DEM(DEM)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards "Other" sectors, which comprises over 100% of the fund, implying that it may be tracking an index or benchmark with a unique sector classification. This is likely due to its focus on international and emerging markets. The remaining sectors are relatively minor, with Real Estate being the second-largest sector at 0.4%. The weighted P/E ratio of 14.2x suggests that the portfolio's constituent companies have relatively low earnings multiples compared to the broader market.
The top holdings are dominated by large-cap stocks from various regions, including Saudi ARAMCO and Chinese conglomerates like GFNORTEO. However, the presence of several smaller-cap stocks, such as 939 (4.5%) and WTGXX (2.1%), indicates that the fund may be exposed to higher concentration risk. The sector mix is significantly different from the broader market, which could make it more or less sensitive to changes in specific sectors or macroeconomic conditions. A favorable environment for this portfolio might include a strong recovery in emerging markets or a rise in commodity prices, while an unfavorable environment could be characterized by a decline in global trade or a decrease in oil prices.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:19:04.391803+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 15/100The investment theme implied by the ticker DEM typically suggests a focus on emerging market equities, yet the provided holdings list reveals a significant disconnect from this specific thematic label. Several top positions are financial instruments rather than equity stocks; for instance, WTGXX and DSVXX appear to be money market funds or similar cash equivalents, which do not align with an active equity strategy focused on growth or value in developing markets. Furthermore, while names like PKN and ARAMCO suggest exposure to energy sectors common in emerging economies, the inclusion of broad financial vehicles dilutes the thematic purity expected from a fund named DEM. The presence of these non-equity assets indicates that the portfolio may be utilizing cash-like instruments for stability or liquidity management rather than maintaining a strict adherence to an equity-centric investment thesis implied by its designation.
Sector coherence presents another area where the fund diverges from typical emerging market equity profiles, as evidenced by the extremely low allocation weights across all listed sectors. With Real Estate representing only 0.4% and Industrials at 0.2%, the sector breakdown suggests a portfolio that is not heavily weighted toward traditional industrial or resource-heavy industries often associated with such markets. The top-10 concentration of 23.9% indicates a relatively diversified spread among the selected equities, yet this diversification does not compensate for the lack of clear thematic direction found in the asset mix itself. Consequently, the fund appears to function more as a hybrid vehicle mixing cash equivalents with selective equity exposure rather than serving as a pure-play vehicle dedicated solely to emerging market stock performance or specific sectoral trends within those regions.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-18 13:53:17.264071+00
🏢 Sector Analysis
AI GeneratedThe sector allocation data for DEM reveals an exceptionally narrow investment universe, characterized by a near-total absence of exposure across traditional equity sectors. With Real Estate and Industrials comprising the majority of the listed percentages at 0.4% and 0.2% respectively, alongside negligible positions in Consumer Cyclical, Healthcare, and Consumer Defensive categories, the fund's structure suggests it is not designed to track broad market breadth or industry-specific trends. This extreme lack of diversification across standard economic drivers indicates that the fund likely operates as a specialized vehicle targeting specific assets outside conventional sector classifications, rather than offering balanced exposure to cyclical or defensive industries.
Concentration risk emerges as the most defining feature when analyzing the top-10 holdings, which collectively account for 23.9% of the portfolio. The dominance of individual positions such as 939 at 4.3%, WTGXX at 3.8%, and ARAMCO at 1.9% within a small group implies that performance will be heavily dictated by the fortunes of these specific entities rather than sector-wide movements. This high degree of reliance on a limited number of names suggests an investment thesis centered on precise, idiosyncratic bets or niche exposures where capital is allocated to maximize impact from select opportunities rather than spreading risk across diverse industries.
