SPDW(SPDW)
AI Look-Through Summary
AI GeneratedThe fund's sector allocation is heavily skewed towards Other, which encompasses various industries not explicitly listed in the provided breakdown. This suggests that the portfolio has a broad and diversified exposure to different sectors, with no single industry dominating the holdings. The presence of Financial Services, Technology, Energy, Industrials, and Healthcare also indicates a balanced mix of traditional and growth-oriented sectors.
The top holdings reveal significant concentrations in specific stocks, particularly SMSN and A000660, which together account for over 5% of the portfolio's value. This concentration risk may be worth monitoring, as it could potentially impact the fund's performance if these stocks underperform or experience volatility. The sector mix is also notable for its limited exposure to high-growth areas like Technology, which is only 4.3% of the allocation. A macro environment characterized by rising interest rates and economic uncertainty might favor a more defensive posture, while a strong growth phase could benefit from increased exposure to sectors like Technology and Industrials.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 07:49:36.983584+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 15/100The investment theme implied by the ticker SPDW suggests a focus on sustainable or environmentally conscious equities, yet the actual holdings reveal a fragmented portfolio lacking clear thematic cohesion. While specific positions like ASML and ROP align with technology sectors often associated with green innovation, significant weight is given to traditional industries such as Energy (SHEL) and Basic Materials (BHP), which frequently diverge from sustainability mandates unless specifically tied to transition plays that are not evident here. Furthermore, the presence of numerous holdings marked "N/A" alongside major financial institutions like HSBA and RY indicates a reliance on broad large-cap names rather than a curated selection based on environmental criteria, suggesting the fund may be leveraging generic market leaders to stabilize returns instead of maintaining strict adherence to its stated theme.
Sector coherence appears weak given the disparate nature of the top allocations across Financial Services, Technology, Energy, and Basic Materials without a unifying green narrative. The sector breakdown shows modest exposure to Industrials and Healthcare but lacks depth in sectors typically central to sustainability themes like Utilities or Consumer Defensive, resulting in an asset mix that closely mirrors a broad foreign large-cap index rather than offering distinct thematic differentiation. With the top ten concentration sitting at 12.7%, the fund exhibits low idiosyncratic risk derived from specific stock selection but high exposure to general market movements typical of developed international markets. This structural composition implies that investors are gaining access to global equity performance through a lens that does not strongly filter for sustainability factors, leaving the portfolio's identity ambiguous relative to its name.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 23:35:31.850479+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of SPDW reveals a distinct divergence from standard broad-market benchmarks, characterized by significant underweighting across most traditional equity categories. Financial Services and Technology each represent only 4% of the portfolio, while Energy, Industrials, Healthcare, Basic Materials, Consumer Cyclical sectors fall below 2%. This distribution suggests an investment thesis focused on specific geographic or thematic exposures rather than comprehensive global diversification, as nearly half of the total sector weight is concentrated in just two categories. The minimal presence of Real Estate and Foreign Large Blend holdings further indicates that international equity exposure outside these primary tilts is negligible within this fund structure.
Concentration risk appears elevated relative to a diversified portfolio, driven by both sector skew and top-holding weights. With Financial Services and Technology comprising 8% combined yet holding the majority of the asset base, the fund's performance will be heavily influenced by macroeconomic factors affecting these specific industries rather than broad market movements. The Top-10 concentration of 12.7%, anchored by positions such as SMSN and ASML, implies that a small number of entities drive significant returns or losses, amplifying volatility potential compared to funds with flatter distribution curves. This structural setup points toward a strategy prioritizing specific alpha generation opportunities within defined niches rather than passive market replication across all sectors.
