At a glance
XLSR charges 0.7% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $1.00B in assets, the 7th largest of that group; it paid 0.39% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +19.6% a year. At its worst it fell 23.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months after the low. Its ten largest positions make up 88.5% of the fund, out of 25 in all.
The short version
SPDR SSGA US Sector Rotation ETF (XLSR) is an actively managed fund that mostly owns other ETFs. State Street's adviser uses a proprietary model to tilt toward the S&P 500 sectors it expects to outperform, holding Select Sector SPDR ETFs and individual stocks. It charges 0.70% a year, trades heavily (176% portfolio turnover) and can be concentrated: 27.8% of assets sat in its technology sector ETF as of June 30, 2026.
Price history
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XLSR +8.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| XLSR official prospectus, to Dec 31, 2025 | — | +17.44% | — | +10.78% | — | +13.09% |
| XLSR price data to Oct 27, 2026 | +7.2% | +8.0% | +19.6% | +9.3% | — | +13.4% |
- Over the year to Oct 27, 2026, XLSR returned +8.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was +9.3%.
- Its worst full calendar year was 2022 (-15.7%); its best was 2021 (+20.5%).
- The deepest fall in its price history was 23.3% (Jan 4, 2022 to Sep 30, 2022), recovered by Jan 19, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.2% | — |
| 2025 | +17.3% | +17.44% |
| 2024 | +17.6% | +17.34% |
| 2023 | +18.9% | +19.04% |
| 2022 | -15.7% | -15.61% |
| 2021 | +20.5% | +20.53% |
| 2020 | — | +20.38% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23% over that stretch · deepest drop along the way 23.3%, back to its old high 15.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1800 | |
| 2025 | $0.3600 | 0.0% |
| 2024 | $0.3600 | -23.4% |
| 2023 | $0.4700 | -33.8% |
| 2022 | $0.7100 | -56.2% |
| 2021 | $1.6200 |
What's inside
As of Jun 30, 2026, the fund held 25 securities; the ten largest made up 88.55% of assets. It also reported 28.13% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Fund held | Weight | |
|---|---|---|
| State Street Technology Select Sector SPDR ETF | 27.81% | |
| State Street Industrial Select Sector SPDR ETF | 19.48% | |
| Alphabet Inc | 7.53% | |
| State Street Energy Select Sector SPDR ETF | 5.93% | |
| Alphabet Inc | 5.82% | |
| NVIDIA Corp | 4.85% | |
| State Street Consumer Staples Select Sector SPDR ETF | 4.69% | |
| Apple Inc | 4.24% | |
| State Street Consumer Discretionary Select Sector SPDR ETF | 4.14% | |
| Meta Platforms Inc | 4.07% | |
| State Street Communication Services Select Sector SPDR ETF | 3.34% | |
| Microsoft Corp | 2.71% | |
| Broadcom Inc | 1.75% | |
| Netflix Inc | 0.93% | |
| Amazon.com Inc | 0.66% |
By country
United States 99.82%By asset type
Stocks 99.82%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $49.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.57%, +4.76%, -2.04%.
How it works
XLSR does not track an index. Its adviser, SSGA Funds Management, divides the portfolio among the 11 sectors of the S&P 500, as defined by the Global Industry Classification Standard (GICS), a common system for sorting companies by industry. A proprietary model uses economic, financial and market data to forecast each sector's return. It then builds a target sector mix aimed at the highest expected return. Risk and diversification limits cap how much any one sector can hold. The adviser can also override the model, and the fund may have no exposure to some sectors at times.
To get that sector exposure, the fund holds State Street's own Select Sector SPDR ETFs, individual stocks, or both. An optimization process aims to keep its returns close to the target mix. As of June 30, 2026, other funds made up 65.4% of assets and individual companies 34.4%. The largest positions were the Technology (27.8%) and Industrial (19.5%) Select Sector SPDR ETFs, Alphabet's two share classes (about 13.3% combined), the Energy Select Sector SPDR ETF (5.9%) and NVIDIA (4.9%).
