SPEM(SPEM)
AI Look-Through Summary
AI GeneratedThe fund's sector allocation is heavily skewed towards Other, which comprises nearly 80% of its portfolio. This suggests that SPEM has a diverse set of holdings, but it may also indicate a lack of clear sector or thematic focus. The remaining sectors are relatively underrepresented, with Financial Services being the second-largest at just over 1%. In terms of geographic exposure, no specific countries or regions are mentioned in the top holdings list, implying that the fund's international presence is not particularly notable.
The weighted P/E and P/B ratios indicate a value-oriented posture, with a P/E ratio roughly 30% lower than the market average. However, this valuation advantage comes at the cost of significant concentration risk, as the top five holdings alone account for around 10% of the fund's assets. The presence of HDFCB and RIGD in the top ten also suggests that SPEM may be exposed to emerging markets or high-growth sectors. Overall, the fund's sector mix is quite different from the broader market, with a greater emphasis on Other and smaller allocations to more traditional sectors like Financial Services and Technology.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:16:25.883922+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 | — | 478 | 52.5% |
| VWOVanguard Emerging Markets Stock Index Fund | $149B | — | 353 | 43.9% |
| VEUVEU | $86B | — | 93 | 28.4% |
| VXUSVXUS | $624B | — | 92 | 27.6% |
| VSGXVSGX | $6B | — | 111 | 25.3% |
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
Peer 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.
Earnings vs. Price Decomposition
ProprietarySPEM is up 17.3% over the last 12 months. The underlying weighted earnings growth of its constituents is +17.2%. 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 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 | 3.07% | — | — |
| 2 | 9988 | ALIBABA GROUP HOLDING LTD | 2.24% | — | — |
| 3 | 2454 | MEDIATEK INC | 1.56% | — | — |
| 4 | 2308 | DELTA ELECTRONICS INC | 1.08% | — | — |
| 5 | 2317 | HON HAI PRECISION INDUSTRY | 0.89% | — | — |
| 6 | HDFCB | HDFC BANK LIMITED | 0.83% | — | — |
| 7 | 939 | CHINA CONSTRUCTION BANK H | 0.82% | — | — |
| 8 | 3711 | ASE TECHNOLOGY HOLDING CO LT | 0.81% | — | — |
| 9 | RIGD | RELIANCE INDS SPONS GDR 144A | 0.77% | — | — |
| 10 | IBN | ICICI BANK LTD SPON ADR | 0.72% | 16.2x | 6/9 |
| 11 | UMC | UNITED MICROELECTRON SP ADR | 0.55% | 22.4x | 5/9 |
| 12 | BHARTI | BHARTI AIRTEL LTD | 0.54% | — | — |
| 13 | 1398 | IND + COMM BK OF CHINA H | 0.53% | — | — |
| 14 | PDD | PDD HOLDINGS INC Consumer Cyclical | 0.52% | 9.1x | 4/9 |
| 15 | 2891 | CTBC FINANCIAL HOLDING CO LT | 0.49% | — | — |
Historical Holdings Snapshots
Browse how SPEM’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 15.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 3.07% | 8,671,394 | — |
| 2 | 9988 | 2.24% | 26,194,000 | — |
| 3 | 2454 | 1.56% | 2,370,969 | — |
| 4 | 2308 | 1.08% | 3,201,463 | — |
| 5 | 2317 | 0.89% | 20,553,067 | — |
| 6 | HDFCB | 0.83% | 17,192,188 | — |
| 7 | 939 | 0.82% | 136,796,351 | — |
| 8 | 3711 | 0.81% | 6,682,787 | — |
| 9 | RIGD | 0.77% | 2,513,952 | — |
| 10 | IBN | 0.72% | 4,250,349 | — |
| 11 | UMC | 0.55% | 4,281,408 | — |
| 12 | BHARTI | 0.54% | 4,737,737 | — |
| 13 | 1398 | 0.53% | 105,115,656 | — |
