Semiconductors · equal-weight · ETF deep dive
SPDR S&P Semiconductor ETF XSD
Semiconductors without the Nvidia problem — an equal-weight chip basket where AMD, Micron and Broadcom sit next to small-cap designers at similar weight, so it rides the broad chip cycle instead of one megacap.
Price & momentum chart & stats through 2026-07-10
Data summary: last close $563.43 on 2026-07-10, 13% below the 52-week high of $649.73, 115% above the 52-week low of $261.69; trading above its 200-day average of $402.61. Trailing returns: YTD +68%, 1-year +111%, 3-year +163%, 5-year +196%.
What it holds
Top 10 holdings
| Holding | Ticker | Weight |
|---|---|---|
| Penguin Solutions | PENG | 3.2% |
| MaxLinear | MXL | 3.0% |
| Impinj | PI | 2.9% |
| Advanced Micro Devices | AMD | 2.9% |
| Ambarella | AMBA | 2.8% |
| Allegro MicroSystems | ALGM | 2.8% |
| Astera Labs | ALAB | 2.7% |
| Texas Instruments | TXN | 2.6% |
| Micron Technology | MU | 2.6% |
| Broadcom | AVGO | 2.5% |
Top-10 ≈ 28% of the fund (48 holdings total). Positions as of 2026-07-13, from the issuer fact sheet (source). Holdings drift daily; weights are a snapshot, not live.
Sector mix live, FMP
- Technology95.2%
- Industrials2.6%
- Energy2.0%
- Cash & Others0.1%
What this fund is
XSD tracks the S&P Semiconductor Select Industry Index — the same modified equal-weight methodology as XBI, applied to chip names. Constituents are weighted roughly equally with liquidity and float caps, then reset quarterly.
The contrast with cap-weighted funds (SOXX, SMH) is the point: those are dominated by Nvidia, TSMC and Broadcom. In XSD the mega-cap leaders sit near the bottom of the top-10 at ~2.5%, next to small- and mid-cap designers. You get the chip cycle broadly — analog, memory, connectivity, RFID, design — rather than the AI-GPU concentration.
Result: more small/mid exposure, higher volatility, and a very different return profile from SOXX in any period where one or two megacaps drive the price action.
The Synthos read
How the tracked themes this fund rides are reading right now — conviction-weighted net stance from independent expert voices in the Synthos knowledge base (management/officials laned out). Snapshot as of 2026-07-12.
| Tracked theme | Net stance (−100 to +100) | Recent drift | Reliability |
|---|---|---|---|
| Semiconductors / GPUs Direct map. But note XSD equal-weights the space, so it under-owns the NVDA/AVGO names that dominate the tracked-topic conversation — theme sentiment and XSD's returns can diverge. | up +32 Bullish | slightly more bearish 34 claims | Full |
| Memory / HBM Micron is a top-10 holding; the memory up/down-cycle is a real secondary driver here. | up +56 Very Bullish | +33, turned more bullish 23 claims | Provisional |
Reliability tiers: Full ≥ 25 claims in the current window, Provisional 10–24, Insufficient < 10 (read as directional only). Net stance is a rate-of-change signal about the theme, not a price target for this fund and not advice. Themes can be right while the fund’s structure works against you.
Cost & structure
Expense ratio 0.35% (issuer, cross-checks against FMP).
1940-Act open-end ETF (SPDR Series Trust), NYSE Arca, inception 2006. Holdings published daily.
Index rebalances quarterly on the S&P Select Industry schedule; equal weights reset each quarter.
Honest fit
The job it does
- Broad, diversified chip-cycle exposure — analog, memory, connectivity and design, not just AI GPUs.
- Removes single-name concentration risk: no one chipmaker can dominate the fund.
- Higher-beta small/mid tilt gives more upside torque in a broad semis upcycle.
What it does not do
- Is not an Nvidia / mega-cap AI play — it will lag SOXX and SMH when NVDA leads alone.
- Is not cap-weighted — do not expect it to track the headline SOX index.
- Is not low-volatility — equal-weight small/mid chips swing hard both ways.
What would change this read (falsifiers)
- A market where AI-GPU megacaps keep outrunning the broad group — XSD structurally under-owns them.
- A broad semiconductor demand recession (inventory glut) hits the equal-weighted small/mid names hardest.
- If your thesis is specifically Nvidia or the AI-accelerator complex, XSD is the wrong vehicle — use a cap-weighted fund.