The fund usually rebalances monthly, and sometimes more often, so turnover runs high: 176% in the latest prospectus. The ETFs it invests in pay fees to State Street, and the prospectus flags this as a potential conflict of interest.
What it really costs
- XLSR charges 0.7% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $72 in the first year and $871 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XLSR | $72 | $224 | $390 | $871 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It makes concentrated, model-driven sector bets with high turnover and a 0.70% fee, so it fits better as a smaller add-on than as a core stock holding.
XLSR adds a sector-timing layer to ordinary US large-company stock exposure, but it has not softened declines. It launched in 2019, so it has no record from 2008. Its worst quarter was a 17.54% loss in the quarter ending March 31, 2020, during the COVID crash. In the 2022 bear market it fell 23.3% between January 4 and September 30, 2022, and it did not recover until January 19, 2024. Its worst calendar year was 2022, when it lost 15.61%. Anyone drawing money out in a year like that would be taking it from a shrunken balance. Income is small: the trailing yield was 0.39% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 would cost $871 in fees over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, actively managed sector-timing slice next to a broad US stock core, and who accept that model-driven bets can miss.
- Investors comfortable with concentration: as of June 30, 2026, the top 10 holdings made up 88.6% of assets, led by technology and industrials.
- Holders who don't need income from this position, since the trailing yield was 0.39% as of October 27, 2026.
Look elsewhere if
- Investors looking for downside protection: it fell 23.3% in 2022, took until January 2024 to recover, and had a one-year beta of 1.04.
- Cost-focused investors who want plain index exposure; its 0.70% fee is steep next to many broad index funds.
- Taxable investors wary of capital gains, since monthly rebalancing and 176% turnover may produce taxable distributions.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XLSR this fund | 0.7% | $1.00B | +8.0% | +19.6% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does XLSR invest in?
XLSR invests in US large-company stocks through a mix of State Street's Select Sector SPDR ETFs and individual stocks. A proprietary model shifts its weights among S&P 500 sectors. As of June 30, 2026, other funds made up 65.4% of assets. The biggest positions were the Technology Select Sector SPDR ETF (27.8%), the Industrial Select Sector SPDR ETF (19.5%), Alphabet (about 13.3% across two share classes), the Energy Select Sector SPDR ETF (5.9%) and NVIDIA (4.9%).
Does XLSR pay a dividend?
Yes, but it pays very little. XLSR pays dividends quarterly. Its trailing 12-month payout was $0.26 per share, a yield of 0.39% as of October 27, 2026. The fund's stated objective is capital appreciation, not income. As of June 30, 2026, its largest stakes were in technology and industrial stocks. Investors who want steady income from their portfolio would get little from this fund.
What is XLSR's expense ratio?
XLSR's expense ratio is 0.70% a year, all of it a management fee, according to the prospectus filed October 27, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return, with shares redeemed at the end of each period, costs about $72 over one year, $224 over three, $390 over five and $871 over ten. That is more than many broad index funds charge. The extra cost pays for the active sector model and frequent trading.
How has XLSR performed?
As of December 31, 2025, XLSR returned 17.44% over one year, 10.78% a year over five years and 13.09% a year since its April 2019 launch. Calendar-year results ranged from a 20.53% gain in 2021 to a 15.61% loss in 2022. Based on price returns as of October 27, 2026, it was up 7.2% for 2026 to date and 8% over the past year. Past results don't predict future returns.
Is XLSR a buffer ETF like BUFR?
No. XLSR has no options overlay, buffer or cap. It takes the full gains and losses of the stocks it holds, as its 23.3% drop in 2022 showed. FT Vest Laddered Buffer ETF (BUFR) uses a defined-outcome approach that aims to absorb part of a decline in exchange for limiting gains. BUFR charges 0.95%, compared with 0.70% for XLSR. As of October 27, 2026, XLSR returned 8% over one year and 19.6% a year over three years. BUFR returned 11.6% and 16.8%.