ETF look-through · holdings as of 2026-06-30 · filed 2026-08-28
XLI State Street(R) Industrial Select Sector SPDR(R) ETF
1.2%of the fund sits in checked holdings with a warning filing in the last 12 months
98.0%of the fund checked (the 77 largest matched holdings)
81stocks held · 98.0% matched to an SEC filer
Health HarborXLI sails as: New ship
Sailing speed follows growth: 7.1% a year crosses the harbor in 59 seconds.
🌊 Visit the Bay →No warning signs on the measures below.
Boat condition = number of warning signs: warning filings ≥ 5% of the fund; liabilities over assets ≥ 10%; slow and jumpy ≥ 30%; top 10 ≥ 60%; revenue ranges ≥ ±20%. A picture of the signs, not a rating and not investment advice.
Actuarial summary
| Measure | Value | What it means |
|---|---|---|
| Warning share | 1.2% | Share of the fund in companies that filed a warning event in the last 12 months. Lower is healthier. |
| Top-10 weight | 41.4% | How much the 10 largest holdings carry. Higher means more rides on a few names. |
| Effective holdings | 36 | The fund behaves like this many equal holdings (1 ÷ Σ weight²). Higher is more diversified. |
| Largest sector | Industrials & services 75% | Of the holdings checked. Industrials & services 75% · Transport 12% · Technology & communications 5% · Consumer 3% · Utilities 2%. |
| Revenue range | ±12.7% | Weighted width of Edgarette’s tested 80% revenue ranges, on the 95% of the fund she covers. Narrower is more predictable. |
| Checked | 98.0% | Share of the fund Health Watch has read. |
| Cash conversion | 17.4% | Operating cash as a share of revenue, weighted. Higher = money arrives faster. |
| Growth speed | 7.1% a year | Revenue growth per year over three years, weighted. The long-term engine. |
| Dividend payers | 82% · raised 64% | Share of the covered fund in companies paying a common dividend, and raising it. |
| Dividend yield | 1.0% | Common dividends paid in the latest fiscal year ÷ market value, weighted. Market value = the reported price × diluted shares. |
| Buyback yield | +1.4% | Shares bought back minus shares issued for cash, ÷ market value, weighted. From the cash-flow statements. |
| Starting valuation | 34.1× earnings | Price ÷ earnings (P/E) of the covered fund, from net income as filed. Higher = more is already priced in. |
| Expected stock return | -5.7% to +21.7% a year | Building blocks (Grinold–Kroner): income yield +2.4% + revenue growth -8.0% to +19.4% from Edgarette’s 80% ranges + valuation change taken as 0. Midpoint +8.0%. Covers 97% (yields) and 95% (growth) of the fund. An assumption by a published method, not a promise or a price forecast. |
| Equity ratio | 30.2% | Equity as a share of assets, weighted. Higher = less owed to others. |
| Classic signals | Z″ distress 15% · F ≤ 2 0% · accruals ahead 0% | What a terminal subscription used to buy, a filing and arithmetic now give anyone: share of the covered fund in Altman’s distress zone (Z″ below 1.1), with a Piotroski F of 2 or less, and with earnings running ahead of cash (Sloan accruals of 10% or more). Display only. Method → |
| Liabilities over assets | 2.1% | Share of the covered fund in companies whose liabilities exceed assets (often from buybacks, not always distress). |
Cash Compass
🌱 Later 34%🐄 Now 27%🌊 Between 12%🐂 Steady 12%🍂 Fading 11%⚡ Not yet 4%
Speed and steadiness
Fast · steady 42%Fast · jumpy 33%Slow · jumpy 13%Slow · steady 12%
Inside view (own filings) and outside view (same-size peers) must agree · covers 97% of the fund · a description, not advice.
Risks to watch
- Sector concentration: 74.8% of the checked holdings are Industrials & services.
- Holdings are as of 2026-06-30; the fund may have changed since.
Counted as a warning: late-filing notice, bankruptcy, debt trigger, non-reliance, auditor change, restructuring, impairment or cyber incident. Leadership changes and exchange listing notices or transfers are listed but not counted, because the filing code alone cannot tell a warning from routine housekeeping.
