SPEM(SPEM)
AI Look-Through Summary
AI GeneratedThe SPEM ETF presents a distinctively concentrated portfolio structure characterized by an overwhelming allocation to a single security, which accounts for nearly three percent of total assets under management. This heavy weighting in the top holding creates significant idiosyncratic risk, as performance will be heavily influenced by the fortunes of that specific entity rather than broad market movements or sector diversification. The remaining nine largest positions collectively contribute less than ten percent to the fund's value, with individual weights ranging from two point six down to zero point six percent, indicating a lack of meaningful exposure across any other major constituents.
Sector analysis reveals an almost entirely passive stance relative to traditional equity classifications, as financial services and consumer cyclical sectors each represent merely one percent and less than one percent respectively. The portfolio's sector weightings are so diluted that they fail to establish a coherent thematic tilt toward technology, basic materials, or defensive industries, with all reported categories hovering below half a percent of total assets. This data suggests the fund operates outside standard GICS-based categorization frameworks typical of equity ETFs.
Geographically and by instrument type, the presence of ticker symbols such as RIGD alongside numeric identifiers implies a complex mix that likely includes Chinese equities or exchange-traded funds tracking those markets, given the specific nomenclature patterns observed. With assets under management totaling fifteen point seven billion dollars, the fund possesses substantial scale yet maintains an opaque distribution profile where the top holdings do not align with recognizable global sector leaders in their respective industries. The quantitative metrics indicate a vehicle designed for highly specialized exposure rather than broad-based diversification, resulting in a risk-return profile that is heavily dependent on the specific performance trajectory of its dominant single position and any secondary instruments included within its mandate.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-19 23:19:44.963098+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 45/100The investment theme implied by the name SPEM suggests a focus on small-cap or mid-cap growth, yet the actual holdings reveal a significant divergence that undermines this characterization. While several top positions include entities like PDD and HDFCB which may fit broader emerging market narratives, the overwhelming majority of listed tickers lack explicit sector classifications in the provided data, obscuring their true nature. This opacity combined with the inclusion of large-cap names such as VALE indicates a potential reliance on broad-market giants rather than a strict adherence to small or mid-capitalization criteria. The absence of clear thematic alignment for most positions suggests the fund may be utilizing generic labels while effectively capturing exposure to diverse, often larger, global equities that do not strictly conform to a specific size-based strategy.
Sector coherence is notably weak, with no single industry dominating the portfolio and sector weights appearing disproportionately low across traditional growth areas like Technology and Financial Services relative to their actual representation in such funds. The breakdown shows fragmented exposure where Communication Services, Healthcare, and Industrials register zero weight despite holding assets within those categories, indicating a reporting inconsistency or extreme underweighting that disconnects from standard thematic expectations. With a top-10 concentration of only 13.1%, the fund exhibits low idiosyncratic risk but also lacks the distinctiveness required to differentiate itself meaningfully from broad emerging market indices. The portfolio appears constructed more for diversification across various asset classes than for delivering targeted exposure to a specific growth or value theme, leaving investors uncertain regarding whether the strategy offers genuine thematic differentiation or merely mirrors general market performance under an ambiguous label.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 17:34:22.728768+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of SPEM presents a distinct anomaly when viewed through the lens of traditional North American market classifications, as nearly all standard GICS sectors register at or near zero weightings. The only material exposure exists within Financial Services and Consumer Cyclicals, which collectively account for approximately 1.7% of the portfolio, while Technology holds a minor fraction despite its ubiquity in modern indices. This extreme lack of diversification across recognized industry groups suggests that the fund's investment thesis is not driven by broad sector rotation or thematic exposure to specific industries like healthcare or industrials. Instead, the structure implies a highly concentrated strategy where holdings are selected based on criteria unrelated to their primary business classification, such as geographic origin, market capitalization tier within emerging markets, or specific cross-border operational characteristics that defy standard sector tagging.
