SPTM(SPTM)
AI Look-Through Summary
AI GeneratedThe SPTM ETF presents a distinct concentration within the technology sector, which accounts for nearly one-third of its total assets under management. This heavy weighting is driven primarily by exposure to mega-cap equities such as NVIDIA, Apple, and Microsoft, whose individual positions range from 4.5% down to 7.7%. These top holdings collectively represent a significant portion of the fund's portfolio value, indicating that performance will be heavily influenced by the valuation trajectories and earnings reports of these specific large-capitalization firms rather than broad market movements across all sectors.
Geographically and stylistically, the fund leans toward established giants in both domestic markets and global communication services, with Apple, Alphabet variants, Amazon, Meta, and Tesla forming a substantial core alongside financial heavyweight Berkshire Hathaway. While technology dominates at 34.9%, meaningful exposure also exists in consumer cyclicals, healthcare, and financial services, suggesting an attempt to balance pure growth tech names with more diversified industrial and utility-like components found in the broader market basket of large caps. The sheer magnitude of assets under management implies high liquidity for these positions, yet the top ten holdings alone likely constitute a majority stake, meaning portfolio volatility may correlate closely with shifts in investor sentiment regarding big-tech valuations rather than sector rotation into smaller or mid-cap names.
Quantitatively, the structure reflects an index-tracking approach focused on large-mid cap representation where quality and scale are prioritized over niche exposure. The presence of such a high percentage of top-tier technology stocks alongside diversified financial and consumer leaders creates a profile that mirrors the performance of the largest entities in the US economy while introducing specific idiosyncratic risks tied to those dominant players. Investors analyzing this vehicle should consider how their existing portfolio allocations overlap with these concentrated positions, particularly given that nearly 45% of the fund's weight rests on just four names: NVIDIA, Apple, Microsoft, and Amazon.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-24 01:25:55.43319+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 15/100The investment theme implied by the ticker SPTM, often associated with specific sector strategies or thematic bets depending on market context, shows significant divergence from its actual composition. The fund is heavily weighted toward mega-cap technology giants such as NVIDIA, Apple, and Microsoft, which collectively dominate the top holdings list despite representing only a fraction of the total portfolio count. While these names are leaders in their respective fields, their overwhelming presence suggests the fund may be leveraging broad market concentration to stabilize returns rather than maintaining a strict adherence to a narrower thematic definition. The inclusion of major financial institutions like Berkshire Hathaway and JPMorgan Chase further dilutes any potential focus on pure technology or innovation sectors, indicating that the underlying strategy relies more on large-cap stability than on specific sectoral exposure.
Sector analysis reveals a lack of coherence with typical thematic differentiation strategies found in specialized funds. Although Technology accounts for nearly one-third of assets under management, the presence of substantial allocations to Financial Services, Healthcare, and Energy creates a profile that closely mirrors broad market indices rather than distinct thematic alternatives. The top-ten concentration stands at 36.1%, highlighting an extreme reliance on just ten securities across these disparate industries. This structure implies that the fund's performance will be driven primarily by the movements of its largest constituents regardless of broader sector trends, effectively functioning as a large-cap value or blend strategy rather than a pure-play thematic vehicle. Consequently, investors seeking exposure to a specific innovation narrative may find this allocation insufficiently focused on their intended investment objective.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 14:00:27.743976+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors across the top holdings of SPTM highlight a converging set of systemic threats centered on regulatory compliance, specifically regarding climate change regulations, data privacy requirements, and artificial intelligence governance. Multiple major technology constituents, most notably NVIDIA with its highest weight in the portfolio at 7.7%, explicitly flag that adherence to evolving environmental standards could materially adversely impact financial conditions. Simultaneously, cybersecurity risks tied to increasing data privacy mandates are identified as potential drivers of higher operational costs across these firms, while emerging AI regulations pose a dual threat of increased expenditure and competitive disadvantage. These disclosures suggest that the portfolio is increasingly exposed to external policy shifts rather than purely internal market dynamics.
The concentration of these specific risk categories within the fund's largest positions signals a significant degree of correlated downside potential. With NVIDIA alone accounting for 7.7% of assets under management, its exposure to climate regulation and AI compliance creates a substantial footprint for this systemic theme. When combined with similar disclosures from other high-weight holdings such as Apple (6.5%) and Microsoft (4.5%), the fund's performance becomes tightly linked to how broadly these regulatory frameworks are implemented globally or domestically. This clustering indicates that adverse developments in one jurisdiction regarding environmental reporting, data protection laws, or AI usage guidelines could simultaneously depress valuations across a large portion of the portfolio's core assets rather than isolating impact to single entities.
