IYW(IYW)
AI Look-Through Summary
AI GeneratedThe IShares U.S. Technology ETF (IYW) maintains a substantial asset base of $17.7 billion, reflecting significant market participation within the technology sector. Its portfolio construction is heavily concentrated in mega-cap equities, with the top ten holdings accounting for a dominant share of total assets under management. Notably, NVIDIA and Apple individually command weighting percentages exceeding 13%, while their combined influence alongside Google's dual listings creates an intense focus on specific industry leaders rather than broad-based diversification across smaller firms or emerging sub-sectors within tech.
Sector allocation reveals a pronounced tilt toward technology, which comprises nearly half of the fund's exposure at 46.7%. This heavy weighting is further amplified by communication services holdings totaling 17%, driven largely by internet giants such as Alphabet and Meta. Consequently, the fund's performance profile will likely mirror the earnings cycles and valuation shifts of these specific mega-cap players more closely than a balanced technology ETF might. The remaining sector exposures are implicitly limited given this high concentration in two primary areas, suggesting that idiosyncratic risks associated with any single holding or broader communication services trends could materially impact overall portfolio volatility.
Quantitatively, the fund exhibits low diversification relative to its stated objective of broad U.S. technology exposure due to the sheer weight assigned to just a handful of constituents. The presence of seven distinct top-ten holdings all classified under technology underscores an aggressive sector bet rather than a balanced approach. Investors analyzing this vehicle should weigh whether such extreme concentration aligns with their risk tolerance, particularly given that downturns in semiconductor or internet advertising sectors could disproportionately affect the fund's net asset value compared to more broadly diversified alternatives.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-21 18:13:38.569974+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ticker IYW is Internet, which suggests a focus on companies deriving significant revenue from internet-based services and connectivity. The fund's top holdings align strongly with this definition, as the majority of assets are dominant players in technology and communication services sectors that form the backbone of modern internet infrastructure and application layers. High-weight positions such as NVIDIA, Apple, Google, Microsoft, and Meta represent core entities where internet usage is intrinsic to their business models, reinforcing thematic coherence without relying on unrelated holdings or broad-market stabilizers that would dilute the specific focus.
Sector concentration reveals a heavy reliance on Technology at 46.7% combined with Communication Services at 17.0%, creating a portfolio heavily skewed toward digital innovation and data transmission rather than diverse internet application providers. The top-ten concentration of 63.6% indicates that performance will be disproportionately driven by mega-cap technology giants, potentially limiting exposure to smaller or mid-sized companies that might better represent the breadth of the broader internet ecosystem. While the sector weights are internally consistent with a digital-first strategy, the extreme reliance on large-cap leaders suggests the fund may function more as a proxy for major tech growth than a diversified basket of pure-play internet operators across various sub-sectors.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 17:45:42.954093+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors from the top holdings of IYW highlight a convergence of macro-level threats centered on regulatory expansion and operational cost inflation. Multiple companies, including NVIDIA, Apple, Google, and Meta, are increasingly flagging compliance with climate change regulations as a potential source of material adverse financial impact. Simultaneously, there is a distinct trend toward heightened scrutiny regarding data privacy requirements and the responsible use of artificial intelligence. These disclosures suggest that systemic headwinds related to environmental mandates and evolving AI governance frameworks are becoming pervasive across the technology sector's largest players, creating a shared exposure to potential cost increases and operational constraints.
The concentration of these risks within the fund's portfolio is significant due to the substantial weight assigned to the disclosing entities. NVIDIA alone accounts for 16.2% of the fund with three distinct risk categories related to regulation, climate compliance, cybersecurity, and AI governance explicitly detailed in its latest filings. When combined with similar disclosures from other top-tier holdings like Apple and Google, the portfolio exhibits a high degree of correlated downside potential tied specifically to regulatory evolution. This clustering indicates that adverse shifts in government policy regarding environmental standards or digital privacy could simultaneously impact a large portion of the fund's value, rather than affecting only isolated positions.
While systemic risks dominate the current landscape, NVIDIA's specific disclosures present a unique concentration point given its 16.2% weighting and dual exposure to both climate regulations and AI-specific compliance costs. The explicit mention that adherence to responsible use of AI regulations could impact competitive position suggests this sector leader faces distinct strategic challenges beyond general industry headwinds. Additionally, the recurring theme of increased operational costs across multiple top holdings implies a potential compression in profit margins if regulatory burdens escalate as anticipated by these companies' management teams.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-23 04:57:33.013487+00
🏢 Sector Analysis
AI GeneratedThe IYW fund exhibits a pronounced concentration within the technology and communication services sectors, which collectively account for over 63% of its total assets. This heavy weighting in mega-cap U.S. giants suggests an investment thesis heavily reliant on the continued dominance of established digital infrastructure providers rather than broad-based sector diversification or exposure to emerging industries like healthcare or industrials. The top five holdings alone comprise nearly two-thirds of the portfolio, with NVIDIA and Apple individually representing significant portions of assets under management. Such a structure indicates that the fund's performance will be disproportionately influenced by the valuation movements and operational outcomes of these specific companies, creating inherent concentration risk where sector-wide downturns could materially impact overall returns more severely than in a broadly diversified equity vehicle.
