Fund · State Street(R) Financial Select Sector SPDR(R) ETF · measured from SEC filings
XLF holdings
XLF reports 80 holdings and behaves like 20.7 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 2026-06-30Computed 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), 4 issuer countries.
What stands out
as of 2026-06-30XLF's largest investment is Berkshire Hathaway Inc at 12.08% of net assets. JPMorgan Chase & Co and Visa Inc follow; the three together are 31.13%. Ten companies are 57.59% of the fund; the other 70 share the rest. Among the 721 equity funds measured here, XLF behaves like 20.7 holdings against a median of 42.4 — 2.0 times more concentrated than the median. Across 28 quarterly filings XLF has held roughly steady since 2019-09-30 (20 then, 20.7 now).
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, XLF went from behaving like 20 equally weighted positions to 20.7 — 3% more, while its top ten went from 55.07% to 57.59% of net assets. Read across the funds on the concentration-over-time table.
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2026-06-30 | 80 | 20.7 | 57.59% | 12.09% |
| 2026-03-31 | 79 | 20.9 | 56.28% | 12.46% |
| 2025-12-31 | 77 | 21.3 | 56.19% | 11.75% |
| 2025-09-30 | 78 | 21.3 | 55.09% | 11.92% |
| 2025-06-30 | 75 | 20.9 | 55.12% | 12.08% |
| 2025-03-31 | 76 | 19.8 | 55.36% | 13.96% |
| 2024-12-31 | 75 | 21.7 | 54.09% | 12.25% |
| 2024-09-30 | 74 | 21.3 | 53.85% | 13.38% |
Earlier filings (20 more, back to 2019-09-30)
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2024-06-30 | 72 | 21.1 | 54.61% | 12.92% |
| 2024-03-31 | 72 | 20.7 | 54.75% | 13.18% |
| 2023-12-31 | 73 | 21.7 | 54.21% | 12.48% |
| 2023-09-30 | 73 | 20.4 | 54.7% | 13.86% |
| 2023-06-30 | 73 | 20.7 | 55.42% | 13.17% |
| 2023-03-31 | 74 | 22 | 53.88% | 12.53% |
| 2022-12-31 | 68 | 20.2 | 53.41% | 14.84% |
| 2022-09-30 | 67 | 21.3 | 52.23% | 14.5% |
| 2022-06-30 | 67 | 21.5 | 51.68% | 14.26% |
| 2022-03-31 | 68 | 20.3 | 53.12% | 15.17% |
| 2021-12-31 | 68 | 21.7 | 52.99% | 12.68% |
| 2021-09-30 | 66 | 21.1 | 53.98% | 12.14% |
| 2021-06-30 | 66 | 20.6 | 54.77% | 12.83% |
| 2021-03-31 | 66 | 20.1 | 54.7% | 12.78% |
| 2020-12-31 | 66 | 20.1 | 53.54% | 13.64% |
| 2020-09-30 | 67 | 19 | 53.58% | 15.63% |
| 2020-06-30 | 67 | 20.8 | 52.77% | 13.4% |
| 2020-03-31 | 67 | 18.1 | 55.26% | 15.25% |
| 2019-12-31 | 67 | 19.1 | 55.75% | 12.76% |
| 2019-09-30 | 68 | 20 | 55.07% | 12.74% |
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 |
|---|---|---|---|
| XLF vs VFH | 78.89% | 70 | 26.7 |
Largest positions, as filed
as of 2026-06-30The 15 largest of 80 positions in XLF's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: XLF.csv.gz.
| # | Position | Weight | Cumulative |
|---|---|---|---|
| 1 | Berkshire Hathaway Inc | 12.09% | 12.1% |
| 2 | JPMorgan Chase & Co | 11.56% | 23.6% |
| 3 | Visa Inc | 7.50% | 31.1% |
| 4 | Mastercard Inc | 5.46% | 36.6% |
| 5 | Bank of America Corp | 4.90% | 41.5% |
| 6 | Goldman Sachs Group Inc/The | 3.93% | 45.4% |
| 7 | Wells Fargo & Co | 3.33% | 48.8% |
| 8 | Morgan Stanley | 3.30% | 52.1% |
| 9 | Citigroup Inc | 3.15% | 55.2% |
| 10 | American Express Co | 2.37% | 57.6% |
| 11 | Charles Schwab Corp/The | 1.99% | 59.6% |
| 12 | Blackrock Inc | 1.83% | 61.4% |
| 13 | Progressive Corp/The | 1.68% | 63.1% |
| 14 | Capital One Financial Corp | 1.64% | 64.7% |
| 15 | S&P Global Inc | 1.63% | 66.4% |
By country of issuer
as of 2026-06-30Share of XLF'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 | 96.34% |
| Switzerland | 1.62% |
| Ireland° | 1.26% |
| Bermuda° | 0.79% |
Returns the fund reported
2019-07 – 2026-06Monthly total returns from Item B.5 of XLF'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: XLF.json · all funds.
