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 HarborXLV sails as: Old boat
Sailing speed follows growth: 9.8% a year crosses the harbor in 51 seconds.
🌊 Visit the Bay →- 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
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 | ±10.5% | Weighted width of Edgarette’s tested 80% revenue ranges, on the 98% 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. |
| Dividend yield | 1.2% | Common dividends paid in the latest fiscal year ÷ market value, weighted. Market value = the reported price × diluted shares. |
| Buyback yield | +1.2% | Shares bought back minus shares issued for cash, ÷ market value, weighted. From the cash-flow statements. |
| Starting valuation | 30.7× earnings | Price ÷ earnings (P/E) of the covered fund, from net income as filed. Higher = more is already priced in. |
| Expected stock return | -0.3% to +22.8% a year | Building blocks (Grinold–Kroner): income yield +2.4% + revenue growth -2.7% to +20.3% from Edgarette’s 80% ranges + valuation change taken as 0. Midpoint +11.2%. Covers 97% (yields) and 98% (growth) of the fund. An assumption by a published method, not a promise or a price forecast. |
| Equity ratio | 34.2% | Equity as a share of assets, weighted. Higher = less owed to others. |
| Classic signals | Z″ distress 31% · 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 | 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 | Classic signals Z″ · F · accruals |
|---|---|---|---|
| Eli Lilly & Co $LLY | 16.51% | quiet · leadership change | F 7/9accruals 4.0% |
| Johnson & Johnson $JNJ | 10.64% | quiet · leadership change | F 4/9accruals 1.2% |
| AbbVie Inc $ABBV | 7.74% | quiet · leadership change | Z″ -0.34 distressF 8/9accruals -11.0% |
| UnitedHealth Group Inc $UNH | 6.57% | quiet · leadership change | Z″ 1.41 greyF 7/9accruals -2.5% |
| Merck & Co Inc $MRK | 5.52% | quiet · leadership change | F 4/9accruals 1.4% |
| Amgen Inc $AMGN | 3.40% | Cybersecurity incident · leadership change | Z″ 0.14 distressF 8/9accruals -2.5% |
| Thermo Fisher Scientific Inc $TMO | 3.24% | quiet · leadership change | Z″ 4.01 safeF 5/8accruals -1.1% |
| Abbott Laboratories $ABT | 2.75% | quiet · leadership change | Z″ 4.8 safeF 6/9accruals -3.6% |
| Gilead Sciences Inc $GILD | 2.73% | quiet · leadership change | Z″ 3.28 safeF 8/9accruals -2.6% |
| Intuitive Surgical Inc $ISRG | 2.45% | quiet · leadership change | Z″ 12.01 safeF 8/9accruals -0.9% |
| Pfizer Inc $PFE | 2.39% | quiet · leadership change | F 6/9accruals -1.9% |
| CVS Health Corp $CVS | 2.30% | quiet · leadership change | Z″ 0.99 distressF 7/9accruals -3.5% |
| Vertex Pharmaceuticals Inc | 2.19% | not checked | — |
| Danaher Corp $DHR | 2.09% | quiet · leadership change | Z″ 4.46 safeF 5/9accruals -3.5% |
| Bristol-Myers Squibb Co $BMY | 2.05% | quiet | F 8/9accruals -7.8% |
| Stryker Corp $SYK | 1.89% | quiet · leadership change | Z″ 3.96 safeF 5/9accruals -4.0% |
| Medtronic PLC $MDT | 1.75% | quiet · leadership change | Z″ 3.89 safeF 8/9accruals -8.1% |
| McKesson Corp $MCK | 1.58% | quiet · leadership change | Z″ 0.62 distressF 6/9accruals -1.8% |
| Elevance Health Inc $ELV | 1.46% | quiet · leadership change | Z″ 3.13 safeF 6/9accruals 1.1% |
| Cigna Group/The $CI | 1.27% | quiet · leadership change | Z″ 1.4 greyF 8/9accruals -2.3% |
| Boston Scientific Corp $BSX | 1.10% | Restructuring or exit costsCybersecurity incident · leadership change | Z″ 2.78 safeF 8/9accruals -3.9% |
| Regeneron Pharmaceuticals Inc $REGN | 1.08% | quiet · leadership change | Z″ 9.21 safeF 5/8accruals -1.2% |
| HCA Healthcare Inc $HCA | 1.05% | quiet · leadership change | F 6/8accruals -9.7% |
| Cardinal Health Inc $CAH | 0.97% | quiet · leadership change | Z″ -0.17 distressF 7/9accruals -1.6% |
| Cencora Inc $COR | 0.96% | quiet · leadership change | Z″ 0.12 distressF 5/9accruals -3.1% |
| Edwards Lifesciences Corp $EW | 0.91% | quiet · leadership change | Z″ 9.6 safeF 6/9accruals -3.9% |
| Humana Inc $HUM | 0.83% | quiet · leadership change | Z″ 5.1 safeF 5/8accruals 0.6% |
| Becton Dickinson & Co $BDX | 0.73% | quiet · leadership change | Z″ 2.26 greyF 5/7 |
| IDEXX Laboratories Inc $IDXX | 0.72% | quiet · leadership change | Z″ 10.43 safeF 8/9accruals -3.7% |
| Agilent Technologies Inc $A | 0.65% | quiet · leadership change | Z″ 3.6 safeF 5/9accruals -2.1% |
| Waters Corp $WAT | 0.64% | quiet · leadership change | Z″ 10 safeF 5/9accruals -0.2% |
| IQVIA Holdings Inc $IQV | 0.56% | quiet · leadership change | Z″ 1.13 greyF 5/8accruals -4.5% |
| Biogen Inc $BIIB | 0.56% | quiet · leadership change | F 4/9accruals -3.2% |
| Centene Corp $CNC | 0.52% | quiet · leadership change | Z″ 0.38 distressF 4/9accruals -14.8% |
| Zoetis Inc $ZTS | 0.52% | quiet · leadership change | F 6/9accruals -1.6% |
| GE HealthCare Technologies Inc $GEHC | 0.51% | quiet · leadership change | Z″ 1.99 greyF 3/7 |
| ResMed Inc $RMD | 0.49% | Auditor change · leadership change | Z″ 8.9 safeF 7/9accruals -4.5% |
| Veeva Systems Inc $VEEV | 0.46% | quiet · leadership change | Z″ 11.21 safeF 7/9accruals -6.2% |
| Dexcom Inc $DXCM | 0.45% | quiet · leadership change | Z″ 4.98 safeF 8/9accruals -9.4% |
| Mettler-Toledo International Inc $MTD | 0.45% | quiet · leadership change | F 6/9accruals -2.5% |
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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