Software ETFs Record Worst Quarter Since 2008

Software ETF IGV fell 1.9% in March, marking a three‑month decline of 24%, the worst stretch since Q4 2008.
Large‑cap SaaS firms Adobe, Salesforce, Workday and SAP missed earnings expectations, pushing software sentiment negative and valuations to five‑year lows.
TD Cowen values the software basket at ~4.1 × EV/NTM sales, down from 4.5× in Feb and 5.6× in Jan, indicating valuation compression.
Infrastructure software fell 4.0% versus applications software –2.9%; marketing software stocks Braze (+24%) and Klaviyo (+12%) outperformed.