.39%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 07, 2015
[1] SSGA Funds Management, Inc. (the “Adviser”) has contractually agreed to waive a portion of its advisory fee and reimburse certain expenses, until January 31, 2019, so that the annual Fund operating expenses of the Fund are limited to no more than 0.1345% of the Fund's average daily net assets (exclusive of non-recurring account fees and expenses). The Adviser may continue such waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so after January 31, 2019. The waiver and/or reimbursement may not be terminated prior to January 31, 2019 except with the approval of The Select Sector SPDR Trust's Board of Trustees.
[2] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
RENDERED XBRL 36 BarChart9.png IDEA: XBRL DOCUMENT begin 644 BarChart9.png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

6(RXZ\[=VU _.F/0\! K*RJ^"&._K"Z_5&GO^V M?AW*RDKQ_IL++V?@]! '#E#;=$_&W?_!^:-F\) 4!.3C44',Z' M *#@<#YRJE7'Y#&C\.#04?!Z7+9=W^&')TRU-X?G+QX:C+X//8;=.[9CQL1Q M,<_W[-R!C;]N0)>+>N*.^P&1^(L+2W#E/&C,6_:"WA\[ 0 NJ= MVA#M.IZ'.5.>0_OSNN"_OS>B5MV34'#D"*8_.Q:OS9IA,C]Z\\J)I3]@M.1B M^4E@WBQ37;7T],K POSJ%D_>J5F% M0IY$SEXKT=5OJ!X3+0,K#2OTS8@L,I):;VJ1ZNF,39:O)08NSVOL>>$(PUMO M5NPO5@UH77MKU?:LR.>.7;KB^Z^^B'E>I6H.3CBQ%NJ=V@ T*[C>?CQVV\B M<69D9�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end XML 37 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
The Technology Select Sector SPDR Fund
<b>Fund Summaries <br/><br/>The Technology Select Sector SPDR Fund</b>
<b>Investment Objective </b>
The Technology Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Technology Select Sector Index (the “Index”).
<b>Fees and Expenses of the Fund </b>
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
<b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment):</b>
Annual Fund Operating Expenses
The Technology Select Sector SPDR Fund
The Technology Select Sector SPDR Fund
Management fees 0.03%
Distribution and service (12b-1) fees 0.04%
Other expenses 0.06%
Total annual Fund operating expenses 0.13% [1]
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
Year 1
Year 3
Year 5
Year 10
The Technology Select Sector SPDR Fund | The Technology Select Sector SPDR Fund | USD ($) 13 42 73 166
<b>Portfolio Turnover: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.
<b>The Fund's Principal Investment Strategy </b>
In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Information Technology companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: technology hardware, storage, and peripherals; software; communications equipment; semiconductors and semiconductor equipment; IT services; and electronic equipment, instruments and components. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 72 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
<b>Principal Risks of Investing in the Fund </b>
As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Technology Sector Risk: The Fund's assets will be concentrated in the technology sector, which means the Fund will be more affected by the performance of the technology sector than a fund that is more diversified. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
<b>Fund Performance </b>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
<b>Annual Total Returns (years ended 12/31) </b>
Bar Chart
Highest Quarterly Return: 18.80% (Q1, 2012)
Lowest Quarterly Return: -21.89% (Q4, 2008)
<b>Average Annual Total Returns (for periods ending 12/31/17)</b>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Average Annual Total Returns - The Technology Select Sector SPDR Fund
One Year
Five Years
Ten Years
The Technology Select Sector SPDR Fund 34.28% 19.29% 10.95%
The Technology Select Sector SPDR Fund | Return After Taxes on Distributions 33.80% 18.79% 10.59%
The Technology Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares 19.73% 15.60% 8.99%
The Technology Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes) 34.57% 19.52% 11.16%
S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes) 21.83% 15.79% 8.50%

XML 38 R59.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName SELECT SECTOR SPDR TRUST
Prospectus Date rr_ProspectusDate Sep. 24, 2018
The Technology Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Fund Summaries <br/><br/>The Technology Select Sector SPDR Fund</b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective </b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Technology Select Sector SPDR Fund (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Technology Select Sector Index (the “Index”).
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund </b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Fund Shares”). This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses <br/><br/> (expenses that you pay each year as a percentage of the value of your investment):</b>
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover: </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 4.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below reflect the expenses of the Fund and do not reflect brokerage commissions you may pay on purchases and sales of Fund Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example: </b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading <b>The Fund's Principal Investment Strategy </b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days' notice prior to any material change in this 95% investment policy. In addition, the Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund).

