State Street Financial Select Sector SPDR ETF(XLF)
AI Look-Through Summary
AI GeneratedThe sector allocation of this fund is heavily concentrated in Financial Services, with nearly all assets allocated to this category. Within Financial Services, the portfolio's top holdings are comprised primarily of large-cap banks and financial institutions, indicating a significant exposure to the banking sector. The weighted P/E ratio of 17.0x suggests that the portfolio's valuation posture is slightly above the market average.
The fund's concentration risk is elevated due to its heavy weighting in just two stocks: JPM and BRK.B, which together account for over 23% of net assets. This level of single-stock dominance can be a concern, particularly if either stock experiences significant volatility or underperformance. The sector mix of this portfolio differs significantly from the broader market, with an unusually high allocation to Financial Services. A strong economic environment with low interest rates and steady loan growth would likely be favorable for this portfolio, while a recessionary scenario could be challenging due to its heavy exposure to banks and financial institutions.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-06-28 07:36:15.95648+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment theme implied by the name "Financial Select Sector SPDR" is executed with exceptional precision, as nearly every significant holding operates within the financial services industry. The top fifteen positions are exclusively classified under this sector, creating a coherent portfolio that strictly adheres to its stated objective of isolating specific industries rather than broad market exposure. There are no holdings unrelated to finance or technology present in the provided data, ensuring that capital is not diverted into divergent themes such as healthcare, energy, or consumer discretionary sectors. The concentration within financial services stands at 96.4%, which indicates a highly focused strategy where the fund's performance will be almost entirely driven by the fortunes of banks, insurance companies, and other financial institutions without dilution from unrelated assets.
Sector weights demonstrate strong internal consistency with the thematic mandate, as the overwhelming majority of assets are allocated to financial services while technology exposure remains minimal at 1.2%. This distribution confirms that the fund is genuinely differentiated from a broad market index like the S&P 500, which typically features more balanced representation across various industries including healthcare and industrials. The high top-ten concentration of 56.4% reflects significant reliance on mega-cap leaders such as Berkshire Hathaway and JPMorgan Chase, suggesting that returns will be heavily influenced by these dominant players rather than a diversified array of mid-sized firms within the sector. While this approach provides stability through established market participants, it also means the fund's risk profile is tightly coupled with the performance of large financial institutions rather than capturing the full breadth of smaller entities in the theme.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 23:05:08.080118+00
🏢 Sector Analysis
AI GeneratedThe State Street Financial Select Sector SPDR ETF (XLF) exhibits an extremely concentrated portfolio structure, with financial services comprising 96.4% of total assets across sixty-five holdings. This near-exclusive allocation indicates a singular investment thesis focused entirely on the performance and valuation dynamics of the banking, insurance, and consumer finance industries, effectively isolating the fund from broader market movements in other economic sectors. The presence of only 1.1% exposure to technology serves as a negligible diversifier rather than a meaningful hedge against sector-specific downturns or regulatory shifts that might impact traditional financial institutions differently than tech firms.
Concentration risk is further amplified by the dominance of large-cap entities within the top ten holdings, which collectively account for more than half of the fund's assets. The five largest positions alone represent over 40% of the portfolio, with Berkshire Hathaway and JPMorgan Chase each exceeding a 10% weighting. This heavy reliance on mega-caps suggests that the fund's returns will be disproportionately influenced by the earnings reports and strategic decisions of these specific giants rather than being driven by the aggregate performance of smaller financial firms or mid-cap players. Such a structure implies high correlation among holdings, as all major constituents operate within tightly regulated environments subject to similar interest rate cycles and macroeconomic pressures.
