ETF look-through · holdings as of 2026-06-30 · filed 2026-08-28

XLV State Street(R) Health Care Select Sector SPDR(R) ETF

6.3%of the fund sits in checked holdings with a warning filing in the last 12 months

97.5%of the fund checked (the 58 largest matched holdings)

59stocks held · 97.5% matched to an SEC filer

Health Harbor

XLV sails as: Old boat

Sailing speed follows growth: 9.8% a year crosses the harbor in 51 seconds.

6.3% of the fund in companies with warning filings
12.2% in companies whose liabilities exceed assets
the 10 largest holdings are 61.5% of the fund

New shipno warning signs

Sound shipone warning sign

Weathered boattwo warning signs

Old boatthree warning signs

Rotting at the dockfour or more warning signs

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	6.3%	Share of the fund in companies that filed a warning event in the last 12 months. Lower is healthier.
Top-10 weight	61.5%	How much the 10 largest holdings carry. Higher means more rides on a few names.
Effective holdings	16	The fund behaves like this many equal holdings (1 ÷ Σ weight²). Higher is more diversified.
Largest sector	Health care 94%	Of the holdings checked. Health care 94% · Industrials & services 6% · Technology & communications 1%.
Revenue range	±15.8%	Weighted width of Edgarette’s tested 80% revenue ranges, on the 31% of the fund she covers. Narrower is more predictable.
Checked	97.5%	Share of the fund Health Watch has read.
Cash conversion	20.8%	Operating cash as a share of revenue, weighted. Higher = money arrives faster.
Growth speed	9.8% a year	Revenue growth per year over three years, weighted. The long-term engine.
Dividend payers	75% · raised 69%	Share of the covered fund in companies paying a common dividend, and raising it.
Equity ratio	34.2%	Equity as a share of assets, weighted. Higher = less owed to others.
Liabilities over assets	12.2%	Share of the covered fund in companies whose liabilities exceed assets (often from buybacks, not always distress).

Cash Compass

🌊 Between 26%🌱 Later 26%🐄 Now 18%⚡ Not yet 17%🐂 Steady 8%🍂 Fading 6%

Speed and steadiness

Fast · steady 44%Slow · steady 21%Fast · jumpy 21%Slow · jumpy 15%

Inside view (own filings) and outside view (same-size peers) must agree · covers 98% of the fund · a description, not advice.

Risks to watch

Concentrated: the 10 largest holdings are 61.5% of the fund.
Behaves like about 16 equal holdings (effective number), so a few companies drive the result.
Sector concentration: 93.9% of the checked holdings are Health care.
6.3% of the fund is in companies that filed warning events in the last 12 months.
12.2% of the covered fund is in companies whose liabilities exceed their assets (often from years of share buybacks, not always distress).
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
Cybersecurity incident	3	4.9%
Restructuring or exit costs	3	1.8%
Auditor change	2	0.7%

Largest holdings

Holding	Weight	Health watch, last 12 months
Eli Lilly & Co $LLY	16.51%	quiet · leadership change
Johnson & Johnson $JNJ	10.64%	quiet · leadership change
AbbVie Inc $ABBV	7.74%	quiet
UnitedHealth Group Inc $UNH	6.57%	quiet · leadership change
Merck & Co Inc $MRK	5.52%	quiet
Amgen Inc $AMGN	3.40%	Cybersecurity incident · leadership change
Thermo Fisher Scientific Inc $TMO	3.24%	quiet · leadership change
Abbott Laboratories $ABT	2.75%	quiet · leadership change
Gilead Sciences Inc $GILD	2.73%	quiet · leadership change
Intuitive Surgical Inc $ISRG	2.45%	quiet · leadership change
Pfizer Inc $PFE	2.39%	quiet · leadership change
CVS Health Corp $CVS	2.30%	quiet · leadership change
Vertex Pharmaceuticals Inc	2.19%	not checked
Danaher Corp $DHR	2.09%	quiet · leadership change
Bristol-Myers Squibb Co $BMY	2.05%	quiet
Stryker Corp $SYK	1.89%	quiet · leadership change
Medtronic PLC $MDT	1.75%	quiet · leadership change
McKesson Corp $MCK	1.58%	quiet · leadership change
Elevance Health Inc $ELV	1.46%	quiet · leadership change
Cigna Group/The $CI	1.27%	quiet · leadership change
Boston Scientific Corp $BSX	1.10%	Restructuring or exit costs Cybersecurity incident · leadership change
Regeneron Pharmaceuticals Inc $REGN	1.08%	quiet
HCA Healthcare Inc $HCA	1.05%	quiet · leadership change
Cardinal Health Inc $CAH	0.97%	quiet · leadership change
Cencora Inc $COR	0.96%	quiet · leadership change
Edwards Lifesciences Corp $EW	0.91%	quiet · leadership change
Humana Inc $HUM	0.83%	quiet · leadership change
Becton Dickinson & Co $BDX	0.73%	quiet · leadership change
IDEXX Laboratories Inc $IDXX	0.72%	quiet · leadership change
Agilent Technologies Inc $A	0.65%	quiet · leadership change
Waters Corp $WAT	0.64%	quiet · leadership change
IQVIA Holdings Inc $IQV	0.56%	quiet · leadership change
Biogen Inc $BIIB	0.56%	quiet · leadership change
Centene Corp $CNC	0.52%	quiet · leadership change
Zoetis Inc $ZTS	0.52%	quiet · leadership change
GE HealthCare Technologies Inc $GEHC	0.51%	quiet · leadership change
ResMed Inc $RMD	0.49%	Auditor change · leadership change
Veeva Systems Inc $VEEV	0.46%	quiet · leadership change
Dexcom Inc $DXCM	0.45%	quiet · leadership change
Mettler-Toledo International Inc $MTD	0.45%	quiet · leadership change

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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