SDY(SDY)
AI Look-Through Summary
AI GeneratedThe fund's sector allocation reveals a defensive tilt, with Consumer Defensive and Utilities sectors making up nearly 30% of its portfolio. This is consistent with the fund's mandate to track a dividend-focused index. The Industrials sector also has a notable presence, while Technology and Financial Services are relatively underrepresented compared to their market-weighted averages. Overall, the valuation posture appears to be moderate, with weighted P/E and P/B ratios in line with or slightly above those of the broader market.
The top holdings exhibit a mix of large-cap stalwarts, with AT&T (VZ) and Oracle's parent company (KMB) being the largest two positions. However, no single stock dominates the portfolio, reducing concentration risk. A favorable macro environment for this fund would likely include sustained economic growth, low interest rates, and stable commodity prices, which would support the defensive sectors' performance. Conversely, a sharp downturn in these sectors or a rise in interest rates could be unfavorable for the fund's returns.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:04:44.264892+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ticker SDY is Dividend Aristocrats, yet a review of the top holdings reveals a portfolio that relies heavily on established mega-cap giants rather than solely companies with long histories of uninterrupted dividend growth. While names like Verizon and O appear in the list, their inclusion alongside massive technology leaders such as Qualcomm and Texas Instruments suggests a strategy where broad market stability is prioritized to maintain consistent returns. The presence of these large-cap stocks indicates that the fund may be using well-known entities to anchor performance, which can sometimes dilute the strict thematic purity expected from an Aristocrats index by including companies with shorter dividend track records or those primarily valued for their size rather than just their payout history.
Sector coherence remains high despite this reliance on mega-caps, as the weightings in Consumer Defensive, Utilities, and Industrials align closely with industries known for stable cash flows and mature business models typical of dividend payers. The concentration risk is managed effectively, evidenced by a low top-ten holding percentage that prevents any single stock from dominating the portfolio's performance trajectory. Unlike broad market indices which often suffer from extreme weightings in dominant tech firms, this fund maintains a more balanced exposure across multiple sectors including Healthcare and Financial Services, ensuring that sector drift does not compromise the intended income generation strategy. The distribution of holdings suggests a genuine attempt to replicate an index focused on stability rather than chasing high-growth thematic trends.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-10 10:09:46.186008+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of SDY demonstrates a deliberate tilt toward defensive industries, with Consumer Defensive, Industrials, and Utilities collectively accounting for over 42% of the portfolio. This heavy weighting suggests an investment thesis centered on stability and income generation rather than aggressive capital appreciation, as these sectors historically exhibit lower volatility during market downturns. The inclusion of significant portions in Financial Services and Healthcare further reinforces a focus on established businesses with predictable cash flows, while the notably smaller exposure to Communication Services and Energy indicates an avoidance of highly cyclical or volatile segments often associated with higher growth potential but greater risk.
Concentration analysis reveals that despite holding 160 distinct securities across various sectors, the top ten holdings represent only 17.4% of assets under management. This relatively low concentration metric implies a broad diversification strategy within its defined defensive universe, mitigating the impact of any single stock's performance on overall portfolio returns. The presence of major telecommunications and utility providers like Verizon and Oracle alongside semiconductor giants such as Qualcomm highlights a nuanced approach where "defensive" does not strictly mean non-technological; instead, it prioritizes companies with durable competitive moats and consistent dividend histories within those sectors.
From a factor tilt perspective, the fund likely exhibits characteristics of low beta and high quality due to its preference for mature industries with stable earnings profiles. However, this structural bias may result in underperformance during periods driven by rapid technological disruption or consumer spending surges that favor cyclical growth stocks. The minimal allocation to Real Estate and Basic Materials further narrows the scope compared to a traditional broad-market index, potentially limiting upside exposure while maintaining a risk-adjusted focus on capital preservation through established market leaders.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-19 16:48:29.759239+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SDY's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SDY's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 156 | 99.8% |
| ONEOONEO | $25M | — | 131 | 94.3% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 104 | 84.5% |
| SPLGSPLG | $97B | — | 103 | 84.3% |
| SPYVSPYV | $32B | — | 101 | 83.6% |
100% of SDY's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging SDY's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSDY'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 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
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 SDY collectively pay out 118% 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 77% 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
ProprietarySDY is up 13.9% over the last 12 months. The underlying weighted earnings growth of its constituents is +7.5%. The remaining +6.4% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 97% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SDY's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SDY's analyzed weight, 55% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 45% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 92% 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.
