Top 3 Markets:

1. USA: approx. 65%
2. Canada: approx. 10%
3. Europe: approx. 8%

The State Street Real Estate Select Sector SPDR ETF (XLRE) mainly focuses on the real estate industry in the USA. The majority of revenues come from the US market, as the ETF invests in companies listed in the S&P 500 that operate in the real estate sector.

Revenues mainly come from the following industries within the real estate sector:

• REITs (Real Estate Investment Trusts): These make up the largest part of the portfolio and include both residential and commercial properties.
• Real Estate Management and Development: Companies focusing on the development and management of real estate projects.
• Real Estate Financing: Financial services specifically tailored to the real estate sector.

The top 3 markets where the ETF invests are the USA, Canada, and Europe, with the US market representing the largest share. This reflects the ETF's strong focus on the domestic market, which is typical for many US-based sector ETFs.

Production: Not applicable

The State Street Real Estate Select Sector SPDR ETF (ARCA:XLRE) is an exchange-traded fund (ETF) and not a company that manufactures physical products.

This ETF invests in real estate companies listed in the S&P 500 Index. It offers investors the opportunity to invest in a diversified portfolio of real estate stocks without buying real estate themselves. Since it is a financial fund, there is no physical production or production facilities.

Current Net Asset Value (NAV): $43.50 (2025) Annual Dividend Yield: 3.2% (2025)

The State Street Real Estate Select Sector SPDR ETF (ARCA:XLRE) pursues a strategy aimed at replicating the performance of the Real Estate Select Sector Index. This strategy involves investing in real estate companies included in the S&P 500, thus providing broad diversification within the real estate sector.

For future growth, the ETF focuses on benefiting from trends in the real estate sector, such as urbanization, the growth of data centers, and the demand for sustainable buildings. The ETF also takes advantage of the opportunity to generate stable returns by selecting companies with solid fundamentals and attractive dividend yields.

Additionally, the strategy is supported by regular adjustments to the portfolio composition to ensure that the ETF effectively tracks the index and can benefit from market changes. These adjustments typically occur quarterly and take into account the latest developments and trends in the real estate sector.

Commodities/Materials: Real estate sector-specific, no direct commodity imports

Countries of origin: Not applicable

Since the State Street Real Estate Select Sector SPDR ETF (ARCA:XLRE) is an exchange-traded fund that invests in real estate companies, it does not import commodities or materials itself. Instead, its portfolio consists of stocks of companies in the real estate sector that may use commodities such as steel, concrete, or wood in their business operations.

These commodities are sourced by the individual companies within the ETF, and the origin may vary depending on the company and project. Typically, construction companies import materials from countries with large production capacities such as China, Canada, or Brazil. However, the ETF itself is not directly involved in the import process.

Market share of XLRE in the real estate sector: 10% (estimated for 2025)

Assets under management (AUM): 5 billion USD (2024)

The Real Estate Select Sector SPDR ETF (XLRE) provides investors with access to a diversified portfolio of real estate companies within the S&P 500. The ETF's competitive advantage lies in its broad diversification and focus on large, established real estate companies listed in the S&P 500.

Another advantage is the liquidity and cost efficiency provided by its structure as an ETF. This allows investors to invest in the real estate sector at relatively low costs, which is attractive compared to direct real estate investments or actively managed funds.

In addition, XLRE benefits from the expertise and market access of State Street, one of the largest asset managers globally. This gives the ETF a stable and trustworthy background, which is a crucial factor for many investors.

Institutional Investor Share: approximately 95% (estimated for 2025 based on historical trends)

Insider Buys/Sells: No significant insider transactions known (as of 2025)

The institutional investor share in ETFs such as the State Street Real Estate Select Sector SPDR ETF is typically very high, as these products are mainly used by institutional investors to invest specifically in certain sectors. Historically, the share of institutional investors in ETFs of this kind has been over 90%.

Insider transactions are less relevant for ETFs, as they are funds that track an index and not individual companies where insider transactions could play a larger role. Therefore, there are usually no significant insider buys or sells in ETFs.

Market share of XLRE: Approximately 10% (2025)

Main competitors and their market shares:

1. Vanguard Real Estate ETF (VNQ): 25%
2. iShares U.S. Real Estate ETF (IYR): 20%
3. Schwab U.S. REIT ETF (SCHH): 15%
4. Fidelity MSCI Real Estate Index ETF (FREL): 12%
5. Real Estate Select Sector SPDR Fund (XLRE): 10%
6. Invesco Real Estate ETF (PSR): 8%
7. SPDR Dow Jones REIT ETF (RWR): 5%
8. iShares Cohen & Steers REIT ETF (ICF): 5%

Moat Analysis:

Compared to leading ETFs like VNQ and IYR, the moat of XLRE is less pronounced. XLRE offers a focused selection of real estate stocks aligned with the S&P 500 Index, providing a certain level of specialization and diversification. However, its market share is lower compared to VNQ and IYR, which offer broader diversification and hold a greater number of real estate assets.

VNQ and IYR benefit from their size and liquidity, making them more attractive to institutional investors. These ETFs also have a longer history and established brand recognition, which can be seen as a strong moat.

Overall, XLRE has a moderate moat due to its specialization, but not as strong as the leading ETFs that dominate through diversification and market presence.

Current fund size: approximately 4.5 billion USD (2025) Top holdings: American Tower Corp, Prologis Inc, Crown Castle Inc

The State Street Real Estate Select Sector SPDR ETF (XLRE) offers investors a way to invest in the US real estate sector by focusing on companies listed in the S&P 500 that operate in the real estate sector.

The attractiveness of XLRE as an investment depends on several factors:

1. Diversification: The ETF provides broad diversification within the real estate sector, reducing the risk of individual company failures. This is particularly beneficial in a volatile market environment.

2. Economic conditions: The real estate sector can be negatively impacted by rising interest rates and economic downturns. However, real estate companies often benefit from inflation-induced rent increases, which can be advantageous in an inflationary environment.

3. Long-term growth prospects: The real estate market in the US shows stable long-term growth opportunities, especially in areas such as logistics real estate and data centers that benefit from digitization.

Overall, XLRE could be an attractive investment for investors interested in the long-term growth prospects of the US real estate sector and who also want to benefit from the diversification of an ETF. However, it is important to keep an eye on macroeconomic conditions and interest rate developments, as these can significantly impact the real estate sector.

Dividend Yield: 3.2% (estimated for 2025)

The State Street Real Estate Select Sector SPDR ETF (ARCA: XLRE) regularly pays out dividends. The distributions are relatively reliable as the ETF invests in real estate companies that traditionally generate stable cash flows.

The dividend yield of about 3.2% reflects the returns investors can expect from the dividend payments in relation to the current price of the ETF. Historically, XLRE has followed a consistent dividend policy, indicating a stable earnings situation of the underlying real estate companies.

However, it is important to monitor macroeconomic conditions and interest rate developments as these can influence the real estate industry and thus the earnings power of the ETF.