State Street Industrial Select Sector SPDR ETF(XLI)
AI Look-Through Summary
AI GeneratedThe portfolio is heavily skewed towards industrials, with over 90% of its assets allocated to this sector, which suggests significant exposure to cyclical and capital-intensive companies. Geographically, it's difficult to discern any notable biases, but a cursory examination reveals that the fund has some degree of international diversification through holdings like GEV and DE. From a market-capitalization perspective, the portfolio appears to be skewed towards large-cap stocks, with CAT and GE being two of its largest holdings.
The sector mix is heavily concentrated in industrials, which may pose concentration risks if this sector experiences downturns. Notably, CAT and GE are among the fund's top holdings, but neither dominates the portfolio. The weighted P/E ratio of 31.2x suggests that the fund has a relatively high valuation posture compared to its peers. A macro environment characterized by strong industrial production growth and robust demand for capital goods would likely be favorable for this portfolio, while an economic downturn or decline in global trade could be unfavorable.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-06-20 07:57:54.43497+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The State Street Industrial Select Sector SPDR ETF demonstrates a high degree of thematic alignment, as its top holdings are overwhelmingly concentrated within the Industrials sector. The fund maintains strict adherence to its stated theme by excluding broad-market technology giants or unrelated sectors that often dilute pure-play industrial funds. While UBER appears in the top ten with a classification of Technology, it represents a minor 2.8% position and does not significantly disrupt the core industrial focus established by the majority of the portfolio. The absence of mega-cap stocks from non-industrial categories suggests the fund manager is successfully filtering for companies directly involved in manufacturing, aerospace, defense, and construction rather than using broad market names to stabilize returns or chase unrelated trends.
Sector coherence remains robust with Industrials comprising 91.5% of assets, indicating that the portfolio's performance will be driven almost exclusively by industrial sector dynamics. The top-ten concentration of 40.5% reflects a diversified yet focused approach typical of sector-specific vehicles, avoiding the extreme single-stock risks often found in thematic active funds while maintaining exposure to key industry leaders like Caterpillar and General Electric. This structure ensures that the fund remains genuinely differentiated from broad market indices, which would necessarily include significant weights in consumer discretionary or financial services sectors absent here. The data confirms a disciplined strategy where sector weightings are consistent with the industrial theme, providing investors with a concentrated view of specific economic drivers without unnecessary exposure to unrelated industries.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-17 12:12:31.495097+00
🏢 Sector Analysis
AI GeneratedThe State Street Industrial Select Sector SPDR ETF (XLI) exhibits a highly concentrated portfolio structure, with Industrials comprising 91.2% of total assets and only six holdings representing the entire Technology allocation at 6.1%. This overwhelming weight in the primary sector suggests an investment thesis strictly focused on capturing industrial-specific economic cycles rather than seeking broad diversification or exposure to adjacent growth drivers like software or semiconductors. The fund's design reflects a deliberate choice to isolate performance within manufacturing, aerospace, and defense sub-sectors, effectively filtering out volatility from unrelated industries while simultaneously limiting the portfolio's ability to hedge against sector-wide downturns through asset class rotation.
Concentration risk is notably elevated given that the top five holdings account for approximately 26.5% of assets alone, with the broader top-10 concentration reaching 43%. This heavy reliance on a small number of large-cap entities such as Caterpillar and General Electric implies significant idiosyncratic risk; adverse news or operational challenges affecting just one or two of these major constituents could materially impact overall fund performance. The limited holding count of sixty-five further underscores this vulnerability, indicating that the fund lacks the dispersion typically found in broader market indices where hundreds of companies dilute individual stock influence.
In terms of factor tilts, the allocation heavily favors large-cap value characteristics inherent to established industrial giants rather than small-cap growth or high-beta momentum strategies often associated with cyclical recovery plays. The inclusion of technology stocks serves primarily as a minor satellite exposure within an otherwise traditional heavy-industry framework, likely intended to provide negligible beta adjustment without altering the core defensive-to-cyclical nature of the portfolio. Ultimately, this structure offers precise sector targeting but requires investors to accept substantial single-sector dependency and limited internal diversification as inherent features of the strategy.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-24 11:02:02.050516+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XLI's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XLI's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 81 | 99.9% |
| SPTMSPTM | $12B | — | 81 | 99.9% |
| VISVIS | $8B | — | 79 | 99.6% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 79 | 99.6% |
| QUSQUS | $1B | — | 75 | 98.5% |
100% of XLI's portfolio by weight is also held by SPY, which commands 23× more assets under management. When SPY receives inflows, it mechanically buys these shared stocks — dragging XLI's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXLI'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
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
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 XLI collectively pay out 39% 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 89% 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
ProprietaryXLI is up 23.7% over the last 12 months. The underlying weighted earnings growth of its constituents is +23.6%. Price performance is closely aligned with fundamental earnings growth — valuations are roughly unchanged.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 100% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XLI's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XLI's analyzed weight, 55% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 45% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 97% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDXLI's top holding CAT at 8.3% is above the 8% elevated-concentration threshold. The effective number of stocks is 36 vs. the actual count of 50.
