ETF · Broad Market

SPYG(SPYG)

$122.41
-0.15%
Expense Ratio
$41.6B
Total AUM
Holdings
Inception
Active Share vs VOO
Moderate
0%20%60%100%
34.9%

AI Look-Through Summary

AI Generated

The SPYG ETF exhibits a profound tilt toward the technology sector, which commands over half of its total portfolio weight at 51.0%. This heavy allocation is driven by significant concentration in mega-cap equities, with NVIDIA alone accounting for more than fifteen percent of assets under management. The top ten holdings are dominated by seven names from the technology and communication services sectors, creating a narrow risk profile where performance will be heavily correlated to the fortunes of these specific large-cap giants rather than broader market diversification. Within this concentrated core, the fund maintains exposure to consumer cyclicals and financials through positions like Amazon and Berkshire Hathaway, though these represent substantially smaller portions compared to the tech heavyweight dominance.

Geographically, while explicit regional breakdowns are not provided in the data, the composition of top holdings suggests a heavy weighting toward U.S.-based multinational corporations that generate substantial global revenue streams. The quantitative structure reveals an aggressive growth orientation, as evidenced by the sector distribution where communication services and consumer cyclicals follow technology with significantly lower weights. This lack of balance across other economic sectors implies that the fund's beta will likely track closely with the volatility of its largest constituents rather than offering a stable proxy for the entire S&P 500 index. Investors analyzing this vehicle must weigh the potential for amplified returns during periods favorable to large-cap tech against the inherent risks associated with such extreme sector and name concentration within a single investment basket.

Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-20 20:32:49.543981+00

🔍 Theme Alignment Audit

AI GeneratedPurity: 95/100

The investment theme implied by the name SPYG, which suggests a focus on large-cap growth equities or the "Magnificent Seven," aligns closely with the actual portfolio composition. The fund is heavily weighted toward mega-cap technology and communication services giants such as NVIDIA, Microsoft, Google, Apple, Broadcom, Amazon, Meta, and Tesla, which collectively dominate the top holdings list. This concentration of industry leaders in sectors known for high growth potential reflects a strategy centered on established market players rather than niche thematic plays or emerging small-caps. While the name does not explicitly define a specific sector like "AI" or "Cloud," it effectively captures the broad large-cap growth narrative, and the portfolio demonstrates strong adherence to this implied mandate without significant drift into unrelated industries.

Sector coherence is high, with technology accounting for over half of the total assets and communication services contributing another substantial portion, reinforcing the fund's identity as a vehicle for exposure to dominant digital economy leaders. The remaining allocations in consumer cyclical, financial services, industrials, and healthcare appear primarily as secondary components held by these same large-cap entities rather than broad diversification across unrelated sectors. Although the top-10 concentration exceeds sixty percent, indicating significant reliance on a handful of massive stocks for performance stability, this structure is consistent with an index-tracking approach to large-cap growth rather than active thematic selection. The portfolio successfully mirrors the characteristics expected from its name by focusing on established market leaders while maintaining sufficient sector breadth within those dominant areas to avoid extreme idiosyncratic risk outside the intended scope.

AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-20 05:02:47.926167+00

⚠️ Systemic Risk Synthesis

AI Generated

The newly disclosed risk factors from the top holdings of SPYG highlight three converging macro-level themes that could impact a significant portion of this technology-heavy portfolio. The most prominent systemic threat is regulatory uncertainty, specifically regarding Artificial Intelligence governance and climate change compliance. Multiple disclosures indicate that adherence to responsible AI usage standards and evolving environmental regulations may materially increase operational costs while constraining competitive positioning across the fund's largest constituents. This suggests an emerging environment where external policy frameworks are shifting from voluntary guidelines toward mandatory constraints that could erode profit margins for leading tech firms simultaneously.

Concentration analysis reveals a high degree of correlation in downside exposure to these specific regulatory risks, particularly given the substantial weight assigned to NVIDIA at 15.5%. Since this single holding flags all three major risk categories—climate compliance, cybersecurity data privacy, and AI regulation—the fund faces a non-diversified threat profile where adverse policy shifts could impact a disproportionate share of total assets under management immediately. The presence of similar regulatory language in other top-tier holdings such as Microsoft and Alphabet further amplifies this concentration, indicating that the portfolio's performance may be highly sensitive to legislative developments rather than organic market dynamics alone.

