The fund offers concentrated exposure to US health care giants. It tracks an index comprising companies in the health care equipment and supplies, health care providers and services, biotechnology, and pharmaceuticals industries as identified by GICS. To replicate the performance of the underlying index, the fund substantially invests all of its assets in another ETF, Health Care Select Sector SPDR Fund (XLV-US). As part of the S&P Select Sector Index suite, the index draws its holdings from the S&P 500 Index, so its portfolio mainly favors large caps. Holdings are weighted by market capitalization, subject to a capping methodology that ensures no single security exceeds 25% at each quarterly rebalance.