VGT(VGT)
AI Look-Through Summary
AI GeneratedThe portfolio's sector tilt is heavily skewed towards Technology, with nearly 90% of its allocation concentrated in this space. This is not surprising given the fund's focus on the Nasdaq Composite Index. Within Technology, the top holdings are dominated by large-cap names such as NVDA and AAPL, which collectively account for over a third of the portfolio's value. The weighted P/E ratio of 34.1x suggests that the portfolio is trading at a premium to the broader market.
The concentration risk in this portfolio is elevated due to its heavy reliance on just a few large-cap names. While this may provide some diversification benefits, it also means that the fund's performance will be highly correlated with the fortunes of these individual companies. In terms of sector mix, the Technology allocation is significantly higher than the broader market, which could pose risks if the sector experiences a downturn. A favorable macro environment for this portfolio would likely involve sustained growth in technology spending and innovation, while an unfavorable environment could arise from increased regulatory scrutiny or economic weakness.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-05 07:26:38.116116+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment profile of this fund demonstrates a near-perfect alignment with its stated technology theme, as the top holdings are exclusively composed of major players within that sector. Every significant position listed, ranging from semiconductor leaders like NVIDIA and AMD to software giants such as Microsoft and Oracle, directly reinforces the fund's focus on innovation and digital infrastructure. There is no evidence in the provided data of unrelated mega-cap stocks or broad-market names being used merely for stability; instead, the portfolio relies entirely on companies that define the current technological landscape. The absence of any non-technology holdings among the top fifteen positions suggests a rigorous adherence to its thematic mandate without dilution from peripheral sectors.
Sector coherence is exceptionally high, with technology comprising 89% of total assets and communication services representing only half a percent. This distribution indicates a genuine differentiation from broad market indices that typically include significant weights in healthcare, consumer staples, or financials. While the top-ten concentration stands at nearly 60%, driven largely by the massive capitalization of leaders like NVIDIA and Apple, this clustering is intrinsic to a concentrated technology strategy rather than an anomaly. The minor exposures to industrials and financial services appear negligible enough not to disrupt the fund's primary identity, confirming that the vehicle functions as a specialized tool for gaining exposure to the tech sector specifically, rather than serving as a disguised proxy for general market performance.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 14:43:56.140195+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors from the top holdings of VGT highlight a convergence of regulatory and operational challenges centered on environmental compliance, cybersecurity obligations, and artificial intelligence governance. A dominant systemic theme emerging across these disclosures is the potential for increased costs and constrained business operations resulting from evolving regulations in climate change mitigation, data privacy, and responsible AI usage. These shared exposures suggest that macro-level policy shifts could simultaneously impact the financial conditions of multiple leading technology firms, creating a common thread of regulatory uncertainty that transcends individual corporate strategies.
The fund's exposure to these correlated risks appears concentrated due to the significant weight assigned to companies explicitly flagging these specific threats. With NVIDIA alone representing 18.6% of the portfolio and disclosing material impacts from climate regulations, AI governance costs, and data privacy requirements, a regulatory shift in any of these areas could disproportionately affect the fund's overall performance. The presence of similar risk categories across other major holdings indicates that downside scenarios driven by increased compliance burdens or operational disruptions are not isolated incidents but rather potential systemic events affecting a substantial portion of the portfolio simultaneously.
While multiple companies cite general cybersecurity and environmental concerns, NVIDIA stands out as having uniquely detailed disclosures regarding AI regulation specifically impacting its competitive position. Given this holding's dominant weight at 18.6%, any adverse developments in how responsible AI usage is defined or enforced could have an outsized effect on the fund relative to smaller positions that may not carry such specific regulatory warnings in their current filings. The aggregation of these factors presents a landscape where macroeconomic policy decisions regarding technology and sustainability are directly linked to the operational viability of the ETF's largest constituents.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-23 15:24:28.974479+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of this fund presents an exceptionally high concentration within the technology industry, which accounts for 89.0% of total assets across 145 holdings. This overwhelming exposure indicates a distinct investment thesis centered entirely on the growth and innovation dynamics of the tech sector, effectively excluding meaningful diversification from other economic drivers found in industrials or financial services. The presence of only one holding in communication services further underscores that this vehicle is not designed as a broad market proxy but rather serves as a specialized lever for technology-specific returns.
Concentration risk is amplified by the top five holdings alone commanding nearly 40% of the portfolio, with the top ten positions contributing almost 60%. This structure suggests significant idiosyncratic risk tied to the performance of specific mega-cap semiconductor and software leaders like NVIDIA, Apple, Microsoft, Broadcom, and Micron. Such a heavy reliance on a handful of companies implies that short-term earnings misses or regulatory headwinds facing these particular names could disproportionately impact the fund's overall trajectory compared to more diversified peers.
