Morningstar’s Analysis XLK Will XLK outperform in the future? Get our overall rating based on a fundamental assessment of the pillars below. Process Pillar The Process Pillar is our assessment of how sensible, clearly defined, and repeatable XLK’s performance objective and investment process is for both security selection and portfolio construction. The Process Pillar is our assessment of how sensible, clearly defined, and repeatable XLK’s performance objective and investment process is for both security selection and portfolio construction. People Pillar The People Pillar is our evaluation of the XLK management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers. The People Pillar is our evaluation of the XLK management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers. Parent Pillar The Parent Pillar is our rating of XLK’s parent organization’s priorities and whether they’re in line with investors’ interests. The Parent Pillar is our rating of XLK’s parent organization’s priorities and whether they’re in line with investors’ interests. Morningstar Automated Analysis State Street®TechSelSectSPDR®ETF holds a quantitatively derived Bronze Morningstar Medalist Rating. The rating reflects that it has scored better than the norm on factors Morningstar research associates with future outperformance relative to category peers. Unlock our full analysis with Morningstar Investor Portfolio Holdings XLK Current Portfolio Date Sep 21, 2026 Equity Holdings — Bond Holdings — Other Holdings — % Assets in Top 10 Holdings 64.6

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