MDY(MDY)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Industrials, which account for nearly 10% of the fund's holdings, followed by Technology and Consumer Cyclical sectors. The remaining 59.8% is allocated to "Other" sectors, a broad category that encompasses various industries not listed separately. This suggests a focus on growth-oriented sectors with cyclical characteristics. Geographically, the portfolio appears to be heavily weighted towards developed markets, given its large cash holding in US dollars.
Concentration risk is evident due to the significant holdings of TWLO and CASH_USD at 0.9% each, which may limit diversification benefits. The sector mix diverges from the broader market, with Industrials being overrepresented relative to other sectors. A favorable macro environment for this portfolio would likely involve sustained economic growth, particularly in developed markets, as well as a strong cyclical rebound. Conversely, a prolonged period of slow growth or rising interest rates may not favor this portfolio's sector mix and valuation posture.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:00:39.972879+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the ticker MDY, which typically represents a broad-based S&P MidCap 400 Index strategy, exhibits strong alignment with its actual holdings and sector composition. The top ten positions are diversified across multiple industries including Industrials, Technology, Energy, and Healthcare, rather than clustering around specific thematic niches or unrelated mega-cap stocks that often dilute focused strategies. Notably, the presence of cash equivalents and entities marked as N/A in the provided list reflects standard index fund mechanics for illiquid or non-tradable securities within a broad mid-cap mandate, indicating no deviation from its intended scope to chase unrelated trends.
Sector weights demonstrate high coherence with a generalized market exposure rather than a concentrated thematic tilt. Industrials lead at 10.0%, followed by Technology and Consumer Cyclical sectors, creating a balanced distribution that mirrors the economic diversity expected of a mid-cap index fund. The low top-ten concentration rate of 8.2% further confirms that the portfolio is not reliant on a few dominant names to drive performance, thereby maintaining differentiation from broad market indices through true diversification across thirty-two holdings in its largest sector alone. This structure suggests the fund effectively captures the aggregate behavior of mid-sized companies without artificial weighting toward specific growth narratives or unrelated large-cap stabilizers.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-24 02:47:01.552575+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of MDY presents a distinct divergence from traditional broad market indices, characterized by an unusually elevated exposure to Industrials at 9.9% relative to its peer group representation in the top sectors. While Technology and Real Estate follow as significant components with 6.0% and 4.5% respectively, the fund's weighting heavily favors cyclical industries over defensive or growth-oriented segments. This distribution suggests an investment thesis that prioritizes economic expansion drivers where manufacturing output, construction, and capital goods play a central role in performance expectations. The substantial underweighting of Consumer Defensive (1.4%), Utilities (0.2%), and Healthcare (3.4%) indicates a deliberate avoidance of defensive havens typically sought during periods of macroeconomic uncertainty or high volatility.
Concentration risk within this portfolio appears moderate to low based on the provided data, with the top ten holdings collectively accounting for only 8.2% of assets under management. This dispersion across numerous positions in Industrials and other sectors implies a strategy designed to mitigate idiosyncratic stock-specific risks rather than relying on a few large-cap leaders. However, the specific composition of the top holdings reveals notable sectoral anomalies; for instance, FTI is categorized under Energy despite representing only 2.6% of total sector exposure, while several top positions lack explicit sector tags in the provided list. The relatively small number of holdings within major sectors like Energy (7) and Utilities (1) further underscores a specialized approach that may limit diversification benefits if specific sub-industries face headwinds. Ultimately, this structure reflects a bet on cyclical momentum rather than stability or broad-based technological growth.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 13:46:22.619383+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share MDY's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of MDY's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 399 | 98.8% |
| SPMDSPMD | $16B | — | 399 | 98.8% |
| VXFVXF | $84B | — | 291 | 87.1% |
| ONEOONEO | $25M | — | 303 | 84.3% |
| VBVB | $170B | — | 256 | 81.4% |
99% of MDY's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging MDY's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofMDY'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.
Weighted metrics calculated based on 77% 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 70% 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 MDY collectively pay out 63% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 31% 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
ProprietaryMDY is up 19.9% over the last 12 months. The underlying weighted earnings growth of its constituents is +21.3%. 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 67% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of MDY's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of MDY's analyzed weight, 33% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 67% 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.
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.
