SPDR S&P Oil & Gas Equipment & Services ETF (XES) is an exchange-traded fund that tracks the S&P Oil & Gas Equipment & Services Select Industry Index, providing investors with targeted exposure to the oil and gas equipment and services segment of the energy sector. The ETF offers shares that trade on the NYSE Arca exchange under the ticker XES; it employs a modified equal-dollar weighted strategy to replicate the performance of its benchmark index, which includes companies involved in upstream, midstream, and downstream oil and gas activities. XES primarily invests in U.S.-listed equities within the equipment and services sub-industry, such as providers of drilling rigs, well services, oilfield equipment, and related technologies; top holdings typically feature firms like SLB, Baker Hughes, and Halliburton, with sector allocations focused exclusively on energy equipment manufacturers and service providers. Managed by State Street Global Advisors since its inception in 2006, the fund is headquartered in Boston, Massachusetts, and operates globally through its U.S.-based exchange listing, serving institutional and retail investors seeking sector-specific energy plays. In recent developments, XES has benefited from heightened volatility in oil prices amid geopolitical tensions and supply constraints in 2024-2025, leading to increased assets under management; the fund underwent a routine rebalance in line with S&P Dow Jones Indices methodology during Q3 2025, incorporating new entrants from mergers in the services space, while State Street announced enhanced ESG screening options for similar ETFs in late 2024 without altering XES's core mandate.