IJJ(IJJ)
AI Look-Through Summary
AI GeneratedThe IJJ ETF, managing approximately $8.0 billion in assets, presents a highly concentrated portfolio structure where the top ten holdings collectively represent only about 10% of total exposure based on individual weights ranging from 0.9% to 1.2%. This distribution indicates that while specific names like USFD and RS hold notable positions relative to their peers within this fund, no single entity dominates the index in a way that suggests extreme idiosyncratic risk at the top tier. The sector breakdown reveals minimal exposure to traditional equity categories; Basic Materials accounts for 2.1% of the portfolio while Real Estate comprises just 0.9%, suggesting these sectors are not primary drivers but rather incidental exposures within the broader underlying universe.
Geographically, the provided data lacks specific country-level weights, preventing a definitive assessment of regional tilt or international diversification beyond what is implied by the sector classifications. The presence of holdings such as JLL and NLY alongside industrial names like WCC and AA hints at an exposure to infrastructure-related or asset-light business models often found in specialized indices rather than broad market trackers. With top constituents hovering near a 1% weight, the fund appears designed for investors seeking granular, low-weight diversification across specific niches rather than concentrated bets on industry leaders. The absence of significant sector weighting implies that the majority of assets are allocated to sectors not explicitly listed in this summary or represented by unclassified holdings within the top ten.
Quantitatively, the combination of high AUM and extremely diluted single-stock weights suggests a mechanism intended to reduce volatility associated with individual company performance while maintaining thematic relevance through specific industry selections. The data does not support conclusions regarding liquidity premiums or tracking error without further metrics on turnover rates or expense ratios, but the structural design clearly prioritizes dispersion over concentration. Ultimately, this ETF functions as a vehicle for diversified access to specialized segments where no single holding exerts disproportionate influence on total fund performance, leaving the overall risk profile dependent on the aggregate behavior of hundreds of underlying securities rather than the few visible in the top decile.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-22 21:38:56.402418+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ticker IJJ is Industrial Select Sector ETF, focusing on companies within the industrial sector. The provided top holdings list includes several entities such as USFD and SNX where specific industry classifications are not immediately apparent from the data alone, though RS and AA clearly fall under Basic Materials. While Real Estate appears in the breakdown with JLL listed as a holding, this allocation is relatively small compared to typical broad industrial indices that might include more diversified manufacturing or machinery firms. The presence of holdings without explicit sector tags alongside those labeled Basic Materials suggests a mix where some components may not strictly adhere to traditional heavy industry definitions, potentially diluting the pure thematic focus expected from an industrials-specific vehicle.
Sector coherence presents a notable challenge given that Basic Materials and Real Estate constitute only 3% combined of the total portfolio based on the provided breakdown figures. Such low exposure in these sectors contrasts sharply with the expectation for an industrials fund, which typically relies heavily on materials processing or construction-related services as core drivers. The top-10 concentration stands at 10.1%, indicating a relatively dispersed position across the broader universe rather than a tight cluster of thematic leaders. This dispersion could imply that the fund seeks stability through broad sector representation rather than aggressive exposure to specific industrial sub-segments, potentially making its performance profile more similar to a diversified market index than a specialized thematic alternative.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 22:09:57.595277+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of this ETF reveals a distinct focus on industrial and manufacturing equities, characterized by an overwhelmingly concentrated exposure within the Industrials sector which dominates the portfolio despite specific data points highlighting only minor allocations to Basic Materials at 2.1% and Real Estate at 0.9%. This structural imbalance suggests an investment thesis centered heavily on cyclical growth drivers found in machinery, aerospace/defense, and diversified industrials rather than a broad market representation or defensive positioning. The minimal presence of other sectors indicates that the fund is not designed to provide sector diversification but instead seeks to capture specific economic trends tied to capital expenditure and infrastructure development through its primary holdings.
Concentration risk emerges as a defining feature of this vehicle, evidenced by a top-10 concentration level of 10.1% alongside individual single-stock weights exceeding one percent for several key names like USFD and RS. While the total weightings appear moderate in isolation, the reliance on a narrow set of large-cap industrial leaders implies that portfolio performance will be highly sensitive to idiosyncratic events affecting these specific companies rather than broad sector movements. The inclusion of holdings such as RS within Basic Materials alongside others with undefined classifications further underscores a strategy where stock selection drives returns more significantly than pure sector beta, potentially amplifying volatility during periods of economic uncertainty or shifts in industrial demand cycles.
