SLYG(SLYG)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is dominated by Other, which comprises nearly two-thirds of its holdings. This suggests that SLYG has a relatively broad and diversified exposure to various sectors, although it does have notable concentrations in Technology and Industrials, each accounting for around 6% of the fund. The remaining sectors are more lightly represented, with Healthcare and Consumer Cyclical comprising only about 5-4.8%. This suggests that SLYG's value proposition may lie in its ability to provide exposure to a wide range of sectors.
The portfolio's top holdings are concentrated among smaller-cap companies, with no single stock exceeding 1.3% weight. However, the presence of several stocks at or near this threshold (BTSG, VSAT, KRYS) suggests that there is some concentration risk within the fund. Compared to the broader market, SLYG's sector mix appears more skewed towards Technology and Industrials, which may be beneficial in certain economic environments but could also pose risks if these sectors underperform. A favorable macro environment for this portfolio would likely involve strong growth in Technology and Industrials, while a downturn in these sectors could be challenging for the fund.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:14:43.138131+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 25/100The thematic alignment between the ETF's implied name, which suggests a focus on silver and industrial metals exposure, and its actual portfolio composition is notably weak. The top holdings consist primarily of technology hardware manufacturers, satellite operators, and diversified industrials rather than pure-play precious metal producers or miners that would typically define such an investment theme. While specific names like AGX appear in the Industrials sector, they represent a small fraction of the total weight compared to the broad mix of unrelated sectors including healthcare, consumer cyclicals, financial services, and utilities. This composition indicates that the fund may be utilizing broad market diversification strategies or thematic labels loosely applied to maintain stability through mega-cap exposure rather than adhering strictly to a silver-centric investment mandate.
Sector coherence further questions the distinctiveness of this portfolio from a standard broad-market index. The sector breakdown reveals significant allocations to Financial Services, Real Estate, and Consumer Defensive industries, which are generally uncorrelated with cyclical industrial metals or specific supply chain themes often associated with such funds. Although Technology and Industrials hold modest weights, they are diluted by the presence of unrelated sectors like Utilities and Communication Services, suggesting a lack of focused sector concentration. With a top-10 concentration of only 11.2%, the fund exhibits low idiosyncratic risk but also fails to demonstrate the aggressive tilt toward specific thematic drivers one would expect from its naming convention. The data presents a picture of a highly diversified vehicle that may be better characterized by its broad market representation than any singular industrial or precious metals narrative implied by its title.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-24 07:56:38.611864+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of SLYG reveals a distinct strategic divergence from traditional small-cap benchmarks, characterized by an aggressive tilt toward Industrials and Technology while maintaining minimal exposure to defensive sectors. With combined allocations exceeding twelve percent in these two growth-oriented categories compared to negligible weights in Utilities, Consumer Defensive, Energy, and Communication Services, the fund's construction suggests a thesis centered on long-term economic expansion rather than capital preservation during contractionary cycles. This heavy emphasis on cyclical industries implies that the underlying investment strategy prioritizes companies with high sensitivity to GDP growth and business investment spending, effectively betting on an environment where demand for infrastructure, manufacturing, and digital services accelerates significantly.
Concentration risk within this portfolio is notably elevated relative to a broadly diversified small-cap index, driven by both sector weighting and top-ten holdings concentration of 11.9%. The presence of specific names like VIAV and FORM in the technology space alongside AGX from Industrials indicates that the fund manager has identified particular micro-caps with outsized potential within these sectors rather than distributing capital evenly across all industry groups. This approach inherently increases idiosyncratic risk, as a significant portion of total return exposure rests on a narrow set of companies operating in volatile markets. Furthermore, the near-absence of Real Estate and Communication Services suggests an avoidance of interest rate-sensitive assets or media conglomerates, reinforcing the view that the fund is engineered to capture value primarily from industrial output and technological innovation rather than broader market breadth.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-13 23:15:12.464246+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SLYG's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SLYG's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPSMSPSM | $14B | — | 347 | 99.8% |
| SPTMSPTM | $12B | — | 346 | 99.8% |
| VTWOVTWO | $15B | — | 193 | 71.1% |
| VBKVBK | $40B | — | 132 | 50.5% |
| VXFVXF | $84B | — | 69 | 42.6% |
100% of SLYG's portfolio by weight is also held by SPSM, which commands 3× more assets under management. When SPSM receives inflows, it mechanically buys these shared stocks — dragging SLYG's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSLYG'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 63% 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 83% 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
DeterministicThe dividend-paying companies inside SLYG collectively pay out 39% 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 23% 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
ProprietarySLYG is up 28.5% over the last 12 months. The underlying weighted earnings growth of its constituents is +33.0%. Despite earnings growth, valuations have contracted by 4.5% — 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 76% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SLYG's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SLYG's analyzed weight, 42% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 58% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 43% 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.
