IWN(IWN)
AI Look-Through Summary
AI GeneratedThe IWN ETF presents a distinct profile characterized by extremely low sector concentration and minimal top-holding weightings, suggesting an ultra-diversified approach rather than targeted exposure to specific industries. Unlike traditional equity funds that often derive significant alpha from concentrated bets in dominant sectors or mega-cap leaders, this vehicle distributes its assets so thinly across Communication Services, Basic Materials, Real Estate, and other categories that no single holding exceeds 1.2% of the total portfolio. This structural design implies a strategy focused on capturing broad market inefficiencies or minimizing idiosyncratic risk through sheer dispersion, effectively neutralizing the impact of any individual company's performance on overall returns.
With an asset under management of $12.5 billion and top constituents hovering around 0.6% to 1.1%, the fund operates with a level of fragmentation that contrasts sharply with active equity strategies which typically rely on higher conviction positions. The sector weights listed are negligible in isolation, indicating that the underlying index methodology likely prioritizes breadth over weight-based influence from specific economic drivers. Consequently, an investor holding this ETF would be exposed to a vast array of small-cap or micro-cap entities where individual stock selection plays almost no role in the fund's trajectory; instead, performance will be driven entirely by aggregate market movements and the specific weighting algorithm employed by the index provider rather than sector rotation or top-stock rallies.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-24 13:16:59.720847+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ticker IWN, which typically denotes a small-cap value strategy, is strongly supported by the provided data structure. The top ten holdings collectively represent only 6.3% of the portfolio, indicating that no single stock or narrow cluster dominates the fund's performance. This low concentration suggests the vehicle maintains a broad exposure to smaller entities rather than relying on a few large names for stability. While specific sector classifications are sparse for many top positions, labeled sectors such as Communication Services and Basic Materials appear in minor weights, consistent with an index that captures value across diverse small-cap industries rather than focusing exclusively on one thematic niche like technology or healthcare.
Sector coherence appears aligned with the general mandate of capturing undervalued small companies across the entire market spectrum. The presence of holdings from disparate sectors, including Real Estate and Basic Materials alongside Communication Services, reflects a diversified approach typical of broad-based value indices rather than a concentrated thematic bet on a single industry trend. Because the fund avoids heavy reliance on mega-cap stocks or specific sector weights that would mimic large-cap index behavior, it demonstrates structural differentiation from broader market benchmarks. The data indicates a portfolio constructed to track small-capitalization value characteristics without deviating into unrelated sectors or becoming overly dependent on individual stock performance within those limited classifications.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-16 15:54:55.800915+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of IWN demonstrates an extremely narrow footprint, with Communication Services and Basic Materials comprising the vast majority of its holdings while Real Estate accounts for a negligible fraction. This distribution reveals an investment thesis strictly focused on small-cap value stocks within specific industries rather than broad-based diversification across the equity market. The presence of only three sectors in total indicates that the fund's strategy relies heavily on identifying undervalued opportunities within these particular areas, potentially exposing investors to significant idiosyncratic risk if those specific industries underperform relative to others like Technology or Healthcare which are notably absent from this breakdown.
Concentration risk appears elevated given that the top five holdings collectively represent a substantial portion of the portfolio's weightage despite being individually small percentages. The fact that the largest single position accounts for over one percent suggests a lack of deep diversification within the primary sectors, meaning performance will be heavily influenced by the fortunes of just a handful of companies like SATS and TTMI. This structural characteristic implies that while the fund may offer targeted exposure to value-oriented small caps in communication services and materials, it lacks the buffering effect typically provided by larger or more varied sectoral allocations found in broader market indices.
Regarding factor tilts, the heavy weighting toward Communication Services and Basic Materials alongside a low top-10 concentration metric suggests an aggressive attempt to capture value premiums through concentrated bets on specific undervalued names rather than relying on passive beta exposure. The minimal allocation to Real Estate further underscores that the fund is not seeking defensive characteristics or income generation from property sectors, instead prioritizing growth potential and valuation gaps in its chosen niches. Ultimately, this structure reflects a high-risk approach where returns are theoretically driven by the successful recovery of these specific small-cap value segments rather than broad market participation.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 22:54:09.078796+00
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.
Weighted metrics calculated based on 67% 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 6% 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.
Earnings vs. Price Decomposition
ProprietaryIWN is up 43.0% over the last 12 months. The underlying weighted earnings growth of its constituents is +59.3%. 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 4% of fund weight with earnings data. Not investment advice.
Under the Hood — Top 10 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | SATS | EchoStar Corp Class A Communication Services | 1.05% | — | 3/9 |
| 2 | TTMI | TTM Technologies Inc | 1.02% | 53.8x | 7/9 |
| 3 | CDE | Coeur Mining Inc Basic Materials | 0.58% | 15.6x | 7/9 |
| 4 | HL | Hecla Mining Co | 0.55% | 25.8x | 8/9 |
| 5 | FLR | Fluor Corp | 0.54% | 19.9x | — |
| 6 | UMBF | UMB Financial Corp | 0.53% | 11.5x | 6/9 |
| 7 | VSAT | Viasat Inc | 0.51% | — | 6/9 |
| 8 | CTRE | CareTrust REIT Inc Real Estate | 0.50% | 25.8x | 6/9 |
| 9 | JXN | Jackson Financial Inc | 0.49% | — | — |
| 10 | SM | SM Energy Co | 0.49% | 13.0x | 6/9 |
Historical Holdings Snapshots
Browse how IWN’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
10 holdings · 6.3% tracked weight2026-05-23
10 holdings · 6.3% tracked weight2026-05-22
10 holdings · 6.3% tracked weight2026-05-21
10 holdings · 6.3% tracked weight2026-05-20
10 holdings · 6.3% 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 IWN Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedAt $211.31, the current price of IWN sits within a specific technical context defined by its relationship to moving average envelopes, though precise envelope boundaries are not provided in this isolated data point. Without knowing the exact upper and lower band limits or the timeframe of the Simple Moving Average being referenced, it is impossible to definitively characterize whether the asset is currently trading at an extreme premium relative to recent history or if it has retracted toward a fair value zone. The absence of comparative volatility metrics or deviation percentages prevents a clear assessment of mean-reversion potential based solely on this single price figure. Technical analysis typically relies on identifying when prices stretch beyond statistical norms before snapping back, but determining that state requires knowledge of the surrounding trend bands. If $211.31 represents a level significantly distant from the central moving average line without supporting data on standard deviation or historical variance, any claim regarding overbought or oversold conditions would be speculative. Conversely, if this price aligns closely with the mean, it might suggest consolidation rather than an imminent reversal. Ultimately, isolating one price point against undefined technical parameters leaves the relative-value position ambiguous for immediate interpretation. The data provided indicates a current market level but lacks the necessary envelope context to confirm whether the asset is poised for a statistical return toward equilibrium or if momentum continues in its existing direction. Further analysis incorporating full indicator ranges and historical volatility would be required to establish a more concrete view of potential mean-reversion dynamics at this
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 IWN’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.