Warning filings by kind
| Kind | Holdings | Share of fund |
|---|---|---|
| Restructuring or exit costs | 1 | 1.2% |
Largest holdings
| Holding | Weight | Health watch, last 12 months | Classic signals Z″ · F · accruals |
|---|---|---|---|
| Caterpillar Inc $CAT | 8.51% | quiet · leadership change | Z″ 4.27 safeF 6/9accruals -3.1% |
| General Electric Co $GE | 6.77% | quiet · leadership change | F 5/8accruals 0.1% |
| GE Vernova Inc $GEV | 5.48% | quiet · leadership change | Z″ 0.62 distressF 7/9accruals -0.2% |
| RTX Corp $RTX | 4.43% | quiet · leadership change | Z″ 2.16 greyF 6/7accruals -2.3% |
| Boeing Co/The $BA | 2.96% | quiet · leadership change | Z″ 1.33 greyF 6/9accruals 0.7% |
| Eaton Corp PLC $ETN | 2.87% | quiet · leadership change | F 6/9accruals -1.0% |
| Union Pacific Corp $UNP | 2.80% | quiet · leadership change | Z″ 4.54 safeF 7/8accruals -3.1% |
| Deere & Co $DE | 2.77% | quiet · leadership change | F 5/7accruals -2.4% |
| Uber Technologies Inc $UBER | 2.55% | quiet · leadership change | Z″ 1.06 distressF 5/8accruals -0.1% |
| Vertiv Holdings Co $VRT | 2.23% | quiet | Z″ 3.08 safeF 5/9accruals -7.3% |
| Parker-Hannifin Corp $PH | 2.14% | quiet · leadership change | Z″ 4.58 safeF 8/9accruals -0.8% |
| Trane Technologies PLC $TT | 1.88% | quiet · leadership change | Z″ 4.02 safeF 8/8accruals -1.3% |
| Quanta Services Inc $PWR | 1.88% | quiet · leadership change | Z″ 2.21 greyF 5/9accruals -5.5% |
| Howmet Aerospace Inc $HWM | 1.87% | quiet | Z″ 4.57 safeF 7/8accruals -3.5% |
| Lockheed Martin Corp $LMT | 1.79% | quiet | Z″ 1.99 greyF 6/9accruals -6.1% |
| Cummins Inc $CMI | 1.71% | quiet | Z″ 5.01 safeF 7/9accruals -2.4% |
| General Dynamics Corp $GD | 1.56% | quiet · leadership change | Z″ 4.84 safeF 8/8accruals -1.6% |
| Automatic Data Processing Inc $ADP | 1.55% | quiet | F 6/9accruals -1.2% |
| Johnson Controls International plc $JCI | 1.55% | quiet · leadership change | F 6/7 |
| CSX Corp $CSX | 1.53% | quiet · leadership change | Z″ 1.85 greyF 5/8accruals -4.0% |
| 3M Co $MMM | 1.47% | quiet · leadership change | Z″ 5.46 safeF 5/9accruals 2.4% |
| Waste Management Inc $WM | 1.43% | quiet · leadership change | Z″ not coveredF 8/9accruals -7.4% |
| United Parcel Service Inc $UPS | 1.39% | quiet · leadership change | Z″ 2.23 greyF 5/8accruals -4.0% |
| Emerson Electric Co $EMR | 1.39% | quiet · leadership change | F 7/9accruals -1.9% |
| TransDigm Group Inc $TDG | 1.29% | quiet · leadership change | Z″ 0.71 distressF 6/9accruals 0.2% |
| United Rentals Inc $URI | 1.23% | quiet · leadership change | Z″ 3.03 safeF 4/9accruals -9.3% |
| Honeywell International Inc $HON | 1.23% | quiet · leadership change | Z″ 3.86 safeF 5/9accruals -2.3% |
| Illinois Tool Works Inc $ITW | 1.23% | quiet · leadership change | Z″ 8.54 safeF 6/9accruals -0.4% |
| Norfolk Southern Corp $NSC | 1.23% | quiet · leadership change | Z″ 2.07 greyF 6/8accruals -3.4% |
| Honeywell Aerospace Inc $HONA | 1.22% | quiet · leadership change | — |
| Comfort Systems USA Inc $FIX | 1.21% | quiet · leadership change | Z″ 2.9 safeF 7/9accruals -2.9% |
| FedEx Corp $FDX | 1.19% | Restructuring or exit costs · leadership change | Z″ 2.76 safeF 8/8accruals -10.2% |
| Northrop Grumman Corp $NOC | 1.18% | quiet · leadership change | Z″ 2.33 greyF 6/8accruals -1.1% |
| PACCAR Inc $PCAR | 1.10% | quiet · leadership change | F 5/8accruals -4.7% |
| Delta Air Lines Inc $DAL | 1.06% | quiet · leadership change | Z″ 0.03 distressF 6/8accruals -4.3% |
| WW Grainger Inc | 1.02% | not checked | — |
| Cintas Corp $CTAS | 1.00% | quiet · leadership change | Z″ 7.5 safeF 8/9accruals -2.8% |
| Carrier Global Corp $CARR | 0.99% | quiet · leadership change | Z″ 2.35 greyF 4/8accruals -2.8% |
| AMETEK Inc $AME | 0.96% | quiet · leadership change | Z″ 5.41 safeF 6/9accruals -2.1% |
| Fastenal Co $FAST | 0.96% | quiet · leadership change | Z″ 12.01 safeF 8/9accruals -0.8% |
Classic signals: Altman Z″ (1995 variant, book equity; safe above 2.6, distress below 1.1), Piotroski F of 9, Sloan accruals. Each from the holding’s own filings; display only, not a rating. Why? →
Holdings are as the fund reported them to the SEC for 2026-06-30; N-PORT is made public about 60 days after quarter end. Only common-stock holdings are read; cash, securities-lending collateral and derivatives are left out. Sectors come from each company’s SEC industry code (SIC), grouped broadly; they can differ from an index provider’s sector labels. Display only: this describes what the fund holds, it is not a rating of the fund and not investment advice. Source: the fund’s N-PORT filing · this page as JSON
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