CWI(CWI)
AI Look-Through Summary
AI GeneratedThe CWI ETF presents a distinct market profile characterized by significant exposure to the technology sector, which accounts for nearly nine percent of its total assets. This concentration is driven primarily by holdings in major semiconductor and hardware manufacturers such as TSMC and ASML, alongside smaller stakes in other tech entities like ROP. While financial services represents a secondary pillar with roughly four point four percent allocation led by HSBC and Royal Bank of Canada, the portfolio's broader sector distribution remains heavily skewed toward growth-oriented industries rather than value or defensive plays. The inclusion of energy names like Shell further diversifies the geographic footprint without substantially altering the underlying tilt toward innovation-driven markets.
Geographically, the fund exhibits a pronounced bias toward non-U.S. developed and emerging markets, evidenced by substantial positions in companies listed on foreign exchanges such as those in Singapore, Taiwan, Hong Kong, and Europe. This international focus is reinforced by the presence of holdings like SMSN and A000660, which lack U.S. ticker designations, suggesting a deliberate strategy to capture value outside the domestic market. With an asset under management exceeding two billion dollars, the ETF possesses sufficient liquidity for institutional participation while maintaining a relatively concentrated top ten that influences its overall volatility profile. The weightings indicate a reliance on large-cap equities within specific global industries rather than a broad-based small-to-mid cap approach across all regions.
Quantitatively, the fund's structure suggests it serves as a targeted vehicle for investors seeking exposure to Asian and European technological leaders alongside select financial giants from Commonwealth realms. The low weighting in industrials and healthcare implies that these sectors are not primary drivers of performance but may act as stabilizers during periods where technology valuations compress. Given the heavy reliance on a few high-beta technology stocks, any sector-specific downturns could disproportionately impact total returns relative to more diversified global indices. Ultimately, the composition reflects a strategic bet on the continued dominance of semiconductor supply chains and established financial institutions in non-U.S. markets, with performance heavily correlated to the fortunes of these specific industries.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-23 10:33:43.212155+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the CWI ticker is a focus on Chinese equities, yet the provided holdings list reveals significant diversification beyond this specific geography. While top positions include major technology names like TSM and ASML which have substantial Asian operations, other constituents such as HSBA (UK), RY and TD (Canada), SHEL (Netherlands/US), AZN (Ireland/Global), and NESN (Switzerland) are non-Chinese entities with no direct thematic link to the fund's likely name. This mix of global blue-chip stocks alongside select Chinese names suggests the fund may be utilizing broad market leaders for stability rather than maintaining a strict geographic or sectoral purity, potentially diluting the intended exposure to China-specific growth drivers.
Sector coherence presents another layer of complexity regarding the fund's differentiation from standard indices. The technology allocation stands at 8.8%, driven by holdings like TSM and ROP, but this weight is fragmented across eleven different companies rather than concentrating on a specific Chinese tech sub-sector. Furthermore, meaningful exposures to Financial Services (4.4%), Energy (2.2%), and Healthcare (1.3%) introduce broad market characteristics that mirror the composition of wider global indices more closely than a specialized thematic vehicle would typically exhibit. With only 16% concentration in the top ten holdings, the portfolio lacks the sharp focus often seen in pure-play thematic funds, indicating it functions as a diversified global equity basket with incidental Chinese exposure rather than a dedicated China strategy.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-24 09:19:11.639135+00
🏢 Sector Analysis
AI GeneratedThe CWI ETF exhibits a distinct sector allocation profile that diverges sharply from broad market indices, revealing an investment thesis heavily weighted toward specific European and global equities rather than diversified industry exposure. While the Technology sector accounts for nearly nine percent of assets, it is not the dominant force; instead, the fund's structure suggests a deliberate avoidance of heavy concentration in any single traditional industrial or consumer category. The presence of significant holdings in Financial Services, Energy, and Industrials alongside Technology indicates a strategy that may prioritize specific geographic exposures or thematic bets over pure sectoral rotation, as these sectors collectively represent only a fraction of the total portfolio weight compared to what is seen in large-cap growth funds.
This allocation pattern highlights notable concentration risks despite the seemingly balanced spread across eleven sectors. The fact that the top ten holdings comprise just sixteen percent of assets suggests a low-concentration approach within individual positions, yet the sheer number of small allocations in many categories implies a broad but shallow net exposure to most industries. For instance, while Technology holds 11 names, other sectors like Utilities and Communication Services hold only four or five each with minimal weightings, potentially limiting the fund's ability to capitalize on sector-specific rallies outside its primary focus areas. The inclusion of non-standard tickers such as A000660 alongside major players like TSM and ASML further underscores a unique selection criteria that may not align with standard factor tilts toward large-cap growth or value, instead pointing toward a specialized mandate focused on particular regions or market segments where traditional sector definitions are less relevant.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 23:39:58.972146+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share CWI's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of CWI's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPDWSPDW | $36B | — | 625 | 74.4% |
| VEUVEU | $86B | — | 405 | 66.6% |
| VXUSVXUS | $624B | — | 404 | 66.5% |
| VEAVanguard FTSE Developed Markets Index Fund ETF Shares | $290B | — | 396 | 61.8% |
| VTVT | $80B | — | 201 | 51.8% |
74% of CWI's portfolio by weight is also held by SPDW, which commands 15× more assets under management. When SPDW receives inflows, it mechanically buys these shared stocks — dragging CWI's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofCWI'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 24% 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
Based on 24% of fund weight with Piotroski data.
