Share-split context: A reverse split was recorded on Mar 30, 2020 with coefficient 0.1. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The STATE STREET(R) SPDR(R) S&P(R) OIL & GAS EQUIPMENT & SERVICES ETF (ticker: XES) is an exchange-traded fund that focuses on companies involved in the oil and gas equipment and services industry. Instead of buying just one company, this ETF allows investors to gain exposure to a group of companies in this specific sector.

What the numbers show

When looking at how this ETF has performed, it is important to look at two different types of numbers: price return and total return.

• Price return only tracks how much the share price itself has moved.

• Total return includes both the share price movement and any cash distributions (dividends) paid out.

According to the data, XES has seen growth in both areas:

• Year-to-date (YTD): The price return is approximately 33.48%, while the total return is approximately 34.51%.

• One year: The price return is approximately 48.51%, and the total return is approximately 50.23%.

• Three years: The price return is approximately 23.06%, and the total return is approximately 28.31%.

It is also important to note that this ETF has a history of a reverse split. On March 30, 2020, multiple old shares were combined into fewer new shares. This caused the price per share to rise mechanically, but this change did not restore any lost investment value.

Income and distribution explanation

Some investors look for ETFs that pay out cash regularly. XES has a distribution yield of approximately 1.10%. This means the fund pays out cash relative to its price. These distributions usually happen quarterly, and there were four payouts in the last 12 months. While these payments provide cash income, they are not the same as the total return of the investment.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of the underlying assets in a fund drops significantly over time. For XES, the erosion-risk score is 100, and the data shows "No price erosion detected." The severity is rated as "good," and there is no severe erosion-risk flag present.

Pros

• Positive Returns: Both the share price and the total return have grown over the last year and three years.

• Low Erosion Risk: The fund currently shows no signs of significant price erosion.

• Regular Income: The ETF provides regular cash distributions, usually four times a year.

Cons

• Sector Focus: Because this ETF focuses only on oil and gas equipment and services, it may be less diversified than an ETF that covers many different industries.

• Split History: The fund has undergone a reverse split in the past.

Beginner takeaway

XES tracks companies that provide tools and services for the oil and gas industry. Recent data shows that both its share price and its total return have increased. If you are looking at this ETF, remember to distinguish between the share price movement and the total return, which includes cash payments. Also, keep in mind that while it pays regular distributions, a high yield does not guarantee that the share price will stay the same.

Top Holdings:

As of October 8, 2026, some of the top holdings include:

• Solaris Energy Infrastructure Inc Class A (4.28%)

• Select Water Solutions Inc Class A (3.93%)

• Seadrill Ltd (3.78%)

• Valaris Ltd (3.76%)

• Archrock Inc (3.74%)

*Note: This is a partial list of the fund's holdings, and holdings can change over time.*