XME(XME)
AI Look-Through Summary
AI GeneratedThe portfolio's sector exposure is heavily skewed towards Basic Materials, which accounts for nearly half of its holdings, alongside a significant presence in Other sectors. This suggests a focus on commodity-related stocks. The Energy sector also has a notable representation, while Industrials are relatively underrepresented.
Concentration risk is present due to the top holdings' substantial weightings, with HL and UEC each accounting for approximately 5% of the fund's assets. The portfolio's valuation posture appears to be moderate, as indicated by its weighted P/E ratio of 20.4x. A favorable macro environment for this portfolio would likely involve sustained commodity prices or a strong economic recovery, while an unfavorable environment might arise from declining commodity prices or a global recession.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:12:45.276459+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The thematic alignment of the XME ETF with its implied focus on industrial metals and mining is generally strong, as evidenced by the dominant presence of Basic Materials holdings. The top ten positions are heavily weighted toward companies like Nucor, Steel Dynamics, and Rio Tinto, which directly correlate to steel production and commodities. However, a closer examination reveals some entities that deviate from this core narrative; for instance, CNR is classified under Energy rather than materials or industrials, while several other top holdings lack specific sector classifications entirely. This ambiguity suggests that not every major component contributes equally to the stated industrial metal theme, potentially diluting the purity of the exposure despite the overall heavy weighting in the relevant sector.
Sector coherence remains high with Basic Materials comprising nearly half of the portfolio, yet concentration risk is notable given that the top ten holdings account for 47% of assets under management. The fund appears differentiated from a broad market index due to its specialized tilt toward cyclical commodities and specific industrial sub-sectors rather than technology or consumer staples. Nevertheless, the significant overlap between the largest positions in both Basic Materials and Industrials indicates a strategy that relies heavily on mega-cap leaders within these fields. While this provides stability through established players, it means the fund's performance will likely mirror major industry giants closely, limiting exposure to smaller, more niche thematic opportunities often sought by investors targeting specific metal plays.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 11:12:57.579174+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of XME presents a highly concentrated exposure to the Basic Materials industry, which accounts for nearly half of the portfolio at 46.4%. This heavy weighting suggests an investment thesis centered on commodities and industrial raw materials rather than broad diversification across economic sectors. The fund further reinforces this focus through its top five holdings, four of which are exclusively within Basic Materials, indicating a deliberate strategy to capture value in specific sub-sectors like steel or aluminum production while accepting significant sector-specific volatility.
Concentration risk is pronounced given that the top ten positions collectively represent 46.5% of assets under management. Such a structure implies that performance will be heavily dictated by macroeconomic factors influencing global demand for physical commodities, such as infrastructure spending cycles or supply chain disruptions specific to mining and metallurgy. The modest allocations to Energy at 6.6% and Industrials at 5.1%, despite the presence of industrial holdings in the top tier, suggest that while some overlap exists with broader manufacturing themes, the primary driver remains material extraction and processing rather than finished goods assembly or energy generation.
Factor tilts inferred from this composition likely favor value characteristics often associated with cyclical commodity stocks, which may trade at lower valuations relative to growth sectors during economic downturns but offer substantial upside when industrial activity accelerates. The reliance on a small number of large-cap issuers within the materials space introduces idiosyncratic risks tied to individual company operations, such as regulatory changes regarding environmental standards or shifts in global trade policies affecting export volumes. Ultimately, this allocation profile reflects a specialized approach designed for investors seeking direct exposure to commodity cycles rather than balanced portfolio growth.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-20 04:47:59.889667+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XME's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XME's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VAWVAW | $4B | — | 28 | 79.6% |
| SPTMSPTM | $12B | — | 23 | 78.4% |
| VFMOVFMO | $1B | — | 24 | 71.7% |
| ONEOONEO | $25M | — | 11 | 41.8% |
| VXFVXF | $84B | — | 10 | 40.9% |
80% of XME's portfolio by weight is also held by VAW. When VAW receives inflows, it mechanically buys these shared stocks — dragging XME's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXME'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 64% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Caution: 22% of fund weight scores below 4 — indicating weak profitability or deteriorating fundamentals.
