At a glance
XTL charges 0.35% a year, below the 0.37% average of the 3 funds most like it (the 2nd cheapest of 4). It has $712.2M in assets, the 3rd largest of that group; it paid 0.99% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +27.5% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +45.9% a year. At its worst it fell 27.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 27 months after the low. Its ten largest positions make up 34.1% of the fund, out of 40 in all.
The short version
SPDR S&P Telecom ETF (XTL), from State Street, tracks the S&P Telecom Select Industry Index. The index holds about 40 U.S. phone and cable carriers, network-equipment makers and satellite companies. It gives each company roughly the same weight, so smaller firms like Viasat and Anterix count about as much as Cisco or Comcast. Its 0.35% expense ratio is slightly below the 0.37% average for similar funds, but its price has swung sharply.
Price history
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XTL +27.5% 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 | |
|---|---|---|---|---|---|---|
| XTL official prospectus, to Dec 31, 2025 | — | +45.07% | — | +13.65% | +11.92% | — |
| XTL price data to Oct 27, 2026 | +27.6% | +27.5% | +45.9% | +16.5% | — | +18.3% |
- Over the year to Oct 27, 2026, XTL returned +27.5%, 1st of 4 among similar funds.
- Its 5-year annualized return was +16.5%.
- Its worst full calendar year was 2022 (-19.2%); its best was 2025 (+44.9%).
- The deepest fall in its price history was 37% (Jun 25, 2021 to Oct 27, 2023), recovered by Oct 14, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +27.6% | — |
| 2025 | +44.9% | +45.07% |
| 2024 | +34.9% | +34.73% |
| 2023 | -1.2% | -1.08% |
| 2022 | -19.2% | -19.18% |
| 2021 | +21.6% | +21.32% |
| 2020 | — | +22.55% |
| 2019 | — | +12.05% |
| 2018 | — | -6.03% |
| 2017 | — | +0.45% |
| 2016 | — | +25.49% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 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 24.6% over that stretch · deepest drop along the way 27.3%, back to its old high 27.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.8200 | |
| 2025 | $1.6100 | +140.3% |
| 2024 | $0.6700 | +4.7% |
| 2023 | $0.6400 | +6.7% |
| 2022 | $0.6000 | -53.1% |
| 2021 | $1.2800 |
What's inside
As of Jun 30, 2026, the fund held 40 securities; the ten largest made up 34.06% of assets. It also reported 3.09% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Viasat Inc | 4.41% | |
| Iridium Communications Inc | 3.64% | |
| Extreme Networks Inc | 3.42% | |
| Ciena Corp | 3.41% | |
| Arista Networks Inc | 3.38% | |
| F5 Inc | 3.22% | |
| Vistance Networks Inc | 3.20% | |
| Anterix Inc | 3.19% | |
| Comcast Corp | 3.10% | |
| Viavi Solutions Inc | 3.08% | |
| AST SpaceMobile Inc | 3.08% | |
| Globalstar Inc | 3.06% | |
| Motorola Solutions Inc | 3.05% | |
| Lumentum Holdings Inc | 3.04% | |
| Cisco Systems Inc | 2.99% |
By country
United States 97.09%Bermuda 2.85%By asset type
Stocks 99.93%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $187.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +19.68%, +6.02%, -4.08%.
How it works
XTL follows the S&P Telecom Select Industry Index from S&P Dow Jones Indices. The index takes U.S.-based companies from the S&P Total Market Index in four groups: alternative carriers, communications equipment, integrated telecom services and wireless services. To get in, a company needs a float-adjusted market value of at least $500 million and must trade actively enough. Float-adjusted means only shares that are free to trade are counted. Smaller companies worth $400 million can qualify if they trade even more heavily. A company that falls below $300 million, or whose trading dries up, is removed. As of July 31, 2026, the index held 40 stocks.
The index is modified equal weighted. Instead of giving the largest companies the most weight, it spreads money fairly evenly across its members. It rebalances and resets its member list every quarter, on the third Friday of March, June, September and December, with a second reweighting near the end of those months. Portfolio turnover was 50%.
