QUS(QUS)
AI Look-Through Summary
AI GeneratedThe QUS ETF exhibits a significant tilt towards growth-oriented sectors, with Technology and Financial Services accounting for nearly half of its holdings. This is further amplified by its concentration in large-cap stocks, as evidenced by the presence of five out of the top 10 largest market capitalization companies globally among its top holdings. The fund's valuation posture appears elevated, with a weighted P/E ratio exceeding 24x and a weighted P/B ratio of approximately 14.72x.
The portfolio's sector mix diverges from the broader market, with Technology and Financial Services receiving disproportionately large allocations compared to their respective weightings in the overall market. A notable concentration risk exists due to the presence of AAPL (3.1%) and MSFT (2.9%), which together comprise nearly 6% of the fund's assets. The portfolio would likely benefit from a sustained growth environment, while elevated interest rates or increased volatility could pose challenges for its valuation multiples.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:39:31.992871+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 45/100The investment theme implied by the ticker QUS, which typically denotes a broad U.S. market exposure rather than a specific sector or strategy, aligns perfectly with the provided data showing a diversified portfolio across eleven distinct sectors. However, an analysis of the top holdings reveals a significant concentration within mega-cap technology and communication services firms such as Apple, Nvidia, Microsoft, Meta, Google, and Cisco. While these names are consistent with a broad market index approach, their dominance in the initial positions suggests that the fund's performance may be heavily influenced by large-cap tech volatility rather than pure thematic exposure to any single industry vertical. The presence of diverse sectors like Energy, Utilities, and Real Estate further confirms that this is not an actively managed thematic strategy but rather a passive replication of the broader U.S. equity landscape where these specific giants happen to hold substantial weight relative to smaller constituents in other industries.
Sector coherence appears consistent with a comprehensive market representation, as weights are distributed relatively evenly across Technology, Financial Services, Healthcare, and Consumer sectors without extreme skewing toward a single niche. The top-ten concentration metric of 21.7% indicates that while the largest names carry meaningful influence, the fund maintains sufficient breadth to mitigate idiosyncratic risks associated with any individual holding or sub-sector rotation. This structure differentiates the vehicle from narrow thematic funds by ensuring exposure to defensive industries like Consumer Staples and Utilities alongside growth-oriented segments, effectively mirroring the aggregate behavior of the total U.S. stock market. Consequently, the fund serves as a generalist instrument rather than a specialized tool for investors seeking concentrated bets on specific innovation cycles or economic drivers inherent in the provided holdings list.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-24 06:28:19.907129+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors from top holdings highlight three emerging macro-level threats: regulatory compliance regarding climate change, evolving data privacy standards, and the implementation of artificial intelligence regulations. These disclosures indicate that major technology and industrial leaders are anticipating material adverse impacts on their financial conditions due to stricter environmental mandates, increased operational costs associated with cybersecurity adherence, and potential competitive disadvantages arising from AI usage restrictions. The convergence of these issues across diverse sectors suggests a broadening regulatory landscape where compliance burdens may become a systemic drag on profitability for large-cap equities.
Concentration analysis reveals significant exposure to these shared risks within the fund's portfolio, particularly given that multiple top-weighted holdings face similar challenges. NVIDIA alone flags all three categories—climate change regulations, data privacy requirements, and AI regulation—as potential material threats, while other major constituents like Microsoft, Apple, and Meta operate in environments where digital security and regulatory scrutiny are inherent to their business models. This clustering of risk factors among the highest-weighted assets creates a high degree of correlation; a tightening of federal or international rules in any of these specific areas could simultaneously impact the earnings trajectories of several key portfolio components rather than isolating losses to a single stock.
While systemic risks dominate the current disclosure landscape, company-specific vulnerabilities remain relevant due to individual weightings. For instance, NVIDIA's singular focus on AI regulation and climate compliance represents a concentrated risk profile relative to its 2.8% holding, meaning adverse outcomes in these specific regulatory fronts would have an outsized effect compared to lower-weighted peers with more diversified or less severe disclosures. Similarly, the operational cost pressures linked to cybersecurity across multiple firms suggest that even if one company navigates these challenges effectively, sector-wide inflationary pressures from compliance could still erode aggregate fund performance without a corresponding increase in pricing power.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-24 03:19:39.962063+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of QUS reveals a distinct tilt toward technology, which comprises over 26% of the portfolio with seventy-five individual holdings. This heavy weighting in the tech sector is further amplified by significant exposure to communication services and healthcare, creating a concentration in industries that have historically driven growth but also exhibit higher volatility compared to defensive sectors. The top five holdings alone account for nearly 14% of total assets, dominated entirely by large-cap technology names such as Apple, NVIDIA, Microsoft, Meta, and Eli Lilly. This structure suggests an investment thesis centered on capturing innovation-driven returns from the largest market participants rather than seeking broad diversification across all economic drivers.
