FDN(FDN)
AI Look-Through Summary
AI GeneratedThe fund's sector allocation reveals a significant tilt towards high-growth industries, with Communication Services and Technology sectors dominating at 23.7% and 22.3%, respectively. This is consistent with the presence of large-cap technology giants like AMZN, META, CSCO, GOOGL, and GOOG, which together account for over 38% of the fund's holdings. The valuation posture appears to be in line with the broader market, as evidenced by a weighted P/E ratio of 28.0x.
The concentration risk is elevated due to the heavy weighting of top holdings, particularly AMZN and META, which collectively account for nearly 20% of the fund's assets. In contrast, the sector mix diverges from the broader market, with an underweight in Consumer Defensive and a significant overweight in Communication Services. A favorable macro environment would likely be one characterized by continued growth in technology adoption and digital transformation, while an unfavorable scenario could arise if there is a decline in consumer spending or a shift towards more traditional industries.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:09:46.495507+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ticker FDN, which historically tracks a broad technology index including mega-cap growth stocks, is strongly reflected in the actual portfolio composition. The top holdings are dominated by industry leaders such as Amazon, Meta, and Netflix within Communication Services, alongside major players like Cisco and Salesforce in Technology. This concentration of market-leading firms creates a clear thematic focus on high-growth digital infrastructure and consumer internet services. Notably, there is no evidence of unrelated sectors or defensive stocks diluting the theme; every significant position reinforces the narrative of exposure to large-cap technology innovators rather than broadening into unrelated industries like healthcare or utilities.
Sector coherence remains robust with Communication Services and Technology collectively accounting for nearly half of the portfolio, while Consumer Cyclical adds relevant exposure through travel and e-commerce giants. The top-ten concentration of 63.3% indicates a strategy heavily weighted toward specific market leaders rather than a diversified basket of mid-cap or small-cap names often found in thematic funds seeking niche differentiation. While this approach ensures stability by anchoring returns to the largest beneficiaries of digital transformation, it also means the fund's performance will closely mirror that of these few dominant companies and may not offer distinct exposure to emerging sub-sectors within technology. The allocation appears consistent with a strategy designed to capture broad tech growth through its most established constituents rather than pursuing a narrow or speculative thematic angle.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 13:40:19.91561+00
🏢 Sector Analysis
AI GeneratedThe Fund DN exhibits a distinct concentration within the digital media and internet infrastructure landscape, with Communication Services holding nearly 30% of assets alongside Technology at roughly 20%. This heavy weighting in these two sectors suggests an investment thesis centered on companies that serve as primary gateways for consumer content consumption and online advertising. The presence of major players like Meta Platforms and Netflix within the top holdings reinforces this focus, indicating a deliberate tilt toward firms with dominant market positions in streaming and social networking rather than a broad-based exposure to all technology sub-sectors or traditional industrial sectors.
A significant portion of the fund's value is derived from just two large-cap consumer cyclical names, Amazon and Meta, which together account for approximately 20% of total assets before even considering their Communication Services peers. This structure creates a notable concentration risk where portfolio performance becomes highly correlated with the valuation cycles and regulatory environments specific to these mega-cap internet giants. With over 63% of holdings concentrated in the top ten positions, the fund lacks diversification across smaller or mid-sized companies within its target universe, meaning that adverse developments affecting just one or two of these leaders could disproportionately impact overall returns.
