EWG(EWG)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards other sectors, primarily comprised of German companies, with only a small portion allocated to traditional industries such as technology and finance. This suggests that the fund is focused on capturing exposure to European markets, particularly Germany. The weighted P/E ratio of 19.2x indicates that the underlying holdings are trading at a premium valuation compared to their historical averages.
The top holdings in the portfolio are dominated by German companies, with Siemens (SIE.DE) being the largest holding at 12.6%. This concentration risk is evident, as these stocks account for a significant portion of the fund's assets under management. The sector mix is also heavily influenced by Germany's industrial and manufacturing sectors, which may be more sensitive to economic downturns or trade tensions. A favorable macro environment would likely be one with stable European growth and low interest rates, while an unfavorable scenario could be characterized by rising protectionism or a decline in global demand for German exports.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:41:51.47313+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 92/100The investment theme implied by the ticker EWG, which typically denotes a focus on German equities or European small-to-mid cap growth, aligns closely with the provided holding list dominated by major German industrial and technology firms. Holdings such as Siemens Energy (SIE.DE), SAP (SAP.DE), and Allianz (ALV.DE) represent core components of the broader German market rather than niche thematic outliers like pure-play renewable infrastructure or specific biotech sectors that might suggest a divergent strategy. The presence of these established giants indicates the fund tracks the general performance of the DAX or similar broad indices, utilizing well-known names to anchor returns within the domestic market context without deviating into unrelated asset classes.
The portfolio exhibits significant concentration risk with the top ten holdings accounting for nearly 62% of assets, a characteristic common in funds targeting specific national markets where liquidity is concentrated among large-cap exporters. Sector weights appear coherent given that industrial and technology sectors naturally dominate the German equity landscape, suggesting the fund maintains thematic consistency rather than artificial diversification across unrelated industries. However, this heavy reliance on mega-caps means the portfolio may behave similarly to a broad market index, potentially limiting differentiation for investors seeking exposure to smaller-cap growth or specific sub-sectors within Germany. The structure suggests a stable but traditional approach that mirrors national economic trends closely while offering limited idiosyncratic alpha generation outside of general market movements.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 22:50:41.423645+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share EWG's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 38% of EWG's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| EZUEZU | $9B | — | 4 | 38.4% |
38% of EWG's portfolio by weight is also held by EZU, which commands 6× more assets under management. When EZU receives inflows, it mechanically buys these shared stocks — dragging EWG's NAV along regardless of any thematic or sector catalyst.
Overlap computed from constituent-level holdings data across 1 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 95% 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 60% 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.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside EWG collectively pay out 32% 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 52% 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
ProprietaryEWG is down 2.3% over the last 12 months. The underlying weighted earnings growth of its constituents is +28.4%. Despite earnings growth, valuations have contracted by 30.7% — 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 60% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of EWG's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of EWG's analyzed weight, 24% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 76% 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.
Concentration Risk Monitor
HIGHSIE.DE at 12.6% contributes an estimated 33% of portfolio variance.EWG holds 10 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
LOWHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
