XLK Does Not Own Alphabet, Amazon, Meta, Netflix or Tesla. Three Stocks Are 35.87% of It
State Street's Technology Select Sector SPDR ETF (XLK) does not hold Alphabet, Amazon, Meta, Netflix, or Tesla. As of June 30, 2026, NVIDIA, Apple, and Microsoft made up 35.87% of the fund. XLK tracks a GICS-based index, excluding companies classified outside Information Technology. Investors seeking broad tech exposure may find XLK's concentration in three stocks a limitation.
How this was made
The 30-second read
Why it matters
The concentration in NVIDIA, Apple, and Microsoft means XLK performance is tightly linked to these three stocks, raising both upside potential and downside risk for investors seeking broad tech exposure.
Market read
The filing reveals XLK’s heavy tilt toward three semiconductor/hardware leaders, signaling concentration risk for investors expecting broad tech exposure.
What to watch
Potential reclassification of big‑tech firms could alter XLK composition in the future, affecting its risk profile.
Background
The article reviews the June 30 2026 SEC filing for the State Street Technology Select Sector SPDR ETF (XLK), noting its top holdings and the exclusion of major “big‑tech” names.
Ticker impact
NVDA comprises 14.65% of XLK, making the ETF highly sensitive to NVIDIA's price moves.
possible pressure if NVIDIA declines, upside if it rallies
NVDA is a top‑three holding; any material move will affect the fund's NAV.
Apple accounts for 12.85% of XLK, the second‑largest position.
likely upside if Apple gains, downside if it falls
Large weight in the ETF means Apple drives a sizable portion of performance.
Microsoft makes up 8.38% of XLK, the third‑largest holding.
potential pressure on XLK if Microsoft underperforms, support if it outperforms
As a top‑three component, Microsoft moves affect the fund's NAV.
Market effects
Highlights concentration in semiconductor and hardware within a tech‑sector ETF, suggesting limited diversification for investors seeking broad tech exposure.
U.S. investors may reassess exposure to XLK given its narrow focus on a few large caps.
Limited; the insight applies mainly to U.S. equity investors tracking sector ETFs.
Counterpoint
Investors could favor broader tech ETFs like IYW that include communication‑services giants for true diversification.
Key entities
- ETFState Street Technology Select Sector SPDR ETF
Ticker XLK, tracks the Information Technology sector.
- CompanyNVIDIA Corporation
Largest holding in XLK at 14.65%.
- CompanyApple Inc.
Second‑largest holding in XLK at 12.85%.
- CompanyMicrosoft Corp.
Third‑largest holding in XLK at 8.38%.
