SPLV(SPLV)
AI Look-Through Summary
AI GeneratedThe portfolio appears to be heavily concentrated in defensive sectors, with Utilities making up nearly 9% of the allocation. This is likely a reflection of the fund's low-beta strategy, which seeks to mitigate volatility through exposure to stable industries. The sector mix also includes a small allocation to Financial Services and Healthcare, while Other sectors account for just over 3%. At a company level, the top holdings are dominated by large-cap stocks with established track records, including Berkshire Hathaway's B shares.
The weighted P/E ratio of 20.7x suggests that the portfolio is trading at a premium to the broader market, which may be due in part to its focus on high-quality, stable companies. The sector allocation also diverges from the broader market, with Utilities and Financial Services receiving a larger weighting than their respective benchmarks. A prolonged economic downturn or significant interest rate increases could potentially weigh on the portfolio's performance, as its defensive nature may not be enough to shield it from a broad market decline.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:55:27.035463+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the ticker SPLV is Small-Mid Cap Utilities, and this objective appears to be strongly supported by the provided data. The top ten holdings are exclusively concentrated within the utilities sector, with no unrelated industries present in the list. Furthermore, every single holding listed represents a mid-to-small capitalization utility company rather than a broad market mega-cap giant, which indicates that the fund maintains its thematic focus without relying on large-cap names to artificially stabilize returns or mask a lack of strategy.
The concentration risk profile is consistent with the stated small-mid cap theme, as evidenced by the fact that these specific ten companies account for only 13.3% of the total portfolio weight despite their individual weights ranging between 1.29% and 1.40%. This suggests a broad diversification strategy across many names rather than an over-reliance on a few dominant players, which aligns with the typical structure of small-cap funds seeking to avoid single-stock volatility. The sector breakdown shows a complete dedication to utilities for these top positions, demonstrating high coherence between the fund's composition and its implied investment mandate without deviation into other sectors or asset classes.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 22:20:13.65714+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of SPLV demonstrates a distinct and concentrated focus on the Utilities industry, which accounts for 13.3% of the portfolio through exactly ten holdings. This uniform distribution across the top utilities suggests an investment thesis centered entirely on this specific defensive segment rather than seeking diversification into broader market sectors like technology or healthcare. The complete absence of exposure to other industries indicates that the fund is designed as a pure-play vehicle for investors specifically targeting utility equities, thereby exposing the entire portfolio's performance trajectory solely to the idiosyncratic risks and macroeconomic drivers affecting this single sector.
Concentration risk appears elevated given that the top ten holdings represent 13.3% of total assets, with all five largest positions being utilities comprising roughly half a percentage point each. While individual stock weights are modest at approximately 1.4%, the lack of any non-utility exposure means there is no buffer against sector-wide downturns or regulatory shifts that specifically impact regulated utility companies. This structure implies a factor tilt toward value and low volatility characteristics historically associated with utilities, as well as a sensitivity to interest rate environments that disproportionately affect capital-intensive infrastructure firms. The homogeneity of the top holdings further reinforces that the fund's returns will be highly correlated with the performance of large-cap electric power and water operators, limiting potential diversification benefits while amplifying sector-specific beta.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 07:26:06.774044+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPLV's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 46% of SPLV's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| ONEOONEO | $25M | — | 9 | 11.5% |
| SCHBSchwab U.S. Broad Market ETF | $37B | — | 9 | 11.5% |
| IVViShares Core S&P 500 ETF | $762B | 0.03% | 9 | 11.5% |
| IWDiShares Russell 1000 Value ETF | $70B | — | 9 | 11.5% |
| ITOTiShares Core S&P Total U.S. Stock Market ETF | $80B | — | 9 | 11.5% |
12% of SPLV's portfolio by weight is also held by ONEO. When ONEO receives inflows, it mechanically buys these shared stocks — dragging SPLV's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 58% ofSPLV'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.
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 13% 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
ProprietarySPLV is up 6.9% over the last 12 months. The underlying weighted earnings growth of its constituents is +14.1%. Despite earnings growth, valuations have contracted by 7.2% — 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 13% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SPLV's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SPLV's analyzed weight, 10% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 90% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 13% of fund weight with available data. Not investment advice.
Passive Crowding Score
HIGHHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
SPLV has a Passive Crowding Score of 51/100. On average, 15.2% of the market capitalization of SPLV'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 35 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 10 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | L | Loews Corp Financial Services | 1.37% | 14.5x | 7/9 |
| 2 | FE | FirstEnergy Corp Utilities | 1.33% | 26.7x | 5/9 |
| 3 | BRK-B | Berkshire Hathaway Inc Class B | 1.31% | 14.7x | 4/9 |
| 4 | LNT | Alliant Energy Corp Utilities | 1.27% | 23.5x | 6/9 |
| 5 | DTE | DTE Energy Co Utilities | 1.26% | 24.5x | 5/9 |
| 6 | WEC | WEC Energy Group Inc Utilities | 1.26% | 22.9x | 5/9 |
| 7 | JNJ | Johnson & Johnson Healthcare | 1.26% | 29.0x | 4/9 |
| 8 | AEE | Ameren Corp Utilities | 1.26% | 20.3x | 6/9 |
| 9 | DUK | Duke Energy Corp Utilities | 1.25% | 19.4x | 7/9 |
| 10 | EVRG | Evergy Inc Utilities | 1.24% | 23.1x | 4/9 |
Historical Holdings Snapshots
Browse how SPLV’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
10 holdings · 12.8% tracked weight2026-07-17
10 holdings · 12.8% tracked weight2026-07-16
10 holdings · 12.8% tracked weight2026-07-15
10 holdings · 12.8% tracked weight2026-07-14
10 holdings · 12.8% tracked weightSource: 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 SPLV 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 SPLV’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.
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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.