While NVIDIA dominates the narrative with three distinct risk disclosures, other top holdings like Amazon and Alphabet also face scrutiny over similar regulatory fronts, reinforcing the breadth of this exposure beyond just one company. The sheer weight assigned to these technology leaders means that any material adverse event stemming from non-compliance or costly operational adjustments in response to new laws would disproportionately affect total fund returns compared to a more diversified equity basket. Observers should note that these factors represent specific disclosures regarding potential future costs and competitive impacts, reflecting the current regulatory landscape facing dominant market players.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-23 20:54:01.910524+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of SPTM reveals a distinct investment thesis heavily anchored in the technology landscape, which commands 35.1% of the portfolio and is further amplified by an intense concentration within mega-cap equities. The top five holdings alone account for nearly one-quarter of total assets, with NVIDIA leading at 8.2%, followed closely by Apple, Microsoft, Amazon, and Google. This structure indicates a strategy that prioritizes exposure to large-scale innovation leaders while accepting significant idiosyncratic risk tied to the performance of these specific giants. The fund's approach suggests a belief in sustained growth from established market dominators rather than broad-based diversification across mid-cap or small-cap technology firms, as evidenced by the high weightings relative to other sectors.
Beyond its tech-heavy core, the portfolio exhibits notable tilts toward consumer discretionary spending and communication services, comprising over 20% of assets when combined. This allocation pattern aligns with a growth-oriented factor tilt, favoring companies with scalable business models and potential for revenue expansion over stable, income-generating utilities or defensive staples, which collectively represent less than 7% of the fund. The substantial presence in financial services and industrials provides some thematic breadth related to economic activity but remains secondary to the primary driver of technological advancement.
From a risk perspective, the data highlights considerable concentration risk inherent in this structure. With the top ten holdings representing over 36% of assets and NVIDIA alone comprising more than eight percent, the fund's performance will be disproportionately influenced by volatility within these specific names. While the inclusion of healthcare and industrials offers slight diversification benefits, they are insufficient to fully mitigate the systemic risks associated with such a heavy reliance on a narrow set of technology leaders. The portfolio effectively functions as an amplified leveraged bet on the success of current market titans rather than a broadly diversified representation of the entire equity universe.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-17 01:02:31.694598+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPTM's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SPTM's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 505 | 92.4% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 498 | 92.2% |
| QUSQUS | $1B | — | 488 | 92.1% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 462 | 92.0% |
| VONEVONE | $10B | — | 462 | 91.7% |
92% of SPTM's portfolio by weight is also held by SPY, which commands 54× more assets under management. When SPY receives inflows, it mechanically buys these shared stocks — dragging SPTM's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPTM'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 96% 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 80% 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 SPTM collectively pay out 36% 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 62% 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
ProprietarySPTM is up 28.7% over the last 12 months. The underlying weighted earnings growth of its constituents is +39.2%. Despite earnings growth, valuations have contracted by 10.5% — 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 78% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SPTM's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SPTM's analyzed weight, 78% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 22% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 74% 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.
SPTM has a Passive Crowding Score of 36/100. On average, 10.7% of the market capitalization of SPTM'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 52 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 | NVDA | NVIDIA CORP Technology | 7.72% | 32.4x | 4/9 |
