FTEC vs XSW: Grades, Fees and Holdings Compared

Fidelity MSCI Information Technology Index ETF

FTECANYSE Arca

State Street SPDR S&P Software & Services ETF

XSWBNYSE Arca

Overlap

14.1%by weight

Expense ratio

FTEC −0.27pt a year

FTEC0.08%XSW0.35%

Avg volume · 30D

FTEC 5.0×the volume

FTEC275KXSW54.7K

10Y return · a year

FTEC +8.8pt

FTEC+23.7%XSW+14.9%

FTEC vs XSW Performance

Oct 29, 2021 – Oct 30, 2026

+124.8%FTEC+16.2%XSW

Expense ratio: FTEC 0.08%, better; XSW 0.35%
Fund size: FTEC $22.2B; XSW $536M
1Y total return: FTEC +18.5%, better; XSW +5.6%
Yield (12M): FTEC 0.40%, better; XSW 0.00%
Holdings: FTEC 291; XSW 131
Avg volume (30D): FTEC 275K sh, better; XSW 54.7K sh
NAV per share: FTEC $279.07; XSW $212.78
52W range

ETF.net Grade

Pillar letters and Scores for FTEC, XSW, with each pillar’s weight
Pillar	FTEC	XSW
Cost30% weight	A98Higher	A77
Mission25% weight	Not scored	B60
Risk15% weight	B60Higher	F21
Tradability15% weight	A88Higher	C45
Holdings10% weight	D38	A91Higher
Durability5% weight	A73Higher	B66

Rank among Technology (Broad) funds

How we build Categories ›

Same Category. FTEC and XSW are both graded against the same 23 Technology (Broad) funds, so their Grades compare head to head.

Technology (Broad)⁠

Category · 23 funds

See all 23 ›

FTEC ranks 2nd and XSW 9th of 23 funds in the Technology (Broad) Category.

Rank 1AXLKState Street Technology Select Sector SPDR ETFScore 82
Rank 2AFTECFidelity MSCI Information Technology Index ETFScore 78
Rank 3AVGTVanguard Information Technology ETFScore 71
Rank 8BPSCTInvesco S&P SmallCap Information Technology ETFScore 61
Rank 9BXSWState Street SPDR S&P Software & Services ETFScore 60
Rank 10BTDIVFirst Trust NASDAQ Technology Dividend Index FundScore 59

Our read on each fund

ETF.net Research

FTECAFidelity MSCI Information Technology Index ETF

XSWBState Street SPDR S&P Software & Services ETF

In short

FTEC Fidelity's tech sleeve runs 0.08% a year and holds about 300 names, tracking an MSCI index that reaches from mega-cap chipmakers down into small-cap software. Cheap beta on the whole US tech stack, not just the giants.

XSW Most tech funds are really a bet on a handful of megacaps. XSW carves out software and services and weights roughly 130 names close to equally, so a small SaaS shop sits near the giants. Running that way since 2011.

Stated mandate

FTEC Seeks to track, before fees and expenses, the performance of the MSCI USA IMI Information Technology Index.

XSW The fund seeks to track the total return of the S&P Software & Services Select Industry Index before fees and expenses. Its mandate covers software and services companies across application software, interactive home entertainment, IT consulting and other services, and systems software.

Why people hold it

FTEC At 0.08%, it ties the cheapest fund in its broad-tech group and undercuts VGT's 0.09%, against a cohort median of 0.40%. On a sector sleeve, that gap compounds quietly.
The MSCI USA IMI benchmark covers large, mid and small cap US tech, so the roughly 300 holdings stretch past the mega-cap tier alone.msci.com
Trading since 2013 and now a multi-billion-dollar fund, it sits in the top quartile of its broad technology peer group.