The factor tilts inherent in this allocation likely favor growth and momentum characteristics associated with the overweight Technology sector while simultaneously exposing the portfolio to cyclicality risks typical of Energy holdings. The absence of substantial weightings in defensive sectors like Consumer Defensive or Utilities suggests limited natural hedging against economic downturns within the current framework. Ultimately, the fund's design reflects a deliberate choice to concentrate resources on select industries and individual large-cap names, accepting higher idiosyncratic risk in exchange for potential outperformance if those specific themes materialize as anticipated by the underlying investment mandate.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 11:22:05.942158+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPDW's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SPDW's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| CWICWI | $2B | — | 623 | 76.1% |
| VEAVanguard FTSE Developed Markets Index Fund ETF Shares | $290B | — | 446 | 66.1% |
| VEUVEU | $86B | — | 359 | 62.1% |
| VXUSVXUS | $624B | — | 356 | 61.8% |
| VTVT | $80B | — | 187 | 48.4% |
76% of SPDW's portfolio by weight is also held by CWI. When CWI receives inflows, it mechanically buys these shared stocks — dragging SPDW's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPDW'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 19% 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 19% 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 SPDW collectively pay out 58% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 13% 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
ProprietarySPDW is up 25.0% over the last 12 months. The underlying weighted earnings growth of its constituents is +27.3%. Despite earnings growth, valuations have contracted by 2.3% — 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 18% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SPDW's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SPDW's analyzed weight, 71% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 29% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 11% of fund weight with available data. Not investment advice.
Passive Crowding Score
SEVEREHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
SPDW has a Passive Crowding Score of 100/100. On average, 57.7% of the market capitalization of SPDW's underlying holdings is structurally locked in passive ETF vehicles. In the event of a broad sell-off, SPDW faces elevated "gap-down" risk — as passive redemptions force simultaneous selling of constituents where a large portion of the float is not actively trading.
Passive $ = Σ(ETF AUM × holding weight) across all 2 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 | SMSN | SAMSUNG ELECTR GDR REG S | 2.38% | — | — |
| 2 | ASML | ASML HOLDING NV Technology | 2.13% | 56.8x | 8/9 |
| 3 | A000660 | SK HYNIX INC | 2.04% | — | — |
| 4 | HSBA | HSBC HOLDINGS PLC | 1.04% | — | — |
| 5 | RY | ROYAL BANK OF CANADA Financial Services | 0.91% | 20.0x | 3/9 |
| 6 | ROP | ROCHE HOLDING AG Technology | 0.87% | 22.7x | 5/9 |
| 7 | NOVN | NOVARTIS AG REG | 0.84% | — | — |
| 8 | 8306 | MITSUBISHI UFJ FINANCIAL GRO | 0.82% | — | — |
| 9 | NESN | NESTLE SA REG | 0.82% | — | — |
| 10 | AZN | ASTRAZENECA PLC Healthcare | 0.79% | 25.5x | 7/9 |
| 11 | SHEL | SHELL PLC Energy | 0.75% | 13.3x | 5/9 |
| 12 | SIE | SIEMENS AG REG | 0.68% | — | — |
| 13 | 7203 | TOYOTA MOTOR CORP | 0.65% | — | — |
| 14 | BHP | BHP GROUP LTD Basic Materials | 0.64% | 20.1x | 4/9 |
| 15 | 8035 | TOKYO ELECTRON LTD | 0.62% | — | — |
Historical Holdings Snapshots
Browse how SPDW’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 16.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SMSN | 2.38% | 221,529 | — |