| 2 | AAPL | APPLE INC Technology | 6.48% | 37.7x | 8/9 |
| 3 | MSFT | MICROSOFT CORP Technology | 4.50% | 26.8x | 5/9 |
| 4 | AMZN | AMAZON.COM INC Consumer Cyclical | 3.80% | 31.7x | 6/9 |
| 5 | GOOGL | ALPHABET INC CL A Communication Services | 3.27% | 29.0x | 6/9 |
| 6 | AVGO | BROADCOM INC Technology | 2.85% | 86.9x | 8/9 |
| 7 | GOOG | ALPHABET INC CL C Communication Services | 2.60% | 28.7x | 6/9 |
| 8 | META | META PLATFORMS INC CLASS A Communication Services | 1.93% | 23.0x | 5/9 |
| 9 | TSLA | TESLA INC Consumer Cyclical | 1.70% | 399.8x | 5/9 |
| 10 | BRK.B | BERKSHIRE HATHAWAY INC CL B Financial Services | 1.28% | 14.1x | — |
| 11 | MU | MICRON TECHNOLOGY INC Technology | 1.24% | 45.9x | 7/9 |
| 12 | LLY | ELI LILLY + CO Healthcare | 1.20% | 39.2x | 7/9 |
| 13 | JPM | JPMORGAN CHASE + CO Financial Services | 1.18% | 14.3x | 3/9 |
| 14 | AMD | ADVANCED MICRO DEVICES Technology | 1.06% | 172.6x | 7/9 |
| 15 | XOM | EXXON MOBIL CORP Energy | 0.94% | 24.5x | 5/9 |
Historical Holdings Snapshots
Browse how SPTM’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 41.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.72% | 4,709,655 | — |
| 2 | AAPL | 6.48% | 2,845,225 | — |
| 3 | MSFT | 4.50% | 1,438,911 | — |
| 4 | AMZN | 3.80% | 1,895,777 | — |
| 5 | GOOGL | 3.27% | 1,127,778 | — |
| 6 | AVGO | 2.85% | 920,090 | — |
| 7 | GOOG | 2.60% | 907,517 | — |
| 8 | META | 1.93% | 424,450 | — |
| 9 | TSLA | 1.70% | 545,302 | — |
| 10 | BRK.B | 1.28% | 356,208 | — |
| 11 | MU | 1.24% | 217,712 | — |
| 12 | LLY | 1.20% | 154,058 | — |
| 13 | JPM | 1.18% | 523,226 | — |
| 14 | AMD | 1.06% | 315,084 | — |
| 15 | XOM | 0.94% | 808,413 | — |
2026-05-23
15 holdings · 41.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.72% | 4,709,655 | — |
| 2 | AAPL | 6.48% | 2,845,225 | — |
| 3 | MSFT | 4.50% | 1,438,911 | — |
| 4 | AMZN | 3.80% | 1,895,777 | — |
| 5 | GOOGL | 3.27% | 1,127,778 | — |
| 6 | AVGO | 2.85% | 920,090 | — |
| 7 | GOOG | 2.60% | 907,517 | — |
| 8 | META | 1.93% | 424,450 | — |
| 9 | TSLA | 1.70% | 545,302 | — |
| 10 | BRK.B | 1.28% | 356,208 | — |
| 11 | MU | 1.24% | 217,712 | — |
| 12 | LLY | 1.20% | 154,058 | — |
| 13 | JPM | 1.18% | 523,226 | — |
| 14 | AMD | 1.06% | 315,084 | — |
| 15 | XOM | 0.94% | 808,413 | — |
2026-05-22
15 holdings · 41.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.87% | 4,711,241 | — |
| 2 | AAPL | 6.43% | 2,846,183 | — |
| 3 | MSFT | 4.52% | 1,439,396 | — |
| 4 | AMZN | 3.76% | 1,896,415 | — |
| 5 | GOOGL | 3.28% | 1,128,158 | — |
| 6 | AVGO | 2.88% | 920,399 | — |
| 7 | GOOG | 2.61% | 907,822 | — |
| 8 | META | 1.92% | 424,593 | — |
| 9 | TSLA | 1.70% | 545,486 | — |
| 10 | BRK.B | 1.28% | 356,328 | — |
| 11 | MU | 1.19% | 217,785 | — |
| 12 | JPM | 1.18% | 523,402 | — |
| 13 | LLY | 1.17% | 154,110 | — |
| 14 | AMD | 1.06% | 315,190 | — |
| 15 | XOM | 0.95% | 808,686 | — |
2026-05-21
15 holdings · 41.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.86% | 4,711,241 | — |
| 2 | AAPL | 6.44% | 2,846,183 | — |
| 3 | MSFT | 4.55% | 1,439,396 | — |
| 4 | AMZN | 3.72% | 1,896,415 | — |
| 5 | GOOGL | 3.31% | 1,128,158 | — |
| 6 | AVGO | 2.86% | 920,399 | — |
| 7 | GOOG | 2.64% | 907,822 | — |
| 8 | META | 1.94% | 424,593 | — |
| 9 | TSLA | 1.67% | 545,486 | — |
| 10 | BRK.B | 1.30% | 356,328 | — |
| 11 | LLY | 1.19% | 154,110 | — |
| 12 | JPM | 1.17% | 523,402 | — |
| 13 | MU | 1.15% | 217,785 | — |
| 14 | XOM | 0.99% | 808,686 | — |
| 15 | AMD | 0.99% | 315,190 | — |
2026-05-20
15 holdings · 41.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.87% | 4,719,171 | — |
| 2 | AAPL | 6.37% | 2,850,973 | — |
| 3 | MSFT | 4.58% | 1,441,821 | — |
| 4 | AMZN | 3.77% | 1,899,605 | — |
| 5 | GOOGL | 3.36% | 1,130,058 | — |
| 6 | AVGO | 2.91% | 921,944 | — |
| 7 | GOOG | 2.68% | 909,347 | — |
| 8 | META | 1.95% | 425,308 | — |
| 9 | TSLA | 1.68% | 546,406 | — |
| 10 | BRK.B | 1.31% | 356,928 | — |
| 11 | JPM | 1.18% | 524,282 | — |
| 12 | LLY | 1.14% | 154,370 | — |
| 13 | MU | 1.12% | 218,150 | — |
| 14 | AMD | 1.00% | 315,720 | — |
| 15 | XOM | 0.98% | 810,051 | — |
2026-05-19
15 holdings · 42.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.97% | 4,717,585 | — |
| 2 | AAPL | 6.42% | 2,850,015 | — |
| 3 | MSFT | 4.56% | 1,441,336 | — |
| 4 | AMZN | 3.76% | 1,898,967 | — |
| 5 | GOOGL | 3.36% | 1,129,678 | — |
| 6 | AVGO | 2.94% | 921,635 | — |
| 7 | GOOG | 2.68% | 909,042 | — |
| 8 | META | 1.96% | 425,165 | — |
| 9 | TSLA | 1.73% | 546,222 | — |
| 10 | BRK.B | 1.29% | 356,808 | — |
| 11 | MU | 1.19% | 218,077 | — |
| 12 | JPM | 1.17% | 524,106 | — |
| 13 | LLY | 1.16% | 154,318 | — |
| 14 | AMD | 1.00% | 315,614 | — |
| 15 | XOM | 0.96% | 809,778 | — |
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 SPTM 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 SPTM’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.