While NVIDIA dominates the risk narrative with its 15.5% weight, cybersecurity remains a pervasive concern across multiple entities including Microsoft and Alphabet, creating a secondary layer of correlated operational cost inflation. Although other top holdings like Apple or Amazon have not explicitly detailed these specific regulatory risks in this snapshot, the sheer size of the disclosed exposures at NVIDIA means that any material adverse event related to AI regulation or climate mandates would disproportionately affect the fund's overall financial condition relative to its peers. The data indicates a portfolio currently vulnerable to external compliance shocks rather than internal strategic failures.

Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-23 02:27:14.064869+00

🏢 Sector Analysis

AI Generated

SPYG exhibits a distinct growth-oriented investment thesis driven by an aggressive tilt toward technology and communication services, which collectively account for nearly 69% of the portfolio. This heavy weighting suggests the fund is positioned to capture upside potential in large-cap innovation leaders while accepting elevated volatility associated with these cyclical sectors. The top five holdings alone comprise over 37% of assets under management, dominated by semiconductor, software, and internet infrastructure companies like NVDA, MSFT, GOOGL, AAPL, and AVGO. Such a concentration indicates that the fund's performance will be disproportionately influenced by the earnings trajectories and valuation shifts within this specific subset of mega-cap equities rather than broader market movements across all industries.

The allocation reveals significant exposure to growth factors at the expense of defensive positioning. With technology representing more than half the portfolio and communication services adding another 17%, the fund offers limited protection during periods when value or income strategies outperform. Conversely, sectors typically associated with stability and lower correlation to tech cycles, such as consumer defensives, utilities, and real estate, are virtually absent, comprising less than 2% of total exposure combined. This structural lack of diversification into defensive havens implies the fund is not designed for capital preservation during market downturns but rather aims to maximize returns through high-beta equity exposure in dominant industry leaders.

Furthermore, the top-10 concentration metric of 61% underscores that a small number of stocks dictate the majority of the fund's risk and reward profile. While this approach can amplify gains when leading names expand their margins or market share, it also creates substantial idiosyncratic risk should any single holding underperform due to regulatory changes, technological disruption, or macroeconomic headwinds specific to those firms. The data reflects a strategy that prioritizes capturing the momentum of established tech giants over achieving broad-based sectoral balance across the entire economy.

AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 17:38:58.66908+00

Flow Driver Analysis

2-Step Circle

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

Approximately 100% of SPYG's weight flows through these larger ETFs

Driver ETFAUMExpenseShared StocksWeight Overlap
SPTMSPTM$12B14699.9%
SPYState Street SPDR S&P 500 ETF Trust$640B0.09%14699.9%
VOOVanguard S&P 500 ETF$1.5T0.03%14399.7%
VTIVanguard Total Stock Market Index Fund ETF Shares$2.1T0.03%13699.6%
QUSQUS$1B14199.2%

100% of SPYG's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging SPYG's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPYG'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 Morningstar

Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.

32.1x
Weighted P/E
19.79x
Weighted P/B
0.58%
Dividend Yield
$2.4T
Wtd Avg Market Cap

Weighted metrics calculated based on 99% of fund assets with available data.

Herfindahl-Hirschman Concentration Index

01000200030004000507
Well Diversified
Top 5: 41.6%Top 10: 60.0%

Morningstar-Style Box

Value
Blend
Growth
Large
Mid
Small
Large Growth

Sector & Cap Explorer

Technology51.3%Communication Services17.1%Consumer Cyclical8.8%Financial Services8.2%Industrials5.8%Healthcare5.6%
Visualization Mode

ETF Fundamental Radar

Total Analysis
97% Weight
Market Cap
Mega
Risk Profile
Moderate

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%
3%
0–3 Weak
62%
4–6 Average
33%
7–9 Strong

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

Deterministic
25%
Wtd FCF Payout Ratio
0.46%
TTM Yield
Very Safe
Dividend Durability
25% of FCF
0% (retains all cash)50%100% (pays out everything)

The dividend-paying companies inside SPYG collectively pay out 25% 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 77% 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
+35.3%
ETF 1Y Return
+53.5%
Wtd Earnings Growth
-18.2%
Multiple Contraction
Earnings

SPYG is up 35.3% over the last 12 months. The underlying weighted earnings growth of its constituents is +53.5%. Despite earnings growth, valuations have contracted by 18.2% — 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 94% of fund weight with earnings data. Not investment advice.