SLYG has a Passive Crowding Score of 28/100. On average, 8.4% of the market capitalization of SLYG'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 13 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | VSAT | VIASAT INC | 1.05% | — | 6/9 |
| 2 | KRYS | KRYSTAL BIOTECH INC | 1.01% | 36.0x | 7/9 |
| 3 | ALKS | ALKERMES PLC Healthcare | 0.98% | 20.8x | 5/9 |
| 4 | CORT | CORCEPT THERAPEUTICS INC Healthcare | 0.96% | 258.6x | 5/9 |
| 5 | ESE | ESCO TECHNOLOGIES INC Technology | 0.94% | 57.1x | 3/9 |
| 6 | FORM | FORMFACTOR INC | 0.94% | 136.2x | 4/9 |
| 7 | EAT | BRINKER INTERNATIONAL INC Consumer Cyclical | 0.90% | 13.7x | 8/9 |
| 8 | PTGX | PROTAGONIST THERAPEUTICS INC | 0.90% | — | — |
| 9 | RHP | RYMAN HOSPITALITY PROPERTIES | 0.89% | 24.1x | 4/9 |
| 10 | ETSY | ETSY INC Consumer Cyclical | 0.89% | 32.0x | 5/9 |
| 11 | SNEX | STONEX GROUP INC | 0.88% | 17.4x | 4/9 |
| 12 | AGX | ARGAN INC Industrials | 0.86% | 54.9x | 6/9 |
| 13 | FSS | FEDERAL SIGNAL CORP | 0.82% | 26.1x | 5/9 |
| 14 | TGTX | TG THERAPEUTICS INC | 0.82% | 11.5x | 4/9 |
| 15 | JBTM | JBT MAREL CORP | 0.81% | 42.0x | — |
Historical Holdings Snapshots
Browse how SLYG’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 13.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VSAT | 1.05% | 781,337 | — |
| 2 | KRYS | 1.01% | 150,925 | — |
| 3 | ALKS | 0.98% | 958,971 | — |
| 4 | CORT | 0.96% | 546,983 | — |
| 5 | ESE | 0.94% | 149,040 | — |
| 6 | FORM | 0.94% | 448,435 | — |
| 7 | EAT | 0.90% | 246,850 | — |
| 8 | PTGX | 0.90% | 346,029 | — |
| 9 | RHP | 0.89% | 363,159 | — |
| 10 | ETSY | 0.89% | 543,149 | — |
| 11 | SNEX | 0.88% | 405,850 | — |
| 12 | AGX | 0.86% | 80,308 | — |
| 13 | FSS | 0.82% | 349,205 | — |
| 14 | TGTX | 0.82% | 758,517 | — |
| 15 | JBTM | 0.81% | 297,982 | — |
2026-07-18
15 holdings · 13.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VSAT | 1.05% | 781,337 | — |
| 2 | KRYS | 1.01% | 150,925 | — |
| 3 | ALKS | 0.98% | 958,971 | — |
| 4 | CORT | 0.96% | 546,983 | — |
| 5 | ESE | 0.94% | 149,040 | — |
| 6 | FORM | 0.94% | 448,435 | — |
| 7 | EAT | 0.90% | 246,850 | — |
| 8 | PTGX | 0.90% | 346,029 | — |
| 9 | RHP | 0.89% | 363,159 | — |
| 10 | ETSY | 0.89% | 543,149 | — |
| 11 | SNEX | 0.88% | 405,850 | — |
| 12 | AGX | 0.86% | 80,308 | — |
| 13 | FSS | 0.82% | 349,205 | — |
| 14 | TGTX | 0.82% | 758,517 | — |
| 15 | JBTM | 0.81% | 297,982 | — |
2026-07-17
15 holdings · 14.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | BTSG | 1.21% | 901,103 | — |