| 14 | PDD | 0.52% | 1,052,278 | — |
| 15 | 2891 | 0.49% | 43,512,708 | — |
2026-07-18
15 holdings · 15.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 3.07% | 8,671,394 | — |
| 2 | 9988 | 2.24% | 26,194,000 | — |
| 3 | 2454 | 1.56% | 2,370,969 | — |
| 4 | 2308 | 1.08% | 3,201,463 | — |
| 5 | 2317 | 0.89% | 20,553,067 | — |
| 6 | HDFCB | 0.83% | 17,192,188 | — |
| 7 | 939 | 0.82% | 136,796,351 | — |
| 8 | 3711 | 0.81% | 6,682,787 | — |
| 9 | RIGD | 0.77% | 2,513,952 | — |
| 10 | IBN | 0.72% | 4,250,349 | — |
| 11 | UMC | 0.55% | 4,281,408 | — |
| 12 | BHARTI | 0.54% | 4,737,737 | — |
| 13 | 1398 | 0.53% | 105,115,656 | — |
| 14 | PDD | 0.52% | 1,052,278 | — |
| 15 | 2891 | 0.49% | 43,512,708 | — |
2026-07-17
15 holdings · 15.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 3.01% | 8,671,394 | — |
| 2 | 9988 | 2.17% | 26,194,000 | — |
| 3 | 2454 | 1.58% | 2,370,969 | — |
| 4 | 2308 | 1.08% | 3,201,463 | — |
| 5 | 2317 | 0.88% | 20,553,067 | — |
| 6 | HDFCB | 0.84% | 17,192,188 | — |
| 7 | 939 | 0.82% | 136,796,351 | — |
| 8 | 3711 | 0.81% | 6,682,787 | — |
| 9 | RIGD | 0.78% | 2,513,952 | — |
| 10 | IBN | 0.72% | 4,250,349 | — |
| 11 | UMC | 0.61% | 4,281,408 | — |
| 12 | BHARTI | 0.54% | 4,737,737 | — |
| 13 | 1398 | 0.52% | 105,115,656 | — |
| 14 | PDD | 0.52% | 1,052,278 | — |
| 15 | 1303 | 0.49% | 12,165,128 | — |
2026-07-16
15 holdings · 15.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 2.92% | 8,671,394 | — |
| 2 | 9988 | 2.14% | 26,194,000 | — |
| 3 | 2454 | 1.56% | 2,370,969 | — |
| 4 | 2308 | 1.07% | 3,201,463 | — |
| 5 | 2317 | 0.87% | 20,553,067 | — |
| 6 | HDFCB | 0.84% | 17,192,188 | — |
| 7 | 939 | 0.83% | 136,796,351 | — |
| 8 | RIGD | 0.79% | 2,513,952 | — |
| 9 | 3711 | 0.77% | 6,682,787 | — |
| 10 | IBN | 0.71% | 4,250,349 | — |
| 11 | UMC | 0.59% | 4,281,408 | — |
| 12 | BHARTI | 0.55% | 4,737,737 | — |
| 13 | 1398 | 0.53% | 105,115,656 | — |
| 14 | PDD | 0.51% | 1,052,278 | — |
| 15 | 2891 | 0.51% | 43,512,708 | — |
2026-07-15
15 holdings · 15.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 2.92% | 8,671,394 | — |
| 2 | 9988 | 2.13% | 26,194,000 | — |
| 3 | 2454 | 1.63% | 2,370,969 | — |
| 4 | 2308 | 1.08% | 3,201,463 | — |
| 5 | 2317 | 0.87% | 20,553,067 | — |
| 6 | HDFCB | 0.85% | 17,192,188 | — |
| 7 | 939 | 0.83% | 136,796,351 | — |
| 8 | 3711 | 0.80% | 6,682,787 | — |
| 9 | RIGD | 0.79% | 2,513,952 | — |
| 10 | IBN | 0.72% | 4,250,349 | — |
| 11 | UMC | 0.58% | 4,281,408 | — |
| 12 | BHARTI | 0.54% | 4,737,737 | — |
| 13 | 1398 | 0.53% | 105,115,656 | — |
| 14 | 2891 | 0.52% | 43,512,708 | — |
| 15 | PDD | 0.51% | 1,052,278 | — |
2026-07-14
15 holdings · 15.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 700 | 2.92% | 8,671,394 | — |
| 2 | 9988 | 2.11% | 26,194,000 | — |
| 3 | 2454 | 1.65% | 2,360,969 | — |
| 4 | 2308 | 1.07% | 3,191,463 | — |
| 5 | 2317 | 0.87% | 20,493,067 | — |
| 6 | HDFCB | 0.85% | 17,192,188 | — |
| 7 | 939 | 0.81% | 136,796,351 | — |
| 8 | 3711 | 0.80% | 6,662,787 | — |
| 9 | RIGD | 0.80% | 2,513,952 | — |
| 10 | IBN | 0.71% | 4,250,349 | — |
| 11 | UMC | 0.60% | 4,281,408 | — |
| 12 | BHARTI | 0.55% | 4,737,737 | — |
| 13 | 2891 | 0.52% | 43,382,708 | — |
| 14 | PDD | 0.51% | 1,052,278 | — |
| 15 | 1398 | 0.51% | 105,115,656 | — |
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: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.