From a factor tilt perspective, the portfolio leans heavily into large-capitalization value characteristics typical of established banking conglomerates like Visa and Mastercard, which are included despite their tech-adjacent business models due to their regulatory classification. The lack of small-cap or emerging market exposure reinforces a defensive yet cyclical approach that benefits from periods of economic expansion but may face heightened volatility during credit crunches or systemic financial stress. Ultimately, the fund functions as a pure-play vehicle for investors seeking direct exposure to the financial sector's idiosyncratic risks and rewards without any material dilution from other industry verticals.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-20 06:06:32.767543+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XLF's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XLF's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VFHVFH | $13B | — | 76 | 100.0% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 76 | 100.0% |
| SPTMSPTM | $12B | — | 77 | 100.0% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 77 | 100.0% |
| QUSQUS | $1B | — | 71 | 99.6% |
100% of XLF's portfolio by weight is also held by VFH. When VFH receives inflows, it mechanically buys these shared stocks — dragging XLF's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXLF's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 99% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Caution: 28% of fund weight scores below 4 — indicating weak profitability or deteriorating fundamentals.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 87% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside XLF collectively pay out 34% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 44% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryXLF is up 4.8% over the last 12 months. The underlying weighted earnings growth of its constituents is +11.1%. Despite earnings growth, valuations have contracted by 6.3% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 86% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XLF's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XLF's analyzed weight, 57% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 43% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 39% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHBRK.B at 12.2% contributes an estimated 30% of portfolio variance.XLF holds 50 stocks but behaves like an 20-stock portfolio due to weight concentration in the top holdings.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
XLF has a Passive Crowding Score of 34/100. On average, 10.3% of the market capitalization of XLF's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 17 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | BRK.B | BERKSHIRE HATHAWAY INC CL B Financial Services | 12.16% | 14.8x | — |
| 2 | JPM | JPMORGAN CHASE + CO Financial Services | 11.63% | 15.8x | 3/9 |
| 3 | V | VISA INC CLASS A SHARES Financial Services | 7.55% | 29.3x | 6/9 |
| 4 | MA | MASTERCARD INC A Financial Services | 5.49% | 28.9x | 8/9 |
| 5 | BAC | BANK OF AMERICA CORP Financial Services | 4.93% | 14.4x | 5/9 |
| 6 | GS | GOLDMAN SACHS GROUP INC Financial Services | 3.95% | 18.6x | 3/9 |
| 7 | WFC | WELLS FARGO + CO Financial Services | 3.35% | 13.0x | 3/9 |
| 8 | MS | MORGAN STANLEY Financial Services | 3.32% | 19.2x | 3/9 |
| 9 | C | CITIGROUP INC Financial Services | 3.16% | 17.5x | 2/9 |
| 10 | AXP | AMERICAN EXPRESS CO Financial Services | 2.39% | 21.2x | 4/9 |
| 11 | SCHW | SCHWAB (CHARLES) CORP Financial Services | 2.00% | 18.0x | 7/9 |
| 12 | BLK | BLACKROCK INC Financial Services | 1.84% | 24.3x | 3/9 |
| 13 | PGR | PROGRESSIVE CORP Financial Services | 1.69% | 11.4x | 5/9 |
| 14 | COF | CAPITAL ONE FINANCIAL CORP Financial Services | 1.66% | 63.0x | 5/9 |
| 15 | SPGI | S+P GLOBAL INC Financial Services | 1.64% | 25.8x | 7/9 |
Historical Holdings Snapshots
Browse how XLF’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-02
15 holdings · 66.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | BRK.B | 12.16% | 12,481,436 | — |
| 2 | JPM | 11.63% | 18,242,250 | — |
| 3 | V | 7.55% | 11,299,318 | — |