SDY has a Passive Crowding Score of 48/100. On average, 14.4% of the market capitalization of SDY'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 34 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 | O | REALTY INCOME CORP Real Estate | 2.22% | 53.9x | 5/9 |
| 2 | VZ | VERIZON COMMUNICATIONS INC Communication Services | 2.18% | 10.7x | 5/9 |
| 3 | ADP | AUTOMATIC DATA PROCESSING Technology | 1.72% | 23.9x | 8/9 |
| 4 | KVUE | KENVUE INC Consumer Defensive | 1.71% | 22.6x | 6/9 |
| 5 | KMB | KIMBERLY CLARK CORP Consumer Defensive | 1.70% | 21.1x | 5/9 |
| 6 | TGT | TARGET CORP Consumer Defensive | 1.63% | 18.5x | 6/9 |
| 7 | ABBV | ABBVIE INC Healthcare | 1.61% | 124.8x | 7/9 |
| 8 | TXN | TEXAS INSTRUMENTS INC Technology | 1.49% | 49.7x | 7/9 |
| 9 | EIX | EDISON INTERNATIONAL Utilities | 1.48% | 8.5x | 6/9 |
| 10 | QCOM | QUALCOMM INC Technology | 1.42% | 18.4x | 6/9 |
| 11 | CVX | CHEVRON CORP Energy | 1.39% | 32.0x | 6/9 |
| 12 | ADM | ARCHER DANIELS MIDLAND CO Consumer Defensive | 1.38% | 37.0x | 4/9 |
| 13 | ES | EVERSOURCE ENERGY Utilities | 1.37% | 16.1x | 7/9 |
| 14 | MDT | MEDTRONIC PLC Healthcare | 1.36% | 22.4x | 7/9 |
| 15 | SYY | SYSCO CORP Consumer Defensive | 1.36% | 22.8x | 6/9 |
Historical Holdings Snapshots
Browse how SDY’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 24.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | O | 2.22% | 7,380,143 | — |
| 2 | VZ | 2.18% | 10,846,388 | — |
| 3 | ADP | 1.72% | 1,468,655 | — |
| 4 | KVUE | 1.71% | 19,656,697 | — |
| 5 | KMB | 1.70% | 3,412,538 | — |
| 6 | TGT | 1.63% | 2,535,534 | — |
| 7 | ABBV | 1.61% | 1,380,882 | — |
| 8 | TXN | 1.49% | 1,117,089 | — |
| 9 | EIX | 1.48% | 4,157,333 | — |
| 10 | QCOM | 1.42% | 1,815,389 | — |
| 11 | CVX | 1.39% | 1,647,284 | — |
| 12 | ADM | 1.38% | 3,647,999 | — |
| 13 | ES | 1.37% | 4,004,732 | — |
| 14 | MDT | 1.36% | 3,558,267 | — |
| 15 | SYY | 1.36% | 3,604,501 | — |
2026-07-17
15 holdings · 24.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | O | 2.18% | 7,382,778 | — |
| 2 | VZ | 2.17% | 10,850,261 | — |
| 3 | KVUE | 1.72% | 19,663,715 | — |
| 4 | KMB | 1.70% | 3,413,756 | — |
| 5 | ADP | 1.70% | 1,469,179 | — |
| 6 | TGT | 1.64% | 2,536,439 | — |
| 7 | ABBV | 1.57% | 1,381,375 | — |
| 8 | TXN | 1.57% | 1,117,488 | — |
| 9 | QCOM | 1.51% | 1,816,037 | — |
| 10 | EIX | 1.49% | 4,158,817 | — |
| 11 | ADM | 1.40% | 3,649,301 | — |
| 12 | CVX | 1.40% | 1,647,872 | — |
| 13 | ES | 1.38% | 4,006,162 | — |
| 14 | WEC | 1.36% | 2,580,416 | — |
| 15 | SYY | 1.36% | 3,605,788 | — |
2026-07-16
15 holdings · 24.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | O | 2.19% | 7,382,778 | — |
