State Street Files Four Uncapped S&P Sector ETFs

State Street Investment Management filed with the SEC for four new ETFs that would track uncapped S&P 500 sector indexes for consumer discretionary, consumer staples, energy and information technology. The filings propose to replicate the S&P 500 Consumer Discretionary Sector Index, the S&P 500 Consumer Staples Sector Index, the S&P 500 Energy Sector Index and the S&P 500 Information Technology Sector Index without caps on company weightings.

The proposed funds are named the State Street S&P 500 Consumer Discretionary Market Sector SPDR ETF; the State Street S&P 500 Consumer Staples Market Sector SPDR ETF; the State Street S&P 500 Energy Market Sector SPDR ETF; and the State Street S&P 500 Technology Market Sector SPDR ETF. If approved, they would sit alongside State Street’s existing Select Sector SPDR ETFs — XLY, XLP, XLE and XLK — but would use different index construction rules to deliver sector exposure.

The key distinction in the filings is index weighting methodology. State Street’s current Select Sector SPDR ETFs use modified free-float market capitalizations that limit the weight of the largest companies in a sector. The new funds would track the S&P sector indexes without caps, allowing the largest constituents to carry larger portfolio weights in line with uncapped market-cap calculations.

As of June 30, 2026, the index for the proposed technology ETF allocated 19.8% of its weight to Nvidia, while XLK’s capped approach limited Nvidia to 14.7%, illustrating the difference in concentration between the two index methods.

The filings do not include launch dates or expense ratios. Each proposed fund is subject to regulatory review and approval before it can begin trading.

Todd Rosenbluth, head of research at VettaFi, noted, “Investors have long turned to State Street for sector ETF exposure, as their funds have strong liquidity and the team provides top-down sector expertise.”

State Street’s technology Select Sector SPDR ETF, XLK, had more than $118 billion in assets under management as of July 15, 2026. The filings present alternative index approaches for accessing the consumer discretionary, consumer staples, energy and technology sectors and state that the uncapped S&P sector indexes preserve relative market-cap sizes of all constituents, which can increase concentration in the largest companies compared with capped or modified free-float strategies.