Who borrows XLF'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, $689m was out to 9 borrowers, 1.34% of net assets. The largest, BARCLAYS BANK PLC, held 91.6% of it.
| Borrower | On loan | Share of the loan |
|---|---|---|
| BARCLAYS BANK PLC | $631m | 91.6% |
| BofA Securities, Inc. | $50m | 7.3% |
| TD SECURITIES (USA), LLC | $3m | 0.4% |
| JP MORGAN SECURITIES LLC | $2m | 0.3% |
| MORGAN STANLEY & CO LLC | $2m | 0.3% |
Cash collateral reported against the loan: 0.11% of net assets, 8.2% 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 XLF has filed, with each borrower: XLF.json · all funds.
Since the previous filing
2026-03-31 → 2026-06-3078 positions became 78: 0 added (0.0% 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: 3.7%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of XLF 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 |
|---|---|---|---|---|---|
| Morgan Stanley | 2.81% | 3.30% | CME Group Inc | 1.51% | 1.05% |
| Citigroup Inc | 2.81% | 3.15% | Berkshire Hathaway Inc | 12.46% | 12.09% |
| Goldman Sachs Group Inc/The | 3.60% | 3.93% | Intercontinental Exchange Inc | 1.27% | 0.92% |
| Bank of America Corp | 4.59% | 4.90% | Mastercard Inc | 5.77% | 5.46% |
| JPMorgan Chase & Co | 11.25% | 11.56% | Charles Schwab Corp/The | 2.23% | 1.99% |
| Visa Inc | 7.21% | 7.50% | S&P Global Inc | 1.85% | 1.63% |
Asset categories and pricing
as of 2026-06-3099.75% equity, 0.25% 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.
Derivative exposure and counterparties
as of 2026-06-30A position count cannot describe a fund that uses derivatives, because a swap is filed at its unrealised gain, not its exposure. These are the notionals the fund itself reported, against net assets of $51.35B. Notional of an interest-rate or currency swap is not equity exposure.
Full detail for every fund that files derivatives: leverage.json (CC BY 4.0).
Neighbours by effective holdings, equity funds
10Every measured equity fund lined up by how many holdings it behaves like; these sit either side of XLF (20.7). Same filings, same arithmetic. Position in this list says nothing about which fund is better.
| Fund | Reports | Behaves like | Top ten | As of |
|---|---|---|---|---|
| MISL First Trust Indxx Aerospace & Defense ETF | 40 | 20.4 | 61.64% | 2026-06-30 |
| CTEF Castellan Targeted Equity ETF | 35 | 20.4 | 57.35% | 2026-05-29 |
| DDM ProShares Ultra Dow30 | 45 | 20.4 * | 51.9% | 2026-05-31 |
| IWY iShares Russell Top 200 Growth ETF | 103 | 20.6 | 59.5% | 2026-06-30 |
| REMX VanEck Rare Earth and Strategic Metals ETF | 30 | 20.6 | 61.4% | 2026-06-30 |
| EAGL Eagle Capital Select Equity ETF | 28 | 20.9 | 58.54% | 2026-06-30 |
| GTOP Goldman Sachs Technology Opportunities ETF | 38 | 21.1 | 55.26% | 2026-05-31 |
| CIBR First Trust Nasdaq Cybersecurity ETF | 43 | 21.2 | 58.04% | 2026-06-30 |
| VLUE iShares MSCI USA Value Factor ETF | 153 | 21.2 | 42.55% | 2026-07-31 |
| VAW Vanguard Materials Index Fund | 111 | 21.2 | 55.5% | 2026-05-31 |
Essays that examine XLF
1-
XLF vs VFH: Financial-Sector ETFs in a Rate-Cut Cycle — What Actually Drives Returns
Over the trailing five and ten years, XLF and VFH delivered almost identical returns and drawdowns — the 1 basis point fee gap and the difference in...
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.