Software's Recovery Is Still Loading

It’s been just over a year since the iShares Software ETF ( IGV ) peaked on September 22, 2025, and getting back to that level has been a work in progress. The ETF has since rallied 43%, bringing it back above both its 50- and 200-DMA, but it’s still 9.4% below last September’s peak. CrowdStrike and Fortinet have more than doubled since IGV’s September peak, and Palo Alto Networks is up nearly 80%. For AppLovin and Intuit, there hasn’t even been a rebound over the same period. Both have fallen another 16% or more since IGV bottomed in April.