The data further highlights that standard factor tilts toward market cap weighting or industry rotation are likely absent given the fragmented sector breakdown and lack of typical large-cap diversification found in broad-based instruments. Instead, the portfolio appears engineered for targeted exposure where specific holdings carry disproportionate weight relative to their underlying sectors. Investors examining this structure must recognize that returns will be tightly coupled with the performance of these concentrated positions, meaning volatility may fluctuate significantly based on the fortunes of a handful of assets rather than broader market dynamics or sector cycles.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 00:37:52.975708+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share DEM's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of DEM's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPEMSPEM | $16B | — | 183 | 55.6% |
| VWOVanguard Emerging Markets Stock Index Fund | $149B | — | 74 | 43.1% |
| VYMIVYMI | $19B | — | 54 | 40.3% |
| CWICWI | $2B | — | 58 | 37.4% |
| VSGXVSGX | $6B | — | 31 | 28.9% |
56% of DEM's portfolio by weight is also held by SPEM, which commands 5× more assets under management. When SPEM receives inflows, it mechanically buys these shared stocks — dragging DEM's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofDEM's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 3% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
Earnings vs. Price Decomposition
ProprietaryDEM is up 19.2% over the last 12 months. The underlying weighted earnings growth of its constituents is +52.7%. Despite earnings growth, valuations have contracted by 33.5% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 3% of fund weight with earnings data. Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | 939 | China Construction Bank Corp. | 4.51% | — | — |
| 2 | 1398 | Industrial & Commercial Bank of China Ltd. | 2.82% | — | — |
| 3 | 2454 | MediaTek Inc. | 2.52% | — | — |
| 4 | ARAMCO | Saudi Arabian Oil Company | 2.15% | — | — |
| 5 | WTGXX | WISDOMTREE GOVERNMENT MONEY MARKET DIGITAL FUND | 2.10% | — | — |
| 6 | GFNORTEO | GRUPO FINANCIERO BANORTE SAB DE CV | 1.99% | — | — |
| 7 | PKN | Orlen SA | 1.92% | — | — |
| 8 | 2318 | Ping An Insurance (Group) Company of China Ltd. | 1.67% | — | — |
| 9 | 601166 | Industrial Bank Co Ltd. | 1.43% | — | — |
| 10 | FEMSAUBD | Fomento Economico Mexicano S A B de C V | 1.36% | — | — |
| 11 | PKO | Powszechna Kasa Oszczednosci Bank Polski SA | 1.31% | — | — |
| 12 | 2382 | Quanta Computer Inc. | 1.29% | — | — |
| 13 | VEDL | Vedanta Ltd. | 1.16% | — | — |
| 14 | 2303 | United Microelectronics Corp. | 1.16% | — | — |
| 15 | 1088 | China Shenhua Energy Co Ltd. | 1.07% | — | — |
Historical Holdings Snapshots
Browse how DEM’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 28.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 939 | 4.51% | 146,388,054 | $156.7M |
| 2 | 1398 | 2.82% | 111,792,823 | $97.8M |
| 3 | 2454 | 2.52% | 1,880,000 | $87.6M |
| 4 | ARAMCO | 2.15% | 10,208,551 | $74.5M |
| 5 | WTGXX | 2.10% | 72,800,000 | $72.8M |
| 6 | GFNORTEO | 1.99% | 6,265,535 | $69.0M |
