SPDR S&P Oil & Gas Equipment & Services ETF

SPDR S&P Oil & Gas Equipment & Services ETF (XES), from State Street, tracks an index of U.S.-based oil and gas drillers and oilfield equipment and service companies. The index held 34 stocks as of July 31, 2026. Each company gets a roughly equal weight, so smaller firms such as Solaris Energy Infrastructure and Archrock can count as much as Halliburton or SLB. Its 0.35% expense ratio matches VanEck's OIH and is below the 0.43% peer average.

• Over the year to Oct 27, 2026, XES returned +44.9%, 3rd of 5 among similar funds.
• Its 5-year annualized return was +15.3%.
• Its worst full calendar year was 2024 (-5.5%); its best was 2022 (+62.0%).
• The deepest fall in its price history was 46% (Sep 12, 2023 to Apr 8, 2025), recovered by Jan 26, 2026.

As of Jun 30, 2026, the fund held 34 securities; the ten largest made up 40.37% of assets. It also reported 3.14% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $41.6M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +11.49%, -7.10%, -6.64%.

XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index from S&P Dow Jones Indices. The index holds US-based stocks in two industry groups: oil and gas drilling, and oil and gas equipment and services. These firms drill wells or sell gear and services to producers rather than pumping oil themselves. Members generally need at least $500 million in freely traded shares and active trading. They are removed if that value falls below $300 million or trading dries up.

The index is modified equal weighted, so each stock gets a roughly similar slice rather than one sized by company value. It rebalances quarterly. As of June 30, 2026, the fund held 34 stocks. Solaris Energy Infrastructure was the largest at 4.7%, followed by Archrock and Kodiak Gas Services at about 4.5% each. Baker Hughes, Halliburton and SLB each held 3.3% to 3.5%. This gives smaller companies more influence than a market-value-weighted fund would.

SSGA Funds Management, the adviser, may hold only a representative subset of index stocks but must keep at least 80% of net assets in index securities. It may use futures (contracts to buy or sell at a set future price) to manage cash flows, though it held none as of June 30, 2026. The fund uses no leverage or options strategy.

• XES charges 0.35% a year, versus an average of 0.43% for the similar funds below (2nd of 5, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).

XES is a concentrated bet on one narrow, highly cyclical part of the energy industry, so it fits better as a small add-on than as a foundation.

XES has a history of very large swings. It fell 47.1% in 2018 and 43.5% in 2020, and in the first quarter of 2020 alone it lost 71.6%. Its average annual return over the 10 years through December 31, 2025, was -6.17%. In 2022, a bear market for stocks, it gained 62%, but it still dropped 37.6% from April to July before recovering by November. Its deepest drop since mid-2020 was 46%, from September 2023 to April 2025, and it did not fully recover until January 2026. Someone who has to sell shares during a slump could lock in heavy losses.

Income is small: the trailing yield was 1.07% as of October 27, 2026, and the fund pays quarterly. The fund costs 0.35% a year. In the SEC's standard example, that comes to $36 on $10,000 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.