The Consumer Staples Select Sector SPDR ETF (NYSE:XLP) is one of the largest and most liquid sector-specific exchange-traded funds with $11 billion in total assets under management. The term 'consumer staples' refers to goods that are considered necessities, or at least more in line with basic day-to-day needs. The idea is that these companies are less exposed to changes in the economic cycle, as consumers in a recessionary scenario would look to cut out 'discretionary' purchases before giving up essentials like food and beverages, household and personal items, along with alcohol and tobacco.