EWG has a low Passive Crowding Score of 1/100. On average, 0.2% of the market capitalization of EWG'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 10 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | SIE.DE | Siemens AG | 12.63% | 20.8x | 6/9 |
| 2 | ALV.DE | Allianz SE | 9.53% | 12.8x | 6/9 |
| 3 | SAP.DE | SAP SE | 8.46% | 23.8x | 8/9 |
| 4 | ENR.DE | Siemens Energy AG Ordinary Shares | 7.77% | 65.6x | 7/9 |
| 5 | IFX.DE | Infineon Technologies AG | 6.45% | 48.7x | 4/9 |
| 6 | DTE.DE | Deutsche Telekom AG | 4.95% | 16.3x | 6/9 |
| 7 | MUV2.DE | Munchener Ruckversicherungs-Gesellschaft AG | 3.86% | 11.2x | 4/9 |
| 8 | DBK.DE | Deutsche Bank AG | 3.25% | 8.0x | 6/9 |
| 9 | DHL.DE | Deutsche Post AG | 2.95% | 29.1x | 7/9 |
| 10 | BAYN.DE | Bayer AG | 2.88% | — | — |
Historical Holdings Snapshots
Browse how EWG’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
10 holdings · 62.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SIE.DE | 12.63% | — | — |
| 2 | ALV.DE | 9.53% | — | — |
| 3 | SAP.DE | 8.46% | — | — |
| 4 | ENR.DE | 7.77% | — | — |
| 5 | IFX.DE | 6.45% | — | — |
| 6 | DTE.DE | 4.95% | — | — |
| 7 | MUV2.DE | 3.86% | — | — |
| 8 | DBK.DE | 3.25% | — | — |
| 9 | DHL.DE | 2.95% | — | — |
| 10 | BAYN.DE | 2.88% | — | — |
2026-07-17
10 holdings · 62.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SIE.DE | 12.63% | — | — |
| 2 | ALV.DE | 9.53% | — | — |
| 3 | SAP.DE | 8.46% | — | — |
| 4 | ENR.DE | 7.77% | — | — |
| 5 | IFX.DE | 6.45% | — | — |
| 6 | DTE.DE | 4.95% | — | — |
| 7 | MUV2.DE | 3.86% | — | — |
| 8 | DBK.DE | 3.25% | — | — |
| 9 | DHL.DE | 2.95% | — | — |
| 10 | BAYN.DE | 2.88% | — | — |
2026-07-16
10 holdings · 62.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SIE.DE | 12.63% | — | — |
| 2 | ALV.DE | 9.53% | — | — |
| 3 | SAP.DE | 8.46% | — | — |
| 4 | ENR.DE | 7.77% | — | — |
| 5 | IFX.DE | 6.45% | — | — |
| 6 | DTE.DE | 4.95% | — | — |
| 7 | MUV2.DE | 3.86% | — | — |
| 8 | DBK.DE | 3.25% | — | — |
| 9 | DHL.DE | 2.95% | — | — |
| 10 | BAYN.DE | 2.88% | — | — |
2026-07-15
10 holdings · 62.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SIE.DE | 12.63% | — | — |
| 2 | ALV.DE | 9.53% | — | — |
| 3 | SAP.DE | 8.46% | — | — |
| 4 | ENR.DE | 7.77% | — | — |
| 5 | IFX.DE | 6.45% | — | — |
| 6 | DTE.DE | 4.95% | — | — |
| 7 | MUV2.DE | 3.86% | — | — |
| 8 | DBK.DE | 3.25% | — | — |
| 9 | DHL.DE | 2.95% | — | — |
| 10 | BAYN.DE | 2.88% | — | — |
2026-07-14
10 holdings · 62.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SIE.DE | 12.63% | — | — |
| 2 | ALV.DE | 9.53% | — | — |
| 3 | SAP.DE | 8.46% | — | — |
| 4 | ENR.DE | 7.77% | — | — |
| 5 | IFX.DE | 6.45% | — | — |
| 6 | DTE.DE | 4.95% | — | — |
| 7 | MUV2.DE | 3.86% | — | — |
| 8 | DBK.DE | 3.25% | — | — |
| 9 | DHL.DE | 2.95% | — | — |
| 10 | BAYN.DE | 2.88% | — | — |
2026-07-13
10 holdings · 62.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SIE.DE | 12.63% | — | — |
| 2 | ALV.DE | 9.53% | — | — |
| 3 | SAP.DE | 8.46% | — | — |
| 4 | ENR.DE | 7.77% | — | — |
| 5 | IFX.DE | 6.45% | — | — |
| 6 | DTE.DE | 4.95% | — | — |
| 7 | MUV2.DE | 3.86% | — | — |
| 8 | DBK.DE | 3.25% | — | — |
| 9 | DHL.DE | 2.95% | — | — |
| 10 | BAYN.DE | 2.88% | — | — |
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
Technical Setup
AI GeneratedThe current price of EWG at $42.04 stands as a singular data point without the context of moving averages required to determine its position relative to short-term or long-term trends. In the absence of specific average values, it is impossible to ascertain whether the asset is trading above or below these key benchmarks, which are essential for gauging the prevailing trend direction and potential support levels. Without this comparative data, any assertion regarding bullish or bearish momentum based on price positioning remains speculative rather than factual. Similarly, the Relative Strength Index (RSI) cannot be evaluated because no RSI value has been provided in the available information. This missing metric prevents an analysis of short-term overbought or oversold conditions that typically accompany extreme reading levels. Consequently, there is insufficient technical evidence to characterize the immediate momentum as either strengthening or weakening based on oscillator data alone. To form a complete picture of the asset's technical setup, additional inputs such as specific moving average lines and current RSI readings are necessary. Until these variables are defined, observers can only note the absolute price level without deriving meaningful insights into trend alignment or cyclical momentum shifts that would inform further analysis.
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 EWG’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.