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.
XLI has a Passive Crowding Score of 40/100. On average, 11.9% of the market capitalization of XLI'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 38 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 | CAT | CATERPILLAR INC Industrials | 8.33% | 49.2x | 6/9 |
| 2 | GE | GENERAL ELECTRIC Industrials | 6.55% | 44.4x | 6/9 |
| 3 | GEV | GE VERNOVA INC Industrials | 5.36% | 32.5x | 6/9 |
| 4 | RTX | RTX CORP Industrials | 4.33% | 34.9x | 8/9 |
| 5 | BA | BOEING CO/THE Industrials | 3.08% | 88.0x | 7/9 |
| 6 | ETN | EATON CORP PLC Industrials | 2.99% | 41.2x | 7/9 |
| 7 | UNP | UNION PACIFIC CORP Industrials | 2.73% | 21.2x | 7/9 |
| 8 | DE | DEERE + CO Industrials | 2.66% | 33.3x | 5/9 |
| 9 | UBER | UBER TECHNOLOGIES INC Technology | 2.57% | 17.8x | 6/9 |
| 10 | HON | HONEYWELL INTERNATIONAL INC Industrials | 2.56% | 36.5x | 5/9 |
| 11 | VRT | VERTIV HOLDINGS CO A Industrials | 2.43% | 83.7x | 5/9 |
| 12 | PH | PARKER HANNIFIN CORP Industrials | 2.15% | 35.2x | 7/9 |
| 13 | HWM | HOWMET AEROSPACE INC Industrials | 1.98% | 64.6x | 8/9 |
| 14 | PWR | QUANTA SERVICES INC Industrials | 1.96% | 96.7x | 5/9 |
| 15 | TT | TRANE TECHNOLOGIES PLC Industrials | 1.92% | 37.0x | 9/9 |
Historical Holdings Snapshots
Browse how XLI’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-06-24
15 holdings · 51.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CAT | 8.33% | 2,693,238 | — |
| 2 | GE | 6.55% | 6,100,711 | — |
| 3 | GEV | 5.36% | 1,571,303 | — |
| 4 | RTX | 4.33% | 7,874,468 | — |
| 5 | BA | 3.08% | 4,609,401 | — |
| 6 | ETN | 2.99% | 2,270,519 | — |
| 7 | UNP | 2.73% | 3,471,571 | — |
| 8 | DE | 2.66% | 1,468,850 | — |
| 9 | UBER | 2.57% | 11,902,758 | — |
| 10 | HON | 2.56% | 3,703,935 | — |
| 11 | VRT | 2.43% | 2,245,998 | — |
| 12 | PH | 2.15% | 737,285 | — |
| 13 | HWM | 1.98% | 2,339,796 | — |
| 14 | PWR | 1.96% | 877,459 | — |
| 15 | TT | 1.92% | 1,292,554 | — |
2026-06-23
15 holdings · 51.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CAT | 8.07% | 2,676,195 | — |
| 2 | GE | 6.63% | 6,062,094 | — |
| 3 | GEV | 5.30% | 1,561,367 | — |
| 4 | RTX | 4.44% | 7,824,627 | — |
| 5 | BA | 3.12% | 4,580,237 | — |
| 6 | ETN | 2.91% | 2,256,144 | — |
| 7 | UNP | 2.71% | 3,449,606 | — |
| 8 | DE | 2.63% | 1,459,558 | — |
| 9 | UBER | 2.59% | 11,827,433 | — |
| 10 | HON | 2.58% | 3,680,475 | — |
| 11 | VRT | 2.27% | 2,231,784 | — |
| 12 | PH | 2.14% | 732,616 | — |
| 13 | HWM | 1.98% | 2,324,984 | — |
| 14 | TT | 1.90% | 1,284,366 | — |
| 15 | PWR | 1.87% | 871,916 | — |
2026-06-22
15 holdings · 51.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CAT | 7.95% | 2,711,832 | — |
| 2 | GE | 6.69% | 6,112,991 | — |
| 3 | GEV | 5.05% | 1,570,874 | — |
| 4 | RTX | 4.62% | 7,823,795 | — |
| 5 | BA | 3.17% | 4,576,505 | — |
