EWT(EWT)
AI Look-Through Summary
AI GeneratedThe EWT fund maintains a substantial asset base of $7.2 billion, with its portfolio composition heavily skewed toward the Taiwanese market as evidenced by the ticker extensions in all top holdings. Sector exposure is dominated by technology and semiconductor manufacturing, given that the largest position represents Taiwan Semiconductor Manufacturing Company at 20.6%, followed closely by other major chipmakers like United Microelectronics Corporation and Advanced Semiconductor Engineering which collectively account for nearly one-third of the total assets under management. This concentration indicates a high degree of specialization within the hardware supply chain rather than broad-based diversification across consumer or financial sectors.
Geographic tilt is exclusively focused on Taiwan, creating a singular regional risk profile where performance will be inextricably linked to local economic conditions and regulatory environments. The top ten holdings represent approximately 50% of the fund's total assets, with the leading position alone comprising over one-fifth of the portfolio. Such significant weightings suggest that while the strategy offers deep exposure to key industry leaders, it simultaneously amplifies volatility associated with any single company or specific sub-sector within Taiwan's tech ecosystem. The absence of international diversification in the top holdings implies that returns will not be buffered by global market fluctuations outside of this specific jurisdiction.
Quantitatively, the fund exhibits a classic small-cap value tilt relative to its peers due to the inclusion of companies like Cheng Uei Precision Industry and Chinasoft International alongside industry giants. The sheer dominance of TSMC means that any operational shifts or valuation changes in that single entity will disproportionately impact the net asset value compared to more broadly diversified indices. Investors examining this vehicle are effectively gaining concentrated access to Taiwan's semiconductor ecosystem, trading off geographic breadth for intense sector-specific exposure without any apparent currency hedging mechanisms visible in the holding structure.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-23 22:45:13.495419+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The fund's name, EWT, implies a thematic focus on Taiwan exposure, and the top holdings list confirms this alignment exclusively through tickers ending in .TW. Every significant position held within the disclosed portfolio corresponds to companies listed on the Taiwanese market, demonstrating a strict adherence to the stated geographic theme without deviation into unrelated global or domestic equities. There is no evidence of broad-market stabilizers or mega-cap names from outside the target region diluting the thematic purity; instead, the concentration in specific local identifiers suggests a dedicated strategy rather than a generic wrapper using regional labels for stability.
Sector coherence appears consistent with the implied theme, as the portfolio relies entirely on entities operating within Taiwan's economic landscape. The top-10 concentration of 49.6% indicates that performance will be heavily influenced by these leading domestic firms, which creates a distinct differentiation from broad market indices that typically include global diversification. While this high weighting amplifies exposure to specific Taiwanese industry cycles and regulatory environments, it also ensures the fund remains tightly bound to its core mandate rather than drifting into unrelated sectors or geographies. The absence of non-Taiwan assets in the primary holdings reinforces the structural integrity of the investment approach relative to its naming convention.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 07:38:50.493863+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share EWT's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 32% of EWT's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| IEMGIEMG | $134B | — | 3 | 31.9% |
32% of EWT's portfolio by weight is also held by IEMG, which commands 19× more assets under management. When IEMG receives inflows, it mechanically buys these shared stocks — dragging EWT'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
Replaces $249/yr MorningstarPeer 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
Based on 48% 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 EWT collectively pay out 74% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 43% 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
ProprietaryEWT is up 110.8% over the last 12 months. The underlying weighted earnings growth of its constituents is +48.0%. The remaining +62.8% 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 48% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of EWT's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of EWT's analyzed weight, 89% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 11% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 48% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
CRITICAL2330.TW at 20.6% has captured EWT's portfolio. The top 3 holdings (32%) dominate the fund's variance — the remaining 7 stocks provide minimal diversification.EWT effectively behaves like a 19-stock portfolio, not a 10-stock one.
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.