Value Creation Map

ROIC vs WACC

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

83% Creators
17% Destroyers
Value Creators (ROIC > WACC)76.4%
Value Destroyers15.9%

Of SPYG's analyzed weight, 83% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 17% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.

ROIC-WACC spread for 92% of fund weight with available data. Not investment advice.

Concentration Risk Monitor

HIGH
15.2%
Largest Holding
NVDA
30.5%
Top 3 Weight
19
Effective # of Stocks
44%
Top Stock Var. Share
Portfolio weight concentration
NVDA
MSFT
GOOGL
AAPL
Other 45 stocks

NVDA at 15.2% contributes an estimated 44% of portfolio variance.SPYG holds 50 stocks but behaves like an 19-stock portfolio due to weight concentration in the top holdings.

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

Passive Crowding Score

MODERATE

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

34/ 100
Wtd Avg Passive Ownership10.3%
Most Crowded HoldingINTU (20.6%)
Least CrowdedBNY (1.8%)
Coverage98% of fund weight
0 — Low255075100 — Extreme

SPYG has a Passive Crowding Score of 34/100. On average, 10.3% of the market capitalization of SPYG'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

Top 10 Concentration60.4%
#TickerCompanyWeightP/EF-Score
1NVDA
NVIDIA CORP
Technology
15.22%
32.4x4/9
2MSFT
MICROSOFT CORP
Technology
8.88%
26.8x5/9
3GOOGL
ALPHABET INC CL A
Communication Services
6.44%
29.0x6/9
4AAPL
APPLE INC
Technology
6.39%
37.7x8/9
5AVGO
BROADCOM INC
Technology
5.61%
86.9x8/9
6GOOG
ALPHABET INC CL C
Communication Services
5.12%
28.7x6/9
7AMZN
AMAZON.COM INC
Consumer Cyclical
3.97%
31.7x6/9
8META
META PLATFORMS INC CLASS A
Communication Services
3.79%
23.0x5/9
9BRK.B
BERKSHIRE HATHAWAY INC CL B
Financial Services
2.51%
14.1x
10MU
MICRON TECHNOLOGY INC
Technology
2.45%
45.9x7/9
11LLY
ELI LILLY + CO
Healthcare
2.36%
39.2x7/9
12AMD
ADVANCED MICRO DEVICES
Technology
2.09%
172.6x7/9
13TSLA
TESLA INC
Consumer Cyclical
2.08%
399.8x5/9
14JPM
JPMORGAN CHASE + CO
Financial Services
1.59%
14.3x3/9
15CAT
CATERPILLAR INC
Industrials
1.15%
43.7x6/9
The bottom 131 stocks in SPYG account for only 30.4% of the total fund weight.Only the top 50 holdings are shown. Total holdings: 146.

Historical Holdings Snapshots

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

2026-05-24

15 holdings · 69.6% tracked weight
#TickerWeightSharesMarket Value
1NVDA15.22%36,408,129
2MSFT8.88%11,125,616
3GOOGL6.44%8,722,898
4AAPL6.39%10,998,081
5AVGO5.61%7,103,679
6GOOG5.12%7,006,900
7AMZN3.97%7,757,117
8META3.79%3,276,921
9BRK.B2.51%2,747,375
10MU2.45%1,686,255
11LLY2.36%1,187,233
12AMD2.09%2,442,666
13TSLA2.08%2,612,431
14JPM1.59%2,746,847
15CAT1.15%697,103

2026-05-23

15 holdings · 69.6% tracked weight
#TickerWeightSharesMarket Value
1NVDA15.22%36,408,129
2MSFT8.88%11,125,616
3GOOGL6.44%8,722,898
4AAPL6.39%10,998,081
5AVGO5.61%7,103,679
6GOOG5.12%7,006,900
7AMZN3.97%7,757,117
8META3.79%3,276,921
9BRK.B2.51%2,747,375
10MU2.45%1,686,255
11LLY2.36%1,187,233
12AMD2.09%2,442,666
13TSLA2.08%2,612,431
14JPM1.59%2,746,847
15CAT1.15%697,103