XSW Modified equal weighting resets constituents toward the same size each quarter, so results lean on software broadly rather than on three or four dominant names.ssga.com spglobal.com
A 0.35% expense ratio, below the median for its broad tech peer group, for a strategy that reweights four times a year rather than just riding market cap.spglobal.com
Roughly 130 holdings across application software, interactive home entertainment, IT consulting and systems software. One stumble is a small slice, not the whole fund.ssga.com
Live since 2011, one of the longest-running equal-weight takes on US software, and it has tracked its index closely across that history.ssga.com

Worth knowing

FTEC Membership follows GICS Information Technology, so several household-name tech businesses classified into other sectors never show up here.msci.com
One sector, one story: tech moves harder than the broad market in both directions, and roughly 300 names does not soften that.
Distributions arrive quarterly, and a growth-heavy sector index is not built around payouts.

XSW Equal weighting pulls in small and mid-cap software, the jumpiest corner of tech. The ride here tends to be bumpier than a megacap-led sector fund.ssga.com
Cap-weighted rivals cost far less: XLK and FTEC at 0.08%, VGT at 0.09%. The extra fee buys the equal-weight method, not wider coverage.
Software companies rarely pay dividends and the fund has not made distributions lately, so price change does essentially all the work. It also trades in moderate volume.

Full FTEC profile⁠

Full XSW profile⁠

FTEC vs XSW Holdings

How FTEC and XSW differ

Overlap by weight

14.1%

Shared holdings make up 88.0% of XSW and 27.3% of FTEC.

Level by level

Holdings115 in both14.1%
Sector6 Sectors91.3%
Countryby domicile99.5%
Asset classEquity100%

Sector

Sector weights in FTEC and XSW, widest gap first
Sector	More in FTECMore in XSW	FTEC	XSW
Technology	FTEC +8.8 points	99.4%	90.6%
Financials	XSW +5.5 points	0.3%	5.8%
Communication	XSW +1.5 points	0.0%	1.5%
Health Care	XSW +0.8 points	0.0%	0.8%
Consumer Discretionary	XSW +0.6 points	0.1%	0.7%
Industrials	XSW +0.4 points	0.3%	0.7%

Country, concentration and asset class

Country by domicile

Country weights in FTEC and XSW, widest gap first
Country	More in FTECMore in XSW	FTEC	XSW
United States	XSW +0.5 points	99.5%	100.0%
Other countries (5)	FTEC +0.5 points	0.5%	0.0%

Concentration

Weight in the 10 largest Holdings

FTEC63.9%
XSW11.0%

Securities held

FTEC291
XSW130

Asset class

FTEC: Equity
XSW: Equity

Holdings

Only in FTEC176
In both115
Only in XSW15

Only in FTEC

176 securities, 73.6% of FTEC by weight

Apple Inc17.17%
NVIDIA Corp16.93%
Broadcom Inc4.16%
Micron Technology Inc4.03%
Advanced Micro Devices Inc3.52%
Cisco Systems Inc1.67%
Intel Corp1.57%
Applied Materials Inc1.31%
Lam Research Corp1.24%
Texas Instruments Inc1.13%
Kla Corp0.87%
Analog Devices Inc0.85%
Securities Lending Cf0.85%
Amphenol Corporation Class A0.81%
Qualcomm Inc0.79%
Arista Networks Inc0.79%
Sandisk Corporation0.77%
Marvell Technology Inc0.75%
Seagate Techn Holdings PLC0.62%
Accenture PLC Class A0.62%
Dell Technologies Inc Class C0.59%
Western Digital Corp0.55%
Snowflake Inc0.46%
Corning Inc0.42%
Cloudflare Inc0.42%
Motorola Solutions Inc0.35%
Hewlett Packard Enterprise Co0.34%
Nxp Semiconductors NV0.30%
Lumentum Holdings Inc0.30%
Te Connectivity PLC0.29%
Keysight Technologies Inc0.26%
Monolithic Power Sys Inc0.25%
Ciena Corp0.22%
Everpure Inc-A0.22%
Netapp Inc0.21%
Teradyne Inc0.21%
Microchip Technology0.21%
Okta Inc Class A0.21%
Astera Labs Inc0.19%
Twilio Inc Class A0.18%
Coherent Corp0.18%
Skyworks Solutions Inc0.17%
Flex Ltd0.16%
Teledyne Technologies Inc0.16%
Hp Inc0.16%
Jabil Inc0.15%
Mongodb Inc Class A0.15%
On Semiconductor Corp0.15%
Verisign Inc0.14%
Entegris Inc0.14%