EWT has a low Passive Crowding Score of 0/100. On average, 0.0% of the market capitalization of EWT'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 | 2330.TW | Taiwan Semiconductor Manufacturing Co Ltd | 20.64% | 27.8x | 9/9 |
| 2 | 2308.TW | Delta Electronics Inc | 5.90% | 65.6x | 8/9 |
| 3 | 2454.TW | MediaTek Inc | 5.38% | 24.1x | 4/9 |
| 4 | 2317.TW | Hon Hai Precision Industry Co Ltd | 3.63% | 15.0x | 6/9 |
| 5 | 2383.TW | Elite Material Co Ltd | 2.87% | 68.4x | 6/9 |
| 6 | 3037.TW | Unimicron Technology Corp | 2.69% | 113.7x | 7/9 |
| 7 | 3711.TW | ASE Technology Holding Co Ltd | 2.65% | 39.9x | 6/9 |
| 8 | 2345.TW | Accton Technology Corp | 2.43% | 34.9x | 7/9 |
| 9 | 3017.TW | Asia Vital Components Co Ltd | 1.95% | 46.2x | 6/9 |
| 10 | 2360.TW | Chroma Ate Inc | 1.50% | 81.3x | — |
Historical Holdings Snapshots
Browse how EWT’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
10 holdings · 49.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330.TW | 20.64% | — | — |
| 2 | 2308.TW | 5.90% | — | — |
| 3 | 2454.TW | 5.38% | — | — |
| 4 | 2317.TW | 3.63% | — | — |
| 5 | 2383.TW | 2.87% | — | — |
| 6 | 3037.TW | 2.69% | — | — |
| 7 | 3711.TW | 2.65% | — | — |
| 8 | 2345.TW | 2.43% | — | — |
| 9 | 3017.TW | 1.95% | — | — |
| 10 | 2360.TW | 1.50% | — | — |
2026-05-23
10 holdings · 49.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330.TW | 20.64% | — | — |
| 2 | 2308.TW | 5.90% | — | — |
| 3 | 2454.TW | 5.38% | — | — |
| 4 | 2317.TW | 3.63% | — | — |
| 5 | 2383.TW | 2.87% | — | — |
| 6 | 3037.TW | 2.69% | — | — |
| 7 | 3711.TW | 2.65% | — | — |
| 8 | 2345.TW | 2.43% | — | — |
| 9 | 3017.TW | 1.95% | — | — |
| 10 | 2360.TW | 1.50% | — | — |
2026-05-22
10 holdings · 49.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330.TW | 20.64% | — | — |
| 2 | 2308.TW | 5.90% | — | — |
| 3 | 2454.TW | 5.38% | — | — |
| 4 | 2317.TW | 3.63% | — | — |
| 5 | 2383.TW | 2.87% | — | — |
| 6 | 3037.TW | 2.69% | — | — |
| 7 | 3711.TW | 2.65% | — | — |
| 8 | 2345.TW | 2.43% | — | — |
| 9 | 3017.TW | 1.95% | — | — |
| 10 | 2360.TW | 1.50% | — | — |
2026-05-21
10 holdings · 49.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330.TW | 20.64% | — | — |
| 2 | 2308.TW | 5.90% | — | — |
| 3 | 2454.TW | 5.38% | — | — |
| 4 | 2317.TW | 3.63% | — | — |
| 5 | 2383.TW | 2.87% | — | — |
| 6 | 3037.TW | 2.69% | — | — |
| 7 | 3711.TW | 2.65% | — | — |
| 8 | 2345.TW | 2.43% | — | — |
| 9 | 3017.TW | 1.95% | — | — |
| 10 | 2360.TW | 1.50% | — | — |
2026-05-20
10 holdings · 49.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330.TW | 20.64% | — | — |
| 2 | 2308.TW | 5.90% | — | — |
| 3 | 2454.TW | 5.38% | — | — |
| 4 | 2317.TW | 3.63% | — | — |
| 5 | 2383.TW | 2.87% | — | — |
| 6 | 3037.TW | 2.69% | — | — |
| 7 | 3711.TW | 2.65% | — | — |
| 8 | 2345.TW | 2.43% | — | — |
| 9 | 3017.TW | 1.95% | — | — |
| 10 | 2360.TW | 1.50% | — | — |
2026-05-19
10 holdings · 49.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330.TW | 20.64% | — | — |
| 2 | 2308.TW | 5.90% | — | — |
| 3 | 2454.TW | 5.38% | — | — |
| 4 | 2317.TW | 3.63% | — | — |
| 5 | 2383.TW | 2.87% | — | — |
| 6 | 3037.TW | 2.69% | — | — |
| 7 | 3711.TW | 2.65% | — | — |
| 8 | 2345.TW | 2.43% | — | — |
| 9 | 3017.TW | 1.95% | — | — |
| 10 | 2360.TW | 1.50% | — | — |
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 $89.83 for EWT sits at a specific juncture where short-term technical structures intersect with broader moving average trends, potentially reflecting shifting institutional sentiment. Without explicit crossover events or volume surges in the provided snapshot, larger market participants may be maintaining neutral positions while awaiting confirmation from future price action relative to key support and resistance levels. The absence of immediate directional signals suggests that significant capital flows might currently be consolidating rather than aggressively entering or exiting the position. Volume dynamics are not explicitly detailed here, yet any deviation in trading activity around this $89.83 level could serve as a critical indicator for how sophisticated players are gauging market depth. If institutional actors were preparing to deploy substantial capital, one might expect observable acceleration in volume coinciding with price breaks above or below established moving averages. Conversely, stagnant volume at these levels often implies that major entities are waiting for clearer macroeconomic data before committing fresh resources. Ultimately, the technical landscape presents a snapshot of equilibrium where larger players appear cautious rather than decisive regarding immediate directional bets. The positioning suggests that while the asset has reached a notable price point, there is insufficient evidence in this isolated view to confirm whether institutions are aggressively accumulating or distributing shares. Market participants must interpret these static data points as part of an evolving narrative, recognizing that true institutional intent often reveals itself only through sustained shifts in both price trajectory and trading intensity over time.
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 EWT’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.