Beyond simple sector exposure, the allocation reveals distinct factor tilts toward large-cap value characteristics within growth sectors, as evidenced by the heavy reliance on market leaders like Microsoft and Alphabet alongside high-growth volatility drivers such as NVIDIA. The fund appears designed to capture the premium associated with dominant market positions rather than seeking out mid-cap innovation or small-cap agility. While this approach may offer efficiency in accessing top-tier digital ecosystems, it inherently limits exposure to other economic cycles that might drive returns during periods when technology underperforms relative to defensive sectors. Consequently, investors holding this position are effectively betting on the sustained relevance and profitability of a narrow group of hyper-growth tech firms, accepting elevated idiosyncratic risk in exchange for potential upside tied specifically to these leaders' trajectories rather than general market beta.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 21:45:14.054885+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share IYW's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of IYW's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SCHXSCHX | $61B | — | 10 | 63.6% |
| RSPRSP | $83B | — | 10 | 63.6% |
| QUSQUS | $1B | — | 10 | 63.6% |
| IVViShares Core S&P 500 ETF | $762B | 0.03% | 10 | 63.6% |
| ESGVESGV | $11B | — | 10 | 63.6% |
64% of IYW's portfolio by weight is also held by SCHX, which commands 3× more assets under management. When SCHX receives inflows, it mechanically buys these shared stocks — dragging IYW's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofIYW'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.
Weighted metrics calculated based on 96% 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 64% 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 IYW collectively pay out 15% 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 58% 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
ProprietaryIYW is up 61.0% over the last 12 months. The underlying weighted earnings growth of its constituents is +61.9%. 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 61% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of IYW's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of IYW's analyzed weight, 86% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 14% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 64% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHNVDA at 16.2% contributes an estimated 43% of portfolio variance.IYW holds 10 stocks but behaves like an 16-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
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
IYW has a Passive Crowding Score of 31/100. On average, 9.4% of the market capitalization of IYW'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 52 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 | NVDA | NVIDIA Corp Technology | 16.23% | 32.4x | 4/9 |
| 2 | AAPL | Apple Inc Technology | 13.63% | 37.7x | 8/9 |
| 3 | GOOGL | Alphabet Inc Class A Communication Services | 7.84% | 29.0x | 6/9 |
| 4 | GOOG | Alphabet Inc Class C Communication Services | 6.33% | 28.7x | 6/9 |
| 5 | MSFT | Microsoft Corp Technology | 3.99% | 26.8x | 5/9 |
| 6 | AVGO | Broadcom Inc Technology | 3.78% | 86.9x | 8/9 |
| 7 | AMD | Advanced Micro Devices Inc Technology | 3.50% | 172.6x | 7/9 |
| 8 | MU | Micron Technology Inc Technology | 2.98% | 45.9x | 7/9 |
| 9 | META | Meta Platforms Inc Class A Communication Services | 2.80% | 23.0x | 5/9 |
| 10 | INTC | Intel Corp Technology | 2.56% | — | 6/9 |
Historical Holdings Snapshots
Browse how IYW’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
10 holdings · 63.6% tracked weight2026-05-23
10 holdings · 63.6% tracked weight2026-05-22
10 holdings · 63.6% tracked weight2026-05-21
10 holdings · 63.6% tracked weight2026-05-20
10 holdings · 63.6% 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 IYW Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe current price level of $241.77 for IYW sits within a context where the immediate risk dynamics hinge on whether recent momentum represents a structural shift or a fragile extension. Without additional data regarding drawdown depth, volatility compression, or fundamental earnings revisions, it is impossible to definitively characterize the resilience of this upward trajectory against potential mean reversion. The absence of specific historical price ranges or volume profiles prevents an assessment of how deeply supported these levels are by prior trading activity or investor sentiment shifts. In a vacuum with only a single data point, the technical setup remains ambiguous regarding its sustainability. A solitary price figure does not reveal if current valuations have absorbed recent fundamental backdrops that could act as a floor, nor does it indicate whether volatility is expanding in a way that signals heightened risk of correction. The relationship between this specific price and any underlying support or resistance structures cannot be established without observing the path taken to reach $241.77. Consequently, determining if the current movement possesses structural integrity requires further analysis of trend lines, moving averages, and volume profiles which are currently unavailable in this summary.
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 IYW’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: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.