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 CWI collectively pay out 55% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 18% 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
ProprietaryCWI is up 32.2% over the last 12 months. The underlying weighted earnings growth of its constituents is +28.6%. The remaining +3.6% 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 22% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of CWI's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of CWI's analyzed weight, 78% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 22% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 16% of fund weight with available data. Not investment advice.
Passive Crowding Score
SEVEREHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
CWI has a Passive Crowding Score of 100/100. On average, 56.0% of the market capitalization of CWI's underlying holdings is structurally locked in passive ETF vehicles. In the event of a broad sell-off, CWI faces elevated "gap-down" risk — as passive redemptions force simultaneous selling of constituents where a large portion of the float is not actively trading.
Passive $ = Σ(ETF AUM × holding weight) across all 6 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 | TSM | TAIWAN SEMICONDUCTOR SP ADR Technology | 4.57% | 35.9x | 9/9 |
| 2 | SMSN | SAMSUNG ELECTR GDR REG S | 2.64% | — | — |
| 3 | A000660 | SK HYNIX INC | 1.96% | — | — |
| 4 | ASML | ASML HOLDING NV Technology | 1.71% | 53.8x | 8/9 |
| 5 | HSBA | HSBC HOLDINGS PLC | 0.94% | — | — |
| 6 | 700 | TENCENT HOLDINGS LTD | 0.92% | — | — |
| 7 | RY | ROYAL BANK OF CANADA Financial Services | 0.87% | 17.1x | 3/9 |
| 8 | ROP | ROCHE HOLDING AG Technology | 0.84% | 20.3x | 5/9 |
| 9 | NOVN | NOVARTIS AG REG | 0.81% | — | — |
| 10 | SHEL | SHELL PLC Energy | 0.78% | 13.1x | 5/9 |
| 11 | AZN | ASTRAZENECA PLC Healthcare | 0.78% | 27.9x | 7/9 |
| 12 | NESN | NESTLE SA REG | 0.74% | — | — |
| 13 | 9988 | ALIBABA GROUP HOLDING LTD | 0.72% | — | — |
| 14 | SIE | SIEMENS AG REG | 0.67% | — | — |
| 15 | TD | TORONTO DOMINION BANK Financial Services | 0.61% | 18.4x | 4/9 |
Historical Holdings Snapshots
Browse how CWI’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 19.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSM | 4.57% | 304,946 | — |
| 2 | SMSN | 2.64% | 14,863 | — |
| 3 | A000660 | 1.96% | 41,255 | — |
| 4 | ASML | 1.71% | 29,704 | — |
| 5 | HSBA | 0.94% | 1,403,807 | — |
| 6 | 700 | 0.92% | 445,700 | — |
| 7 | RY | 0.87% | 125,360 | — |
| 8 | ROP | 0.84% | 54,769 | — |
| 9 | NOVN | 0.81% | 144,976 | — |
| 10 | SHEL | 0.78% | 490,542 | — |
| 11 | AZN | 0.78% | 112,448 | — |
| 12 | NESN | 0.74% | 199,935 | — |
| 13 | 9988 | 0.72% | 1,210,100 | — |
| 14 | SIE | 0.67% | 59,333 | — |
| 15 | TD | 0.61% | 150,115 | — |
2026-05-23
15 holdings · 19.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSM | 4.57% | 304,946 | — |
| 2 | SMSN | 2.64% | 14,863 | — |
| 3 | A000660 | 1.96% | 41,255 | — |
| 4 | ASML | 1.71% | 29,704 | — |
| 5 | HSBA | 0.94% | 1,403,807 | — |
| 6 | 700 | 0.92% | 445,700 | — |
| 7 | RY | 0.87% | 125,360 | — |
| 8 | ROP | 0.84% | 54,769 | — |
| 9 | NOVN | 0.81% | 144,976 | — |
| 10 | SHEL | 0.78% | 490,542 | — |
| 11 | AZN | 0.78% | 112,448 | — |
| 12 | NESN | 0.74% | 199,935 | — |
| 13 | 9988 | 0.72% | 1,210,100 | — |
| 14 | SIE | 0.67% | 59,333 | — |
| 15 | TD | 0.61% | 150,115 | — |
2026-05-22
15 holdings · 19.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSM | 4.55% | 304,946 | — |
| 2 | SMSN | 2.61% | 14,863 | — |
| 3 | A000660 | 1.77% | 41,255 | — |
| 4 | ASML | 1.71% | 29,704 | — |
| 5 | 700 | 0.96% | 445,700 | — |
| 6 | HSBA | 0.95% | 1,403,807 | — |
| 7 | RY | 0.87% | 125,360 | — |