| 4 | MA | 5.49% | 5,493,193 | — |
| 5 | BAC | 4.93% | 44,448,584 | — |
| 6 | GS | 3.95% | 2,008,167 | — |
| 7 | WFC | 3.35% | 20,833,735 | — |
| 8 | MS | 3.32% | 8,161,197 | — |
| 9 | C | 3.16% | 11,611,646 | — |
| 10 | AXP | 2.39% | 3,623,180 | — |
| 11 | SCHW | 2.00% | 11,129,650 | — |
| 12 | BLK | 1.84% | 982,912 | — |
| 13 | PGR | 1.69% | 3,978,466 | — |
| 14 | COF | 1.66% | 4,236,493 | — |
| 15 | SPGI | 1.64% | 2,063,971 | — |
2026-07-01
15 holdings · 66.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | BRK.B | 11.96% | 12,400,311 | — |
| 2 | JPM | 11.61% | 18,123,750 | — |
| 3 | V | 7.46% | 11,225,943 | — |
| 4 | MA | 5.41% | 5,457,568 | — |
| 5 | BAC | 4.97% | 44,159,959 | — |
| 6 | GS | 3.96% | 1,995,167 | — |
| 7 | WFC | 3.36% | 20,698,485 | — |
| 8 | MS | 3.34% | 8,108,197 | — |
| 9 | C | 3.20% | 11,536,271 | — |
| 10 | AXP | 2.39% | 3,599,680 | — |
| 11 | SCHW | 1.95% | 11,057,400 | — |
| 12 | BLK | 1.80% | 976,537 | — |
| 13 | PGR | 1.69% | 3,952,591 | — |
| 14 | COF | 1.66% | 4,208,993 | — |
| 15 | SPGI | 1.63% | 2,050,596 | — |
2026-06-30
15 holdings · 66.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | BRK.B | 12.04% | 12,336,159 | — |
| 2 | JPM | 11.61% | 18,029,898 | — |
| 3 | V | 7.35% | 11,167,830 | — |
| 4 | MA | 5.30% | 5,429,353 | — |
| 5 | BAC | 4.98% | 43,931,368 | — |
| 6 | GS | 3.96% | 1,984,871 | — |
| 7 | WFC | 3.38% | 20,591,367 | — |
| 8 | MS | 3.35% | 8,066,221 | — |
| 9 | C | 3.18% | 11,476,574 | — |
| 10 | AXP | 2.39% | 3,581,068 | — |
| 11 | SCHW | 1.95% | 11,000,178 | — |
| 12 | BLK | 1.83% | 971,488 | — |
| 13 | PGR | 1.73% | 3,932,098 | — |
| 14 | COF | 1.67% | 4,187,213 | — |
| 15 | SPGI | 1.63% | 2,040,003 | — |
2026-06-29
15 holdings · 66.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JPM | 11.87% | 18,043,170 | — |
| 2 | BRK.B | 11.82% | 12,345,245 | — |
| 3 | V | 7.25% | 11,176,048 | — |
| 4 | MA | 5.21% | 5,433,343 | — |
| 5 | BAC | 5.02% | 43,963,694 | — |
| 6 | GS | 4.15% | 1,986,327 | — |
| 7 | MS | 3.50% | 8,072,157 | — |
| 8 | WFC | 3.43% | 20,606,515 | — |
| 9 | C | 3.27% | 11,485,016 | — |
| 10 | AXP | 2.41% | 3,583,700 | — |
| 11 | SCHW | 1.93% | 11,008,270 | — |
| 12 | BLK | 1.85% | 972,202 | — |
| 13 | COF | 1.69% | 4,190,293 | — |
| 14 | PGR | 1.66% | 3,934,996 | — |
| 15 | SPGI | 1.58% | 2,041,501 | — |
2026-06-28
15 holdings · 66.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JPM | 11.87% | 18,043,170 | — |
| 2 | BRK.B | 11.82% | 12,345,245 | — |
| 3 | V | 7.25% | 11,176,048 | — |
| 4 | MA | 5.21% | 5,433,343 | — |
| 5 | BAC | 5.02% | 43,963,694 | — |
| 6 | GS | 4.15% | 1,986,327 | — |
| 7 | MS | 3.50% | 8,072,157 | — |
| 8 | WFC | 3.43% | 20,606,515 | — |
| 9 | C | 3.27% | 11,485,016 | — |
| 10 | AXP | 2.41% | 3,583,700 | — |
| 11 | SCHW | 1.93% | 11,008,270 | — |
| 12 | BLK | 1.85% | 972,202 | — |
| 13 | COF | 1.69% | 4,190,293 | — |
| 14 | PGR | 1.66% | 3,934,996 | — |
| 15 | SPGI | 1.58% | 2,041,501 | — |
2026-06-27
15 holdings · 66.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JPM | 11.87% | 18,043,170 | — |
| 2 | BRK.B | 11.82% | 12,345,245 | — |
| 3 | V | 7.25% | 11,176,048 | — |
| 4 | MA | 5.21% | 5,433,343 | — |
| 5 | BAC | 5.02% | 43,963,694 | — |
| 6 | GS | 4.15% | 1,986,327 | — |
| 7 | MS | 3.50% | 8,072,157 | — |
| 8 | WFC | 3.43% | 20,606,515 | — |
| 9 | C | 3.27% | 11,485,016 | — |
| 10 | AXP | 2.41% | 3,583,700 | — |
| 11 | SCHW | 1.93% | 11,008,270 | — |
| 12 | BLK | 1.85% | 972,202 | — |
| 13 | COF | 1.69% | 4,190,293 | — |
| 14 | PGR | 1.66% | 3,934,996 | — |
| 15 | SPGI | 1.58% | 2,041,501 | — |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove XLF Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe XLF is trading below both its 50-day and 200-day simple moving averages, indicating a current downtrend in the security. With an RSI of 29.7, the ETF appears to be in oversold territory, suggesting it may be approaching a potential bottom within this trend cycle.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How XLF’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Positions Increased (50)
Positions Decreased (0)
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-01.
SecuritiesDB is for informational purposes only. Not investment advice.