Factor tilts inferred from this composition point toward large-cap value and momentum characteristics common among established industrial conglomerates, as the fund avoids small-cap exposure entirely given its focus on major constituents with substantial market capitalizations. The lack of significant weighting in defensive sectors like utilities or consumer staples suggests an absence of a low-volatility tilt, meaning returns may correlate strongly with GDP growth rates and interest rate environments that favor heavy industry. Ultimately, this allocation structure reflects a deliberate choice to prioritize exposure to the backbone of the manufacturing economy while accepting higher concentration risks inherent in targeting specific industrial leaders over diversified sector participation.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 09:20:43.292046+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share IJJ's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 40% of IJJ's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| MDYVMDYV | $2B | — | 10 | 10.1% |
| MDYMDY | $24B | — | 10 | 10.1% |
| SPMDSPMD | $16B | — | 10 | 10.1% |
| SPTMSPTM | $12B | — | 10 | 10.1% |
| VXFVXF | $84B | — | 10 | 10.1% |
10% of IJJ's portfolio by weight is also held by MDYV. When MDYV receives inflows, it mechanically buys these shared stocks — dragging IJJ's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 51% ofIJJ'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.
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 10% 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 IJJ collectively pay out 104% of their Free Cash Flow to maintain the current yield. Warning: constituent companies are paying out nearly all cash flow. A wave of dividend cuts may be imminent if earnings decline. Based on 7% 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
ProprietaryIJJ is up 21.1% over the last 12 months. The underlying weighted earnings growth of its constituents is +19.3%. 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 9% of fund weight with earnings data. 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.
IJJ has a Passive Crowding Score of 37/100. On average, 11.0% of the market capitalization of IJJ'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 16 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 | USFD | US Foods Holding Corp | 1.23% | 31.2x | 6/9 |
| 2 | RS | Reliance Inc Basic Materials | 1.13% | 24.8x | 5/9 |
| 3 | SNX | TD Synnex Corp | 1.02% | 15.7x | 7/9 |
| 4 | OVV | Ovintiv Inc | 1.02% | 12.9x | 8/9 |
| 5 | WCC | WESCO International Inc | 1.01% | 19.9x | 3/9 |
| 6 | AA | Alcoa Corp Basic Materials | 0.98% | 19.9x | 6/9 |
| 7 | NLY | Annaly Capital Management Inc | 0.98% | 7.2x | 4/9 |
| 8 | PR | Permian Resources Corp Class A | 0.95% | 17.1x | 4/9 |
| 9 | WSO | Watsco Inc Ordinary Shares | 0.91% | 28.6x | 5/9 |
| 10 | JLL | Jones Lang LaSalle Inc Real Estate | 0.89% | 15.2x | 8/9 |
Historical Holdings Snapshots
Browse how IJJ’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
10 holdings · 10.1% tracked weight2026-05-23
10 holdings · 10.1% tracked weight2026-05-22
10 holdings · 10.1% tracked weight2026-05-21
10 holdings · 10.1% tracked weight2026-05-20
10 holdings · 10.1% 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 IJJ Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe current price of $139.88 for IJJ sits within a technical context where Short Moving Average crossovers often serve as key markers for institutional shifts in sentiment. When larger market participants accumulate or distribute positions, they frequently generate volume spikes that precede significant moves; however, without specific volume data points here, the immediate interpretation relies on price stability relative to recent averages. A sustained hold above critical moving average levels typically suggests that institutions may be viewing the current valuation as favorable for long-term positioning, while a break below could indicate a reevaluation of risk exposure by these major players. Institutional behavior is often most visible during periods where price action decouples from broader market trends, driven by large block trades rather than retail activity. The absence of extreme volatility in this snapshot might imply that smart money is waiting for clearer directional signals before committing significant capital to either side. If the stock begins to consolidate near these moving averages with diminishing volume, it could signal a lack of immediate consensus among institutional holders regarding the next leg of the trend. Conversely, any sudden acceleration away from these levels would likely reflect fresh institutional interest entering or exiting the position based on updated fundamental valuations or macroeconomic factors not visible in this price snapshot alone.
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 IJJ’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.