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 XME collectively pay out 47% 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 38% 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
ProprietaryXME is up 31.2% over the last 12 months. The underlying weighted earnings growth of its constituents is -36.2%. The remaining +67.4% 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 78% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XME's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XME's analyzed weight, 12% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 88% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 78% 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.
XME has a Passive Crowding Score of 37/100. On average, 11.0% of the market capitalization of XME'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 15 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 | HL | HECLA MINING CO | 4.70% | 21.1x | 8/9 |
| 2 | RS | RELIANCE INC Basic Materials | 4.56% | 25.8x | 5/9 |
| 3 | UEC | URANIUM ENERGY CORP | 4.50% | — | 4/9 |
| 4 | NEM | NEWMONT CORP Basic Materials | 4.45% | 11.8x | 9/9 |
| 5 | RGLD | ROYAL GOLD INC Basic Materials | 4.41% | 23.1x | 4/9 |
| 6 | CDE | COEUR MINING INC Basic Materials | 4.36% | 12.0x | 7/9 |
| 7 | LEU | CENTRUS ENERGY CORP CLASS A | 4.35% | 53.4x | 4/9 |
| 8 | FCX | FREEPORT MCMORAN INC Basic Materials | 4.29% | 30.9x | 6/9 |
| 9 | NUE | NUCOR CORP Basic Materials | 4.27% | 23.4x | 5/9 |
| 10 | CNR | CORE NATURAL RESOURCES INC Energy | 4.16% | — | 3/9 |
| 11 | CMC | COMMERCIAL METALS CO Industrials | 4.10% | 12.6x | 4/9 |
| 12 | STLD | STEEL DYNAMICS INC Basic Materials | 3.98% | 25.2x | 4/9 |
| 13 | MP | MP MATERIALS CORP | 3.86% | — | 4/9 |
| 14 | HCC | WARRIOR MET COAL INC | 3.84% | 30.8x | 4/9 |
| 15 | MTRN | MATERION CORP | 3.72% | 67.3x | 5/9 |
Historical Holdings Snapshots
Browse how XME’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 63.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HL | 4.70% | 12,679,386 | — |
| 2 | RS | 4.56% | 451,800 | — |
| 3 | UEC | 4.50% | 18,911,413 | — |
| 4 | NEM | 4.45% | 1,920,293 | — |
| 5 | RGLD | 4.41% | 903,964 | — |
| 6 | CDE | 4.36% | 11,560,390 | — |
| 7 | LEU | 4.35% | 1,159,768 | — |
| 8 | FCX | 4.29% | 2,869,612 | — |
| 9 | NUE | 4.27% | 711,195 | — |
| 10 | CNR | 4.16% | 1,951,639 | — |
| 11 | CMC | 4.10% | 2,421,441 | — |
| 12 | STLD | 3.98% | 663,883 | — |
| 13 | MP | 3.86% | 3,332,938 | — |
| 14 | HCC | 3.84% | 1,870,685 | — |
| 15 | MTRN | 3.72% | 600,707 | — |
2026-07-18
15 holdings · 63.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HL | 4.70% | 12,679,386 | — |
| 2 | RS | 4.56% | 451,800 | — |
| 3 | UEC | 4.50% | 18,911,413 | — |
| 4 | NEM | 4.45% | 1,920,293 | — |
| 5 | RGLD | 4.41% | 903,964 | — |
| 6 | CDE | 4.36% | 11,560,390 | — |
| 7 | LEU | 4.35% | 1,159,768 | — |
| 8 | FCX | 4.29% | 2,869,612 | — |
