ETF · Broad Market

EWT(EWT)

$102.81
-2.00%
Expense Ratio
$7.2B
Total AUM
Holdings
Inception
Active Share vs VOO
Truly Active
0%20%60%100%
75.8%

AI Look-Through Summary

AI Generated

The portfolio's sector allocation is dominated by "Other" industries, accounting for over half of its holdings, suggesting a broad and diversified approach to investing in Taiwan. The top holdings are also concentrated among Taiwanese stocks, with the top five names representing over 40% of the fund's assets.

A closer look at the top holdings reveals that the portfolio has a significant weighting towards technology and semiconductor companies, led by 2330.TW (21.1%). This concentration may increase the risk associated with sector-specific developments in these industries. Compared to the broader market, this portfolio appears to have a more pronounced tilt towards Taiwan's domestic market, which could be influenced by local economic trends and policies. A favorable environment for this portfolio would likely involve sustained growth in Taiwan's economy and technology sector, while an unfavorable environment might arise from global trade tensions or regional economic downturns.

Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-06-28 08:58:37.539029+00

🔍 Theme Alignment Audit

AI GeneratedPurity: 95/100

The fund's name, EWT, implies a thematic focus on Taiwan exposure, and the top holdings list confirms this alignment exclusively through tickers ending in .TW. Every significant position held within the disclosed portfolio corresponds to companies listed on the Taiwanese market, demonstrating a strict adherence to the stated geographic theme without deviation into unrelated global or domestic equities. There is no evidence of broad-market stabilizers or mega-cap names from outside the target region diluting the thematic purity; instead, the concentration in specific local identifiers suggests a dedicated strategy rather than a generic wrapper using regional labels for stability.

Sector coherence appears consistent with the implied theme, as the portfolio relies entirely on entities operating within Taiwan's economic landscape. The top-10 concentration of 49.6% indicates that performance will be heavily influenced by these leading domestic firms, which creates a distinct differentiation from broad market indices that typically include global diversification. While this high weighting amplifies exposure to specific Taiwanese industry cycles and regulatory environments, it also ensures the fund remains tightly bound to its core mandate rather than drifting into unrelated sectors or geographies. The absence of non-Taiwan assets in the primary holdings reinforces the structural integrity of the investment approach relative to its naming convention.

AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 07:38:50.493863+00

Flow Driver Analysis

2-Step Circle

Which larger ETFs share EWT's holdings — and mechanically drive its price through index rebalancing flows?

Approximately 38% of EWT's weight flows through these larger ETFs

Driver ETFAUMExpenseShared StocksWeight Overlap
IEMGIEMG$134B437.8%

38% of EWT's portfolio by weight is also held by IEMG, which commands 19× more assets under management. When IEMG receives inflows, it mechanically buys these shared stocks — dragging EWT's NAV along regardless of any thematic or sector catalyst.

Overlap computed from constituent-level holdings data across 1 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.

30.7x
Weighted P/E
8.88x
Weighted P/B
$20.7T
Wtd Avg Market Cap

Herfindahl-Hirschman Concentration Index

01000200030004000576
Well Diversified
Top 5: 40.7%Top 10: 52.0%

Morningstar-Style Box

Value
Blend
Growth
Large
Mid
Small
Large Growth

Sector & Cap Explorer

Visualization Mode

ETF Fundamental Radar

Total Analysis
48% Weight
Market Cap
Mega
Risk Profile
Low Risk

Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.

Piotroski F-Score (Operational Health)

Score 0-9: Measures Profitability, Leverage, and Efficiency

↑ Weight (%)100%80%60%40%20%
0%
0–3 Weak
16%
4–6 Average
31%
7–9 Strong

Based on 48% of fund weight with Piotroski data.

Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.

Dividend Safety True-Up

Deterministic
76%
Wtd FCF Payout Ratio
1.36%
TTM Yield
Stretched
Dividend Durability
76% of FCF
0% (retains all cash)50%100% (pays out everything)

The dividend-paying companies inside EWT collectively pay out 76% of their Free Cash Flow to maintain the current yield. This is stretched — a prolonged earnings slump could force constituent companies to cut dividends. Based on 42% of fund weight in dividend-paying stocks.

FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.

Earnings vs. Price Decomposition

Proprietary
+85.9%
ETF 1Y Return
+41.7%
Wtd Earnings Growth
+44.2%
Multiple Expansion
Earnings
P/E Inflation

EWT is up 85.9% over the last 12 months. The underlying weighted earnings growth of its constituents is +41.7%. The remaining +44.2% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.

Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 48% of fund weight with earnings data. Not investment advice.

Value Creation Map

ROIC vs WACC

What percentage of EWT's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?

89% Creators
Value Creators (ROIC > WACC)42.2%
Value Destroyers5.3%

Of EWT's analyzed weight, 89% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 11% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.

ROIC-WACC spread for 48% of fund weight with available data. Not investment advice.

Concentration Risk Monitor

CRITICAL
21.1%
Largest Holding
2330.TW
33.7%
Top 3 Weight
17
Effective # of Stocks
77%
Top Stock Var. Share
Portfolio weight concentration
2330.TW
2454.TW
Other 5 stocks

2330.TW at 21.1% has captured EWT's portfolio. The top 3 holdings (34%) dominate the fund's variance — the remaining 7 stocks provide minimal diversification.EWT effectively behaves like a 17-stock portfolio, not a 10-stock one.

Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.

Passive Crowding Score

LOW

How much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.