| 7 | PKN | 1.92% | 1,844,396 | $66.5M |
| 8 | 2318 | 1.67% | 7,639,000 | $57.9M |
| 9 | 601166 | 1.43% | 18,173,400 | $49.5M |
| 10 | FEMSAUBD | 1.36% | 4,315,706 | $47.3M |
| 11 | PKO | 1.31% | 1,954,040 | $45.5M |
| 12 | 2382 | 1.29% | 5,141,000 | $44.8M |
| 13 | VEDL | 1.16% | 5,829,431 | $40.2M |
| 14 | 2303 | 1.16% | 22,758,000 | $40.2M |
| 15 | 1088 | 1.07% | 6,342,000 | $37.3M |
2026-07-18
15 holdings · 28.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 939 | 4.51% | 146,388,054 | $156.7M |
| 2 | 1398 | 2.82% | 111,792,823 | $97.8M |
| 3 | 2454 | 2.52% | 1,880,000 | $87.6M |
| 4 | ARAMCO | 2.15% | 10,208,551 | $74.5M |
| 5 | WTGXX | 2.10% | 72,800,000 | $72.8M |
| 6 | GFNORTEO | 1.99% | 6,265,535 | $69.0M |
| 7 | PKN | 1.92% | 1,844,396 | $66.5M |
| 8 | 2318 | 1.67% | 7,639,000 | $57.9M |
| 9 | 601166 | 1.43% | 18,173,400 | $49.5M |
| 10 | FEMSAUBD | 1.36% | 4,315,706 | $47.3M |
| 11 | PKO | 1.31% | 1,954,040 | $45.5M |
| 12 | 2382 | 1.29% | 5,141,000 | $44.8M |
| 13 | VEDL | 1.16% | 5,829,431 | $40.2M |
| 14 | 2303 | 1.16% | 22,758,000 | $40.2M |
| 15 | 1088 | 1.07% | 6,342,000 | $37.3M |
2026-07-17
15 holdings · 28.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 939 | 4.51% | 146,388,054 | $156.7M |
| 2 | 1398 | 2.82% | 111,792,823 | $97.8M |
| 3 | 2454 | 2.52% | 1,880,000 | $87.6M |
| 4 | ARAMCO | 2.15% | 10,208,551 | $74.5M |
| 5 | WTGXX | 2.10% | 72,800,000 | $72.8M |
| 6 | GFNORTEO | 1.99% | 6,265,535 | $69.0M |
| 7 | PKN | 1.92% | 1,844,396 | $66.5M |
| 8 | 2318 | 1.67% | 7,639,000 | $57.9M |
| 9 | 601166 | 1.43% | 18,173,400 | $49.5M |
| 10 | FEMSAUBD | 1.36% | 4,315,706 | $47.3M |
| 11 | PKO | 1.31% | 1,954,040 | $45.5M |
| 12 | 2382 | 1.29% | 5,141,000 | $44.8M |
| 13 | VEDL | 1.16% | 5,829,431 | $40.2M |
| 14 | 2303 | 1.16% | 22,758,000 | $40.2M |
| 15 | 1088 | 1.07% | 6,342,000 | $37.3M |
2026-07-16
15 holdings · 28.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 939 | 4.51% | 146,388,054 | $156.7M |
| 2 | 1398 | 2.82% | 111,792,823 | $97.8M |
| 3 | 2454 | 2.52% | 1,880,000 | $87.6M |
| 4 | ARAMCO | 2.15% | 10,208,551 | $74.5M |
| 5 | WTGXX | 2.10% | 72,800,000 | $72.8M |
| 6 | GFNORTEO | 1.99% | 6,265,535 | $69.0M |
| 7 | PKN | 1.92% | 1,844,396 | $66.5M |
| 8 | 2318 | 1.67% | 7,639,000 | $57.9M |
| 9 | 601166 | 1.43% | 18,173,400 | $49.5M |
| 10 | FEMSAUBD | 1.36% | 4,315,706 | $47.3M |
| 11 | PKO | 1.31% | 1,954,040 | $45.5M |
| 12 | 2382 | 1.29% | 5,141,000 | $44.8M |
| 13 | VEDL | 1.16% | 5,829,431 | $40.2M |
| 14 | 2303 | 1.16% | 22,758,000 | $40.2M |
| 15 | 1088 | 1.07% | 6,342,000 | $37.3M |
2026-07-15
15 holdings · 28.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 939 | 4.51% | 146,388,054 | $156.7M |
| 2 | 1398 | 2.82% | 111,792,823 | $97.8M |
| 3 | 2454 | 2.52% | 1,880,000 | $87.6M |
| 4 | ARAMCO | 2.15% | 10,208,551 | $74.5M |
| 5 | WTGXX | 2.10% | 72,800,000 | $72.8M |
| 6 | GFNORTEO | 1.99% | 6,265,535 | $69.0M |
| 7 | PKN | 1.92% | 1,844,396 | $66.5M |
| 8 | 2318 | 1.67% | 7,639,000 | $57.9M |
| 9 | 601166 | 1.43% | 18,173,400 | $49.5M |
| 10 | FEMSAUBD | 1.36% | 4,315,706 | $47.3M |
| 11 | PKO | 1.31% | 1,954,040 | $45.5M |
| 12 | 2382 | 1.29% | 5,141,000 | $44.8M |
| 13 | VEDL | 1.16% | 5,829,431 | $40.2M |
| 14 | 2303 | 1.16% | 22,758,000 | $40.2M |
