Fund · State Street(R) SPDR(R) S&P(R) Aerospace & Defense ETF · measured from SEC filings
XAR holdings
XAR reports 50 holdings and behaves like 39.7 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-06-30. The fact sheet publishes the first number; this page computes the second, and traces it across 28 quarters of filings.
Measured concentration
as of 2026-06-30Read this figure with the following in mind
3.0% of net assets is securities-lending cash collateral, excluded from the figure; counted as filed the fund would read 38.3
The figure below is what the filing says, published unchanged. What it may not do is sit beside a plain long-only fund and be read as the same quantity. How comparability is decided.
Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 100% at a quoted market price (level 1), 2 issuer countries.
What stands out
as of 2026-06-30XAR's largest investment is VSE Corp at 3.4% of net assets. Axon Enterprise Inc and StandardAero Inc follow; the three together are 9.73%. Ten companies are 30.39% of the fund; the other 40 share the rest. Among the 721 equity funds measured here, XAR behaves like 39.7 holdings against a median of 42.4 — close to the median. Across 28 quarterly filings XAR has become less concentrated: it behaved like 27.2 at 2019-09-30 and 39.7 at 2026-06-30. Between the 2026-03-31 and 2026-06-30 filings 7 positions were added and 0 dropped; 9.1% of the weight moved.
Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable equity funds on this site. Nothing here is a view on the fund.
Every filing since 2019
28Between 2019-09-30 and 2026-06-30, XAR went from behaving like 27.2 equally weighted positions to 39.7 — 46% more, while its top ten went from 41.24% to 30.39% of net assets. Read across the funds on the concentration-over-time table.
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2026-06-30 | 50 | 39.7 | 30.39% | 3.4% |
| 2026-03-31 | 42 | 35.9 | 31.84% | 3.46% |
| 2025-12-31 | 41 | 32.2 | 36.31% | 4.07% |
| 2025-09-30 | 42 | 32.2 | 36.8% | 4.48% |
| 2025-06-30 | 40 | 31.7 | 36.93% | 4.85% |
| 2025-03-31 | 37 | 28 | 40.92% | 4.22% |
| 2024-12-31 | 35 | 25.9 | 44.31% | 4.8% |
| 2024-09-30 | 34 | 24.4 | 46.98% | 4.79% |
Earlier filings (20 more, back to 2019-09-30)
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2024-06-30 | 33 | 23.9 | 48.05% | 5.2% |
| 2024-03-31 | 34 | 28.8 | 39.05% | 4.01% |
| 2023-12-31 | 35 | 28.2 | 40.17% | 4.18% |
| 2023-09-30 | 33 | 27.2 | 42.94% | 4.45% |
| 2023-06-30 | 33 | 26.9 | 42.65% | 4.47% |
| 2023-03-31 | 34 | 28 | 40.08% | 4.19% |
| 2022-12-31 | 34 | 27.7 | 41.07% | 4.54% |
| 2022-09-30 | 34 | 28.2 | 40.89% | 4.24% |
| 2022-06-30 | 35 | 30.3 | 36.69% | 3.86% |
| 2022-03-31 | 34 | 29.5 | 38.08% | 4.6% |
| 2021-12-31 | 33 | 26.9 | 42.19% | 4.64% |
| 2021-09-30 | 33 | 26.2 | 43.92% | 4.87% |
| 2021-06-30 | 34 | 28.2 | 39.89% | 4.94% |
| 2021-03-31 | 34 | 28.8 | 38.73% | 3.99% |
| 2020-12-31 | 34 | 28.4 | 39.5% | 4.54% |
| 2020-09-30 | 34 | 28.7 | 39.96% | 4.86% |
| 2020-06-30 | 32 | 27.9 | 40.56% | 4.46% |
| 2020-03-31 | 33 | 25.6 | 49.07% | 5.7% |
| 2019-12-31 | 34 | 28.6 | 39.41% | 4.02% |
| 2019-09-30 | 31 | 27.2 | 41.24% | 4.22% |
One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.
Compared with, in the essays
1Overlap with other funds
1Measured against every other fund on this site, from the same filings. Combined effective holdings is how the pair behaves held in equal size.
| With | Overlap | Shared | Combined effective |
|---|---|---|---|
| XAR vs ITA | 47.92% | 45 | 22.8 |
As filed, collateral included
2.97% collateralXAR's filing lists 51 positions including 2.97% of net assets in securities-lending cash collateral. Counted as filed the fund reads 38.3 effective holdings with a top ten of 30.54%; on its own investments — the figure above — it reads 39.7 with a top ten of 30.39%. The collateral is matched by a liability and is not a holding the fund chose; since 2026-09-18 every figure on this site sets it aside (methodology). Both numbers are in the data.
Largest positions, as filed
as of 2026-06-30The 15 largest of 50 positions in XAR's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: XAR.csv.gz.
| # | Position | Weight | Cumulative |
|---|---|---|---|
| 1 | VSE Corp | 3.40% | 3.4% |
| 2 | Axon Enterprise Inc | 3.22% | 6.6% |
| 3 | StandardAero Inc | 3.11% | 9.7% |
| 4 | FTAI Aviation Ltd | 3.08% | 12.8% |
| 5 | Carpenter Technology Corp | 3.04% | 15.8% |
| 6 | General Electric Co | 3.02% | 18.9% |
| 7 | Woodward Inc | 2.98% | 21.8% |
| 8 | HEICO Corp | 2.86% | 24.7% |
| 9 | Moog Inc | 2.85% | 27.6% |
| 10 | TransDigm Group Inc | 2.83% | 30.4% |
| 11 | Hexcel Corp | 2.81% | 33.2% |
| 12 | Karman Holdings Inc | 2.80% | 36.0% |
| 13 | Howmet Aerospace Inc | 2.77% | 38.8% |
| 14 | ATI Inc | 2.77% | 41.5% |
| 15 | RTX Corp | 2.75% | 44.3% |
By country of issuer
as of 2026-06-30Share of XAR's own investments by the issuer country the filer reported (incorporation, not revenue). Each country links to every fund that holds it.
| Country | Share |
|---|---|
| United States | 96.92% |
| Cayman Islands° | 3.08% |
Returns the fund reported
2019-07 – 2026-06Monthly total returns from Item B.5 of XAR's own filings, 84 months on record. Not computed here and not from a price feed.
