SPLG(SPLG)
AI Look-Through Summary
AI GeneratedThe iShares Core S&P 500 ETF exhibits a pronounced concentration within the technology sector, which accounts for over one-third of its total portfolio weight. This heavy allocation is driven by significant exposure to mega-cap equities such as NVIDIA, Microsoft, and Apple, each commanding substantial individual positions that collectively anchor the fund's performance potential. Beyond this dominant segment, the asset class maintains meaningful representation in communication services and consumer cyclicals, with holdings like Amazon, Meta, Google, and Tesla further reinforcing a tilt toward high-growth digital and discretionary spending themes. The geographic profile remains implicitly tied to U.S.-listed companies given the underlying index structure, resulting in an exposure that mirrors the domestic market's leadership by large-cap firms rather than offering broad international diversification.
Quantitatively, the fund manages nearly $97 billion in assets under management, reflecting its status as a widely utilized core holding for investors seeking low-cost access to the S&P 500 index. The top ten holdings alone represent a significant portion of total weightage, indicating that performance will be heavily influenced by the valuation trajectories and earnings reports of these specific giants rather than smaller-cap constituents. While financial services and healthcare provide necessary ballast with weights around 12% and 8.6% respectively, they do not sufficiently counterbalance the volatility inherent in the oversized technology allocation. The portfolio's structure suggests a strategy focused on capturing broad market returns while accepting higher sensitivity to sector-specific shifts within the tech-heavy upper tier of the equity universe.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-24 06:04:17.706007+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 25/100The investment theme implied by the ticker SPLG is a broad-based S&P 500 index fund, yet an analysis of its top holdings reveals a heavy concentration within specific sectors that may skew perception toward thematic exposure. While the portfolio includes major players across various industries such as Energy and Healthcare, the upper echelon of assets is dominated by technology giants like NVIDIA, Microsoft, Apple, and Broadcom, alongside significant weights in communication services and consumer cyclical stocks. This structure suggests the fund relies heavily on mega-cap names to stabilize returns rather than pursuing a narrow thematic strategy, effectively mirroring the weightings found in broad market indices where large-cap tech firms naturally hold disproportionate influence due to their market capitalization sizes.
Sector coherence appears consistent with a general equity index approach rather than a specialized theme. The technology sector accounts for over one-third of the portfolio, followed by financial services and communication services, creating a diversified spread that aligns with the overall composition of the S&P 500. With the top ten holdings representing just under half of the total assets and exposure distributed across eleven distinct sectors including industrials, healthcare, and utilities, the fund demonstrates low concentration risk relative to single-sector themes while maintaining differentiation from narrow niche trackers. The data indicates a vehicle designed for broad market representation rather than targeted sectoral or thematic growth, offering investors wide diversification without deviation into specialized investment strategies.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 00:12:53.400972+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors from the fund's largest holding, NVIDIA Corporation, highlight three emerging macro-level themes that could impact a broad swath of technology companies: regulatory compliance regarding climate change, escalating cybersecurity and data privacy costs, and evolving restrictions on artificial intelligence usage. These disclosures suggest that significant capital expenditures may be required to meet environmental standards while simultaneously navigating complex legal frameworks designed to govern AI deployment and protect consumer data. The convergence of these specific risks within a single top-tier holding indicates that the broader technology sector is facing increased operational friction as governments tighten oversight in critical areas such as sustainability, digital security, and emerging technologies.
The concentration of exposure to these shared regulatory pressures appears significant given NVIDIA's substantial 8.6% weight within the portfolio. While other major holdings like Microsoft and Apple also operate under similar global scrutiny, the explicit detailing of AI regulation and climate compliance costs in this specific disclosure serves as a focal point for correlated downside risk. If regulatory bodies worldwide enforce stricter mandates on data privacy or AI ethics, the resulting increase in operational expenses could materially affect financial conditions across multiple top-tier technology names simultaneously. This clustering of risk categories suggests that adverse policy shifts could create synchronized headwinds rather than isolated incidents, potentially dampening earnings growth for a large portion of the fund's assets at once.
Beyond these systemic themes, the specific nature of AI regulation poses a unique threat to NVIDIA due to its central role in providing the underlying infrastructure for generative models. As this company faces potential constraints on competitive positioning and increased compliance costs related specifically to responsible AI use, any material adverse impact here would disproportionately affect the fund's overall performance relative to other sectors less exposed to these specific technological regulatory fronts. The interplay between high-weight holdings facing simultaneous regulatory headwinds underscores a heightened sensitivity to policy developments in both environmental governance and digital innovation standards.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-24 02:29:52.845093+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of SPLG reveals a distinct tilt toward growth-oriented industries, with technology comprising over one-third of the portfolio. This heavy weighting in information technology is further amplified by significant exposure to communication services and consumer cyclicals, suggesting an investment thesis that prioritizes companies driving digital transformation and discretionary spending trends. The dominance of mega-cap tech giants within the top five holdings indicates a strategy focused on established market leaders with substantial scale rather than small-cap innovation or deep-value opportunities. Consequently, the fund exhibits a clear factor tilt toward large capitalization and potentially high momentum characteristics inherent to these sectors during periods of economic expansion.