In terms of factor tilts, this allocation heavily favors large-cap growth characteristics inherent to dominant technology firms rather than value factors or small-cap exposure. The near-total absence of non-tech sectors removes any potential hedge against a rotation away from high-growth equities toward defensive industries during economic downturns. Consequently, the fund's performance will likely mirror the volatility and cyclical trends specific to the semiconductor and software subsectors it heavily weights, offering investors a pure-play exposure to technological advancement without sectoral buffering mechanisms.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 20:22:48.780272+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VGT's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VGT's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 191 | 94.5% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 88 | 89.7% |
| QUSQUS | $1B | — | 87 | 88.6% |
| ONEOONEO | $25M | — | 130 | 88.4% |
| VONEVONE | $10B | — | 79 | 87.8% |
95% of VGT's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VGT's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVGT'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 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
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 VGT 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 71% 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
ProprietaryVGT is down 82.9% over the last 12 months. The underlying weighted earnings growth of its constituents is +57.6%. Despite earnings growth, valuations have contracted by 140.5% — 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 91% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VGT's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VGT's analyzed weight, 68% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 32% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 89% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHNVDA at 16.8% contributes an estimated 41% of portfolio variance.VGT holds 50 stocks but behaves like an 14-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
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VGT has a Passive Crowding Score of 41/100. On average, 12.4% of the market capitalization of VGT'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 51 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 | 16.78% | 29.8x | 4/9 |
| 2 | AAPL | Apple Inc. Technology | 15.26% | 37.3x | 8/9 |
| 3 | MSFT | Microsoft Corp. Technology | 9.87% | 23.3x | 5/9 |
| 4 | AVGO | Broadcom Inc. Technology | 4.49% | 59.9x | 8/9 |
| 5 | MU | Micron Technology Inc. Technology | 4.19% | 22.1x | 7/9 |
| 6 | AMD | Advanced Micro Devices Inc. Technology | 3.20% | 172.6x | 7/9 |
| 7 | INTC | Intel Corp. Technology | 1.95% | — | 6/9 |
| 8 | CSCO | Cisco Systems Inc. Technology | 1.85% | 37.6x | 8/9 |
| 9 | LRCX | Lam Research Corp. Technology | 1.55% | 66.2x | 7/9 |
| 10 | ORCL | Oracle Corp. Technology | 1.45% | 24.0x | 5/9 |
| 11 | AMAT | Applied Materials Inc. Technology | 1.39% | 56.8x | 6/9 |
| 12 | PLTR | Palantir Technologies Inc. Class A Technology | 1.34% | 145.3x | 8/9 |
| 13 | TXN | Texas Instruments Inc. Technology | 1.10% | 50.0x | 7/9 |
| 14 | IBM | International Business Machines Corp. Technology | 1.08% | 25.6x | 6/9 |
| 15 | QCOM | QUALCOMM Inc. Technology | 1.07% | 18.9x | 6/9 |
Historical Holdings Snapshots
Browse how VGT’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-06
15 holdings · 66.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 16.78% | 135,640,261 | $28.6B |
| 2 | AAPL | 15.26% | 83,472,585 | $26.0B |
| 3 | MSFT | 9.87% | 37,427,808 | $16.9B |
| 4 | AVGO | 4.49% | 17,149,999 | $7.7B |
| 5 | MU | 4.19% | 7,365,601 | $7.2B |
| 6 | AMD | 3.20% | 10,585,308 | $5.5B |
| 7 | INTC | 1.95% | 29,083,150 | $3.3B |
| 8 | CSCO | 1.85% | 26,178,940 | $3.2B |
| 9 | LRCX | 1.55% | 8,339,485 | $2.7B |
| 10 | ORCL | 1.45% | 10,968,406 | $2.5B |