SSGA Funds Management may use sampling, which means buying a subset of index stocks rather than every one. It must keep at least 80% of net assets in index securities. It may also use futures contracts and cash to manage money coming in and out.
What it really costs
- XTL charges 0.35% a year, versus an average of 0.37% for the similar funds below (2nd of 4, 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 |
|---|---|---|---|---|
| XTL | $36 | $113 | $197 | $443 |
In a retirement portfolio
It is a narrow, volatile bet on one industry group, with a beta of 1.67 over the past year, so it is better suited to a small slice than to the center of a portfolio.
XTL could add focused exposure to U.S. communications networks alongside a broad core fund. Its record shows what that focus costs. It launched in 2011, so it has no 2008 history. It returned 22.55% in calendar 2020. In 2022, its worst calendar year at -19.18%, it fell 27.3% between January 3 and June 16 and did not recover until September 27, 2024. Its deepest drop was 37%, from June 25, 2021, to October 27, 2023. It took another 11.6 months to get back to its peak. Anyone forced to sell in a stretch like that would lock in losses. Income is small: the yield was 0.99% as of October 27, 2026, paid quarterly. The SEC's standard example puts costs at $36 in the first year on $10,000. Past results don't predict the future, 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 an evenly weighted slice of U.S. telecom, equipment and satellite firms such as Viasat, Iridium and Ciena, not just the giant carriers.
- Investors who can handle big swings: 30.9% volatility over one year and a 37% drop from June 2021 to October 2023.
- Sector buyers watching costs: its 0.35% expense ratio is below IYZ's 0.40% and the 0.37% peer average.
Look elsewhere if
- Retirees who need income, since the trailing yield was just 0.99% as of October 27, 2026.
- Anyone wanting broad diversification. It holds about 40 stocks in one industry group and has moved more than the market (beta of 1.67).
- Investors uneasy with smaller, speculative names. Equal weighting gives AST SpaceMobile and Anterix about the same weight as Cisco or Comcast.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is XTL good for retirement?
XTL fits better as a small, higher-risk add-on than as a core retirement holding. It owns about 40 stocks in one industry group. It fell 27.3% in the first half of 2022 and took until September 2024 to recover. Its yield was only 0.99% as of October 27, 2026, so it adds little income. Some investors pair a fund like this with broad stock and bond funds.
What's the difference between XTL and IYZ?
Both funds focus on U.S. telecom stocks, and about 43% of their holdings overlap, based on the latest N-PORT reports. XTL charges 0.35% a year and IYZ charges 0.40%. As of October 27, 2026, XTL returned 27.5% over one year against 22.4% for IYZ. Over three years, XTL returned 45.9% a year against 28.4% for IYZ. IYZ is larger, with about $1.24 billion in net assets as of June 30, 2026, against about $712 million for XTL.
Does XTL pay dividends?
Yes. XTL pays dividends every quarter, but they are small. Over the 12 months to October 27, 2026, it paid $1.92 per share, a yield of 0.99%. Many of its holdings are network-equipment and satellite companies that pay little or nothing to shareholders. So the fund relies far more on price gains than on income.
What are XTL's top holdings?
As of June 30, 2026, XTL's largest holdings were Viasat (4.4%), Iridium Communications (3.6%), Extreme Networks (3.4%), Ciena (3.4%) and Arista Networks (3.4%). F5, Vistance Networks, Anterix, Comcast and Viavi Solutions completed the top 10. Together the top 10 made up 34.06% of the fund. Because the index weights companies roughly equally, no single stock dominates.
How has XTL performed over 10 years?
XTL returned an average of 11.92% a year over the 10 years to December 31, 2025, according to its prospectus. Its five-year average was 13.65%, and it gained 45.07% in 2025. The ride has been uneven. Calendar-year returns ranged from -19.18% in 2022 to 45.07% in 2025. Its worst quarter was a 17.11% loss at the end of 2018.