Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTTrefis TeamTue, June 23, 2026 at 6:44 PM GMT+2 3 min readPhoto by ArtsyBee on PixabayThe tech fund's impressive return looks broad, but a closer look reveals the heavy lifting was done by just a few of its holdings.Among the 50 largest holdings in the State Street Technology Select Sector SPDR ETF (XLK), 38 rose over the past year while 12 fell. That positive tilt helped the fund deliver a +60.7% return. But if you own this fund, you should know that this gain wasn't an even, all-boats-lifted story. The real work was done in a very concentrated way.The Outlier That Did The LiftingThe single biggest contributor to