State Street SPDR S&P Software & Services ETF (XSW) is a AI and software ETF. As of October 9, 2026, ETF Copilot scores XSW 3.4 out of 10 — highest on Value (9.0), lowest on Quality (0.3). It trades at 24.9 times earnings, against its own median of 29.5. Its ten largest holdings are 10% of the fund.
What stands out in XSW's data
US software and IT services companies, modified equal weighted so smaller firms carry similar weight.
Its valuation is unusually low for a software fund.
Trailing EBITDA multiple of 16.2x, well below the category median of 22.0x.
Offers exposure to the US software and services industry without heavy weight on the largest companies.
Why did XSW move this week? It rose 3.4% in the week to October 9, 2026 — PTC and Zscaler drove it
XSW rose 3.4% in the week to October 9, 2026. The holdings that moved it most were PTC (+35.0%), Zscaler (+18.9%) and Netskope (+17.0%); BIT Digital (−20.9%) pushed the other way.
How is XSW rated? ETF Copilot scores State Street SPDR S&P Software & Services ETF (XSW) 3.4 out of 10
As of October 9, 2026, ETF Copilot scores State Street SPDR S&P Software & Services ETF (XSW) 3.4 out of 10 overall.
ETF Copilot scores (0–10 scale, higher is better):
- Overall: 3.4 / 10
- Growth: 2.3 / 10
- Value: 9.0 / 10
- Risk: 0.9 / 10
- Quality: 0.3 / 10
- Return: 4.7 / 10
Is XSW expensive right now? It trades at 24.9 times earnings, against its own median of 29.5
As of October 9, 2026, XSW is cheaper than 78% of its own 67 monthly readings since 2017 — 15 of those months were cheaper than today.
Trailing twelve-month, computed by ETF Copilot from the fund's holdings rather than quoted from a data provider, and rebuilt nightly.
What's inside XSW? 93% Tech
What's inside XSW: Size (Large 19%, Mid 38%, Small 44%); Geography (International 3%, US 97%); Tech 93.2%; Magnificent 7 0.8%; AI 6.6%; Semiconductors 0.7%; Memory 0.3%.
What are XSW's top holdings? The ten largest are 10% of the fund
PTC, Rubrik, Netskope, SentinelOne, Zscaler, Titan, CrowdStrike, Synopsys, Amplitude and Rapid7 are XSW's largest holdings, in that order.
Less concentrated than 97% of Software/AI ETFs.
Half of XSW's weight sits in its 59 largest positions, and once those weights are taken into account it behaves like 129 equally weighted holdings.
What is XSW's expense ratio? 0.35% a year
As of October 9, 2026, XSW charges 0.35% a year and holds $472M in assets across 131 positions.
| Measure | XSW |
|---|---|
| Expense ratio | 0.35% |
| Assets under management | $472M |
| Holdings | 131 |
Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.
Cite this
ETF Copilot, “State Street SPDR S&P Software & Services ETF (XSW) scores and holdings analysis”, as of October 9, 2026.
https://etf-copilot.com/etf/xsw
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