XSW(XSW)
AI Look-Through Summary
AI GeneratedThe XSW ETF presents a concentrated exposure primarily within the technology sector, which accounts for nearly half of its total assets under management. This heavy weighting is driven by a distinct tilt toward artificial intelligence and cryptocurrency infrastructure themes, evidenced by significant allocations to companies like AIP, DDOG, FTNT, PANW, as well as miners such as RIOT, CLSK, MARA, and WULF. The top ten holdings collectively represent a substantial portion of the fund's value, indicating that performance will be highly sensitive to the fortunes of these specific equities rather than being broadly diversified across the entire technology landscape. While financial services and communication services provide minor diversification at roughly three percent each, the overwhelming majority of capital remains fixed on high-growth tech names and digital asset participants.
From a quantitative perspective, the fund's relatively modest size of $0.4 billion suggests it operates as a niche vehicle targeting specific thematic exposures rather than serving as a broad market proxy for the technology sector. The concentration risk is further amplified by the fact that several top holdings lack clear GICS classifications in this snapshot or are categorized broadly under N/A, potentially obscuring their true operational overlap with digital mining and AI computing services. This structure implies significant volatility potential, as shifts in sentiment regarding artificial intelligence adoption or cryptocurrency market dynamics could disproportionately impact the fund's net asset value more than a diversified index would experience. The data reflects an aggressive thematic strategy where capital efficiency is prioritized over sector breadth, leaving investors exposed to the specific operational risks and regulatory environments facing these specialized industries.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-21 16:47:12.037641+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 92/100The XSW ETF demonstrates a strong thematic alignment with its name, which implies exposure to artificial intelligence infrastructure and computing. The top holdings are predominantly concentrated in technology firms known for their roles in data centers, semiconductor manufacturing, or AI software development, such as DDOG, CRWD, and FTNT. While several names like HUT, RIOT, MARA, WULF, and CLSK lack explicit sector classifications in the provided list, these entities are widely recognized within the market context as key players in Bitcoin mining and digital assets, sectors often grouped under the broader AI narrative due to their shared reliance on high-performance computing power. The absence of unrelated mega-cap stocks or broad-market names suggests that the fund has not diluted its thematic focus with generic large-cap holdings merely for stability, maintaining a tight adherence to the specific technological drivers implied by its ticker and title.
Sector coherence is evident given that nearly half of the portfolio's assets are allocated directly to the Technology sector, reinforcing the primary investment thesis. The inclusion of Financial Services and Communication Services in smaller weights adds necessary nuance without obscuring the core theme, as these sectors often contain companies providing essential financial infrastructure or connectivity required for AI expansion. With a top-10 concentration of 11.5%, the fund avoids excessive reliance on any single issuer while still capturing significant exposure to leading names within its niche. The distribution across sixty-one holdings indicates a strategy designed to capture sector-wide growth rather than betting heavily on individual outliers, resulting in a portfolio structure that appears genuinely differentiated from broad market indices and consistent with a specialized thematic approach.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-20 15:38:40.637995+00
🏢 Sector Analysis
AI GeneratedThe XSW ETF exhibits a highly concentrated sector profile dominated by the Technology industry, which accounts for 45.6% of total assets across sixty-one holdings. This overwhelming exposure suggests an investment thesis centered entirely on digital infrastructure and cryptocurrency-related equities rather than broad-based tech innovation or consumer discretionary spending. The remaining sectors present negligible diversification; Financial Services and Communication Services each contribute less than 3%, while Industrials are virtually absent with a mere 0.6% allocation. Such a narrow sector footprint indicates that the fund's performance will be inextricably linked to the cyclical fortunes of the technology market, leaving it vulnerable to industry-specific downturns without meaningful hedging through other economic sectors.
Concentration risk is further amplified by the top ten holdings representing 11.7% of the portfolio, with individual positions like AIP and DDOG exceeding one percent each. While this level of concentration might be typical for a specialized niche fund, it implies that idiosyncratic risks associated with specific companies or sub-segments within technology could disproportionately impact overall returns. The inclusion of holdings categorized as "N/A" alongside clear Technology labels reinforces the idea that the fund targets a very specific micro-cap segment rather than established large-cap leaders. This structural design points to a high-beta strategy seeking aggressive growth potential, but it simultaneously exposes investors to significant volatility driven by the limited universe of underlying securities and the absence of defensive or value-oriented assets within the allocation.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-22 07:42:18.835863+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XSW's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XSW's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VGTVGT | $122B | — | 129 | 95.3% |
| SPTMSPTM | $12B | — | 70 | 49.3% |
| VBKVBK | $40B | — | 59 | 43.8% |
| ONEOONEO | $25M | — | 56 | 39.1% |
| VONGVONG | $46B | — | 48 | 35.5% |
95% of XSW's portfolio by weight is also held by VGT, which commands 326× more assets under management. When VGT receives inflows, it mechanically buys these shared stocks — dragging XSW's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXSW'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 50% 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. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside XSW collectively pay out 24% 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 11% 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
ProprietaryXSW is down 0.1% over the last 12 months. The underlying weighted earnings growth of its constituents is +22.0%. Despite earnings growth, valuations have contracted by 22.1% — 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 XSW's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XSW's analyzed weight, 46% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 54% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 44% 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.
XSW has a Passive Crowding Score of 26/100. On average, 7.9% of the market capitalization of XSW'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 2 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 | AIP | ARTERIS INC Technology | 1.62% | — | — |
| 2 | HUT | HUT 8 CORP | 1.45% | — | — |
| 3 | DDOG | DATADOG INC CLASS A Technology | 1.20% | 618.4x | 6/9 |
| 4 | RIOT | RIOT PLATFORMS INC | 1.16% | — | — |
| 5 | AUR | AURORA INNOVATION INC Technology | 1.13% | — | — |
| 6 | CLSK | CLEANSPARK INC Financial Services | 1.13% | — | — |
| 7 | MARA | MARA HOLDINGS INC | 1.11% | — | — |
| 8 | FTNT | FORTINET INC Technology | 1.09% | 53.5x | 6/9 |
| 9 | PANW | PALO ALTO NETWORKS INC Technology | 1.08% | 156.5x | 4/9 |
| 10 | CIFR | CIPHER DIGITAL INC Technology | 1.07% | — | — |
| 11 | WULF | TERAWULF INC | 1.06% | — | — |
| 12 | CORZ | CORE SCIENTIFIC INC Technology | 1.05% | — | — |
| 13 | CRWD | CROWDSTRIKE HOLDINGS INC A Technology | 1.03% | — | 4/9 |
| 14 | CRNC | CERENCE INC Technology | 0.97% | 378.0x | 4/9 |
| 15 | YOU | CLEAR SECURE INC CLASS A | 0.96% | 43.5x | 6/9 |
Historical Holdings Snapshots
Browse how XSW’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 17.1% tracked weight2026-05-23
15 holdings · 17.1% tracked weight2026-05-22
15 holdings · 16.6% tracked weight2026-05-21
15 holdings · 16.4% tracked weight2026-05-20
15 holdings · 16.4% tracked weight2026-05-19
15 holdings · 16.9% 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 XSW 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 XSW’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.