SPHD(SPHD)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation appears to be broadly diversified, with no single sector dominating the mix. However, real estate and consumer defensive sectors are overrepresented compared to their weight in the broader market, while communication services and energy sectors are underrepresented. The top holdings suggest a focus on large-cap companies, particularly those in the consumer staples and healthcare spaces.
The presence of DOC (3.7%) and VICI (2.6%), both REITs, indicates a notable concentration risk within the real estate sector. Additionally, the dominance of MO (3.6%) and PFE (2.8%) among top holdings suggests that this portfolio may be more sensitive to changes in consumer spending habits and pharmaceutical industry trends than others. A favorable macro environment for this portfolio would likely involve steady economic growth, low interest rates, and stable consumer demand, while a downturn in these areas could potentially weigh on its performance.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:21:39.385234+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 35/100The thematic alignment between the ETF's name, which implies a focus on high-dividend growth stocks with strong earnings momentum, and its actual holdings reveals significant divergence. The top ten positions are dominated by mature utility, consumer staple, and real estate investment trust companies that prioritize stable cash flows over aggressive capital appreciation or earnings acceleration. Notable inclusions such as Verizon, Pfizer, and Occidental Petroleum represent sectors traditionally associated with value or income strategies rather than the high-growth trajectory suggested by the fund's title. Furthermore, the heavy weighting toward mega-cap defensive names indicates a strategy reliant on established market leaders to stabilize returns, which contradicts the expectation of exposure to smaller companies capable of rapid expansion.
Sector coherence further questions the differentiation from broad-market indices, as the portfolio lacks concentration in any single industry that would define a distinct growth narrative. The sector weights are fragmented across consumer defensives, real estate, and communication services without forming a cohesive industrial complex or technological ecosystem often associated with high-growth themes. This dispersion suggests the fund may be utilizing dividend-yielding large caps to mimic an index rather than constructing a specialized portfolio of companies uniquely positioned for accelerated earnings growth. With top-ten concentration at 28.1%, the risk profile leans toward stability through diversification across disparate sectors, yet this approach fails to deliver the concentrated exposure typically required to outperform broad benchmarks in high-growth environments.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 16:14:35.027795+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of SPHD reveals a distinct focus on high-dividend yield assets, with significant weightings concentrated in Consumer Defensive and Real Estate sectors totaling over 16% of the portfolio. This structure suggests an investment thesis prioritizing income generation through established companies known for stable cash flows rather than broad market exposure or growth-oriented industries like Technology, which are notably absent from the allocation data provided. The presence of single holdings in Communication Services, Healthcare, Energy, and Financial Services indicates a highly concentrated approach where individual stock performance carries substantial influence over sector-specific returns, potentially amplifying volatility within those specific areas compared to more diversified peer groups.
Concentration risk appears elevated given that the top ten holdings account for 28.1% of total assets, with the five largest positions alone representing nearly one-third of the portfolio's value. This heavy reliance on a small number of stocks, including major players in tobacco, telecommunications, pharmaceuticals, and energy, implies that idiosyncratic events affecting any single holding could have an outsized impact on overall fund performance. The dominance of specific industries such as Consumer Defensive and Real Estate further limits the portfolio's ability to capitalize on outperformance from other economic sectors during market rotations. Consequently, while this allocation may offer defensive characteristics through income stability, it also exposes investors to heightened sensitivity regarding regulatory changes in healthcare or energy markets, as well as consumer spending shifts that could disproportionately affect the weighted holdings of tobacco and food products.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-24 11:26:16.981419+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPHD's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SPHD's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPYDSPYD | $7B | — | 10 | 30.0% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 10 | 30.0% |
| SPTMSPTM | $12B | — | 10 | 30.0% |
| SPLGSPLG | $97B | — | 10 | 30.0% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 10 | 30.0% |
30% of SPHD's portfolio by weight is also held by SPYD, which commands 2× more assets under management. When SPYD receives inflows, it mechanically buys these shared stocks — dragging SPHD's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPHD'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 90% 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 30% 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 SPHD collectively pay out 81% 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 24% 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
ProprietarySPHD is up 11.2% over the last 12 months. The underlying weighted earnings growth of its constituents is -41.6%. The remaining +52.8% 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 30% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SPHD's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SPHD's analyzed weight, 32% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 68% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 30% 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.
SPHD has a Passive Crowding Score of 47/100. On average, 14.1% of the market capitalization of SPHD'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 25 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 | DOC | Healthpeak Properties Inc Real Estate | 3.68% | 67.4x | 5/9 |
| 2 | MO | Altria Group Inc Consumer Defensive | 3.62% | 14.9x | 6/9 |
| 3 | VZ | Verizon Communications Inc Communication Services | 3.14% | 10.3x | 5/9 |
| 4 | BEN | Franklin Resources Inc Financial Services | 3.07% | 26.0x | 7/9 |
| 5 | KHC | The Kraft Heinz Co Consumer Defensive | 3.03% | — | 4/9 |
| 6 | OKE | ONEOK Inc Energy | 2.80% | 15.9x | 6/9 |
| 7 | PFE | Pfizer Inc Healthcare | 2.79% | 18.5x | 5/9 |
| 8 | AMCR | Amcor PLC Ordinary Shares Consumer Cyclical | 2.73% | 34.1x | 5/9 |
| 9 | KIM | Kimco Realty Corp Real Estate | 2.63% | 28.6x | 8/9 |
| 10 | VICI | VICI Properties Inc Ordinary Shares Real Estate | 2.55% | 8.9x | 6/9 |
Historical Holdings Snapshots
Browse how SPHD’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-13
10 holdings · 30.0% tracked weight2026-07-12
10 holdings · 30.0% tracked weight2026-07-11
10 holdings · 30.0% tracked weight2026-07-10
10 holdings · 30.0% tracked weight2026-07-09
10 holdings · 30.0% 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 SPHD 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 SPHD’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: 2026-07-13.
SecuritiesDB is for informational purposes only. Not investment advice.