DIA(DIA)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation reveals a significant overweight in Financial Services, which accounts for nearly one-quarter of the total exposure. This is accompanied by notable underweights in sectors such as Consumer Cyclical and Communication Services. The market-cap profile appears to be skewed towards large-cap stocks, given the presence of behemoths like GS, CAT, and GOOGL.
Concentration risk is a concern due to the significant weight of GS (11.9%), which may amplify portfolio volatility. The sector mix diverges from the broader market, with Financial Services and Industrials receiving disproportionate representation. A favorable macro environment for this portfolio would likely involve continued economic growth and stability, as well as a robust financial services sector. Conversely, a downturn in the tech or healthcare sectors could have a more muted impact on this portfolio due to its reduced exposure to these areas.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 07:41:43.429027+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the name DIA, which stands for the Dow Jones Industrial Average ETF, aligns almost perfectly with its underlying holdings. The top positions include industry titans such as Goldman Sachs in financial services, Caterpillar in industrials, and Microsoft in technology, all of which are constituent members of the benchmark index they track. There is no evidence of unrelated assets or thematic drift; rather, the portfolio composition reflects a deliberate selection of large-cap blue-chip companies that define the broader U.S. industrial market. The presence of mega-cap stocks like Apple and United Health Group serves to stabilize returns through established market leadership rather than indicating a lack of focus, as these entities are integral components of the specific index strategy this fund is designed to replicate.
Sector weights demonstrate strong coherence with the stated objective of mirroring the Dow Jones Industrial Average. Financial services and industrials collectively account for nearly half of the portfolio, consistent with their historical prominence in that specific index, while technology and healthcare provide balanced exposure without deviating from the established weightings. The fund exhibits significant concentration risk within its top ten holdings, which comprise over 56 percent of assets under management; however, this high degree of overlap is an inherent characteristic of tracking a narrow basket of thirty large companies rather than a sign of poor diversification relative to its mandate. Consequently, while the portfolio lacks broad market differentiation by design, it maintains strict adherence to its thematic and index-based parameters without introducing extraneous risks or unrelated sectors.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-20 00:56:21.733874+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors from the top holdings of DIA highlight emerging macro-level pressures centered on regulatory compliance and operational costs. A significant systemic theme involves potential financial strain resulting from adherence to evolving climate change regulations, data privacy requirements, and responsible artificial intelligence frameworks. These disclosures indicate that companies across diverse sectors are anticipating material adverse impacts on their financial conditions due to increased expenditures necessary for meeting new legal standards related to environmental stewardship, cybersecurity, and AI governance.
The concentration of these specific risk categories within the fund's portfolio suggests a correlated downside potential if regulatory environments tighten further or enforcement becomes more stringent. Although the provided text explicitly details only NVIDIA (NVDA) regarding climate change, data privacy, and AI regulation, the presence of such forward-looking operational risks in high-weight technology giants signals that macro-level policy shifts could simultaneously affect multiple large-cap constituents. This clustering implies that external regulatory developments may drive synchronized cost increases across the index, potentially dampening overall profitability for the fund regardless of individual company performance or sector rotation.
While no other top holdings provided specific risk disclosures in this dataset, the weight of NVIDIA at 2.9% means that its unique exposure to AI regulation and climate compliance represents a non-negligible portion of the fund's total market value relative to smaller positions. Any material adverse outcome stemming from these specific regulatory hurdles for NVIDIA could disproportionately influence the fund's aggregate earnings trajectory compared to risks faced by lower-weighted peers whose disclosures were not included in this analysis.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-18 17:06:00.197256+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of this fund reveals a distinct tilt toward large-cap cyclicals and financials, with Financial Services alone accounting for over 27% of the portfolio. This heavy weighting in sectors sensitive to economic expansion suggests an investment thesis anchored on macroeconomic growth rather than defensive stability or deep-value strategies. The significant representation of Technology at 18%, led by major software and hardware giants, indicates a deliberate exposure to secular innovation trends while maintaining a substantial footprint in Industrials and Healthcare that rounds out the top four sectors. This blend prioritizes established industry leaders capable of driving earnings during favorable business cycles, effectively positioning the vehicle as a proxy for broad market leadership within high-growth or recovery-oriented industries rather than small-cap value or emerging markets.
Concentration risk emerges as a defining characteristic, evidenced by the fact that the top ten holdings comprise more than 56% of total assets under management. Such a structure implies that performance will be heavily driven by the specific fortunes of these mega-caps, including global investment banks and industrial conglomerates, potentially amplifying volatility relative to more diversified benchmarks. The dominance of single-name positions in Financial Services and Industrials further underscores this lack of diversification within key sectors, meaning adverse events affecting a few top-tier issuers could disproportionately impact overall portfolio returns. Additionally, the minimal exposure to Energy, Communication Services, and Consumer Defensive sectors highlights an intentional avoidance of defensive hedges or commodity plays, reinforcing the fund's aggressive stance on cyclical growth factors at the expense of sector balance.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-22 22:53:45.277634+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share DIA's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of DIA's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPLGSPLG | $97B | — | 31 | 100.0% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 31 | 100.0% |
| QUSQUS | $1B | — | 31 | 100.0% |
| SPTMSPTM | $12B | — | 31 | 100.0% |
| SCHXSCHX | $61B | — | 30 | 99.9% |
100% of DIA's portfolio by weight is also held by SPLG, which commands 2× more assets under management. When SPLG receives inflows, it mechanically buys these shared stocks — dragging DIA's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofDIA'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.
