XHE(XHE)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Healthcare, with a significant presence of Other sectors, while Financial Services accounts for less than 2% of the total. This suggests that the fund has a strong bias towards growth-oriented industries. The weighted P/E and P/B ratios indicate that the fund holds companies with moderate to high valuations, which may be a concern in a market downturn.
The top holdings are concentrated among a handful of mid-cap stocks, with no single stock dominating the portfolio. However, this concentration could pose risks if any of these names experience significant volatility or underperformance. The sector mix diverges from the broader market, where Healthcare is typically a smaller component. A favorable macro environment for this portfolio might be one characterized by strong growth in the Healthcare industry, while an unfavorable scenario could be a recessionary period with heightened valuation concerns.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 10:06:30.041978+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ticker XHE, typically associated with healthcare innovation or specific medical sectors, demonstrates a strong alignment with its actual portfolio composition. The top holdings are predominantly concentrated within the Healthcare sector, which accounts for nearly half of the total assets under management. While several positions in the top fifteen lack explicit sector labels in the provided data, their tickers correspond to companies often involved in biotechnology or specialized medical services, reinforcing the thematic focus rather than diluting it with unrelated industries like technology or consumer goods. The absence of significant exposure to non-healthcare sectors suggests that the fund is not merely using broad market names as a proxy for stability but is actively maintaining a narrow investment scope consistent with its stated identity.
Concentration risk appears moderate, with the top ten holdings representing approximately 22.5% of the portfolio and no single position exceeding three percent. This distribution indicates a diversified approach within the niche theme rather than an over-reliance on a handful of mega-cap stocks that could mask thematic drift. The sector breakdown further supports coherence, as Financial Services exposure is minimal at less than two percent, preventing any significant deviation from the primary healthcare mandate. Consequently, the fund appears genuinely differentiated from broad market indices by its heavy weighting in specialized medical entities while avoiding the dilution common in general health ETFs that include pharma giants or hospital operators outside a specific innovation lens. The data suggests a focused strategy where sector weights remain consistent with the intended theme without relying on misleading asset names to stabilize returns.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 23:02:35.613029+00
🏢 Sector Analysis
AI GeneratedThe fund exhibits an exceptionally concentrated exposure to the healthcare sector, which accounts for over 44% of total assets through a narrow universe of just thirty holdings. This heavy weighting suggests an investment thesis predicated on deep specialization within life sciences and biotechnology rather than broad diversification across market capitalizations or industries. The presence of financial services at merely 1.7%, represented by a single holding, indicates that the portfolio is not designed to capture general economic growth drivers but instead focuses almost exclusively on specific therapeutic areas or sub-segments where these top-tier companies operate.
Concentration risk appears elevated given that the top ten positions collectively represent nearly one-quarter of the fund's value, with individual holdings like STAA and GKOS commanding significant weight despite lacking explicit sector labels in the provided data. This structure implies a factor tilt toward small-cap or micro-cap biotech firms, as evidenced by the dominance of names such as AVNS and AXGN which are typically associated with specialized pharmaceutical development rather than large-cap stability. The limited number of holdings relative to the massive sector concentration further amplifies idiosyncratic risk, meaning performance will be heavily correlated with the success or failure of a very small group of companies within the healthcare space.
Ultimately, the allocation profile reveals a strategy that prioritizes intense focus on niche medical innovations over portfolio breadth. Investors seeking exposure to emerging biotech trends may find this structure appealing due to its targeted approach, while those concerned about volatility stemming from single-stock movements or sector-specific regulatory shifts might view the lack of diversification as a significant limitation. The data underscores a deliberate choice to accept higher concentration risk in exchange for potential upside tied specifically to breakthroughs within the healthcare domain.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 11:00:08.802851+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XHE's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XHE's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VHTVHT | $19B | — | 62 | 95.6% |
| SPTMSPTM | $12B | — | 46 | 74.1% |
| ONEOONEO | $25M | — | 24 | 35.7% |
| SPSMSPSM | $14B | — | 20 | 33.2% |
| ESGVESGV | $11B | — | 19 | 30.4% |
96% of XHE's portfolio by weight is also held by VHT, which commands 139× more assets under management. When VHT receives inflows, it mechanically buys these shared stocks — dragging XHE's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXHE'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 59% 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 XHE collectively pay out 45% 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 22% 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
ProprietaryXHE is up 14.2% over the last 12 months. The underlying weighted earnings growth of its constituents is +16.5%. Despite earnings growth, valuations have contracted by 2.3% — 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 XHE's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XHE's analyzed weight, 28% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 72% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 57% 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.
XHE has a Passive Crowding Score of 25/100. On average, 7.4% of the market capitalization of XHE'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 8 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 | XRAY | DENTSPLY SIRONA INC Healthcare | 2.13% | — | 6/9 |
| 2 | QDEL | QUIDELORTHO CORP | 2.09% | — | — |
| 3 | BFLY | BUTTERFLY NETWORK INC Healthcare | 2.01% | — | 4/9 |
| 4 | ATRC | ATRICURE INC Healthcare | 2.00% | — | — |
| 5 | ENOV | ENOVIS CORP Healthcare | 1.98% | — | — |
| 6 | GKOS | GLAUKOS CORP | 1.96% | — | — |
| 7 | AORT | ARTIVION INC Healthcare | 1.94% | 166.9x | 7/9 |
| 8 | CNMD | CONMED CORP Healthcare | 1.91% | 22.9x | 6/9 |
| 9 | OMCL | OMNICELL INC | 1.90% | 826.3x | 6/9 |
| 10 | INSP | INSPIRE MEDICAL SYSTEMS INC | 1.89% | 10.1x | 6/9 |
| 11 | ICUI | ICU MEDICAL INC | 1.79% | 6234.5x | 6/9 |
| 12 | BAX | BAXTER INTERNATIONAL INC Healthcare | 1.77% | — | 5/9 |
| 13 | ATEC | ALPHATEC HOLDINGS INC Healthcare | 1.76% | — | — |
| 14 | MMSI | MERIT MEDICAL SYSTEMS INC | 1.74% | 32.1x | 7/9 |
| 15 | NEOG | NEOGEN CORP | 1.74% | — | — |
Historical Holdings Snapshots
Browse how XHE’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 28.6% tracked weight2026-07-18
15 holdings · 28.6% tracked weight2026-07-17
15 holdings · 28.6% tracked weight2026-07-16
15 holdings · 28.5% tracked weight2026-07-15
15 holdings · 28.5% tracked weight2026-07-14
15 holdings · 28.3% 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 XHE 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 XHE’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.