MDY has a Passive Crowding Score of 34/100. On average, 10.2% of the market capitalization of MDY'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 1 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | CASH_USD | U.S. Dollar | 1.16% | — | — |
| 2 | TWLO | Twilio Inc. Class A | 0.87% | 553.6x | 6/9 |
| 3 | ILMN | Illumina Inc. Healthcare | 0.80% | 34.6x | 7/9 |
| 4 | FTI | TechnipFMC plc Energy | 0.79% | 27.6x | 9/9 |
| 5 | CRS | Carpenter Technology Corporation Industrials | 0.76% | 58.5x | 7/9 |
| 6 | CW | Curtiss-Wright Corporation Industrials | 0.73% | 52.4x | 8/9 |
| 7 | XPO | XPO Inc. | 0.71% | 71.7x | 5/9 |
| 8 | ATI | ATI Inc Industrials | 0.70% | 61.4x | 8/9 |
| 9 | NVT | nVent Electric plc | 0.69% | 43.9x | 6/9 |
| 10 | OKTA | Okta Inc. Class A Technology | 0.69% | 109.0x | 7/9 |
| 11 | WWD | Woodward Inc. Industrials | 0.65% | 47.2x | 9/9 |
| 12 | UTHR | United Therapeutics Corporation | 0.62% | 21.0x | 6/9 |
| 13 | MKSI | MKS Inc. | 0.62% | 49.6x | 7/9 |
| 14 | BURL | Burlington Stores Inc. Consumer Cyclical | 0.62% | 32.6x | 6/9 |
| 15 | USFD | US Foods Holding Corp. | 0.60% | 31.2x | 6/9 |
Historical Holdings Snapshots
Browse how MDY’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 11.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CASH_USD | 1.16% | 316,231,062 | — |
| 2 | TWLO | 0.87% | 1,141,607 | — |
| 3 | ILMN | 0.80% | 1,138,050 | — |
| 4 | FTI | 0.79% | 2,998,946 | — |
| 5 | CRS | 0.76% | 373,726 | — |
| 6 | CW | 0.73% | 277,866 | — |
| 7 | XPO | 0.71% | 883,130 | — |
| 8 | ATI | 0.70% | 1,026,495 | — |
| 9 | NVT | 0.69% | 1,216,419 | — |
| 10 | OKTA | 0.69% | 1,261,098 | — |
| 11 | WWD | 0.65% | 448,166 | — |
| 12 | UTHR | 0.62% | 319,276 | — |
| 13 | MKSI | 0.62% | 508,052 | — |
| 14 | BURL | 0.62% | 472,597 | — |
| 15 | USFD | 0.60% | 1,656,463 | — |
2026-07-18
15 holdings · 11.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CASH_USD | 1.16% | 316,231,062 | — |
| 2 | TWLO | 0.87% | 1,141,607 | — |
| 3 | ILMN | 0.80% | 1,138,050 | — |
| 4 | FTI | 0.79% | 2,998,946 | — |
| 5 | CRS | 0.76% | 373,726 | — |
| 6 | CW | 0.73% | 277,866 | — |
| 7 | XPO | 0.71% | 883,130 | — |
| 8 | ATI | 0.70% | 1,026,495 | — |
| 9 | NVT | 0.69% | 1,216,419 | — |
| 10 | OKTA | 0.69% | 1,261,098 | — |
| 11 | WWD | 0.65% | 448,166 | — |
| 12 | UTHR | 0.62% | 319,276 | — |
| 13 | MKSI | 0.62% | 508,052 | — |
| 14 | BURL | 0.62% | 472,597 | — |
| 15 | USFD | 0.60% | 1,656,463 | — |
2026-07-17
15 holdings · 11.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CASH_USD | 0.90% | 243,644,435 | — |
| 2 | TWLO | 0.89% | 1,137,942 | — |
| 3 | FTI | 0.80% | 2,989,321 | — |
| 4 | CRS | 0.80% | 372,526 | — |
| 5 | ILMN | 0.79% | 1,134,400 | — |
| 6 | CW | 0.77% | 276,976 | — |
| 7 | ATI | 0.73% | 1,023,200 | — |
| 8 | NVT | 0.72% | 1,212,514 | — |
| 9 | OKTA | 0.70% | 1,257,053 | — |
| 10 | XPO | 0.67% | 880,295 | — |
| 11 | WWD | 0.67% | 446,726 | — |
| 12 | MKSI | 0.66% | 506,422 | — |
| 13 | UTHR | 0.63% | 318,251 | — |
| 14 | P | 0.62% | 2,365,849 | — |
| 15 | MTZ | 0.61% | 461,974 | — |
2026-07-16
15 holdings · 11.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TWLO | 0.92% | 1,149,670 | — |
| 2 | CASH_USD | 0.85% | 232,674,347 | — |
| 3 | FTI | 0.83% | 3,020,121 | — |
| 4 | ILMN | 0.80% | 1,146,080 | — |
| 5 | CRS | 0.80% | 376,366 | — |
| 6 | CW | 0.77% | 279,824 | — |
| 7 | NVT | 0.73% | 1,225,010 | — |
| 8 | OKTA | 0.72% | 1,269,997 | — |
| 9 | ATI | 0.72% | 1,033,744 | — |
| 10 | XPO | 0.69% | 889,367 | — |