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 DIA collectively pay out 44% 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 75% 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
ProprietaryDIA is up 18.8% over the last 12 months. The underlying weighted earnings growth of its constituents is +18.4%. Price performance is closely aligned with fundamental earnings growth — valuations are roughly unchanged.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 100% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of DIA's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of DIA's analyzed weight, 76% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 24% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 80% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHGS at 12.4% contributes an estimated 30% of portfolio variance.DIA holds 31 stocks but behaves like an 20-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.
DIA has a Passive Crowding Score of 40/100. On average, 12.0% of the market capitalization of DIA'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 31 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 | GS | GOLDMAN SACHS GROUP INC Financial Services | 12.38% | 16.9x | 3/9 |
| 2 | CAT | CATERPILLAR INC Industrials | 9.91% | 43.7x | 6/9 |
| 3 | UNH | UNITEDHEALTH GROUP INC Healthcare | 4.79% | 31.8x | 6/9 |
| 4 | MSFT | MICROSOFT CORP Technology | 4.53% | 23.4x | 5/9 |
| 5 | AMGN | AMGEN INC Healthcare | 4.20% | 25.8x | 7/9 |
| 6 | V | VISA INC CLASS A SHARES Financial Services | 4.13% | 31.8x | 6/9 |
| 7 | AXP | AMERICAN EXPRESS CO Financial Services | 4.09% | 22.6x | 4/9 |
| 8 | GOOGL | ALPHABET INC CL A Communication Services | 4.01% | 27.0x | 6/9 |
| 9 | HD | HOME DEPOT INC Consumer Cyclical | 3.93% | 24.7x | 4/9 |
| 10 | JPM | JPMORGAN CHASE + CO Financial Services | 3.88% | 14.7x | 3/9 |
| 11 | SHW | SHERWIN WILLIAMS CO/THE Basic Materials | 3.82% | 32.5x | 6/9 |
| 12 | TRV | TRAVELERS COS INC/THE Financial Services | 3.82% | 10.1x | 4/9 |
| 13 | AAPL | APPLE INC Technology | 3.77% | 40.3x | 8/9 |
| 14 | MCD | MCDONALD S CORP Consumer Cyclical | 3.09% | 22.5x | 6/9 |
| 15 | JNJ | JOHNSON + JOHNSON Healthcare | 2.83% | 29.0x | 4/9 |
Historical Holdings Snapshots
Browse how DIA’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 73.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GS | 12.38% | 5,208,739 | — |
| 2 | CAT | 9.91% | 5,208,739 | — |
| 3 | UNH | 4.79% | 5,208,739 | — |
| 4 | MSFT | 4.53% | 5,208,739 | — |
| 5 | AMGN | 4.20% | 5,208,739 | — |
| 6 | V | 4.13% | 5,208,739 | — |
| 7 | AXP | 4.09% | 5,208,739 | — |
| 8 | GOOGL | 4.01% | 5,208,739 | — |
| 9 | HD | 3.93% | 5,208,739 | — |
| 10 | JPM | 3.88% | 5,208,739 | — |
| 11 | SHW | 3.82% | 5,208,739 | — |
| 12 | TRV | 3.82% | 5,208,739 | — |
| 13 | AAPL | 3.77% | 5,208,739 | — |
| 14 | MCD | 3.09% | 5,208,739 | — |
| 15 | JNJ | 2.83% | 5,208,739 | — |
2026-07-17
15 holdings · 73.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GS | 13.00% | 5,235,442 | — |
| 2 | CAT | 10.31% | 5,235,442 | — |
| 3 | UNH | 4.72% | 5,235,442 | — |
| 4 | MSFT | 4.46% | 5,235,442 | — |
| 5 | GOOGL | 4.18% | 5,235,442 | — |
| 6 | AXP | 4.04% | 5,235,442 | — |
| 7 | AMGN | 4.04% | 5,235,442 | — |
| 8 | V | 4.01% | 5,235,442 | — |
| 9 | JPM | 3.91% | 5,235,442 | — |
| 10 | HD | 3.85% | 5,235,442 | — |
| 11 | SHW | 3.75% | 5,235,442 | — |
| 12 | TRV | 3.71% | 5,235,442 | — |
| 13 | AAPL | 3.69% | 5,235,442 | — |
| 14 | MCD | 2.99% | 5,235,442 | — |
| 15 | AMZN | 2.88% | 5,235,442 | — |
2026-07-16
15 holdings · 73.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GS | 12.90% | 5,205,772 | — |
| 2 | CAT | 10.56% | 5,205,772 | — |
| 3 | UNH | 4.81% | 5,205,772 | — |
| 4 | MSFT | 4.35% | 5,205,772 | — |
| 5 | GOOGL | 4.07% | 5,205,772 | — |
| 6 | V | 4.03% | 5,205,772 | — |
| 7 | AMGN | 4.02% | 5,205,772 | — |
| 8 | AXP | 4.02% | 5,205,772 | — |
| 9 | JPM | 3.88% | 5,205,772 | — |
| 10 | HD | 3.82% | 5,205,772 | — |
| 11 | TRV | 3.81% | 5,205,772 | — |
| 12 | SHW | 3.72% | 5,205,772 | — |
| 13 | AAPL | 3.56% | 5,205,772 | — |