Only in XSW

15 securities, 11.9% of XSW by weight

RAPID7 Inc1.14%
Accenture PLC Class A0.99%
Onespan Inc0.88%
Sailpoint Inc0.88%
Sprout Social Inc Class A0.85%
Roblox Corp Class A0.83%
Yext Inc0.80%
Ccc Intelligent Solutions Ho0.79%
Mitek Systems Inc0.75%
Consensus Cloud Solution0.73%
Cerence Inc0.69%
Ncr Voyix Corp0.69%
Take Two Interactive Softwre0.64%
Bitmine Immersion Technologi0.63%
Ooma Inc0.62%

Weight gaps

The 100 widest of 115 Holdings in both funds.

Holding weights in FTEC and XSW, widest gap first
Holding	More in FTECMore in XSW	FTEC	XSW
Microsoft CorpMSFT	FTEC +11.12 points	11.88%	0.76%
Braze IncBRZE	XSW +1.31 points	0.05%	1.36%
Netskope Inc ANTSK	XSW +1.27 points	<0.01%	1.27%
Appian Corp Class AAPPN	XSW +1.02 points	0.02%	1.04%
Tenable Holdings IncTENB	XSW +1.00 points	0.08%	1.08%
Servicetitan Inc-ATTAN	XSW +0.99 points	<0.01%	0.99%
Via Transportation IncVIA	XSW +0.97 points	<0.01%	0.97%
Amplitude IncAMPL	XSW +0.95 points	0.02%	0.97%
Asana IncASAN	XSW +0.95 points	0.01%	0.96%
Dxc Technology CoDXC	XSW +0.94 points	0.04%	0.98%
Ptc IncPTC	XSW +0.92 points	0.14%	1.06%
Rubrik IncRBRK	XSW +0.92 points	0.14%	1.06%
Avepoint IncAVPT	XSW +0.91 points	0.03%	0.94%
Zscaler IncZS	XSW +0.91 points	0.14%	1.05%
Sprinklr IncCXM	XSW +0.89 points	0.01%	0.90%
Pagerduty IncPD	XSW +0.88 points	0.02%	0.90%
Qualys IncQLYS	XSW +0.87 points	0.08%	0.95%
Palantir Technologies IncPLTR	FTEC +0.87 points	1.68%	0.81%
Klaviyo IncKVYO	XSW +0.85 points	0.03%	0.88%
Sentinelone IncS	XSW +0.85 points	0.08%	0.93%
Freshworks Inc Class AFRSH	XSW +0.84 points	0.04%	0.88%
Grid Dynamics Holdings IncGDYN	XSW +0.84 points	<0.01%	0.85%
Commvault Systems IncCVLT	XSW +0.84 points	0.08%	0.92%
Teradata CorpTDC	XSW +0.83 points	0.04%	0.87%
Vertex Inc - Class AVERX	XSW +0.82 points	0.02%	0.84%
Everforth IncEFOR	XSW +0.83 points	0.02%	0.85%
FIVE9 IncFIVN	XSW +0.83 points	0.04%	0.87%
Gartner IncIT	XSW +0.82 points	0.11%	0.93%
Blackbaud IncBLKB	XSW +0.81 points	0.03%	0.84%
Box Inc Class ABOX	XSW +0.80 points	0.08%	0.88%
Alarm.com Holdings IncALRM	XSW +0.80 points	0.05%	0.85%
Bentley Sys Inc Class BBSY	XSW +0.80 points	0.07%	0.87%
C3.AI IncAI	XSW +0.80 points	0.02%	0.82%
Blackline IncBL	XSW +0.78 points	0.02%	0.80%
Docusign IncDOCU	XSW +0.77 points	0.12%	0.89%
Gitlab Inc Class AGTLB	XSW +0.77 points	0.09%	0.86%
Ringcentral Inc Class ARNG	XSW +0.76 points	0.08%	0.84%
Red Violet IncRDVT	XSW +0.76 points	<0.01%	0.76%
Elastic NVESTC	XSW +0.76 points	0.08%	0.84%
Epam Systems IncEPAM	XSW +0.75 points	0.08%	0.82%
Progress Software CorpPRGS	XSW +0.74 points	0.03%	0.77%
Workiva IncWK	XSW +0.74 points	0.06%	0.80%
Dynatrace IncDT	XSW +0.74 points	0.11%	0.85%
Procore Technologies IncPCOR	XSW +0.72 points	0.07%	0.79%
Sps Commerce IncSPSC	XSW +0.72 points	0.05%	0.77%
Agilysys IncAGYS	XSW +0.73 points	0.04%	0.77%
