XOP Fund Description

The SPDR S&P Oil & Gas Exploration & Production ETF tracks an equal-weighted index of companies in the US oil & gas exploration & production space.

XOP ETF.com Insight

XOP offers a unique equal-weight approach to oil & gas exploration & production. As a result of its equal-weight scheme, the fund underweights the biggest industry players whichXOP offers a unique equal-weight approach. tend to dominate vanilla portfolios. As such, the equal-weighting strategy is particularly attractive here and earns XOP a spot on our Opportunities list. The fund also tilts away from pure exposure, with holdings in refining and commodity chemicals. At 35 bps, the fund is a bit expensive for a U.S. equity ETF except in its segment, where it's one of the cheaper options. Fortunately, XOP makes up for its shortcomings with deep liquidity. Its daily dollar volume of almost $500+ million and 2 bp spreads make it ideal for small and large traders alike. (Insight updated 10/03/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 11/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
XOP 3.72% -19.72% -10.23% -11.14% 8.82% 10.55% --
XOP (NAV) 3.71% -19.75% -10.28% -11.12% 8.75% 10.54% --
S&P Oil & Gas Exploration & Production Select Industry Index 3.71% -19.76% -10.16% -11.02% 8.89% 10.74% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

XOP Top 10 Countries

XOP Top 10 Sectors

XOP Top 10 Holdings View All

XOP Summary Data

SSgA

A company that produces and manages ETFs.

06/19/06

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.35%

The net total annual fee a fund holder pays to the issuer.

$1.26 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$778.07 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.04%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

XOP Portfolio Data

$18.28 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

73.49

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.50

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

0.90%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/29/14

The date on which a security's price excludes an upcoming dividend.

88

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

XOP Index Data

S&P Oil & Gas Exploration & Production Select Industry Index

This is the benchmark an ETF is desigend to track or replicate.

Equal

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

Thomson Reuters US Oil & Gas Exploration and Production

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to XOP

IEO, PXE

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

XOP ETF.com Efficiency Insight

XOP's 35 bp expense ratio isn't the highest in its segment, but is still pricey in terms of U.S. equity ETFs. The good news is that the fund has clawed at least some of those 35 bps back via sec lending, as XOP has lagged its index by 29 bps over a 1-year period in the past 2 years. With over $1B in assets it's no threat to close, and has been tax efficient to date. (Insight updated 10/03/2014)

Total Return - 11/24/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 11/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
XOP 3.72% -19.72% -10.23% -11.14% 8.82% 10.55% --
XOP (NAV) 3.71% -19.75% -10.28% -11.12% 8.75% 10.54% --
S&P Oil & Gas Exploration & Production Select Industry Index 3.71% -19.76% -10.16% -11.02% 8.89% 10.74% --
Thomson Reuters US Oil & Gas Exploration and Production 2.52% -13.58% -0.97% -4.67% 8.98% 7.90% 11.51%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

XOP Portfolio Management

0.35%

The net annual fee a fund holder pays to the issuer.

-0.28%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.09%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.41%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

XOP Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

XOP Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

XOP ETF.com Tradability Insight

XOP is not only the most liquid fund in its segment, it's also one of the most liquid U.S. equity ETFs, period. It trades almost $500 million a day (130 creation units), with a spread of 2 bps. XOP's liquidity is deep enough to ensure that both small and large investors will get a fair deal. Just be sure, as with any ETF, to use limit orders. (Insight updated 10/03/2014)



Average Spread
Premium/Discount
Volume

XOP ETF.com/ Block LiquidityAs of 11/25/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of XOP. XOP is rated a 5 out of 5.

XOP Tradability

12,804,072

It is the daily number of shares traded, averaged over the past 45 trading days.

$778.07 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

10,633,978

Median number of shares traded over the past 45 trading days.

$654.12 M

Median dollar value of shares traded over the past 45 trading days.

0.04%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.03

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

-0.00%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.18% / -0.15%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

212.68

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.01%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.11%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

849,338

The total number of net outstanding options contracts for an ETF.

$61.11

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

XOP ETF.com Fit Insight

XOP's equal-weighting scheme does a poor job representing the broad market and gives the fund a pronounced small-cap tilt - 40% of its portfolio is in small- and micro-caps. Classification issues also dilute the fund's pure-play appeal, as only about 78% is invested in true exploration & production companies. Though XOP has outperformed the market by about 3% annually over the past five years, its much higher beta (1.20) should cause investors to consider if the additional risk is worth the outperformance. (Insight updated 10/03/2014)

XOP Geographic Exposure

XOP Segment Benchmark
99.78% 99.27%

0.22% 0.73%

XOP Segment Benchmark
100.00% 100.00%

100.00% / 0% 100.00% / 0%

XOP Performance Statistics

0.91

The degree to which the fund and its segment benchmark move up and down in unison.

1.25

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.28

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.26

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.62%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Thomson Reuters US Oil & Gas Exploration and Production

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

XOP Benchmark Comparison

XOP
88 Holdings
Segment Benchmark
67 Constituents
Shared Holdings
52 (Count)
 
34.62% (Weight)
XOPSegment Benchmark
$37.61 B$18.28 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

71%24%
22%35%
7%29%
0%12%
30.3273.49

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.771.50

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.95%1.00%

The weighted average of the current yield on the portfolio’s holdings.

6788

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

HighLow

The level of return contribution attributable to the average portfolio constituent.