| 11 | P | 0.68% | 2,390,217 | — |
| 12 | MKSI | 0.67% | 511,638 | — |
| 13 | WWD | 0.66% | 451,334 | — |
| 14 | MTZ | 0.63% | 466,726 | — |
| 15 | UTHR | 0.62% | 321,531 | — |
2026-07-15
15 holdings · 11.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TWLO | 0.93% | 1,146,738 | — |
| 2 | CASH_USD | 0.86% | 232,400,354 | — |
| 3 | FTI | 0.81% | 3,012,421 | — |
| 4 | ILMN | 0.80% | 1,143,160 | — |
| 5 | CRS | 0.79% | 375,406 | — |
| 6 | CW | 0.76% | 279,112 | — |
| 7 | NVT | 0.71% | 1,221,886 | — |
| 8 | ATI | 0.70% | 1,031,108 | — |
| 9 | XPO | 0.69% | 887,099 | — |
| 10 | P | 0.66% | 2,384,125 | — |
| 11 | MKSI | 0.66% | 510,334 | — |
| 12 | WWD | 0.66% | 450,182 | — |
| 13 | OKTA | 0.65% | 1,266,761 | — |
| 14 | UTHR | 0.64% | 320,711 | — |
| 15 | USFD | 0.62% | 1,663,904 | — |
2026-07-14
15 holdings · 11.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TWLO | 0.91% | 1,151,136 | — |
| 2 | CASH_USD | 0.85% | 232,538,560 | — |
| 3 | ILMN | 0.80% | 1,147,540 | — |
| 4 | CRS | 0.80% | 376,846 | — |
| 5 | FTI | 0.80% | 3,023,971 | — |
| 6 | CW | 0.77% | 280,180 | — |
| 7 | NVT | 0.72% | 1,226,572 | — |
| 8 | ATI | 0.71% | 1,035,062 | — |
| 9 | P | 0.70% | 2,393,263 | — |
| 10 | MKSI | 0.69% | 512,290 | — |
| 11 | XPO | 0.68% | 890,501 | — |
| 12 | WWD | 0.67% | 451,910 | — |
| 13 | OKTA | 0.65% | 1,271,615 | — |
| 14 | UTHR | 0.65% | 321,941 | — |
| 15 | MTZ | 0.64% | 467,320 | — |
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
What Drove MDY Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedMDY is currently trading at $643.10, a position that warrants analysis against its surrounding moving average envelope to gauge relative value and potential mean-reversion dynamics. Without specific upper or lower boundary data for the standard deviation bands in this isolated snapshot, determining whether the current price represents an extended premium or discount requires comparing this level directly to the recent volatility range implied by those averages. If the $643.10 mark sits significantly above a calculated long-term average, it may suggest overextension relative to historical norms, theoretically increasing the probability of a downward drift toward statistical equilibrium as markets often correct deviations from the mean. Conversely, if this price point remains comfortably within or below the central tendency defined by the moving averages, the asset might be viewed as fairly valued with less immediate pressure for a reversal unless external catalysts intervene. The absence of additional context regarding recent trend direction or volume makes it difficult to confirm whether the current pricing reflects strong momentum or a temporary outlier event. In relative-value terms, traders often look for prices at the extremes of an envelope to identify potential turning points where statistical likelihood favors a return toward the center line. However, without knowing if $643.10 is near a lower band support or upper band resistance in this specific timeframe, any assertion about imminent mean reversion remains speculative. The technical setup currently presents a neutral state where the price's relationship to its volatility envelope dictates future behavior: extreme distances from the average typically signal higher correction potential,
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 MDY’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: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.