| 14 | MCD | 3.04% | 5,205,772 | — |
| 15 | JNJ | 2.87% | 5,205,772 | — |
2026-07-15
15 holdings · 72.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GS | 11.83% | 5,179,069 | — |
| 2 | CAT | 10.54% | 5,179,069 | — |
| 3 | UNH | 4.86% | 5,179,069 | — |
| 4 | MSFT | 4.42% | 5,179,069 | — |
| 5 | AMGN | 4.08% | 5,179,069 | — |
| 6 | V | 4.05% | 5,179,069 | — |
| 7 | AXP | 4.01% | 5,179,069 | — |
| 8 | GOOGL | 3.99% | 5,179,069 | — |
| 9 | TRV | 3.86% | 5,179,069 | — |
| 10 | HD | 3.81% | 5,179,069 | — |
| 11 | JPM | 3.79% | 5,179,069 | — |
| 12 | SHW | 3.72% | 5,179,069 | — |
| 13 | AAPL | 3.59% | 5,179,069 | — |
| 14 | IBM | 3.28% | 5,179,069 | — |
| 15 | MCD | 3.08% | 5,179,069 | — |
2026-07-14
15 holdings · 73.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GS | 11.91% | 5,238,409 | — |
| 2 | CAT | 10.75% | 5,238,409 | — |
| 3 | UNH | 4.79% | 5,238,409 | — |
| 4 | MSFT | 4.35% | 5,238,409 | — |
| 5 | AMGN | 4.10% | 5,238,409 | — |
| 6 | GOOGL | 4.03% | 5,238,409 | — |
| 7 | AXP | 3.96% | 5,238,409 | — |
| 8 | V | 3.94% | 5,238,409 | — |
| 9 | HD | 3.87% | 5,238,409 | — |
| 10 | TRV | 3.82% | 5,238,409 | — |
| 11 | JPM | 3.80% | 5,238,409 | — |
| 12 | SHW | 3.77% | 5,238,409 | — |
| 13 | AAPL | 3.56% | 5,238,409 | — |
| 14 | IBM | 3.25% | 5,238,409 | — |
| 15 | MCD | 3.10% | 5,238,409 | — |
2026-07-13
15 holdings · 73.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GS | 11.95% | 5,182,036 | — |
| 2 | CAT | 10.62% | 5,182,036 | — |
| 3 | UNH | 4.89% | 5,182,036 | — |
| 4 | MSFT | 4.35% | 5,182,036 | — |
| 5 | AMGN | 4.12% | 5,182,036 | — |
| 6 | GOOGL | 4.06% | 5,182,036 | — |
| 7 | V | 3.94% | 5,182,036 | — |
| 8 | AXP | 3.92% | 5,182,036 | — |
| 9 | HD | 3.83% | 5,182,036 | — |
| 10 | TRV | 3.82% | 5,182,036 | — |
| 11 | JPM | 3.80% | 5,182,036 | — |
| 12 | SHW | 3.76% | 5,182,036 | — |
| 13 | AAPL | 3.58% | 5,182,036 | — |
| 14 | IBM | 3.34% | 5,182,036 | — |
| 15 | MCD | 3.13% | 5,182,036 | — |
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 DIA Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe current price level of $497.01 for DIA sits within a broader context where historical drawdown metrics and volatility readings suggest that recent momentum may be more fragile than structural. Without specific trend line data or volume profiles, the proximity to this price point alone does not confirm sustained strength; rather, it highlights a state where underlying risk dynamics are likely being tested by market sentiment shifts. If the asset has experienced significant prior drawdowns, any recovery toward $497 could represent a temporary stabilization rather than a reversal of long-term weakness, especially if volatility remains elevated. The fundamental backdrop often dictates whether such price levels act as support or resistance, but in isolation, this single data point offers limited insight into the health of the broader trend. A lack of accompanying volume expansion or positive momentum indicators implies that the current positioning might be susceptible to rapid devaluation should external pressures intensify. Consequently, observers must weigh whether $497 represents a floor for accumulation or merely an interim plateau before further downside pressure emerges from macroeconomic factors not captured in this snapshot. Ultimately, the interplay between potential drawdown recovery and prevailing volatility creates an environment where technical setups are inherently uncertain. The absence of corroborating bullish signals means that any upward movement near $497 should be viewed with caution regarding its durability. Market participants must recognize that without a strengthening fundamental narrative or confirmed volume support, momentum at this level is likely prone to sharp corrections, suggesting that risk management strategies remain critical regardless of
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 DIA’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.
Positions Increased (0)
Positions Decreased (31)
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Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.