MTUM(MTUM)
AI Look-Through Summary
AI GeneratedThe MTUM ETF maintains a substantial asset base of $20.2 billion, characterized by a distinct tilt toward companies exhibiting strong momentum and growth potential. The portfolio's sector allocation is heavily weighted within Technology, which accounts for 27.1% of total assets, indicating a concentrated exposure to this dynamic industry compared to broader market benchmarks. This concentration is further amplified by the top ten holdings, where five positions are exclusively technology firms including MU, AVGO, NVDA, AMD, INTC, and LRCX. These six entities alone command over 24% of the fund's assets, suggesting that performance will be significantly driven by the valuation trajectories and earnings revisions within this specific sub-sector rather than a diversified spread across all industries.
Beyond technology, the remaining sector weights reveal a more modest presence in Healthcare at 3.8%, Energy at 3.4%, Industrials at 3.2%, and Communication Services at 2.9%. Notably, while JNJ represents the largest single holding within non-technology sectors, its weight is substantially lower than the tech giants dominating the top of the list. The inclusion of energy and industrial leaders like XOM and CAT alongside communication services giant GOOGL provides a layer of diversification, yet these positions do not materially offset the overwhelming influence of the technology sector on overall portfolio volatility and return potential. With such a high degree of concentration in just three or four top-tier names combined with the dominant tech weighting, the fund's risk profile appears closely tied to macroeconomic factors affecting large-cap growth stocks rather than offering broad-based market stability through equal-weighted exposure.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-23 08:22:49.788542+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 45/100The thematic alignment between the fund's name, which implies a focus on earnings momentum and high-quality growth companies, and its actual holdings presents notable inconsistencies. While several top positions such as Nvidia, Broadcom, and Micron are consistent with a technology-oriented strategy driven by rapid revenue expansion, significant portions of the portfolio include sectors like Energy and Industrials that typically exhibit different growth characteristics than pure-play momentum stocks. The inclusion of major industrial firms and energy producers alongside communication services suggests a broader market exposure rather than a strict adherence to high-growth themes often associated with such labels.
Concentration risk remains moderate within the technology sector, yet the overall portfolio structure relies heavily on mega-cap dominance which may dilute the distinctiveness intended by an earnings-momentum strategy. Although the top ten holdings account for just over forty percent of assets under management, the heavy weighting in established giants across diverse industries indicates that the fund behaves more like a broad market index with a slight tilt toward large-cap equities than a specialized thematic vehicle. The sector weights show limited coherence beyond technology, as healthcare and energy allocations appear somewhat disconnected from a pure earnings growth narrative, suggesting the underlying strategy prioritizes stability through diversified mega-caps over strict thematic purity.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-19 05:28:39.873296+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors from top holdings highlight three emerging macro-level threats: regulatory compliance regarding climate change, escalating cybersecurity and data privacy costs, and the potential for restrictive AI regulations. These disclosures indicate that a significant portion of the fund's exposure is increasingly tied to external policy environments rather than purely internal operational metrics. Specifically, NVIDIA's detailed warnings about material adverse impacts from climate regulations, rising operational costs due to data privacy adherence, and competitive headwinds from responsible AI usage suggest a broader sector-wide sensitivity to government intervention in technology and environmental sectors.
The concentration of these risks within the fund's largest positions signals a potential for correlated downside if regulatory bodies intensify scrutiny or enact stricter mandates across these domains. With NVIDIA holding a 4.6% weight and flagging all three systemic issues simultaneously, while other major tech names like AMD, Intel, and Broadcom are implied to face similar pressures in their respective filings, the portfolio exhibits notable overlap in vulnerability areas. This clustering suggests that adverse shifts in climate policy, data governance laws, or AI legislation could impact a disproportionate amount of the fund's value at once, reducing diversification benefits against these specific regulatory headwinds.