Furthermore, while Technology provides a secondary layer of exposure through Cisco Systems and others, the sheer dominance of Communication Services implies that the underlying factor tilt is heavily weighted toward high-growth internet services rather than hardware manufacturing or enterprise software alone. The limited number of holdings in each sector—only four in both Communication Services and Technology—highlights an ultra-concentrated approach designed to maximize exposure to specific market leaders rather than capture average sector performance. This allocation strategy prioritizes depth in a narrow set of high-conviction digital assets over breadth, resulting in a portfolio that mirrors the fortunes of the largest internet companies more closely than a standard technology or communication services ETF might.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 15:46:59.69613+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share FDN's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of FDN's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| URTHiShares MSCI World ETF | $7B | — | 10 | 60.9% |
| RSPRSP | $83B | — | 10 | 60.9% |
| IVViShares Core S&P 500 ETF | $762B | 0.03% | 10 | 60.9% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 10 | 60.9% |
| ITOTiShares Core S&P Total U.S. Stock Market ETF | $80B | — | 10 | 60.9% |
61% of FDN's portfolio by weight is also held by URTH, which commands 2× more assets under management. When URTH receives inflows, it mechanically buys these shared stocks — dragging FDN's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofFDN'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
Based on 61% 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 FDN collectively pay out 21% 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 37% 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
ProprietaryFDN is up 0.5% over the last 12 months. The underlying weighted earnings growth of its constituents is +16.7%. Despite earnings growth, valuations have contracted by 16.3% — 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 61% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of FDN's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of FDN's analyzed weight, 67% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 33% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 56% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDFDN's top holding AMZN at 10.0% is above the 8% elevated-concentration threshold. The effective number of stocks is 24 vs. the actual count of 10.
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.
FDN has a Passive Crowding Score of 34/100. On average, 10.2% of the market capitalization of FDN'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 48 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 | AMZN | Amazon.com Inc Consumer Cyclical | 9.97% | 29.9x | 6/9 |
| 2 | META | Meta Platforms Inc Class A Communication Services | 9.83% | 24.2x | 5/9 |
| 3 | CSCO | Cisco Systems Inc Technology | 8.54% | 36.5x | 8/9 |
| 4 | GOOGL | Alphabet Inc Class A Communication Services | 5.55% | 27.0x | 6/9 |
| 5 | ANET | Arista Networks Inc Technology | 5.02% | 57.7x | 4/9 |
| 6 | BKNG | Booking Holdings Inc Consumer Cyclical | 4.97% | 24.3x | 5/9 |
| 7 | ORCL | Oracle Corp Technology | 4.59% | 21.3x | 5/9 |
| 8 | GOOG | Alphabet Inc Class C Communication Services | 4.42% | 27.0x | 6/9 |
| 9 | CRM | Salesforce Inc Technology | 4.11% | 20.0x | 6/9 |
| 10 | NFLX | Netflix Inc Communication Services | 3.90% | 23.4x | 6/9 |
Historical Holdings Snapshots
Browse how FDN’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
10 holdings · 60.9% tracked weight2026-07-17
10 holdings · 60.9% tracked weight2026-07-16
10 holdings · 60.9% tracked weight2026-07-15
10 holdings · 60.9% tracked weight2026-07-14
10 holdings · 60.9% 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 FDN Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe current price of $267.40 for FDN sits within a technical context where institutional positioning is often inferred through the interplay of moving averages and volume dynamics, though specific crossover data or volume metrics were not provided in this dataset to confirm directional shifts. Without explicit confirmation of significant SMA crossovers or unusual volume spikes, it remains difficult to definitively assert whether large capital players are aggressively accumulating or distributing shares at these levels. The absence of raw volume trends prevents a clear conclusion on whether the current price action represents strong institutional support or potential resistance that larger entities might be testing. Institutional behavior is frequently characterized by sustained moves away from mean reversion, yet with only a single price point available, any narrative regarding long-term positioning relies heavily on assumptions rather than observable data patterns. If historical trends suggest that FDN typically reacts to macroeconomic shifts or sector rotations, the current level could indicate a neutral stance where major players are waiting for additional catalysts before committing significant capital in either direction. The lack of corroborating technical signals means that while price action exists, it does not currently offer definitive evidence of coordinated institutional buying pressure or selling intent. Consequently, observers must interpret this isolated data point with caution regarding what it reveals about the broader strategy of larger market participants. The $267.40 level serves as a factual reference point for current valuation but lacks the surrounding technical infrastructure needed to deduce whether institutions view this asset as an immediate opportunity or a position requiring
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 FDN’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.
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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.