Manhattan Associates IncMANH	XSW +0.72 points	0.10%	0.82%
LIFE360 IncLIF	XSW +0.72 points	0.04%	0.76%
Kyndryl Holdings IncKD	XSW +0.71 points	0.04%	0.75%
Q2 Holdings IncQTWO	XSW +0.71 points	0.06%	0.77%
A10 Networks IncATEN	XSW +0.70 points	0.03%	0.73%
Guidewire Software IncGWRE	XSW +0.70 points	0.09%	0.79%
Clear Secure IncYOU	XSW +0.70 points	0.05%	0.75%
Par Technology CorpPAR	XSW +0.70 points	<0.01%	0.71%
Trimble IncTRMB	XSW +0.70 points	0.10%	0.80%
Ncino IncNCNO	XSW +0.70 points	0.03%	0.73%
Aci Worldwide IncACIW	XSW +0.68 points	0.07%	0.75%
Zeta Global Holdings CorpZETA	XSW +0.69 points	0.07%	0.76%
Daily Journal CorpDJCO	XSW +0.68 points	0.01%	0.69%
Intapp IncINTA	XSW +0.68 points	0.03%	0.71%
Liveramp Holdings IncRAMP	XSW +0.68 points	0.03%	0.71%
Varonis Systems IncVRNS	XSW +0.67 points	0.07%	0.74%
Dropbox Inc Class ADBX	XSW +0.67 points	0.07%	0.74%
Digital Turbine IncAPPS	XSW +0.67 points	<0.01%	0.67%
Tyler Technologies IncTYL	XSW +0.67 points	0.10%	0.77%
Dolby Laboratories Inc Class ADLB	XSW +0.65 points	0.06%	0.71%
Uipath Inc APATH	XSW +0.65 points	0.06%	0.71%
Hubspot IncHUBS	XSW +0.65 points	0.08%	0.73%
Samsara IncIOT	XSW +0.66 points	0.10%	0.76%
Bill Holdings IncBILL	XSW +0.65 points	0.06%	0.71%
Bigbear Ai Holdings IncBBAI	XSW +0.65 points	0.01%	0.66%
Appfolio Inc - AAPPF	XSW +0.65 points	0.06%	0.71%
Pegasystems IncPEGA	XSW +0.64 points	0.04%	0.68%
Arteris IncAIP	XSW +0.64 points	<0.01%	0.64%
Atlassian Corp PLC Cls ATEAM	XSW +0.64 points	0.17%	0.81%
Nutanix Inc Class ANTNX	XSW +0.62 points	0.12%	0.74%
Interdigital IncIDCC	XSW +0.62 points	0.07%	0.69%
Circle Internet Group Inc ACRCL	XSW +0.60 points	<0.01%	0.60%
Cognizant Tech Solutions Class ACTSH	XSW +0.59 points	0.16%	0.75%
Strategy Inc Class AMSTR	XSW +0.59 points	0.16%	0.75%
Roper Technologies IncROP	XSW +0.59 points	0.22%	0.81%
Autodesk IncADSK	XSW +0.58 points	0.23%	0.82%
Zoom Communications Inc Class AZM	XSW +0.58 points	0.13%	0.71%
Gen Digital IncGEN	XSW +0.57 points	0.10%	0.67%
Unity Software IncU	XSW +0.56 points	0.09%	0.65%
Adeia IncADEA	XSW +0.55 points	0.04%	0.59%
Workday Inc Class AWDAY	XSW +0.55 points	0.19%	0.74%
Nextnav IncNN	XSW +0.54 points	0.01%	0.55%
Core Scientific IncCORZ	XSW +0.52 points	0.04%	0.56%
F5 IncFFIV	XSW +0.51 points	0.12%	0.63%
Synopsys IncSNPS	XSW +0.50 points	0.38%	0.88%
Terawulf IncWULF	XSW +0.47 points	0.05%	0.52%
Alkami Technology IncALKT	XSW +0.47 points	0.01%	0.48%
Datadog Inc Class ADDOG	XSW +0.47 points	0.36%	0.83%
Soundhound Ai IncSOUN	XSW +0.45 points	0.02%	0.47%
Cadence Design Systems IncCDNS	XSW +0.45 points	0.40%	0.85%
Keel Infrastructure CorpKEEL	XSW +0.44 points	<0.01%	0.44%
D-Wave Quantum IncQBTS	XSW +0.43 points	0.04%	0.47%
Hut 8 CorpHUT	XSW +0.44 points	0.05%	0.49%
Palo Alto Networks IncPANW	FTEC +0.42 points	1.22%	0.80%