While NVIDIA stands out as a primary vector for these combined risks due to its high weighting and comprehensive disclosure on all three fronts, other holdings like ExxonMobil in the energy sector may also face distinct climate-related pressures not explicitly detailed here but inherent to their business models. The sheer scale of exposure to technology regulation through multiple large-cap semiconductor and software firms implies that any single regulatory change could reverberate significantly across the portfolio's core components. Observers should note that these disclosures reflect current management assessments of potential future constraints, which may evolve as legislative landscapes shift globally.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-23 19:08:58.33907+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of MTUM reveals a distinct investment thesis centered on high-growth momentum within the technology landscape, which constitutes 27.1% of the portfolio through just six positions. This heavy weighting suggests that the fund's primary objective is to capture companies demonstrating strong earnings acceleration and market leadership rather than seeking broad diversification across economic sectors. The minimal exposure to healthcare, energy, industrials, and communication services indicates a deliberate avoidance of value-oriented or cyclical plays, reinforcing a strategy focused on firms with superior scalability and competitive moats in the current technological ecosystem.
Concentration risk is notably elevated given that the top ten holdings account for 40.4% of total assets, driven almost exclusively by semiconductor and chip design leaders like NVIDIA, Broadcom, AMD, Intel, and Micron. This clustering within a single sub-sector amplifies volatility potential; any sector-wide downturn or supply chain disruption in semiconductors would disproportionately impact the fund's overall performance compared to more balanced equity vehicles. The dominance of these five technology giants implies that the underlying factor tilt is heavily skewed toward large-cap growth with high revenue visibility, potentially sacrificing stability for the pursuit of aggressive price appreciation tied specifically to advancements in artificial intelligence and computing infrastructure.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 14:04:52.694567+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share MTUM's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of MTUM's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SCHBSchwab U.S. Broad Market ETF | $37B | — | 10 | 40.4% |
| ITOTiShares Core S&P Total U.S. Stock Market ETF | $80B | — | 10 | 40.4% |
| QUSQUS | $1B | — | 10 | 40.4% |
| IVViShares Core S&P 500 ETF | $762B | 0.03% | 10 | 40.4% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 10 | 40.4% |
40% of MTUM's portfolio by weight is also held by SCHB, which commands 2× more assets under management. When SCHB receives inflows, it mechanically buys these shared stocks — dragging MTUM's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofMTUM'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
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 91% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
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
Based on 40% 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. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside MTUM collectively pay out 35% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 33% 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
ProprietaryMTUM is up 40.3% over the last 12 months. The underlying weighted earnings growth of its constituents is +97.3%. Despite earnings growth, valuations have contracted by 57.0% — 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 35% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of MTUM's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of MTUM's analyzed weight, 67% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 33% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 40% of fund weight with available data. Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
MTUM has a Passive Crowding Score of 35/100. On average, 10.4% of the market capitalization of MTUM's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 37 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 10 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc Technology | 5.56% | 45.9x | 7/9 |
| 2 | AVGO | Broadcom Inc Technology | 5.40% | 86.9x | 8/9 |
| 3 | NVDA | NVIDIA Corp Technology | 4.64% | 32.4x | 4/9 |
| 4 | AMD | Advanced Micro Devices Inc Technology | 4.03% | 172.6x | 7/9 |
| 5 | INTC | Intel Corp Technology | 3.83% | — | 6/9 |
| 6 | JNJ | Johnson & Johnson Healthcare | 3.76% | 26.1x | 4/9 |
| 7 | LRCX | Lam Research Corp Technology | 3.61% | 60.3x | 7/9 |
| 8 | XOM | Exxon Mobil Corp Energy | 3.43% | 24.5x | 5/9 |
| 9 | CAT | Caterpillar Inc Industrials | 3.21% | 43.7x | 6/9 |
| 10 | GOOGL | Alphabet Inc Class A Communication Services | 2.94% | 29.0x | 6/9 |
Historical Holdings Snapshots
Browse how MTUM’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
10 holdings · 40.4% tracked weight2026-05-23
10 holdings · 40.4% tracked weight2026-05-22
10 holdings · 40.4% tracked weight2026-05-21
10 holdings · 40.4% tracked weight2026-05-20
10 holdings · 40.4% tracked weightSource: 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 MTUM Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
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 MTUM’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.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.