Share-split context: A forward split was recorded on Sep 11, 2015 with coefficient 2. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.

What this ETF is trying to do

The STATE STREET(R) SPDR(R) S&P(R) AEROSPACE & DEFENSE ETF (XAR) is an exchange-traded fund that focuses on the aerospace and defense industry. It provides investors with exposure to companies involved in these sectors.

What the numbers show

As of October 7, 2026, the current price of one share is $226.64.

Because this ETF has a history of share splits, we do not provide an estimated price from roughly one year ago. Instead, we look at percentage returns to see how the value has changed. It is important to know that "price return" only tracks the change in the share price, while "total return" includes both the share price change and any cash distributions paid to investors.

Here is what the recent data shows:

• Year-to-Date (YTD): The price return is -6.05%, and the total return is -5.94%.

• One Year: The price return is -7.78%, and the total return is -7.63%.

• Three Year: The price return is 104.51%, and the total return is 107.68%.

This ETF has had a "forward split" in its history. In a forward split, each old share becomes multiple new shares. This causes the price per share to fall proportionally, but your total ownership stays the same. A split does not create a gain or a loss for the investor.

Income and distribution explanation

This ETF pays out cash distributions, which are usually paid quarterly. The distribution yield is 0.18%. The trailing distributions were $0.42. It is important to remember that a distribution yield is just the cash paid out; it is not the same as the total return of the investment.

NAV erosion explanation

"NAV erosion" refers to a decline in the value of the fund's underlying assets. This ETF has an erosion-risk score of 75, which is labeled as "mild price erosion." This is a measurement used to track price deterioration risk.

Pros

• Strong Long-Term Growth: Over the last three years, the total return was 107.68%.

• Sector Exposure: The fund provides access to many companies in the aerospace and defense industry.

Top Holdings (Partial List):

• Rocket Lab Corp: 3.30%

• Moog Inc Class A: 3.15%

• Honeywell Aerospace Inc: 3.06%

• Aerovironment Inc: 2.99%

• Howmet Aerospace Inc: 2.97%

Cons

• Recent Price Declines: Both the year-to-date and one-year price returns have been negative.

• Low Yield: The distribution yield is quite low at 0.18%.

Beginner takeaway

XAR is an ETF that tracks companies in the aerospace and defense sector. While it has shown very high total returns over a three-year period, it has experienced share-price declines over the last year. Investors should note the "mild" erosion-risk score and the low distribution yield when looking at how this fund performs.