Are there risks involved in investing in Select Sector SPDR Funds?
Yes. Because Select Sector SPDR Funds represent diversified portfolios, they are subject to the risk that the general level of stock prices will decline. If the S&P 500 drops, the values of the Select Sector SPDR Funds will decline as well. In addition, the levels of the indexes and the values of Select Sector SPDR Funds will continue to be reported even if trading is interrupted in some or all of the S&P 500 component stocks. As a result, reported index levels and XLB, XLV, XLP, XLY, XLE, XLF, XLI, XLK and XLU price quotations may at times be based on non-current price information with respect to some or even all of the stocks in the S&P 500. Trading of Select Sector SPDR will be halted whenever Exchange trading in equity securities generally is halted as a result of activation of market-wide “circuit breakers” that are tied to large decreases in the Dow Jones Industrial Average. Trading in Select Sector SPDR Funds may also be halted if Exchange officials determine that such action is