| 15 | 1088 | 1.07% | 6,342,000 | $37.3M |
2026-07-14
15 holdings · 28.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 939 | 4.51% | 146,388,054 | $156.7M |
| 2 | 1398 | 2.82% | 111,792,823 | $97.8M |
| 3 | 2454 | 2.52% | 1,880,000 | $87.6M |
| 4 | ARAMCO | 2.15% | 10,208,551 | $74.5M |
| 5 | WTGXX | 2.10% | 72,800,000 | $72.8M |
| 6 | GFNORTEO | 1.99% | 6,265,535 | $69.0M |
| 7 | PKN | 1.92% | 1,844,396 | $66.5M |
| 8 | 2318 | 1.67% | 7,639,000 | $57.9M |
| 9 | 601166 | 1.43% | 18,173,400 | $49.5M |
| 10 | FEMSAUBD | 1.36% | 4,315,706 | $47.3M |
| 11 | PKO | 1.31% | 1,954,040 | $45.5M |
| 12 | 2382 | 1.29% | 5,141,000 | $44.8M |
| 13 | VEDL | 1.16% | 5,829,431 | $40.2M |
| 14 | 2303 | 1.16% | 22,758,000 | $40.2M |
| 15 | 1088 | 1.07% | 6,342,000 | $37.3M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove DEM Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe current trading environment for DEM presents a scenario where price action sits at $53.50, yet the absence of broader volatility metrics or drawdown history makes it impossible to assess whether this level represents a structural inflection point or merely transient noise without additional context regarding recent market stress. In financial data analysis, determining if momentum is robust often requires correlating current pricing with historical variance and peak-to-trough declines; however, with only the single price datum available, any characterization of risk dynamics remains speculative rather than evidentiary. The fundamental backdrop cannot be inferred from this isolated figure, leaving a significant gap in understanding whether the asset's trajectory is driven by sustained value appreciation or fragile short-term positioning that could easily reverse upon exposure to wider market shifts. Consequently, while the price level itself offers no direct insight into risk-adjusted returns or stability, it serves as a static reference point against which future volatility and drawdown patterns would need to be measured to evaluate true momentum strength. Without data on standard deviation, beta coefficients, or recent support/resistance breaches, one cannot definitively conclude whether the current market state reflects deep-seated structural changes or is susceptible to rapid devaluation due to latent risks embedded in unseen fundamental conditions. The technical setup appears incomplete for a comprehensive risk assessment, suggesting that any interpretation of the asset's resilience at this specific price point would rely heavily on assumptions rather than synthesized empirical evidence regarding its volatility profile or historical downside protection.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How DEM’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
AUM & Capital Flow Tracker
Estimated assets under management derived from SEC filings and daily price movements — tracks how the fund's value evolves over time.
Estimated AUM derived from the latest SEC N-PORT filing TNA ($3.55B) scaled by daily price changes. Filing snapshots update when new regulatory filings are published (quarterly for most funds, daily for ARK).
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.