Cross-checked against a series computed separately from prices: median difference 0.05 percentage points over 84 months, which is roughly the distributions. Every month with the filing it came from: XAR.json · all funds.
Who borrows XAR's shares
2026-06-30The fund lends its holdings, and Item B.4.a of the filing names every firm holding them. At 2026-06-30, $797m was out to 22 borrowers, 12.32% of net assets. The largest, BARCLAYS BANK PLC, held 70.7% of it.
| Borrower | On loan | Share of the loan |
|---|---|---|
| BARCLAYS BANK PLC | $564m | 70.7% |
| CITIGROUP GLOBAL MARKETS INC. | $41m | 5.1% |
| MORGAN STANLEY & CO LLC | $39m | 4.9% |
| BofA Securities, Inc. | $30m | 3.7% |
| UBS AG | $23m | 2.8% |
Cash collateral reported against the loan: 2.97% of net assets, 24.1% of the amount lent. That is a floor on the collateral, not the whole of it — collateral the fund does not hold as a position is not in this filing, so a figure under 100% is not evidence of under-collateralisation. How that figure behaves across all funds. Every quarter XAR has filed, with each borrower: XAR.json · all funds.
Since the previous filing
2026-03-31 → 2026-06-3042 positions became 49: 7 added (3.2% of the fund at the later date), 0 dropped (0.0% at the earlier date). Half the sum of all weight changes, a turnover proxy: 9.1%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of XAR compared this way, as a feed: changes.xml · all funds: filings received.
| Largest increases | 2026-03-31 | 2026-06-30 | Largest decreases | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| Redwire Corp | 0.52% | 1.60% | BWX Technologies Inc | 3.46% | 2.74% |
| VSE Corp | 2.69% | 3.40% | L3Harris Technologies Inc | 3.14% | 2.47% |
| Ducommun Inc | 0.74% | 1.42% | Northrop Grumman Corp | 3.08% | 2.42% |
| AAR Corp | 1.99% | 2.64% | Lockheed Martin Corp | 3.08% | 2.50% |
| Intuitive Machines Inc | 1.53% | 2.07% | Huntington Ingalls Industries Inc | 3.04% | 2.49% |
| Red Cat Holdings Inc | 0.82% | 1.33% | Curtiss-Wright Corp | 3.26% | 2.71% |
New: Firefly Aerospace Inc (0.95%), Satellogic Inc (0.48%), York Space Systems Inc (0.40%), Park Aerospace Corp (0.39%), Astronics Corp (0.39%), Voyager Technologies Inc (0.35%).
Asset categories and pricing
as of 2026-06-3097.05% equity, 2.95% short-term investment as filed; 100.0% carried at a quoted market price (fair-value level 1). Categories and levels are the filer's; what a low level-1 share does and does not mean is in the measure's page.
Neighbours by effective holdings, equity funds
10Every measured equity fund lined up by how many holdings it behaves like; these sit either side of XAR (39.7). Same filings, same arithmetic. Position in this list says nothing about which fund is better.
| Fund | Reports | Behaves like | Top ten | As of |
|---|---|---|---|---|
| SEEM SEI Select Emerging Markets Equity ETF | 264 | 39.3 | 36.11% | 2026-06-30 |
| GII State Street(R) SPDR(R) S&P(R) Global Infrastructure ETF | 78 | 39.4 | 38.71% | 2026-06-30 |
| QVML Invesco S&P 500 QVM Multi-Factor ETF | 448 | 39.5 | 41.66% | 2026-05-31 |
| XCHG AB US Equity ETF | 589 | 39.5 | 42.42% | 2026-05-31 |
| REET iShares Global REIT ETF | 346 | 39.6 | 41.71% | 2026-07-31 |
| TCAF T. Rowe Price Capital Appreciation Equity ETF | 91 | 39.8 | 40.96% | 2026-06-30 |
| FDMO Fidelity Momentum Factor ETF | 137 | 39.8 | 39.28% | 2026-07-31 |
| DPST Direxion Daily Regional Banks Bull 3X Shares | 169 | 39.8 * | 40.24% | 2026-07-31 |
| JEPQ JPMorgan Nasdaq Equity Premium Income ETF | 110 | 39.9 | 41.86% | 2026-06-30 |
| NGIF Nuveen Global Infrastructure Fund | 67 | 40.1 | 38.81% | 2026-06-30 |
Essays that examine XAR
1-
ITA vs XAR: Defense and Aerospace ETFs When Geopolitical Risk Is Rising
ITA and XAR own the same sector but weight it differently — ITA is capped market-cap and concentrated; XAR is modified equal-weight with a persistent size...
Mentions are detected across the full text of every article, so an appearance may be a passing comparison rather than the subject. Nothing here is a recommendation to buy or sell — see the disclaimer.