The concentration risk profile is further illuminated by the top-10 holding metric of 13.2%, indicating a significant reliance on a small subset of assets for portfolio performance. Although this figure appears moderate in absolute terms, it becomes critical when considered against the backdrop of an almost empty sector map; if these top holdings happen to cluster within the single non-zero sectors listed (Financials or Consumer Cyclical), the fund would effectively possess a de facto concentrated bet on those specific industries rather than a diversified global allocation. The presence of zero-weighted sectors like Healthcare, Energy, and Communication Services reinforces the observation that this vehicle likely targets a niche universe where traditional sector definitions are irrelevant to the selection process. Consequently, investors engaging with this ETF should recognize that their exposure is defined by the idiosyncratic characteristics of individual top-tier holdings rather than any systematic tilt toward or away from established economic sectors.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-17 12:40:35.934055+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPEM's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SPEM's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| CWICWI | $2B | — | 480 | 53.2% |
| VWOVanguard Emerging Markets Stock Index Fund | $149B | — | 353 | 44.1% |
| VEUVEU | $86B | — | 89 | 27.2% |
| VXUSVXUS | $624B | — | 88 | 26.9% |
| VSGXVSGX | $6B | — | 111 | 25.7% |
53% of SPEM's portfolio by weight is also held by CWI. When CWI receives inflows, it mechanically buys these shared stocks — dragging SPEM's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPEM'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 6% 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 6% 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.
Earnings vs. Price Decomposition
ProprietarySPEM is up 33.2% over the last 12 months. The underlying weighted earnings growth of its constituents is +26.6%. The remaining +6.7% 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 6% of fund weight with earnings data. Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | 700 | TENCENT HOLDINGS LTD | 2.84% | — | — |
| 2 | 9988 | ALIBABA GROUP HOLDING LTD | 2.45% | — | — |
| 3 | 2454 | MEDIATEK INC | 1.79% | — | — |
| 4 | 2308 | DELTA ELECTRONICS INC | 1.25% | — | — |
| 5 | 2317 | HON HAI PRECISION INDUSTRY | 0.92% | — | — |
| 6 | 939 | CHINA CONSTRUCTION BANK H | 0.88% | — | — |
| 7 | RIGD | RELIANCE INDS SPONS GDR 144A | 0.86% | — | — |
| 8 | HDFCB | HDFC BANK LIMITED | 0.78% | — | — |
| 9 | IBN | ICICI BANK LTD SPON ADR | 0.64% | 16.2x | 6/9 |
| 10 | 3711 | ASE TECHNOLOGY HOLDING CO LT | 0.62% | — | — |
| 11 | PDD | PDD HOLDINGS INC Consumer Cyclical | 0.60% | 8.9x | — |
| 12 | BHARTI | BHARTI AIRTEL LTD | 0.53% | — | — |
| 13 | 1398 | IND + COMM BK OF CHINA H | 0.53% | — | — |
| 14 | UMC | UNITED MICROELECTRON SP ADR | 0.47% | 22.4x | — |
| 15 | VALE | VALE SA SP ADR | 0.47% | 27.6x | 5/9 |
Historical Holdings Snapshots
Browse how SPEM’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 15.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 2.84% | 8,841,694 | — |
| 2 | 9988 | 2.45% | 26,545,300 | — |
| 3 | 2454 | 1.79% | 2,770,969 | — |
| 4 | 2308 | 1.25% | 3,381,463 | — |
| 5 | 2317 | 0.92% | 20,493,067 | — |
| 6 | 939 | 0.88% | 138,612,351 | — |
| 7 | RIGD | 0.86% | 2,662,048 | — |
| 8 | HDFCB | 0.78% | 17,141,208 | — |
| 9 | IBN | 0.64% | 4,304,990 | — |
| 10 | 3711 | 0.62% | 6,662,787 | — |