| 6 | ETN | 2.84% | 2,263,478 | — |
| 7 | UNP | 2.74% | 3,458,008 | — |
| 8 | DE | 2.65% | 1,469,053 | — |
| 9 | UBER | 2.61% | 11,993,610 | — |
| 10 | HON | 2.59% | 3,699,893 | — |
| 11 | VRT | 2.17% | 2,229,924 | — |
| 12 | PH | 2.13% | 735,553 | — |
| 13 | HWM | 2.03% | 2,337,239 | — |
| 14 | LMT | 1.93% | 1,180,357 | — |
| 15 | PWR | 1.91% | 869,314 | — |
2026-06-21
15 holdings · 51.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CAT | 7.95% | 2,711,832 | — |
| 2 | GE | 6.69% | 6,112,991 | — |
| 3 | GEV | 5.05% | 1,570,874 | — |
| 4 | RTX | 4.62% | 7,823,795 | — |
| 5 | BA | 3.17% | 4,576,505 | — |
| 6 | ETN | 2.84% | 2,263,478 | — |
| 7 | UNP | 2.74% | 3,458,008 | — |
| 8 | DE | 2.65% | 1,469,053 | — |
| 9 | UBER | 2.61% | 11,993,610 | — |
| 10 | HON | 2.59% | 3,699,893 | — |
| 11 | VRT | 2.17% | 2,229,924 | — |
| 12 | PH | 2.13% | 735,553 | — |
| 13 | HWM | 2.03% | 2,337,239 | — |
| 14 | LMT | 1.93% | 1,180,357 | — |
| 15 | PWR | 1.91% | 869,314 | — |
2026-06-20
15 holdings · 51.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CAT | 7.95% | 2,711,832 | — |
| 2 | GE | 6.69% | 6,112,991 | — |
| 3 | GEV | 5.05% | 1,570,874 | — |
| 4 | RTX | 4.62% | 7,823,795 | — |
| 5 | BA | 3.17% | 4,576,505 | — |
| 6 | ETN | 2.84% | 2,263,478 | — |
| 7 | UNP | 2.74% | 3,458,008 | — |
| 8 | DE | 2.65% | 1,469,053 | — |
| 9 | UBER | 2.61% | 11,993,610 | — |
| 10 | HON | 2.59% | 3,699,893 | — |
| 11 | VRT | 2.17% | 2,229,924 | — |
| 12 | PH | 2.13% | 735,553 | — |
| 13 | HWM | 2.03% | 2,337,239 | — |
| 14 | LMT | 1.93% | 1,180,357 | — |
| 15 | PWR | 1.91% | 869,314 | — |
2026-06-19
15 holdings · 51.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CAT | 7.95% | 2,711,832 | — |
| 2 | GE | 6.69% | 6,112,991 | — |
| 3 | GEV | 5.05% | 1,570,874 | — |
| 4 | RTX | 4.62% | 7,823,795 | — |
| 5 | BA | 3.17% | 4,576,505 | — |
| 6 | ETN | 2.84% | 2,263,478 | — |
| 7 | UNP | 2.74% | 3,458,008 | — |
| 8 | DE | 2.65% | 1,469,053 | — |
| 9 | UBER | 2.61% | 11,993,610 | — |
| 10 | HON | 2.59% | 3,699,893 | — |
| 11 | VRT | 2.17% | 2,229,924 | — |
| 12 | PH | 2.13% | 735,553 | — |
| 13 | HWM | 2.03% | 2,337,239 | — |
| 14 | LMT | 1.93% | 1,180,357 | — |
| 15 | PWR | 1.91% | 869,314 | — |
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 XLI Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe XLI ETF is trading below its 50-day moving average but above the 200-day moving average, indicating a potential consolidation phase. The RSI at 38.5 suggests that near-term momentum may be weak and leaning towards bearish territory, which typically ranges below 30 to 70 for neutral conditions.
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 XLI’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 (1)
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-23.
SecuritiesDB is for informational purposes only. Not investment advice.