0/ 100
Wtd Avg Passive Ownership0.0%
Most Crowded Holding2454.TW (0.1%)
Least Crowded2327.TW (0.0%)
Coverage52% of fund weight
0 — Low255075100 — Extreme

EWT has a low Passive Crowding Score of 0/100. On average, 0.0% of the market capitalization of EWT's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.

Passive $ = Σ(ETF AUM × holding weight) across all 2 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.

Under the Hood — Top 10 Constituents

Top 10 Concentration52.0%
#TickerCompanyWeightP/EF-Score
12330.TW
Taiwan Semiconductor Manufacturing Co Ltd
21.10%
27.8x9/9
22454.TW
MediaTek Inc
7.01%
24.1x4/9
32308.TW
Delta Electronics Inc
5.58%
65.6x8/9
42317.TW
Hon Hai Precision Industry Co Ltd
4.08%
15.0x6/9
53711.TW
ASE Technology Holding Co Ltd
2.89%
39.9x6/9
63037.TW
Unimicron Technology Corp
2.46%
113.7x7/9
72383.TW
Elite Material Co Ltd
2.37%
68.4x6/9
82303.TW
United Microelectronics Corp
2.29%
33.9x
92327.TW
Yageo Corp
2.15%
67.3x
102345.TW
Accton Technology Corp
2.05%
34.9x7/9

Historical Holdings Snapshots

Browse how EWT’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.

2026-06-29

10 holdings · 52.0% tracked weight
#TickerWeightSharesMarket Value
12330.TW21.10%
22454.TW7.01%
32308.TW5.58%
42317.TW4.08%
53711.TW2.89%
63037.TW2.46%
72383.TW2.37%
82303.TW2.29%
92327.TW2.15%
102345.TW2.05%

2026-06-28

10 holdings · 52.0% tracked weight
#TickerWeightSharesMarket Value
12330.TW21.10%
22454.TW7.01%
32308.TW5.58%
42317.TW4.08%
53711.TW2.89%
63037.TW2.46%
72383.TW2.37%
82303.TW2.29%
92327.TW2.15%
102345.TW2.05%

2026-06-27

10 holdings · 52.0% tracked weight
#TickerWeightSharesMarket Value
12330.TW21.10%
22454.TW7.01%
32308.TW5.58%
42317.TW4.08%
53711.TW2.89%
63037.TW2.46%
72383.TW2.37%
82303.TW2.29%
92327.TW2.15%
102345.TW2.05%

2026-06-26

10 holdings · 52.0% tracked weight
#TickerWeightSharesMarket Value
12330.TW21.10%
22454.TW7.01%
32308.TW5.58%
42317.TW4.08%
53711.TW2.89%
63037.TW2.46%
72383.TW2.37%
82303.TW2.29%
92327.TW2.15%
102345.TW2.05%

2026-06-25

10 holdings · 52.0% tracked weight
#TickerWeightSharesMarket Value
12330.TW21.10%
22454.TW7.01%
32308.TW5.58%
42317.TW4.08%
53711.TW2.89%
63037.TW2.46%
72383.TW2.37%
82303.TW2.29%
92327.TW2.15%
102345.TW2.05%

2026-06-24

10 holdings · 52.0% tracked weight
#TickerWeightSharesMarket Value
12330.TW21.10%
22454.TW7.01%
32308.TW5.58%
42317.TW4.08%
53711.TW2.89%
63037.TW2.46%
72383.TW2.37%
82303.TW2.29%
92327.TW2.15%
102345.TW2.05%

Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.

Risk Profile

23.3%
Annual Volatility
2.23
Sharpe (1Y)
1.22
Sharpe (3Y)
-25.7%
Max Drawdown (3Y)
-38.9%
Max Drawdown (5Y)

Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.

Price Chart with Moving Averages

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Technical Setup

AI Generated

The current price of $89.83 for EWT sits at a specific juncture where short-term technical structures intersect with broader moving average trends, potentially reflecting shifting institutional sentiment. Without explicit crossover events or volume surges in the provided snapshot, larger market participants may be maintaining neutral positions while awaiting confirmation from future price action relative to key support and resistance levels. The absence of immediate directional signals suggests that significant capital flows might currently be consolidating rather than aggressively entering or exiting the position. Volume dynamics are not explicitly detailed here, yet any deviation in trading activity around this $89.83 level could serve as a critical indicator for how sophisticated players are gauging market depth. If institutional actors were preparing to deploy substantial capital, one might expect observable acceleration in volume coinciding with price breaks above or below established moving averages. Conversely, stagnant volume at these levels often implies that major entities are waiting for clearer macroeconomic data before committing fresh resources. Ultimately, the technical landscape presents a snapshot of equilibrium where larger players appear cautious rather than decisive regarding immediate directional bets. The positioning suggests that while the asset has reached a notable price point, there is insufficient evidence in this isolated view to confirm whether institutions are aggressively accumulating or distributing shares. Market participants must interpret these static data points as part of an evolving narrative, recognizing that true institutional intent often reveals itself only through sustained shifts in both price trajectory and trading intensity over time.

Underwater (Drawdown from Peak)

How far below the all-time high the price has been over time. Deeper = more pain for holders.

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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.

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Rolling Beta Market (β = 1.0)

Yield & Income

1.36%
TTM Yield
30-Day SEC Yield
5Y Div CAGR

Sector Drift Over Time

How EWT’s sector allocation has shifted across snapshots. Use the slider to travel through time.

2026-06-2974 snapshots
Other100.0%
2026-03-302026-06-29

Active Conviction Tracker

Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.

No position changes detected between snapshots.

Explore More

Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-26.

SecuritiesDB is for informational purposes only. Not investment advice.