All 294 FTEC holdings⁠All 130 XSW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FTEC vs XSW Cost

Overpaying XSW vs FTEC

$5,353

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FTEC 0.084%
$1,773
XSW 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

FTEC 0.084%
XSW 0.35%
Overpaying

Year by year

Year	FTEC	XSW	Overpaying
10	$154	$634	$480
20	$603	$2,454	$1,851
30	$1,773	$7,126	$5,353

Expense ratio

0.08%FTEC, cheaper
0.35%XSW

FTEC0.08%XSW0.35%

0.08%1.00%

Middle half of Technology (Broad) funds
Median 0.45%

FTEC 2nd cheapest of 23 funds

XSW 5th cheapest of 23 funds

FTEC vs XSW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FTEC 0.40%, better; XSW 0.00%
Payout (12M): FTEC $1.11; XSW None
Last payment: FTEC $0.33; XSW No data
Ex-dividend: FTEC Sep 18, 2026; XSW No data
Paid on: FTEC Sep 22, 2026; XSW No data
Frequency: FTEC Quarterly; XSW No data

Distribution history

Per share, 2017 to 2026, same scale for both

FTECQuarterly · 39 paymentsAll FTEC payments⁠

XSW29 paymentsAll XSW payments⁠

FTEC vs XSW Risk

Fall from peak · 5 years

FTEC
XSW

Risk facts

VolatilityStd dev, 3 years: FTEC 22.3%, betterXSW 25.9%
Return per unit of riskSharpe ratio, 3 years: FTEC 1.19, betterXSW 0.68
Worst fallMax drawdown, 5 years: FTEC −35.0%, betterXSW −45.4%
Market sensitivityBeta, 5 years: FTEC 1.35XSW 1.37; Market = 1

FTEC and XSW in the news

All news⁠

Category Review
Equal-weight technology beat the biggest tech funds this year
Updated Oct 26, 2026FTEC
Top Movers
Cybersecurity funds led the week, up as much as 12.7%, as gold miners fell
Oct 23, 2026XSW
Category Rankings
The funds most people hold lost money in September as gains stayed narrow
Updated Oct 2, 2026XSW
Deep Dive
An equal-weight technology ETF beat the cap-weighted fund by 9.3 percentage points
Sep 28, 2026FTEC

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FTEC vs XSW

In short

Stated mandate

Why people hold it