| 11 | AMAT | 1.39% | 5,279,594 | $2.4B |
| 12 | PLTR | 1.34% | 14,636,019 | $2.3B |
| 13 | TXN | 1.10% | 6,137,838 | $1.9B |
| 14 | IBM | 1.08% | 6,188,883 | $1.8B |
| 15 | QCOM | 1.07% | 7,288,367 | $1.8B |
2026-07-05
15 holdings · 66.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 16.78% | 135,640,261 | $28.6B |
| 2 | AAPL | 15.26% | 83,472,585 | $26.0B |
| 3 | MSFT | 9.87% | 37,427,808 | $16.9B |
| 4 | AVGO | 4.49% | 17,149,999 | $7.7B |
| 5 | MU | 4.19% | 7,365,601 | $7.2B |
| 6 | AMD | 3.20% | 10,585,308 | $5.5B |
| 7 | INTC | 1.95% | 29,083,150 | $3.3B |
| 8 | CSCO | 1.85% | 26,178,940 | $3.2B |
| 9 | LRCX | 1.55% | 8,339,485 | $2.7B |
| 10 | ORCL | 1.45% | 10,968,406 | $2.5B |
| 11 | AMAT | 1.39% | 5,279,594 | $2.4B |
| 12 | PLTR | 1.34% | 14,636,019 | $2.3B |
| 13 | TXN | 1.10% | 6,137,838 | $1.9B |
| 14 | IBM | 1.08% | 6,188,883 | $1.8B |
| 15 | QCOM | 1.07% | 7,288,367 | $1.8B |
2026-07-04
15 holdings · 66.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 16.78% | 135,640,261 | $28.6B |
| 2 | AAPL | 15.26% | 83,472,585 | $26.0B |
| 3 | MSFT | 9.87% | 37,427,808 | $16.9B |
| 4 | AVGO | 4.49% | 17,149,999 | $7.7B |
| 5 | MU | 4.19% | 7,365,601 | $7.2B |
| 6 | AMD | 3.20% | 10,585,308 | $5.5B |
| 7 | INTC | 1.95% | 29,083,150 | $3.3B |
| 8 | CSCO | 1.85% | 26,178,940 | $3.2B |
| 9 | LRCX | 1.55% | 8,339,485 | $2.7B |
| 10 | ORCL | 1.45% | 10,968,406 | $2.5B |
| 11 | AMAT | 1.39% | 5,279,594 | $2.4B |
| 12 | PLTR | 1.34% | 14,636,019 | $2.3B |
| 13 | TXN | 1.10% | 6,137,838 | $1.9B |
| 14 | IBM | 1.08% | 6,188,883 | $1.8B |
| 15 | QCOM | 1.07% | 7,288,367 | $1.8B |
2026-07-03
15 holdings · 66.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 16.78% | 135,640,261 | $28.6B |
| 2 | AAPL | 15.26% | 83,472,585 | $26.0B |
| 3 | MSFT | 9.87% | 37,427,808 | $16.9B |
| 4 | AVGO | 4.49% | 17,149,999 | $7.7B |
| 5 | MU | 4.19% | 7,365,601 | $7.2B |
| 6 | AMD | 3.20% | 10,585,308 | $5.5B |
| 7 | INTC | 1.95% | 29,083,150 | $3.3B |
| 8 | CSCO | 1.85% | 26,178,940 | $3.2B |
| 9 | LRCX | 1.55% | 8,339,485 | $2.7B |
| 10 | ORCL | 1.45% | 10,968,406 | $2.5B |
| 11 | AMAT | 1.39% | 5,279,594 | $2.4B |
| 12 | PLTR | 1.34% | 14,636,019 | $2.3B |
| 13 | TXN | 1.10% | 6,137,838 | $1.9B |
| 14 | IBM | 1.08% | 6,188,883 | $1.8B |
| 15 | QCOM | 1.07% | 7,288,367 | $1.8B |
2026-07-02
15 holdings · 66.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 16.78% | 135,640,261 | $28.6B |
| 2 | AAPL | 15.26% | 83,472,585 | $26.0B |
| 3 | MSFT | 9.87% | 37,427,808 | $16.9B |
| 4 | AVGO | 4.49% | 17,149,999 | $7.7B |
| 5 | MU | 4.19% | 7,365,601 | $7.2B |
| 6 | AMD | 3.20% | 10,585,308 | $5.5B |
| 7 | INTC | 1.95% | 29,083,150 | $3.3B |
| 8 | CSCO | 1.85% | 26,178,940 | $3.2B |
| 9 | LRCX | 1.55% | 8,339,485 | $2.7B |
| 10 | ORCL | 1.45% | 10,968,406 | $2.5B |
| 11 | AMAT | 1.39% | 5,279,594 | $2.4B |
| 12 | PLTR | 1.34% | 14,636,019 | $2.3B |
| 13 | TXN | 1.10% | 6,137,838 | $1.9B |
| 14 | IBM | 1.08% | 6,188,883 | $1.8B |
| 15 | QCOM | 1.07% | 7,288,367 | $1.8B |
2026-07-01
15 holdings · 66.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 16.78% | 135,640,261 | $28.6B |
| 2 | AAPL | 15.26% | 83,472,585 | $26.0B |
| 3 | MSFT | 9.87% | 37,427,808 | $16.9B |
| 4 | AVGO | 4.49% | 17,149,999 | $7.7B |
| 5 | MU | 4.19% | 7,365,601 | $7.2B |
| 6 | AMD | 3.20% | 10,585,308 | $5.5B |
| 7 | INTC | 1.95% | 29,083,150 | $3.3B |
| 8 | CSCO | 1.85% | 26,178,940 | $3.2B |
| 9 | LRCX | 1.55% | 8,339,485 | $2.7B |
| 10 | ORCL | 1.45% | 10,968,406 | $2.5B |
| 11 | AMAT | 1.39% | 5,279,594 | $2.4B |
| 12 | PLTR | 1.34% | 14,636,019 | $2.3B |
| 13 | TXN | 1.10% | 6,137,838 | $1.9B |
| 14 | IBM | 1.08% | 6,188,883 | $1.8B |
| 15 | QCOM | 1.07% | 7,288,367 | $1.8B |
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 VGT 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 VGT’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: 2026-07-02.
SecuritiesDB is for informational purposes only. Not investment advice.