At a glance
XSD charges 0.35% a year, below the 0.41% average of the 8 funds most like it (the 3rd cheapest of 9). It has $3.48B in assets, the 3rd largest of that group; it paid 0.16% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +37.4% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +41.8% a year. At its worst it fell 41.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months after the low. Its ten largest positions make up 29.0% of the fund, out of 47 in all.
The short version
SPDR S&P Semiconductor ETF (XSD), from State Street, tracks the S&P Semiconductor Select Industry Index, which held 47 U.S. chip stocks as of July 31, 2026. The index gives its holdings roughly equal weights instead of sizing them by market value. As a result, mid-sized firms such as MaxLinear and Allegro MicroSystems were its largest positions as of June 30, 2026. Its 0.35% expense ratio is below the 0.41% average of similar funds.
Price history
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XSD +37.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| XSD official prospectus, to Dec 31, 2025 | — | +29.73% | — | +13.82% | +22.67% | — |
| XSD price data to Oct 27, 2026 | +51.0% | +37.4% | +41.8% | +18.5% | — | +26.5% |
- Over the year to Oct 27, 2026, XSD returned +37.4%, 7th of 9 among similar funds.
- Its 5-year annualized return was +18.5%.
- Its worst full calendar year was 2022 (-30.9%); its best was 2021 (+42.5%).
- The deepest fall in its price history was 42.3% (Dec 8, 2021 to Oct 14, 2022), recovered by May 28, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +51.0% | — |
| 2025 | +29.8% | +29.73% |
| 2024 | +10.8% | +10.78% |
| 2023 | +34.9% | +34.83% |
| 2022 | -30.9% | -30.83% |
| 2021 | +42.5% | +42.55% |
| 2020 | — | +61.73% |
| 2019 | — | +64.59% |
| 2018 | — | -6.26% |
| 2017 | — | +25.24% |
| 2016 | — | +29.25% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 41.2% over that stretch · deepest drop along the way 41.2%, back to its old high 19.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5900 | |
| 2025 | $0.8300 | +69.4% |
| 2024 | $0.4900 | -30.0% |
| 2023 | $0.7000 | -4.1% |
| 2022 | $0.7300 | +217.4% |
| 2021 | $0.2300 |
What's inside
As of Jun 30, 2026, the fund held 47 securities; the ten largest made up 29.01% of assets. It also reported 8.05% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| MaxLinear Inc | 3.75% | |
| Allegro MicroSystems Inc | 3.29% | |
| Astera Labs Inc | 3.08% | |
| Ambarella Inc | 2.89% | |
| Intel Corp | 2.75% | |
| Penguin Solutions Inc | 2.74% | |
| Micron Technology Inc | 2.73% | |
| Advanced Micro Devices Inc | 2.71% | |
| T1 Energy Inc | 2.59% | |
| Marvell Technology Inc | 2.49% | |
| Impinj Inc | 2.45% | |
| Lattice Semiconductor Corp | 2.44% | |
| Credo Technology Group Holding Ltd | 2.41% | |
| Power Integrations Inc | 2.37% | |
| SiTime Corp | 2.36% |
By country
United States 90.67%Cayman Islands 5.3%Netherlands 2.07%Bermuda 1.87%By asset type
Stocks 99.9%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $289.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +49.44%, +25.54%, +1.84%.
How it works
XSD aims to match the total return of the S&P Semiconductor Select Industry Index, before fees. S&P Dow Jones Indices runs the index and is not affiliated with State Street. The index starts from the S&P Total Market Index, a broad measure of U.S. stocks. It keeps only U.S.-based companies in the Semiconductors sub-industry of the Global Industry Classification Standard (GICS), a system that sorts companies mainly by revenue. To join, a company needs a float-adjusted market value of at least $500 million and enough trading activity. Float-adjusted means only shares available to trade are counted. A $400 million company can also join if its shares trade even more heavily. If fewer than 35 stocks qualify, chip-equipment makers are added.
The index is modified equal weighted, so holdings start out at similar sizes rather than being sized by company value. As of June 30, 2026, the top 10 holdings made up just 29% of the fund. The index rebalances every quarter on the third Friday of March, June, September and December. A stock is dropped if its float-adjusted value falls below $300 million. Portfolio turnover was 48%.
The adviser, SSGA Funds Management, may hold a representative sample of the index instead of every stock. At least 80% of net assets must be in index securities. The fund may use futures contracts to manage cash. It does not use leverage or options.
