State Street launches four full-weight S&P 500 sector ETFs

State Street launched four S&P 500 Market Sector SPDR ETFs, each charging 0.12% a year and carrying sector weights at full, uncapped levels. The funds sit alongside the Select Sector SPDRs the firm already runs.

Each new Market Sector fund holds its Select Sector counterpart as a base, then buys the sector's largest index names directly. Those direct positions lift the portfolio to the sector's uncapped weight in the S&P 500, according to the launch description.

An investor buying a Market Sector fund ends up holding two State Street products at once, because the portfolio includes the Select Sector SPDR.