| 8 | ROP | 0.85% | 54,769 | — |
| 9 | NOVN | 0.81% | 144,976 | — |
| 10 | SHEL | 0.80% | 490,542 | — |
| 11 | AZN | 0.78% | 112,448 | — |
| 12 | 9988 | 0.76% | 1,210,100 | — |
| 13 | NESN | 0.74% | 199,935 | — |
| 14 | SIE | 0.68% | 59,333 | — |
| 15 | TD | 0.61% | 150,115 | — |
2026-05-21
15 holdings · 19.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSM | 4.48% | 304,946 | — |
| 2 | SMSN | 2.50% | 14,863 | — |
| 3 | A000660 | 1.79% | 41,255 | — |
| 4 | ASML | 1.61% | 29,704 | — |
| 5 | 700 | 0.98% | 445,700 | — |
| 6 | HSBA | 0.93% | 1,403,807 | — |
| 7 | RY | 0.86% | 125,360 | — |
| 8 | ROP | 0.85% | 54,769 | — |
| 9 | NOVN | 0.82% | 144,976 | — |
| 10 | SHEL | 0.81% | 490,542 | — |
| 11 | AZN | 0.78% | 112,448 | — |
| 12 | 9988 | 0.77% | 1,210,100 | — |
| 13 | NESN | 0.76% | 199,935 | — |
| 14 | SIE | 0.66% | 59,333 | — |
| 15 | 8306 | 0.62% | 850,400 | — |
2026-05-20
15 holdings · 19.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSM | 4.50% | 304,946 | — |
| 2 | SMSN | 2.53% | 14,863 | — |
| 3 | A000660 | 1.89% | 41,255 | — |
| 4 | ASML | 1.63% | 29,704 | — |
| 5 | 700 | 0.95% | 445,700 | — |
| 6 | HSBA | 0.94% | 1,403,807 | — |
| 7 | RY | 0.86% | 125,360 | — |
| 8 | ROP | 0.84% | 54,769 | — |
| 9 | NOVN | 0.81% | 144,976 | — |
| 10 | SHEL | 0.81% | 490,542 | — |
| 11 | AZN | 0.77% | 112,448 | — |
| 12 | 9988 | 0.76% | 1,210,100 | — |
| 13 | NESN | 0.74% | 199,935 | — |
| 14 | SIE | 0.67% | 59,333 | — |
| 15 | TD | 0.60% | 150,115 | — |
2026-05-19
15 holdings · 19.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSM | 4.59% | 304,946 | — |
| 2 | SMSN | 2.51% | 14,863 | — |
| 3 | A000660 | 1.86% | 41,255 | — |
| 4 | ASML | 1.68% | 29,704 | — |
| 5 | 700 | 0.97% | 445,700 | — |
| 6 | HSBA | 0.92% | 1,403,807 | — |
| 7 | RY | 0.86% | 125,360 | — |
| 8 | ROP | 0.84% | 54,769 | — |
| 9 | NOVN | 0.80% | 144,976 | — |
| 10 | SHEL | 0.78% | 490,542 | — |
| 11 | AZN | 0.76% | 112,448 | — |
| 12 | 9988 | 0.76% | 1,210,100 | — |
| 13 | NESN | 0.74% | 199,935 | — |
| 14 | SIE | 0.67% | 59,333 | — |
| 15 | BHP | 0.62% | 382,634 | — |
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 CWI Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedCWI is currently trading at $39.59, a price point that sits within the immediate context of its recent market performance without explicit directional signals from this single data value alone. The absence of specific trend lines or moving average crossovers in the provided snapshot prevents a definitive assessment of whether current momentum represents a structural shift in valuation or a fragile accumulation phase susceptible to rapid correction. Without accompanying volatility metrics, drawdown history, or fundamental earnings context, it remains technically ambiguous whether this price level reflects a stable equilibrium or a precarious inflection point where minor catalysts could trigger significant repositioning by market participants. The singular data point of $39.59 offers limited insight into the broader risk dynamics typically required to distinguish between robust growth and speculative positioning. In isolation, this figure does not reveal the depth of recent drawdowns or the intensity of price swings that would inform an analysis of downside protection or upside potential. Consequently, any interpretation of the current market stance relies heavily on external factors not present in this specific dataset, leaving the structural integrity of the trend undetermined and highlighting the necessity for a more comprehensive technical framework to evaluate true risk exposure accurately.
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 CWI’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.