2026-05-22

15 holdings · 69.9% tracked weight
#TickerWeightSharesMarket Value
1NVDA15.53%36,432,747
2MSFT8.92%11,133,140
3GOOGL6.48%8,728,796
4AAPL6.35%11,005,521
5AVGO5.66%7,108,485
6GOOG5.15%7,011,640
7AMZN3.92%7,762,361
8META3.78%3,279,135
9BRK.B2.52%2,749,235
10MU2.36%1,687,395
11LLY2.31%1,188,037
12AMD2.09%2,444,316
13TSLA2.08%2,614,195
14JPM1.58%2,748,707
15CAT1.16%697,577

2026-05-21

15 holdings · 70.0% tracked weight
#TickerWeightSharesMarket Value
1NVDA15.55%36,404,026
2MSFT8.99%11,124,362
3GOOGL6.55%8,721,915
4AAPL6.37%10,996,841
5AVGO5.65%7,102,878
6GOOG5.22%7,006,110
7AMZN3.90%7,756,243
8META3.82%3,276,552
9BRK.B2.56%2,747,065
10LLY2.35%1,187,099
11MU2.28%1,686,065
12TSLA2.04%2,612,137
13AMD1.96%2,442,391
14JPM1.57%2,746,537
15CAT1.16%697,024

2026-05-20

15 holdings · 70.0% tracked weight
#TickerWeightSharesMarket Value
1NVDA15.51%36,416,335
2MSFT9.03%11,128,124
3GOOGL6.64%8,724,864
4AAPL6.28%11,000,561
5AVGO5.73%7,105,281
6GOOG5.28%7,008,480
7AMZN3.94%7,758,865
8META3.84%3,277,659
9BRK.B2.57%2,747,995
10LLY2.25%1,187,501
11MU2.20%1,686,635
12TSLA2.05%2,613,019
13AMD1.97%2,443,216
14JPM1.58%2,747,467
15CAT1.15%697,261

2026-05-19

15 holdings · 70.1% tracked weight
#TickerWeightSharesMarket Value
1NVDA15.62%36,420,438
2MSFT8.94%11,129,378
3GOOGL6.59%8,725,847
4AAPL6.29%11,001,801
5AVGO5.75%7,106,082
6GOOG5.25%7,009,270
7AMZN3.90%7,759,739
8META3.83%3,278,028
9BRK.B2.53%2,748,305
10MU2.33%1,686,825
11LLY2.27%1,187,635
12TSLA2.10%2,613,313
13AMD1.97%2,443,491
14JPM1.56%2,747,777
15CAT1.18%697,340

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

Risk Profile

21.1%
Annual Volatility
1.43
Sharpe (1Y)
1.02
Sharpe (3Y)
-22.1%
Max Drawdown (3Y)
-32.7%
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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What Drove SPYG Today?

Daily return attribution — which holdings contributed most (and least) to the fund's move.

Fund move:-0.15%(2026-06-02)

Top Contributors

+0.083%
+0.080%
+0.053%

Top Detractors

-0.055%
-0.078%
-0.290%

Attribution = holding weight × stock daily return. Only the top contributors and detractors are shown.

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.

Loading beta chart...
Rolling Beta Market (β = 1.0)

Yield & Income

0.46%
TTM Yield
30-Day SEC Yield
5Y Div CAGR

Sector Drift Over Time

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

2026-05-2456 snapshots
Technology51.3%
Communication Services17.1%
Consumer Cyclical8.8%
Financial Services8.2%
Industrials5.8%
Healthcare5.6%
Consumer Defensive1.0%
Other0.8%
Real Estate0.6%
Utilities0.4%
Basic Materials0.3%
Change since 2026-03-30
Technology
+3.1%
Financial Services
-1.5%
Healthcare
-1.1%
Communication Services
+0.6%
Industrials
-0.6%
Consumer Cyclical
-0.3%
2026-03-302026-05-24

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: 2026-06-02.

SecuritiesDB is for informational purposes only. Not investment advice.