| 2 | ASML | 2.13% | 466,314 | — |
| 3 | A000660 | 2.04% | 657,361 | — |
| 4 | HSBA | 1.04% | 20,610,291 | — |
| 5 | RY | 0.91% | 1,681,098 | — |
| 6 | ROP | 0.87% | 844,047 | — |
| 7 | NOVN | 0.84% | 2,210,255 | — |
| 8 | 8306 | 0.82% | 14,646,424 | — |
| 9 | NESN | 0.82% | 3,123,696 | — |
| 10 | AZN | 0.79% | 1,865,466 | — |
| 11 | SHEL | 0.75% | 6,993,960 | — |
| 12 | SIE | 0.68% | 882,458 | — |
| 13 | 7203 | 0.65% | 14,583,500 | — |
| 14 | BHP | 0.64% | 6,136,599 | — |
| 15 | 8035 | 0.62% | 570,765 | — |
2026-07-18
15 holdings · 16.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SMSN | 2.38% | 221,529 | — |
| 2 | ASML | 2.13% | 466,314 | — |
| 3 | A000660 | 2.04% | 657,361 | — |
| 4 | HSBA | 1.04% | 20,610,291 | — |
| 5 | RY | 0.91% | 1,681,098 | — |
| 6 | ROP | 0.87% | 844,047 | — |
| 7 | NOVN | 0.84% | 2,210,255 | — |
| 8 | 8306 | 0.82% | 14,646,424 | — |
| 9 | NESN | 0.82% | 3,123,696 | — |
| 10 | AZN | 0.79% | 1,865,466 | — |
| 11 | SHEL | 0.75% | 6,993,960 | — |
| 12 | SIE | 0.68% | 882,458 | — |
| 13 | 7203 | 0.65% | 14,583,500 | — |
| 14 | BHP | 0.64% | 6,136,599 | — |
| 15 | 8035 | 0.62% | 570,765 | — |
2026-07-17
15 holdings · 16.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SMSN | 2.42% | 221,529 | — |
| 2 | A000660 | 2.29% | 657,361 | — |
| 3 | ASML | 2.05% | 466,314 | — |
| 4 | HSBA | 1.02% | 20,610,291 | — |
| 5 | RY | 0.91% | 1,681,098 | — |
| 6 | ROP | 0.86% | 844,047 | — |
| 7 | NOVN | 0.83% | 2,210,255 | — |
| 8 | 8306 | 0.83% | 14,646,424 | — |
| 9 | NESN | 0.81% | 3,123,696 | — |
| 10 | AZN | 0.78% | 1,865,466 | — |
| 11 | SHEL | 0.73% | 6,993,960 | — |
| 12 | SIE | 0.68% | 882,458 | — |
| 13 | 8035 | 0.65% | 570,765 | — |
| 14 | BHP | 0.65% | 6,136,599 | — |
| 15 | 7203 | 0.64% | 14,583,500 | — |
2026-07-16
15 holdings · 16.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SMSN | 2.59% | 221,529 | — |
| 2 | A000660 | 2.10% | 657,361 | — |
| 3 | ASML | 2.07% | 466,314 | — |
| 4 | HSBA | 1.03% | 20,610,291 | — |
| 5 | RY | 0.90% | 1,681,098 | — |
| 6 | ROP | 0.85% | 844,047 | — |
| 7 | NOVN | 0.84% | 2,210,255 | — |
| 8 | 8306 | 0.81% | 14,646,424 | — |
| 9 | NESN | 0.81% | 3,123,696 | — |
| 10 | AZN | 0.77% | 1,865,466 | — |
| 11 | SHEL | 0.74% | 6,993,960 | — |
| 12 | SIE | 0.69% | 882,458 | — |
| 13 | 7203 | 0.64% | 14,583,500 | — |
| 14 | BHP | 0.63% | 6,136,599 | — |
| 15 | 8035 | 0.63% | 570,765 | — |
2026-07-15
15 holdings · 15.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SMSN | 2.48% | 221,529 | — |
| 2 | ASML | 2.06% | 466,314 | — |
| 3 | A000660 | 2.03% | 657,361 | — |
| 4 | HSBA | 1.01% | 20,610,291 | — |
| 5 | RY | 0.89% | 1,681,098 | — |
| 6 | ROP | 0.87% | 844,047 | — |
| 7 | NOVN | 0.85% | 2,210,255 | — |
| 8 | NESN | 0.82% | 3,123,696 | — |
| 9 | 8306 | 0.80% | 14,646,424 | — |
| 10 | AZN | 0.79% | 1,865,466 | — |
| 11 | SHEL | 0.73% | 6,993,960 | — |
| 12 | SIE | 0.69% | 882,458 | — |
| 13 | 7203 | 0.63% | 14,583,500 | — |
| 14 | 8035 | 0.63% | 570,765 | — |
| 15 | BHP | 0.63% | 6,136,599 | — |
2026-07-14
15 holdings · 16.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SMSN | 2.67% | 221,529 | — |
| 2 | A000660 | 2.37% | 657,361 | — |
| 3 | ASML | 2.08% | 466,314 | — |
| 4 | HSBA | 1.01% | 20,610,291 | — |
| 5 | RY | 0.88% | 1,681,098 | — |
| 6 | ROP | 0.88% | 844,047 | — |
| 7 | NOVN | 0.85% | 2,210,255 | — |
| 8 | NESN | 0.80% | 3,123,696 | — |
| 9 | AZN | 0.80% | 1,865,466 | — |
| 10 | 8306 | 0.78% | 14,646,424 | — |
| 11 | SHEL | 0.71% | 6,993,960 | — |
| 12 | SIE | 0.68% | 882,458 | — |
| 13 | 8035 | 0.64% | 570,765 | — |
| 14 | 7203 | 0.63% | 14,583,500 | — |
| 15 | BHP | 0.62% | 6,136,599 | — |
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 SPDW 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 SPDW’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.