What it really costs
- XSD charges 0.35% a year, versus an average of 0.41% for the similar funds below (3rd of 9, 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).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XSD | $36 | $113 | $197 | $443 |
In a retirement portfolio
XSD holds stocks from a single industry and has historically swung more than twice as much as the broad market, so it fits best as a small add-on rather than a foundation.
XSD can add focused exposure to U.S. chipmakers, but its swings are large. In the 2022 bear market it fell 41.2% between January 3 and October 12, 2022. Its deepest drop was 42.3%, and it took about 19 months to get back to its old high, on May 28, 2024. Its worst calendar year was 2022 (−30.83%), and its worst quarter lost 26.7%. The drawdown figures here start in June 2020, so they do not cover the 2008 crisis or the early-2020 crash. Anyone forced to sell in a year like 2022 would have sold far below the peak. Income is small: the yield was 0.16% as of October 27, 2026, paid quarterly. In the SEC's standard example, the 0.35% fee costs $443 over 10 years on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want U.S. semiconductor exposure spread across 47 stocks, where no holding was above about 3.8% as of June 30, 2026.
- Long-term holders who can sit through drops like the 42.3% fall from December 2021 to October 2022 and the roughly 19-month recovery.
- People comparing chip funds on cost: XSD's 0.35% expense ratio is below the 0.41% average of similar funds.
Look elsewhere if
- Retirees who need income: the trailing 12-month yield was only 0.16% as of October 27, 2026.
- Investors who want the biggest chipmakers to carry the most weight: Intel, Micron and AMD each held under 3% as of June 30, 2026.
- Cost-focused investors: Invesco PHLX Semiconductor ETF (SOXQ) charges 0.19% and Xtrackers Semiconductor Select Equity ETF (CHPS) charges 0.15%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XSD this fund | — | 0.35% | $3.48B | +37.4% | +41.8% |
| SOXX iShares Semiconductor ETF | 36% | 0.35% | $47.82B | +48.5% | +44.1% |
| SMHX VanEck Fabless Semiconductor ETF | 35% | 0.35% | $297.0M | +34.0% | — |
| FTXL First Trust Nasdaq Semiconductor ETF | 35% | 0.6% | $2.75B | +81.9% | +54.2% |
| SOXQ Invesco PHLX Semiconductor ETF | 34% | 0.19% | $3.00B | +60.9% | +53.6% |
| PSI Invesco Semiconductors ETF | 30% | 0.56% | $2.38B | +65.1% | +49.1% |
| CHPS Xtrackers Semiconductor Select Equity ETF | 28% | 0.15% | $107.1M | +75.7% | +55.7% |
| CARZ First Trust S-Network Future Vehicles & Tec… | 28% | 0.7% | $53.3M | +29.7% | +30.7% |
Questions investors ask
What's the difference between XSD and SOXX?
The biggest differences are weighting, size and recent results. XSD's index gives its 47 stocks roughly equal weights, which is why mid-sized firms like MaxLinear and Astera Labs led it as of June 30, 2026. iShares Semiconductor ETF (SOXX) holds 36% of the same stocks and charges the same 0.35%. But SOXX is much larger, with $47.8 billion in net assets against XSD's $3.5 billion. SOXX's one-year return was 66.5% as of October 29, 2026. XSD's was 37.4% as of October 27, 2026.
What are XSD's top holdings?
As of June 30, 2026, XSD's largest holdings were MaxLinear (3.8%), Allegro MicroSystems (3.3%), Astera Labs (3.1%), Ambarella (2.9%) and Intel (2.8%). The fund held 47 stocks, and the top 10 made up 29% of assets. Because the index is modified equal weighted, large companies like Micron Technology and Advanced Micro Devices, at about 2.7% each, carry roughly the same weight as much smaller chip firms.
How has XSD performed over 10 years?
According to its prospectus, XSD returned an average of 22.67% a year over the 10 years ended December 31, 2025, and 13.82% a year over five years. The path was uneven. It gained 64.59% in 2019 and 61.73% in 2020, then lost 30.83% in 2022. Its return for 2026 through October 27 was about 51%, but that covers only part of the year.
Does XSD pay dividends?
Yes, but very little. XSD pays dividends quarterly. Its trailing 12-month yield was 0.16% as of October 27, 2026, which works out to about $0.80 per share. Almost all of the fund's return has come from changes in its share price rather than from income. That makes it a poor fit for anyone counting on regular cash payouts.
What is XSD's expense ratio?
XSD charges 0.35% a year, according to its prospectus filed October 26, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, the fees add up to about $36 after one year, $113 after three, $197 after five and $443 after 10. That is below the 0.41% average of similar funds. Invesco PHLX Semiconductor ETF (SOXQ) costs less, at 0.19%.