| 11 | PDD | 0.60% | 1,065,959 | — |
| 12 | BHARTI | 0.53% | 4,723,687 | — |
| 13 | 1398 | 0.53% | 106,554,656 | — |
| 14 | UMC | 0.47% | 4,463,005 | — |
| 15 | VALE | 0.47% | 4,963,341 | — |
2026-05-23
15 holdings · 15.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 2.84% | 8,841,694 | — |
| 2 | 9988 | 2.45% | 26,545,300 | — |
| 3 | 2454 | 1.79% | 2,770,969 | — |
| 4 | 2308 | 1.25% | 3,381,463 | — |
| 5 | 2317 | 0.92% | 20,493,067 | — |
| 6 | 939 | 0.88% | 138,612,351 | — |
| 7 | RIGD | 0.86% | 2,662,048 | — |
| 8 | HDFCB | 0.78% | 17,141,208 | — |
| 9 | IBN | 0.64% | 4,304,990 | — |
| 10 | 3711 | 0.62% | 6,662,787 | — |
| 11 | PDD | 0.60% | 1,065,959 | — |
| 12 | BHARTI | 0.53% | 4,723,687 | — |
| 13 | 1398 | 0.53% | 106,554,656 | — |
| 14 | UMC | 0.47% | 4,463,005 | — |
| 15 | VALE | 0.47% | 4,963,341 | — |
2026-05-22
15 holdings · 15.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 2.96% | 8,841,694 | — |
| 2 | 9988 | 2.58% | 26,545,300 | — |
| 3 | 2454 | 1.63% | 2,770,969 | — |
| 4 | 2308 | 1.18% | 3,381,463 | — |
| 5 | 2317 | 0.90% | 20,493,067 | — |
| 6 | 939 | 0.89% | 138,612,351 | — |
| 7 | RIGD | 0.88% | 2,662,048 | — |
| 8 | HDFCB | 0.78% | 17,141,208 | — |
| 9 | IBN | 0.64% | 4,304,990 | — |
| 10 | PDD | 0.60% | 1,065,959 | — |
| 11 | 3711 | 0.58% | 6,662,787 | — |
| 12 | 1398 | 0.54% | 106,554,656 | — |
| 13 | BHARTI | 0.54% | 4,723,687 | — |
| 14 | VALE | 0.47% | 4,963,341 | — |
| 15 | 1120 | 0.46% | 4,451,667 | — |
2026-05-21
15 holdings · 15.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 3.00% | 8,841,694 | — |
| 2 | 9988 | 2.61% | 26,545,300 | — |
| 3 | 2454 | 1.59% | 2,770,969 | — |
| 4 | 2308 | 1.18% | 3,381,463 | — |
| 5 | 2317 | 0.92% | 20,493,067 | — |
| 6 | 939 | 0.90% | 138,612,351 | — |
| 7 | RIGD | 0.85% | 2,662,048 | — |
| 8 | HDFCB | 0.78% | 17,141,208 | — |
| 9 | IBN | 0.63% | 4,304,990 | — |
| 10 | PDD | 0.60% | 1,065,959 | — |
| 11 | 3711 | 0.57% | 6,662,787 | — |
| 12 | 1398 | 0.54% | 106,554,656 | — |
| 13 | BHARTI | 0.54% | 4,723,687 | — |
| 14 | VALE | 0.46% | 4,963,341 | — |
| 15 | 1120 | 0.46% | 4,451,667 | — |
2026-05-20
15 holdings · 15.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 2.91% | 8,841,694 | — |
| 2 | 9988 | 2.56% | 26,545,300 | — |
| 3 | 2454 | 1.71% | 2,770,969 | — |
| 4 | 2308 | 1.24% | 3,381,463 | — |
| 5 | 2317 | 0.92% | 20,493,067 | — |
| 6 | 939 | 0.89% | 138,612,351 | — |
| 7 | RIGD | 0.85% | 2,662,048 | — |
| 8 | HDFCB | 0.78% | 17,141,208 | — |
| 9 | IBN | 0.64% | 4,304,990 | — |
| 10 | 3711 | 0.62% | 6,662,787 | — |
| 11 | PDD | 0.58% | 1,065,959 | — |
| 12 | BHARTI | 0.54% | 4,723,687 | — |
| 13 | 1398 | 0.53% | 106,554,656 | — |
| 14 | VALE | 0.46% | 4,963,341 | — |
| 15 | 1120 | 0.45% | 4,451,667 | — |
2026-05-19
15 holdings · 15.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 2.94% | 8,841,694 | — |
| 2 | 9988 | 2.55% | 26,545,300 | — |
| 3 | 2454 | 1.63% | 2,770,969 | — |
| 4 | 2308 | 1.27% | 3,381,463 | — |
| 5 | 2317 | 0.92% | 20,493,067 | — |
| 6 | 939 | 0.89% | 138,612,351 | — |
| 7 | RIGD | 0.85% | 2,662,048 | — |
| 8 | HDFCB | 0.78% | 17,141,208 | — |
| 9 | 3711 | 0.66% | 6,662,787 | — |
| 10 | IBN | 0.64% | 4,304,990 | — |
| 11 | PDD | 0.58% | 1,065,959 | — |
| 12 | BHARTI | 0.53% | 4,723,687 | — |
| 13 | 1398 | 0.53% | 106,554,656 | — |
| 14 | VALE | 0.46% | 4,963,341 | — |
| 15 | 1120 | 0.45% | 4,451,667 | — |
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 SPEM 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 SPEM’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: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.