The Index includes companies that have been identified as Information Technology companies by the Global Industry Classification Standard (GICS®), including securities of companies from the following industries: technology hardware, storage, and peripherals; software; communications equipment; semiconductors and semiconductor equipment; IT services; and electronic equipment, instruments and components. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent company of the S&P 500 Index; and (2) the Index is calculated by S&P Dow Jones Indices LLC (“S&P DJI”) based on methodology proprietary to S&P DJI and BofA Merrill Lynch Research (“BofA Merrill Lynch”) (S&P DJI and BofA Merrill Lynch, collectively, the “Index Provider”) using a “modified market capitalization” methodology, which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”). As of November 30, 2017, the Index was composed of 72 stocks.

The Index is sponsored by the Index Provider and compiled by S&P DJI (the “Index Compilation Agent”). Neither entity is affiliated with the Fund or the Adviser. The Index Compilation Agent determines the composition of the Index and relative weightings of the securities in the Index based on the Index methodology. The Index Provider publishes information regarding the market value of the Index.
Risk [Heading] rr_RiskHeading <b>Principal Risks of Investing in the Fund </b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Indexing Strategy/Index Tracking Risk: The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

Technology Sector Risk: The Fund's assets will be concentrated in the technology sector, which means the Fund will be more affected by the performance of the technology sector than a fund that is more diversified. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

Equity Investing Risk: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Non-Diversification Risk: As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.

Large-Capitalization Securities Risk: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

Market Risk: The Fund's investments are subject to changes in general economic conditions, and 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. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus <blockquote><b>Non-Diversification Risk:</b> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds.</blockquote>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Fund Performance </b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index. The S&P 500 Index is a well-known, broad-based securities market index that includes common stocks of approximately 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 1-866-732-8673 or visiting our website at www.sectorspdrs.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index, and the S&P 500 Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-732-8673
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.sectorspdrs.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <b>Annual Total Returns (years ended 12/31) </b>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Highest Quarterly Return: 18.80% (Q1, 2012)
Lowest Quarterly Return: -21.89% (Q4, 2008)
Performance Table Heading rr_PerformanceTableHeading <b>Average Annual Total Returns (for periods ending 12/31/17)</b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
The Technology Select Sector SPDR Fund | The Technology Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.03%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.04%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.13% [1]
Year 1 rr_ExpenseExampleYear01 $ 13
Year 3 rr_ExpenseExampleYear03 42
Year 5 rr_ExpenseExampleYear05 73
Year 10 rr_ExpenseExampleYear10 $ 166
2008 rr_AnnualReturn2008 (41.39%)
2009 rr_AnnualReturn2009 50.94%
2010 rr_AnnualReturn2010 11.62%
2011 rr_AnnualReturn2011 2.67%
2012 rr_AnnualReturn2012 15.46%
2013 rr_AnnualReturn2013 25.97%
2014 rr_AnnualReturn2014 17.75%
2015 rr_AnnualReturn2015 5.63%
2016 rr_AnnualReturn2016 14.82%
2017 rr_AnnualReturn2017 34.28%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Quarterly Return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.80%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Quarterly Return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.89%)
One Year rr_AverageAnnualReturnYear01 34.28%
Five Years rr_AverageAnnualReturnYear05 19.29%
Ten Years rr_AverageAnnualReturnYear10 10.95%
The Technology Select Sector SPDR Fund | Return After Taxes on Distributions | The Technology Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 33.80%
Five Years rr_AverageAnnualReturnYear05 18.79%
Ten Years rr_AverageAnnualReturnYear10 10.59%
The Technology Select Sector SPDR Fund | Return After Taxes on Distributions and Sale of Fund Shares | The Technology Select Sector SPDR Fund  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 19.73%
Five Years rr_AverageAnnualReturnYear05 15.60%
Ten Years rr_AverageAnnualReturnYear10 8.99%
The Technology Select Sector SPDR Fund | The Technology Select Sector Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 34.57%
Five Years rr_AverageAnnualReturnYear05 19.52%
Ten Years rr_AverageAnnualReturnYear10 11.16%
The Technology Select Sector SPDR Fund | S&P 500 Index (Index returns reflect no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 21.83%
Five Years rr_AverageAnnualReturnYear05 15.79%
Ten Years rr_AverageAnnualReturnYear10 8.50%
[1] The Fund's “Total annual Fund operating expenses” have been restated to reflect a reduction in the Fund's “Distribution and service (12b-1) fees” and “Other expenses”.
RENDERED XBRL 39 BarChart10.png IDEA: XBRL DOCUMENT begin 644 BarChart10.png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