Concentration risk is notably elevated due to the pronounced reliance on a narrow set of equities within the technology sector alone. With the top ten holdings accounting for more than forty percent of total assets, the portfolio's performance will be disproportionately influenced by the valuation trajectories and earnings reports of its largest constituents. This structure implies that while diversification exists across twelve sectors, the effective economic exposure may behave similarly to a concentrated tech-focused vehicle rather than a broadly diversified market proxy. The relatively smaller allocations in defensive sectors such as utilities, real estate, and basic materials suggest limited hedging against potential market downturns or shifts toward value-oriented strategies.
Ultimately, this allocation profile reflects an aggressive stance favoring innovation-driven growth over stability or income generation. Investors must recognize that the fund's returns will likely correlate strongly with macroeconomic conditions favorable to large technology firms while remaining vulnerable to sector-specific corrections. The data underscores a deliberate choice to capture upside potential from dominant industry players at the expense of broader diversification and downside protection typically found in more balanced portfolios.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-24 05:31:34.282352+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPLG's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SPLG's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 486 | 99.4% |
| SPTMSPTM | $12B | — | 496 | 99.4% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 488 | 99.3% |
| QUSQUS | $1B | — | 442 | 98.5% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 409 | 97.7% |
99% of SPLG's portfolio by weight is also held by VOO, which commands 16× more assets under management. When VOO receives inflows, it mechanically buys these shared stocks — dragging SPLG's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPLG'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 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 86% 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.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside SPLG collectively pay out 35% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 66% 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
ProprietarySPLG is up 28.8% over the last 12 months. The underlying weighted earnings growth of its constituents is +34.8%. Despite earnings growth, valuations have contracted by 6.0% — 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 SPLG's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SPLG's analyzed weight, 79% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 21% 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.
Concentration Risk Monitor
ELEVATEDSPLG's top holding NVDA at 8.6% is above the 8% elevated-concentration threshold. The effective number of stocks is 42 vs. the actual count of 50.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². 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.
SPLG has a Passive Crowding Score of 36/100. On average, 10.9% of the market capitalization of SPLG'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 52 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 | NVDA | NVIDIA CORP Technology | 8.58% | 32.4x | 4/9 |
| 2 | MSFT | MICROSOFT CORP Technology | 6.84% | 26.8x | 5/9 |
| 3 | AAPL | APPLE INC Technology | 6.80% | 37.7x | 8/9 |
| 4 | AMZN | AMAZON.COM INC Consumer Cyclical | 3.80% | 31.7x | 6/9 |
| 5 | AVGO | BROADCOM INC Technology | 3.08% | 86.9x | 8/9 |
| 6 | META | META PLATFORMS INC CLASS A Communication Services | 2.77% | 23.0x | 5/9 |
| 7 | GOOGL | ALPHABET INC CL A Communication Services | 2.71% | 29.0x | 6/9 |
| 8 | TSLA | TESLA INC Consumer Cyclical | 2.20% | 399.8x | 5/9 |
| 9 | GOOG | ALPHABET INC CL C Communication Services | 2.18% | 28.7x | 6/9 |
| 10 | BRK.B | BERKSHIRE HATHAWAY INC CL B Financial Services | 1.48% | 14.1x | — |
| 11 | JPM | JPMORGAN CHASE + CO Financial Services | 1.43% | 14.3x | 3/9 |
| 12 | LLY | ELI LILLY + CO Healthcare | 1.10% | 39.2x | 7/9 |
| 13 | V | VISA INC CLASS A SHARES Financial Services | 0.98% | 28.5x | 6/9 |