| 2 | VZ | 2.14% | 10,850,261 | — |
| 3 | KVUE | 1.72% | 19,663,715 | — |
| 4 | KMB | 1.70% | 3,413,756 | — |
| 5 | ADP | 1.68% | 1,469,179 | — |
| 6 | TXN | 1.59% | 1,117,488 | — |
| 7 | TGT | 1.58% | 2,536,439 | — |
| 8 | ABBV | 1.56% | 1,381,375 | — |
| 9 | QCOM | 1.50% | 1,816,037 | — |
| 10 | EIX | 1.48% | 4,158,817 | — |
| 11 | ADM | 1.40% | 3,649,301 | — |
| 12 | CVX | 1.39% | 1,647,872 | — |
| 13 | ES | 1.39% | 4,006,162 | — |
| 14 | SYY | 1.39% | 3,605,788 | — |
| 15 | WEC | 1.38% | 2,580,416 | — |
2026-07-15
15 holdings · 24.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | O | 2.18% | 7,388,046 | — |
| 2 | VZ | 2.13% | 10,858,005 | — |
| 3 | KVUE | 1.74% | 19,677,747 | — |
| 4 | KMB | 1.73% | 3,416,192 | — |
| 5 | ADP | 1.70% | 1,470,227 | — |
| 6 | ABBV | 1.58% | 1,382,361 | — |
| 7 | TGT | 1.57% | 2,538,249 | — |
| 8 | QCOM | 1.54% | 1,817,333 | — |
| 9 | TXN | 1.54% | 1,118,286 | — |
| 10 | EIX | 1.46% | 4,161,785 | — |
| 11 | SYY | 1.39% | 3,608,362 | — |
| 12 | CVX | 1.38% | 1,649,048 | — |
| 13 | ES | 1.38% | 4,009,020 | — |
| 14 | ADM | 1.38% | 3,651,905 | — |
| 15 | WEC | 1.38% | 2,582,258 | — |
2026-07-14
15 holdings · 24.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | O | 2.16% | 7,379,446 | — |
| 2 | VZ | 2.11% | 10,845,505 | — |
| 3 | KMB | 1.77% | 3,412,192 | — |
| 4 | KVUE | 1.77% | 19,655,047 | — |
| 5 | ADP | 1.64% | 1,468,527 | — |
| 6 | TXN | 1.60% | 1,116,986 | — |
| 7 | QCOM | 1.58% | 1,815,233 | — |
| 8 | TGT | 1.58% | 2,535,249 | — |
| 9 | ABBV | 1.58% | 1,380,761 | — |
| 10 | EIX | 1.44% | 4,156,985 | — |
| 11 | SYY | 1.39% | 3,604,162 | — |
| 12 | ES | 1.38% | 4,004,420 | — |
| 13 | MDT | 1.38% | 3,557,977 | — |
| 14 | WEC | 1.37% | 2,579,258 | — |
| 15 | ADM | 1.35% | 3,647,605 | — |
2026-07-13
15 holdings · 24.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | O | 2.17% | 7,379,446 | — |
| 2 | VZ | 2.09% | 10,845,505 | — |
| 3 | KVUE | 1.75% | 19,655,047 | — |
| 4 | KMB | 1.74% | 3,412,192 | — |
| 5 | ADP | 1.65% | 1,468,527 | — |
| 6 | QCOM | 1.61% | 1,815,233 | — |
| 7 | ABBV | 1.60% | 1,380,761 | — |
| 8 | TXN | 1.60% | 1,116,986 | — |
| 9 | TGT | 1.56% | 2,535,249 | — |
| 10 | EIX | 1.44% | 4,156,985 | — |
| 11 | WEC | 1.38% | 2,579,258 | — |
| 12 | ES | 1.38% | 4,004,420 | — |
| 13 | SYY | 1.37% | 3,604,162 | — |
| 14 | MDT | 1.36% | 3,557,977 | — |
| 15 | PEP | 1.35% | 2,105,367 | — |
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 SDY 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 SDY’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 (0)
Positions Decreased (50)
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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.