| 9 | NUE | 4.27% | 711,195 | — |
| 10 | CNR | 4.16% | 1,951,639 | — |
| 11 | CMC | 4.10% | 2,421,441 | — |
| 12 | STLD | 3.98% | 663,883 | — |
| 13 | MP | 3.86% | 3,332,938 | — |
| 14 | HCC | 3.84% | 1,870,685 | — |
| 15 | MTRN | 3.72% | 600,707 | — |
2026-07-17
15 holdings · 63.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HL | 4.80% | 12,743,454 | — |
| 2 | UEC | 4.68% | 19,006,973 | — |
| 3 | CDE | 4.50% | 11,618,806 | — |
| 4 | NEM | 4.47% | 1,929,997 | — |
| 5 | LEU | 4.44% | 1,165,628 | — |
| 6 | RS | 4.33% | 454,084 | — |
| 7 | FCX | 4.28% | 2,884,112 | — |
| 8 | RGLD | 4.27% | 908,532 | — |
| 9 | NUE | 4.12% | 714,787 | — |
| 10 | CNR | 4.12% | 1,961,499 | — |
| 11 | MP | 4.03% | 3,349,778 | — |
| 12 | CMC | 3.99% | 2,433,677 | — |
| 13 | STLD | 3.83% | 667,239 | — |
| 14 | HCC | 3.75% | 1,880,137 | — |
| 15 | USAR | 3.71% | 8,806,971 | — |
2026-07-16
15 holdings · 63.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HL | 4.76% | 12,727,439 | — |
| 2 | UEC | 4.75% | 18,983,086 | — |
| 3 | CDE | 4.48% | 11,604,204 | — |
| 4 | LEU | 4.47% | 1,164,163 | — |
| 5 | NEM | 4.40% | 1,927,571 | — |
| 6 | FCX | 4.29% | 2,880,487 | — |
| 7 | RS | 4.25% | 453,513 | — |
| 8 | RGLD | 4.23% | 907,390 | — |
| 9 | MP | 4.10% | 3,345,568 | — |
| 10 | CNR | 4.08% | 1,959,034 | — |
| 11 | NUE | 4.03% | 713,889 | — |
| 12 | CMC | 3.88% | 2,430,618 | — |
| 13 | USAR | 3.86% | 8,795,903 | — |
| 14 | HCC | 3.77% | 1,877,774 | — |
| 15 | STLD | 3.75% | 666,400 | — |
2026-07-15
15 holdings · 63.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HL | 4.79% | 12,727,439 | — |
| 2 | UEC | 4.71% | 18,983,086 | — |
| 3 | LEU | 4.48% | 1,164,163 | — |
| 4 | CDE | 4.46% | 11,604,204 | — |
| 5 | NEM | 4.43% | 1,927,571 | — |
| 6 | RGLD | 4.33% | 907,390 | — |
| 7 | RS | 4.31% | 453,513 | — |
| 8 | FCX | 4.26% | 2,880,487 | — |
| 9 | NUE | 4.10% | 713,889 | — |
| 10 | MP | 4.08% | 3,345,568 | — |
| 11 | CNR | 4.05% | 1,959,034 | — |
| 12 | STLD | 3.85% | 666,400 | — |
| 13 | CMC | 3.82% | 2,430,618 | — |
| 14 | HCC | 3.80% | 1,877,774 | — |
| 15 | USAR | 3.73% | 8,795,903 | — |
2026-07-14
15 holdings · 63.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HL | 4.89% | 12,791,503 | — |
| 2 | UEC | 4.85% | 19,078,638 | — |
| 3 | LEU | 4.83% | 1,170,023 | — |
| 4 | CDE | 4.50% | 11,662,612 | — |
| 5 | NEM | 4.46% | 1,937,275 | — |
| 6 | RGLD | 4.33% | 911,958 | — |
| 7 | FCX | 4.30% | 2,894,987 | — |
| 8 | MP | 4.24% | 3,362,408 | — |
| 9 | RS | 4.17% | 455,797 | — |
| 10 | USAR | 3.95% | 8,840,175 | — |
| 11 | NUE | 3.94% | 717,481 | — |
| 12 | CNR | 3.89% | 1,968,894 | — |
| 13 | MTRN | 3.77% | 606,020 | — |
| 14 | CMC | 3.70% | 2,442,854 | — |
| 15 | STLD | 3.69% | 669,756 | — |
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 XME 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 XME’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.