Despite its name implying a focus on small- to mid-capitalization companies, the fund's reliance on mega-cap technology leaders introduces specific concentration risks that may diverge from traditional small-cap characteristics. The top ten holdings represent over 21% of the portfolio, indicating that performance will be heavily influenced by the fortunes of just two or three major corporations rather than a wide dispersion of smaller firms. While the inclusion of financial services and industrials provides some balance to the aggressive tech bias, these sectors are weighted at less than 14% combined, limiting their ability to offset potential downturns in the technology sector. The relatively low allocation to utilities, basic materials, and real estate further underscores a strategy that prioritizes growth-oriented equities over value or income-generating assets.
Factor tilts implied by this data suggest an exposure primarily to momentum and large-cap factors rather than size-based diversification typically associated with small-cap strategies. The fund appears designed to capture the premium of leading innovators while maintaining enough sector breadth in healthcare, industrials, and consumer staples to mitigate idiosyncratic risk within any single industry group. However, the sheer dominance of a handful of technology giants means that macroeconomic factors affecting tech valuations will likely have an outsized impact on overall portfolio performance relative to more evenly distributed small-cap indices.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 23:59:31.04824+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share QUS's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of QUS's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 459 | 97.6% |
| SPTMSPTM | $12B | — | 483 | 97.5% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 451 | 96.7% |
| ONEOONEO | $25M | — | 500 | 96.2% |
| VONEVONE | $10B | — | 454 | 95.8% |
98% of QUS's portfolio by weight is also held by VTI, which commands 1435× more assets under management. When VTI receives inflows, it mechanically buys these shared stocks — dragging QUS's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofQUS'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 98% 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 87% 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 QUS collectively pay out 65% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 68% 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
ProprietaryQUS is up 16.1% over the last 12 months. The underlying weighted earnings growth of its constituents is +27.1%. Despite earnings growth, valuations have contracted by 11.0% — 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 85% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of QUS's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of QUS's analyzed weight, 80% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 20% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 80% 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.
QUS has a Passive Crowding Score of 39/100. On average, 11.8% of the market capitalization of QUS'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 45 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 | AAPL | APPLE INC Technology | 3.26% | 40.3x | 8/9 |
| 2 | MSFT | MICROSOFT CORP Technology | 2.99% | 23.4x | 5/9 |
| 3 | NVDA | NVIDIA CORP Technology | 2.61% | 31.7x | 4/9 |
| 4 | META | META PLATFORMS INC CLASS A Communication Services | 2.47% | 24.2x | 5/9 |
| 5 | LLY | ELI LILLY + CO Healthcare | 2.26% | 41.5x | 7/9 |
| 6 | V | VISA INC CLASS A SHARES Financial Services | 1.97% | 31.8x | 6/9 |
| 7 | JNJ | JOHNSON + JOHNSON Healthcare | 1.88% | 29.0x | 4/9 |
| 8 | MA | MASTERCARD INC A Financial Services | 1.55% | 32.0x | 8/9 |
| 9 | GOOGL | ALPHABET INC CL A Communication Services | 1.38% | 27.0x | 6/9 |
| 10 | WMT | WALMART INC Consumer Defensive | 1.35% | 40.5x | 7/9 |
| 11 | CSCO | CISCO SYSTEMS INC Technology | 1.34% | 36.5x | 8/9 |
| 12 | MRK | MERCK + CO. INC. Healthcare | 1.30% | 36.0x | 4/9 |
| 13 | AMAT | APPLIED MATERIALS INC Technology | 1.29% | 52.7x | 6/9 |
| 14 | GOOG | ALPHABET INC CL C Communication Services | 1.24% | 27.0x | 6/9 |
| 15 | PG | PROCTER + GAMBLE CO/THE Consumer Defensive | 1.21% | 22.2x | 6/9 |
Historical Holdings Snapshots
Browse how QUS’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 28.1% tracked weight2026-07-17
15 holdings · 28.2% tracked weight2026-07-16
15 holdings · 28.0% tracked weight2026-07-15
15 holdings · 27.9% tracked weight2026-07-14
15 holdings · 28.0% tracked weight2026-07-13
15 holdings · 27.8% 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 QUS Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
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 QUS’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.
Positions Increased (1)
Positions Decreased (1)
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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.