| 14 | XOM | EXXON MOBIL CORP Energy | 0.84% | 24.5x | 5/9 |
| 15 | NFLX | NETFLIX INC Communication Services | 0.79% | 27.7x | 6/9 |
Historical Holdings Snapshots
Browse how SPLG’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 45.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.58% | 39,897,414 | — |
| 2 | MSFT | 6.84% | 12,154,284 | — |
| 3 | AAPL | 6.80% | 24,266,141 | — |
| 4 | AMZN | 3.80% | 15,869,258 | — |
| 5 | AVGO | 3.08% | 7,690,910 | — |
| 6 | META | 2.77% | 3,546,596 | — |
| 7 | GOOGL | 2.71% | 9,511,279 | — |
| 8 | TSLA | 2.20% | 4,588,087 | — |
| 9 | GOOG | 2.18% | 7,635,536 | — |
| 10 | BRK.B | 1.48% | 2,998,191 | — |
| 11 | JPM | 1.43% | 4,496,140 | — |
| 12 | LLY | 1.10% | 1,300,008 | — |
| 13 | V | 0.98% | 2,777,237 | — |
| 14 | XOM | 0.84% | 6,970,014 | — |
| 15 | NFLX | 0.79% | 694,680 | — |
2026-05-23
15 holdings · 45.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.58% | 39,897,414 | — |
| 2 | MSFT | 6.84% | 12,154,284 | — |
| 3 | AAPL | 6.80% | 24,266,141 | — |
| 4 | AMZN | 3.80% | 15,869,258 | — |
| 5 | AVGO | 3.08% | 7,690,910 | — |
| 6 | META | 2.77% | 3,546,596 | — |
| 7 | GOOGL | 2.71% | 9,511,279 | — |
| 8 | TSLA | 2.20% | 4,588,087 | — |
| 9 | GOOG | 2.18% | 7,635,536 | — |
| 10 | BRK.B | 1.48% | 2,998,191 | — |
| 11 | JPM | 1.43% | 4,496,140 | — |
| 12 | LLY | 1.10% | 1,300,008 | — |
| 13 | V | 0.98% | 2,777,237 | — |
| 14 | XOM | 0.84% | 6,970,014 | — |
| 15 | NFLX | 0.79% | 694,680 | — |
2026-05-22
15 holdings · 45.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.58% | 39,897,414 | — |
| 2 | MSFT | 6.84% | 12,154,284 | — |
| 3 | AAPL | 6.80% | 24,266,141 | — |
| 4 | AMZN | 3.80% | 15,869,258 | — |
| 5 | AVGO | 3.08% | 7,690,910 | — |
| 6 | META | 2.77% | 3,546,596 | — |
| 7 | GOOGL | 2.71% | 9,511,279 | — |
| 8 | TSLA | 2.20% | 4,588,087 | — |
| 9 | GOOG | 2.18% | 7,635,536 | — |
| 10 | BRK.B | 1.48% | 2,998,191 | — |
| 11 | JPM | 1.43% | 4,496,140 | — |
| 12 | LLY | 1.10% | 1,300,008 | — |
| 13 | V | 0.98% | 2,777,237 | — |
| 14 | XOM | 0.84% | 6,970,014 | — |
| 15 | NFLX | 0.79% | 694,680 | — |
2026-05-21
15 holdings · 45.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.58% | 39,897,414 | — |
| 2 | MSFT | 6.84% | 12,154,284 | — |
| 3 | AAPL | 6.80% | 24,266,141 | — |
| 4 | AMZN | 3.80% | 15,869,258 | — |
| 5 | AVGO | 3.08% | 7,690,910 | — |
| 6 | META | 2.77% | 3,546,596 | — |
| 7 | GOOGL | 2.71% | 9,511,279 | — |
| 8 | TSLA | 2.20% | 4,588,087 | — |
| 9 | GOOG | 2.18% | 7,635,536 | — |
| 10 | BRK.B | 1.48% | 2,998,191 | — |
| 11 | JPM | 1.43% | 4,496,140 | — |
| 12 | LLY | 1.10% | 1,300,008 | — |
| 13 | V | 0.98% | 2,777,237 | — |
| 14 | XOM | 0.84% | 6,970,014 | — |
| 15 | NFLX | 0.79% | 694,680 | — |
2026-05-20
15 holdings · 45.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.58% | 39,897,414 | — |
| 2 | MSFT | 6.84% | 12,154,284 | — |
| 3 | AAPL | 6.80% | 24,266,141 | — |
| 4 | AMZN | 3.80% | 15,869,258 | — |
| 5 | AVGO | 3.08% | 7,690,910 | — |
| 6 | META | 2.77% | 3,546,596 | — |
| 7 | GOOGL | 2.71% | 9,511,279 | — |
| 8 | TSLA | 2.20% | 4,588,087 | — |
| 9 | GOOG | 2.18% | 7,635,536 | — |
| 10 | BRK.B | 1.48% | 2,998,191 | — |
| 11 | JPM | 1.43% | 4,496,140 | — |
| 12 | LLY | 1.10% | 1,300,008 | — |
| 13 | V | 0.98% | 2,777,237 | — |
| 14 | XOM | 0.84% | 6,970,014 | — |
| 15 | NFLX | 0.79% | 694,680 | — |
2026-05-19
15 holdings · 45.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.58% | 39,897,414 | — |
| 2 | MSFT | 6.84% | 12,154,284 | — |
| 3 | AAPL | 6.80% | 24,266,141 | — |
| 4 | AMZN | 3.80% | 15,869,258 | — |
| 5 | AVGO | 3.08% | 7,690,910 | — |
| 6 | META | 2.77% | 3,546,596 | — |
| 7 | GOOGL | 2.71% | 9,511,279 | — |
| 8 | TSLA | 2.20% | 4,588,087 | — |
| 9 | GOOG | 2.18% | 7,635,536 | — |
| 10 | BRK.B | 1.48% | 2,998,191 | — |
| 11 | JPM | 1.43% | 4,496,140 | — |
| 12 | LLY | 1.10% | 1,300,008 | — |
| 13 | V | 0.98% | 2,777,237 | — |
| 14 | XOM | 0.84% | 6,970,014 | — |
| 15 | NFLX | 0.79% | 694,680 | — |
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 SPLG 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 SPLG’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: 2026-06-01.
SecuritiesDB is for informational purposes only. Not investment advice.