SPDR S&P 500 ETF Trust
Price
$773.17
YTD
+12.85%
Expense
0.09%
Yield
1.25%
XLF
XLF NYSE
Financial Select Sector SPDR Fund · by State Street
Price
$58.56
YTD return
+12.50%
1Y return
18.20%
Expense ratio
0.09%
Dividend yield
1.45%
AUM
$42B
Financial Select Sector SPDR Fund provides concentrated exposure to S&P 500 financial companies including banks, insurance, and asset management.
What is XLF?
Financial Select Sector SPDR Fund (XLF) provides concentrated exposure to S&P 500 financial companies including banks, insurance, payment networks, asset managers, and diversified financials.
Sub-Sector Allocation
- Diversified Financials: 25.5%
- Banks: 22.8%
- Capital Markets: 18.5%
- Insurance: 15.2%
- Payment Networks: 12.5%
- Consumer Finance: 3.5%
- Real Estate Services: 2.0%
Interest Rate Sensitivity
Bank stocks benefit from higher interest rates through wider net interest margins (the spread between lending and deposit rates). During the 2022-2023 rate hiking cycle, many banks saw record net interest income.
Financial Sector Risks
The 2023 regional banking crisis (SVB, First Republic) reminded investors that bank stocks carry significant risk. Credit losses, regulatory changes, and interest rate volatility can all impact financials.
XLF Concentration
Berkshire Hathaway (13.5%) and JPMorgan (10.2%) dominate XLF, making it heavily dependent on these two stocks. Payment networks Visa and Mastercard add growth characteristics uncommon in traditional financial ETFs.
Top holdings
Every holding links to its own page with a live price and the full list of funds that own it.
| # | Holding | Ticker | Sector | Weight | Price |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway | BRK.B | Financials | 13.50% | $508.13 0.57% |
| 2 | JPMorgan Chase | JPM | Financials | 10.20% | $362.06 1.64% |
| 3 | Visa Inc. | V | Financials | 7.80% | $378.75 0.09% |
| 4 | Mastercard | MA | Financials | 6.50% | $585.71 -0.41% |
| 5 | Bank of America 3.5% 2028 | BAC | Corporate | 4.20% | $63.04 0.70% |
| 6 | Wells Fargo | WFC | Banks | 3.50% | $89.19 -0.09% |
| 7 | Goldman Sachs 3.75% 2028 | GS | Corporate | 2.80% | $1,037.93 3.34% |
| 8 | Morgan Stanley | MS | Investment Banking | 2.50% | $217.15 2.52% |
| 9 | Charles Schwab | SCHW | Brokerages | 2.20% | $110.38 1.98% |
| 10 | S&P Global | SPGI | Financial Data | 2.00% | $450.58 4.37% |
Frequently asked questions
Is XLF good when rates are high?
Banks generally benefit from higher rates through wider net interest margins, but XLF can suffer if rate increases cause recession.
What banks are in XLF?
XLF holds Berkshire Hathaway, JPMorgan Chase, Visa, Mastercard, Bank of America, Goldman Sachs, and other major financial institutions.
Does XLF include insurance?
Yes, XLF holds diversified financials including banks, insurance companies, capital markets firms, and financial services companies.
How did XLF perform during 2008?
XLF dropped over 55% during the 2008 financial crisis but recovered strongly in the following years.
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Community
XLF discussion
Questions on fair value, cost, dividends and risk — answered with the fund data on this page.
What is the fair value of XLF in 2026?
XLF price prediction 2026: what actually drives it?
Does XLF pay a dividend, and how reliable is the yield?
Is XLF a good long-term hold, or too concentrated?
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