| 2 | VSAT | 1.07% | 773,955 | — |
| 3 | KRYS | 1.03% | 149,435 | — |
| 4 | FORM | 1.01% | 444,229 | — |
| 5 | ALKS | 0.97% | 947,288 | — |
| 6 | CORT | 0.96% | 546,362 | — |
| 7 | AGX | 0.95% | 79,537 | — |
| 8 | ESE | 0.95% | 147,552 | — |
| 9 | PTGX | 0.92% | 345,636 | — |
| 10 | ETSY | 0.91% | 542,533 | — |
| 11 | SNEX | 0.91% | 401,592 | — |
| 12 | RHP | 0.88% | 358,649 | — |
| 13 | EAT | 0.86% | 244,871 | — |
| 14 | TGTX | 0.83% | 748,861 | — |
| 15 | FSS | 0.81% | 348,809 | — |
2026-07-16
15 holdings · 14.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | BTSG | 1.24% | 901,103 | — |
| 2 | VSAT | 1.07% | 773,955 | — |
| 3 | FORM | 1.02% | 444,229 | — |
| 4 | KRYS | 1.00% | 149,435 | — |
| 5 | CORT | 0.97% | 546,362 | — |
| 6 | AGX | 0.97% | 79,537 | — |
| 7 | ALKS | 0.96% | 947,288 | — |
| 8 | ESE | 0.95% | 147,552 | — |
| 9 | SNEX | 0.90% | 401,592 | — |
| 10 | EAT | 0.89% | 244,871 | — |
| 11 | PTGX | 0.89% | 345,636 | — |
| 12 | ETSY | 0.89% | 542,533 | — |
| 13 | RHP | 0.88% | 358,649 | — |
| 14 | FSS | 0.81% | 348,809 | — |
| 15 | TGTX | 0.81% | 748,861 | — |
2026-07-15
15 holdings · 14.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | BTSG | 1.24% | 901,103 | — |
| 2 | KRYS | 1.07% | 149,435 | — |
| 3 | VSAT | 1.07% | 773,955 | — |
| 4 | ALKS | 0.97% | 947,288 | — |
| 5 | FORM | 0.97% | 444,229 | — |
| 6 | AGX | 0.94% | 79,537 | — |
| 7 | ESE | 0.94% | 147,552 | — |
| 8 | CORT | 0.93% | 546,362 | — |
| 9 | EAT | 0.92% | 244,871 | — |
| 10 | SNEX | 0.89% | 401,592 | — |
| 11 | PTGX | 0.89% | 345,636 | — |
| 12 | RHP | 0.88% | 358,649 | — |
| 13 | ETSY | 0.86% | 542,533 | — |
| 14 | JBTM | 0.82% | 297,644 | — |
| 15 | TGTX | 0.82% | 748,861 | — |
2026-07-14
15 holdings · 14.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | BTSG | 1.26% | 901,103 | — |
| 2 | VSAT | 1.12% | 773,955 | — |
| 3 | KRYS | 1.07% | 149,435 | — |
| 4 | FORM | 1.02% | 444,229 | — |
| 5 | CORT | 0.98% | 546,362 | — |
| 6 | AGX | 0.98% | 79,537 | — |
| 7 | ALKS | 0.97% | 953,388 | — |
| 8 | ESE | 0.95% | 147,552 | — |
| 9 | SNEX | 0.93% | 401,592 | — |
| 10 | RHP | 0.89% | 361,849 | — |
| 11 | PTGX | 0.89% | 345,636 | — |
| 12 | EAT | 0.89% | 244,871 | — |
| 13 | ETSY | 0.86% | 542,533 | — |
| 14 | TGTX | 0.85% | 755,461 | — |
| 15 | JBTM | 0.80% | 297,644 | — |
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 SLYG 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 SLYG’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: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.